AvaTrade vs ForexChief

AvaTrade or ForexChief – which is better for UK traders 2024? Compare AvaTrade and ForexChief in this detailed breakdown of their platforms, features and fees.

AvaTrade vs ForexChief Comparison Table 2024
AvaTrade ForexChief
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4.9
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3.9
AvaTrade is ranked #91 among CFD brokers. ForexChief is ranked #49 among CFD brokers.
Review
Review
AvaTrade has closed or no longer accepts UK clients.
Established in 2006, AvaTrade is a leading forex and CFD broker trusted by over 400,000 traders. Operating under regulation in 9 jurisdictions, AvaTrade processes an impressive 2+ million trades each month. Through like MT4, MT5, and its proprietary WebTrader, the broker provides a growing selection of 1,250+ instruments. Whether it’s CFDs, AvaOptions, or the more recent AvaFutures, short-term traders at all levels will find opportunities. With terrific education and 24/5 multilingual customer support, AvaTrade delivers the complete trading experience. 		xChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
Pros
  • AvaTrade continues to enhance its suite of products, recently through AvaFutures, providing an alternative vehicle to speculate on over 35 markets with low trading margins.
  • The WebTrader excelled in our hands-on tests, sporting a user-friendly interface for beginners, complete with robust charting tools like 6 chart layouts and 60+ technical indicators.
  • Years on, AvaTrade remains one of the few brokers offering a bespoke risk management tool, AvaProtect, that insures losses up to $1M for a fee and is easy to activate on the platform.
  • Support at AvaTrade performed excellently during testing, with response times of 3 minutes and localized support in major trading jurisdictions, including the UK, Europe and the Middle East.
  • The broker offers several account types to suit different traders, including a Cent account for beginners and pro-level hedging/netting accounts
  • The broker offers a turnover rebate scheme geared towards active investors, as well as trading credits and several other occasional bonuses
  • xChief delivers a high-quality trading environment via the MT4 and MT5 platforms, with market-leading charts, indicators and tools
  • xChief offers STP/ECN execution with low spreads from 0.0 pips and low commission rates starting from $2.50 per side
  • The low minimum deposit of $10 will appeal to beginners, as well as the beginners’ guides in the Library
  • Traders can access a copy trading solution via the MetaQuotes Signals service
Cons
  • AvaTrade’s WebTrader has improved, but work is still needed in terms of customizability – frustratingly widgets like market watch and watchlists can’t be hidden, moved, or resized.
  • While signing up is a breeze, AvaTrade lacks an ECN account like Pepperstone or IC Markets, which provides the raw spreads and ultra-fast execution many traders are looking for.
  • Although the deposit process itself is smooth, AvaTrade still doesn’t facilitate crypto payments, a feature increasingly offered by brokers like TopFX, which caters to crypto-focused traders.
  • The AvaSocial app is good but not great – the look and feel, plus the navigation between finding strategy providers and account management needs upgrading to rival category leaders like eToro.
  • The Classic+ and Cent accounts provide access to fewer instruments than the other account types, at 50+ and 35+, respectively
  • xChief is an offshore broker with weak regulatory oversight from the VFSC, so traders will receive limited safeguards
  • Fees and minimums are imposed on most withdrawal methods, including a €60 minimum for SWIFT bank transfers
  • The total range of 150+ assets is much lower than most competitors who typically offer hundreds
  • The broker trails competitors when it comes to research tools and educational resources
Awards
  • Best Mobile Trading Platform 2023 - Finance Derivative
  • Best Educational 2023 - Global Business Magazine
  • Best Overall Broker 2022 - DayTrading.com
  • Best Trading App 2021 - DayTrading.com
  • Best Forex Broker 2019 - DayTrading.com
FCA Regulated
No No

List of FCA Regulated Brokers

Instruments
CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures CFDs, Forex, Metals, Commodities, Stocks, Indices
Demo Account
Yes Yes
Minimum Deposit
$100 $10
Payment Methods
Minimum Trade
0.01 Lots 0.01 Lots
Regulator
ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM ASIC
Mobile Apps
iOS & Android iOS & Android
Trading App

AvaTradeGO consistently impresses with its comprehensive mobile trading experience, boasting an interface that’s not just easy to use, but genuinely intuitive. Navigating the app is a breeze, ensuring fast access to hundreds of markets, including forex, stocks, indices, commodities, ETFs, and bonds. However, what sets AvaTradeGO apart is its AvaProtect™ feature, offering an unmatched level of risk protection that’s rare to find elsewhere.
iOS App Rating
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4.3
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Android App Rating
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4
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Margin Trading
Yes Yes
Margin Rate
2% 0.1%
MetaTrader 4
Yes Yes
MetaTrader 5
Yes Yes
cTrader
No No
AlgoTrader
Yes No
OmniTrader
No No
TradingView
No No
Autochartist
No No
eSignal
No No
Trading Central
Yes No
STP Account
Yes Yes
ECN Account
No No
DMA Account
Yes No
MAM Account
Yes No
PAMM Account
Yes Yes
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No No
Robo Advisor
No No
Negative Balance Protection
Yes No
Market Maker
Yes No
P2P Trading
No No
Spot Trading
Yes Yes
Auto Trading
Expert Advisors (EAs) on MetaTrader Expert Advisors (EAs) on MetaTrader
Copy Trading
Yes Yes
Copy Trading Platform
AvaTrade maintains a top position when it comes to social and copy trading tools. Traders can access the proprietary AvaSocial app as well as popular third-party platforms, DupliTrade and ZuluTrade. The comprehensive performance metrics can help you find the right strategy provider for your goals and risk appetite. Clients can follow copy trading signals on the MetaTrader platform. Alternatively, signal providers can generate extra income by selling their positions. You can start copy trading in a few easy steps.
Social Trading
Yes No
Trade Signals
Yes Yes
VPS Hosting
No No
Tournaments
No No
Demo Competitions
No No
Ethical Investing
No No
Custodial Account
No No
Guaranteed Stop Loss
No No
Inactivity Fee
$50
Islamic Account
Yes Yes
Account Currencies
  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • USD
  • EUR
  • GBP
  • JPY
  • CHF
Commodities
  • Gold
  • Oil
  • Silver
  • Copper
  • Cotton
  • Corn
  • Coffee
  • Sugar
  • Gasoline
  • Palladium
  • Cocoa
  • Wheat
  • Precious Metals
  • Platinum
  • Natural Gas
  • Soybeans
  • Lithium
  • Cannabis
  • Silver
  • Natural Gas
  • Gold
  • Oil
CFD
AvaTrade's 1250+ leveraged CFD products span a wide range of asset classes including stocks, indices, commodities, bonds, crypto, and ETFs. What we love is that you can speculate on rising and falling prices in the broker’s feature-rich web and mobile platforms with market-leading research tools to help you discover short-term trading opportunities. You can trade a competitive range of CFDs encompassing crypto, indices, energies and metals, with very high leverage up to 1:1000. ECN pricing is available, with spreads from 0.0 pips and low commissions from $2.50. A Cent account is also available for those on a smaller budget.
Leverage
1:30 (Retail) 1:400 (Pro) 1:1000
FTSE Spread
0.5 70
GBPUSD Spread<
1.5 0.9
Oil Spread
0.02 12
Stocks Spread
0.13 50
Forex
AvaTrade delivers 50+ currency pairs with tight spreads from 0.9 pips and zero commissions. Trade majors, minrs, and exotics 24/5 on leading forex platforms, notably MT4, with sophisticated charting tools and forex education to sharpen your edge, including a dedicated guide to 'Currency Trading'. ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs. Trading takes place on the leading MT4 and MT5 platforms, which offer dozens of in-built technical tools for short-term forex strategies.
Assets
50+ 40
GBPUSD Spread
1.5 0.9
EURUSD Spread
0.9 0.4
EURGBP Spread
1.5 0.9
Currency Indices
  • USD
Cryptocurrency
Regulated in five continents, AvaTrade offers a secure way to access crypto markets. There's a growing range of digital currencies including Bitcoin, Ethereum and Ripple, plus more unusually, a crypto index for diversified exposure. You can also access competitive crypto spreads in the broker's three platforms as well as 1:2 leverage. xChief’s range of 5 cryptocurrencies paired with USD is smaller than most competitors. In addition, the average BTCUSD spread of 30 pips is not the cheapest. That said, the broker does offer some useful crypto trading guides for beginners.
Spread
BTC <1%, ETH 2% Variable
Coins
  • BCH
  • BTC
  • BTG
  • ETH
  • LTC
  • XRP
  • EOS
  • DASH
  • BTC
  • BCH
  • ETH
  • LTC
  • XRP
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
AvaTrade ForexChief
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