CFA Franc Forex Trading Accounts
Scam Forex Brokers in Cameroon
AvaTrade Review
Overall AvaTrade is considered low-risk, with an overall Trust Score of 93 out of 100. The broker is licensed by five Tier-1 Regulators (high trust), five Tier-2 Regulators (average trust), and one Tier-3 Regulator (low trust). They offer Cameroonian traders a single live trading account with the option between Retail and Professional.
- Kayla Duvenage
Jump to:
Overview
Regulation and Safety of Funds
Awards and Recognition
Account Types and Features
Account Registration
Broker Comparison
Trading Platforms
Range of Markets
Fees
Deposit and Withdrawels
Education and Research
Bonuses and Promotions
Affiliate Programs
Customer Support
Social Responsibility
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.9/5
Min Deposit
100 USD / 59,837 XAF
Regulators
CBI, BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA
Trading Desk
AvaTradeGO, AvaOptions, AvaSocial, MT4, MT5, DupliTrade, ZuluTrade
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Overview
AvaTradeGO, MetaTrader 4, MetaTrader 5, and several other platforms are supported. AvaTrade is headquartered in Dublin, Ireland, and is regulated by the Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC.
They are a forex and CFD broker that was established in 2006 and has grown to become one of the top trading firms in the world. The broker now has 300,000 registered traders that execute over 3 million deals each month and have transacted over $1.47 trillion in value since its launch.
Distribution of Traders
The broker currently has the largest market share in these countries:
Malaysia – 12.39%
Ireland – 10.63%
Italy – 7.84%
South Africa – 7.1%
Germany – 6.11%
Popularity among traders
AvaTrade is one of the Top 5 Brokers for Cameroonian traders.
Why choose AvaTrade?
The broker stands out with its extensive range of trading options, competitive spreads, and user-centric approach. With a robust trading platform, comprehensive educational resources, and a dedicated commitment to customer satisfaction, they are a top choice for both novice and experienced traders.
What is AvaTrade?
They are a widely recognized online trading platform that provides users with access to a diverse range of financial instruments, covering forex, stocks, commodities, and cryptocurrencies.
At a Glance
| 🏛️ Headquartered | Dublin, Ireland |
| 🏛️ Local office in Yaoundé? | No |
| 👍 Accepts Cameroonian Traders? | Yes |
| 📅 Year Founded | 2006 |
| 📱 Cameroonian Office Contact Number | None |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC |
| 🔎License Number | Ireland (C53877) Australia (406684) South Africa (45984) British Virgin Islands (SIBA/L/13/1049) Japan (JFSA 1662, FFAJ 1574) Abu Dhabi (190018) Cyprus (247/17) Israel (514666577) Poland (693023) Canada (Friedberg Mercantile) |
| ⚖️ BEAC Regulation | None |
| ✴️ Regional Restrictions | United States, Belgium, Syria, Iran, New Zealand, Cuba |
| ☪️ Islamic Account | Yes |
| 📈 Demo Account | Yes |
| 📈 Retail Investor Accounts | 1 |
| 🚀 Offers a XAF Account? | No |
| 💻 Dedicated Cameroonian Account Manager? | No |
| 📈 Maximum Leverage | 1:30 (Retail) 1:400 (Professional) |
| 📈 Leverage Restrictions for Cameroon? | No |
| 💳 Minimum Deposit | 100 USD / 59,837 XAF |
| 💳 XAF Deposits Allowed? | No |
| 💰 Active Cameroonian Trader Stats | Unknown |
| 👥 Active AvaTrade customers | 400,000+ |
| 💰 Cameroon Daily Forex Turnover | $5 trillion+ (Overall Forex Globally) |
| 💳 Deposit and Withdrawal Options | Wire Transfer Electronic Payment Gateways Credit Cards Debit Cards |
| 💰 Segregated Accounts in Cameroon | No |
| 💻 Trading Platforms | AvaTrade WebTrader AvaTradeGO AvaOptions AvaSocial MetaTrader 4 MetaTrader 5 DupliTrade ZuluTrade |
| 💰 Tradable Assets | Forex Stocks Commodities Cryptocurrencies Treasuries Bonds Indices Exchange-Traded Funds (ETFs) Options Contracts for Difference (CFDs) Precious Metals |
| 🌐 AvaTrade USD/XAF Forex Pair? | No |
| 📈 Offers Cameroonian Stocks and CFDs | No |
| 👨💼 Languages supported on Website | English, Chinese (Simplified), Chinese (Traditional), Turkish, Thai, Slovakian, Russian, Portuguese, Polish, German, Hungarian, French, and several others |
| 👥 Customer Support Languages | Multilingual |
| 👥 Customer Service Hours | 24/5 |
| 👥 Cameroon-based customer support? | No |
| 💰 Bonuses and Promotions for Cameroonians | Yes |
| ✴️ Education for Cameroonian beginners | Yes |
| 📊 Proprietary trading software | Yes |
| 💰 Most Successful Cameroonian Trader | Unknown |
| ✔️ Is AvaTrade a safe broker for Cameroonian? | Yes |
| ✔️ Rating for AvaTrade in Cameroon | 9/10 |
| ✔️ Trust score for AvaTrade in Cameroon | 93% |
| 🎉 Open an account | Open Account |
Regulation and Safety of Funds
The broker is not currently regulated by the Bank of Central African States (BEAC). However, they are well-regulated by several reputable market regulators in other countries.
Security while Trading
Regulation is a critical factor to consider in terms of security when trading. It means the broker is monitored by financial authorities that set specific rules and standards to protect traders.
Being regulated in multiple jurisdictions means that AvaTrade is subject to regular audits, must comply with various security and transparency standards, and must hold clients’ funds in segregated accounts.
It is also important to note that the broker uses high-level web security measures to protect its users’ information and funds.
Furthermore, most regulated brokers like AvaTrade implement industry-standard measures like SSL encryption to secure data transfer, two-factor authentication for account access, and strong privacy policies to protect users’ personal information.
How does the broker ensure the safety of my funds?
They employ industry-standard security measures such as encryption and segregated accounts to ensure client funds’ safety and integrity.
What measures do they take to protect against unauthorized access to my account?
To prevent unauthorized access and provide a secure trading environment, they employ advanced authentication methods and continuous monitoring.
Awards and Recognition
According to AvaTrade’s website, the company has been recognised for the following honours in recent years as a broker:
Best Affiliate Program UAE in 2024 – awarded by the Global Business Review Magazine
Best Mobile Trading Platform in Spain (2023) – Finance Derivative.
Top 10 Hot Brands of the Year (2023) – The Ceoviews.
Most Trusted Broker (2023) – International Investor.
Best Mobile Trading Platform in UAE (2022) – Global Business Review Magazine.
Most Innovative CFD Broker in UAE (20220 – Global Business Review Magazine.
Has AvaTrade received any industry awards?
The broker has received numerous industry awards for its excellence in online trading.
What awards has AvaTrade won?
In recognition of its outstanding performance and service in the financial industry, the broker has received accolades, including distinctions.
AvaTrade Account Types and Features
The broker caters to retail traders by offering a single basic account with various options. Additionally, eligible traders can qualify for a professional account, provided they meet the requirements for professional status.
The availability of specific account types depends on the regulatory guidelines in the trader’s respective region. They provide the following account options for retail investors, with variations depending on the company’s operational location:
Europe (Ava Trade EU Ltd): Retail, Professional, Options, and Spread Betting accounts.
Europe (DT Direct Investment Hub Ltd): Retail, Professional, and Options accounts.
British Virgin Islands: Standard and Options accounts.
Australia: Standard and Options accounts.
South Africa: Standard and Options accounts.
Japan: Retail and Options accounts.
Abu Dhabi: Retail, Professional, and Options accounts.
Israel: Standard and Options accounts.
Retail Investor Account
The broker provides a Standard Retail Account specifically designed for traders and intermediate investors who wish to access global markets. This account offers a range of features tailored to meet the needs of retail investors, including the following:
💰 Minimum Deposit Requirement 100 USD / 59,837 XAF
💵 Base Account Currency Options ZAR, USD, GBP, or AUD
📈 Maximum Leverage 1:30 (Retail)
1:400 (Professional)
📊 Range of Markets Offered More than 1,260 tradable instruments
📱 Trading Platforms AvaTradeGO
AvaOptions
AvaSocial
MetaTrader 4
MetaTrader 5
DupliTrade
ZuluTrade
💳 Commissions on trades None
✴️ Average spreads From 0.9 pips EUR/USD
💸 Margin Requirements From 0.25% when using leverage of 1:400
📞 Customer Support Channels Social Platforms
Email Request
Telephone
WhatsApp
Live Chat
✔️ Trading Strategies Allowed All
🎉 Open An Account Open Account
Demo Account
AvaTrade offers traders the opportunity to explore market pricing and test the functionality of their trading platform through a complimentary demo account. This feature enables individuals new to the forex market to gain valuable experience without risking their funds.
Accessing the AvaTrade demo account is simple, as traders can either complete a brief registration form with their details or use their existing social media accounts (such as Facebook or Google) to sign in.
Unlike when opening a live trading account, traders are not required to provide identification or verification documents. This streamlines the process and allows for a hassle-free setup.
The demo account operates solely for educational purposes, with virtual funds provided (up to $100,000). Therefore, traders can experiment with different strategies and explore all the markets available on AvaTrade’s platform, all while eliminating the risk associated with live trading.
By utilising the demo account, traders can refine their skills, test innovative approaches, and gain confidence in their trading abilities, all in a risk-free environment. This valuable learning opportunity prepares them for live trading when they feel ready to enter the market with real funds.
Islamic Account
📱 Account 💵 Minimum Dep. 📊 Average Spread 💳 Commissions 📈 Average Trading Cost 🎉 Open An Account
Islamic Account 100 USD / 59,837 XAF 0.9 pips None 9 USD Open Account
The Islamic Account provides a solution for Muslim traders who adhere to Sharia law principles and seek to trade in compliance with their religious beliefs.
This account type eliminates the payment of swap fees or interest charges, which are considered against Riba principles. Islamic account holders can keep positions open for up to 5 days without incurring rollover fees.
To open an Islamic account, traders need to verify their account, fund it, and then apply for the Islamic account, which is reviewed and approved within 1-2 business days. The broker also offers halal trading options on the Islamic account for gold, silver, oil, and stock indices.
Features of the Islamic Account:
No swap fees or interest charges, in compliance with Sharia law.
Positions can be kept open for up to 5 days without rollover fees.
Access to halal trading options for gold, silver, oil, and stock indices.
Transparent Forex trading environment with various currency pairs, indices, bonds, ETFs, stocks, and commodities.
Solid and secure trading platform that respects Islamic principles.
Trading activities should always be verified for compliance with individual beliefs and religious principles.
Professional Account
📱 Account 💵 Minimum Dep. 📊 Average Spread 💳 Commissions 📈 Average Trading Cost 🎉 Open An Account
Professional Account 100 USD / 59,837 XAF 0.6 pips None 12 USD Open Account
The Pro account offers a range of advantages, including more favourable spreads and no trading costs. This account is specifically tailored for accredited investors, catering to their unique needs.
Compared to the regular spread of 0.9 pips on the Standard account, the Pro account boasts an average EUR/USD spread of 0.6, making it more appealing to traders.
Pro account holders can also connect their real accounts with DupliTrade or ZuluTrade, further enhancing their trading capabilities. To qualify for the Professional Account, traders must meet the following criteria:
Have a minimum of twelve months of continuous market activity in the relevant financial market, with an average of at least ten CFD, forex, or spread betting trades over the last four quarters.
Possess a minimum of one year of experience working in the financial services industry.
Maintain a minimum investment portfolio of €500,000 (or the equivalent in any other currency) comprising both cash and financial instruments.
These requirements ensure that the Professional Account is exclusively accessible to traders with substantial experience, knowledge, and financial resources.
What types of accounts does the broker offer?
There are various account types tailored to different trading preferences, including retail and professional accounts, Islamic accounts, and a demo account for practice.
Can I open an Islamic account?
Yes, there is an Islamic account that adheres to Sharia law principles, providing interest-free trading for clients who require a Halal trading environment.
Overall Rating
- 4.9/5
Min Deposit
100 USD / 59,837 XAF
Regulators
CBI, BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA
Trading Desk
AvaTradeGO, AvaOptions, AvaSocial, MT4, MT5, DupliTrade, ZuluTrade
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
How to open an Account
To register an account, Cameroonian traders can follow these easy steps:
Step 1 – Click on the “Register” button.
Click on the “Register” button on their website.
Step 2 – Fill out the form.
Insert your email address and create a new password. Note the password requirements.
Step 3 – Create your account.
Once completed successfully, verify your account to start trading.
AvaTrade Vs OANDA Vs Tickmill – Broker Comparison
| AvaTrade | OANDA | Tickmill | |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC | IIROC, ASIC, CFTC, NFA, FCA, FFAJ, JFSA, MAS, MFSA, BVI FSC | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
| 📱 Trading Platform | AvaTrade WebTrader AvaTradeGO AvaOptions AvaSocial MetaTrader 4 MetaTrader 5 DupliTrade ZuluTrade | MetaTrader 4 MetaTrader 5 OANDA Platform TradingView | MetaTrader 4 MetaTrader 5 |
| 💰 Withdrawal Fee | No | Yes, bank wire | No |
| 📊 Demo Account | Yes | Yes | Yes |
| 📈 Minimum Deposit | 100 USD / 59,837 XAF | 0 USD / 0 XAF | 100 USD / 59,837 XAF |
| 📈 Leverage | 1:30 (Retail) 1:400 (Pro) | 1:200 | 1:500 |
| 📊 Spread | Fixed, from 0.9 pips | Variable, from 0.1 pips | Variable, from 0.0 pips |
| 💰 Commissions | None | $40 | $1 per side per 100,000 traded |
| ✴️ Margin Call/Stop-Out | 25% – 50% (M) 10% (S/O) | 100%/ 50% | 100%/30% |
| ✴️ Order Execution | Instant | Market | Market |
| 💳 No-Deposit Bonus | No | No | Yes |
| 📊 Cent Accounts | No | No | No |
| 📈 Account Types | Standard Live Account Professional Account Option | Standard Account Core Account Swap-Free Account | Pro Account Classic Account VIP Account |
| ⚖️ BEAC Regulation | No | No | No |
| 💳 XAF Deposits | No | Yes | No |
| 📊 XAF Account | No | No | No |
| 👥 Customer Service Hours | 24/5 | 24/5 | 24/5 |
| 📊 Retail Investor Accounts | 1 | 3 | 3 |
| ☪️ Islamic Account | Yes | Yes | Yes |
| 👉 Open an account | Open Account | Open Account | Open Account |
Trading Platforms
WebTrader
The WebTrader is a hassle-free and accessible trading platform suitable for those who prefer trading without extensive market research. It can be accessed on any computer through any browser with no installation required.
The platform allows traders to utilise the wisdom of the masses by making informed decisions based on real-time market sentiment data. Gain insights into what other traders buy or sell, eliminating the need for technical or fundamental analysis.
WebTrader provides essential trading tools, including market and pending orders, take profit and stop loss options, partial position closure, and easy individual and aggregate positions management.
AvaTradeGO
The AvaTradeGO app is a portal for managing the MetaTrader 4 platform from mobile devices. It offers a sophisticated dashboard, intuitive home screen, educational videos, market analysis materials, and easy access to customer support.
Traders can place orders, set price alerts, create watchlists, and view live prices and charts. The app also features AvaProtect, AvaTrade’s risk management system, offering protection against losing trades for a specified time.
AvaOptions
This platform, for options traders depositing at least $1,000, is complex and primarily intended for professional users. It’s available for both desktop (Windows only) and mobile.
Traders can choose from over 40 currency pairs, gold and silver. The platform allows portfolio management, and risk balancing, and integrates Autochartist for analysis.
AvaSocial
Launched as part of AvaTrade’s partnership with Pelican Exchange, this platform is part of the competitive social and copy trading offerings.
AvaSocial is a comprehensive social trading app designed to cater to traders of all levels, whether beginners or experienced professionals. Novice traders can gain market exposure while learning, benefiting from expert traders’ insights and shortening their learning curve.
Experienced traders can save time by gaining a clear view of the market without daily research and stepping away from their terminals while confident in their strategies.
AvaSocial sets a new standard in social trading technology, allowing users to follow and copy trades from top-performing traders. The app provides real-time trading signals, a transparent network of like-minded traders, and the ability to share trades on social media.
MetaTrader 4 and 5
The broker offers two powerful trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), each with unique features. The MT4 platform is the standard version, providing traders with 24 graphical objects and 30 built-in indicators.
Furthermore, it supports algorithmic trading and offers full customisation options, allowing traders to tailor their trading experience to their preferences.
MT5, the newer version, offers even more advanced capabilities. Unlike MT4, which focuses on Forex trading, MT5 allows trading on all the assets available.
It is preferred for traders seeking a more powerful and faster trading platform, especially regarding back-testing functionality for automated trading algorithms.
In addition, MT5 boasts a depth of market display, additional technical indicators, and analytical tools, providing traders with comprehensive market insights and analysis.
Overall, both MT4 and MT5 platforms offered by AvaTrade cater to different trading preferences and objectives. Traders can choose the platform that best suits their needs, whether they prioritise Forex trading with MT4 or desire a broader range of assets and advanced features with MT5.
DupliTrade
DupliTrade is a focused and transparent automated trading platform offered by AvaTrade. It allows you to effortlessly duplicate the trading actions of expert traders directly into your account, allowing you to benefit from their expertise.
DupliTrade takes your trading to the next level by offering a rich portfolio of successful strategies, carefully selected based on the traders’ proven history and track record.
Opening a DupliTrade account is simple and quick. Once registered, you can receive signals directly to your account, maximising your trading opportunities. Following the best traders in the market can improve and expand your trading activity.
DupliTrade presents a list of selected strategy providers, each representing different trading methods and styles. This allows you to build and enhance your trading portfolio according to your preferences.
Whether you are a novice trader or have limited time to dedicate to market analysis, an AvaTrade DupliTrade account offers numerous advantages. Thanks to the automated trading capabilities, you can enter the markets from day one and continue trading even when you are not online.
To access DupliTrade’s portfolio of leading strategy providers, you only need a minimum deposit of $2,000. These strategies are automatically traded on your AvaTrade account, benefiting you from their expertise.
If you are still getting to know the markets, you can also explore DupliTrade’s demo account to familiarise yourself with the platform and its functionalities.
ZuluTrade
ZuluTrade is an advanced trading platform offered by the broker that is designed to meet the needs of traders at all skill levels. It offers a user-friendly interface and intuitive layout, making it simple and easy to navigate.
One of the key features of ZuluTrade is its selection of proven and successful traders, ranked based on their winnings, followers, and trading instruments.
This allows users to choose and follow the strategies of experienced traders. ZuluGuard, another notable feature, protects users’ accounts by monitoring and adjusting trades if a signal provider’s strategy changes or their trades are not performing well.
Additionally, ZuluTrade allows sharing and following trading strategies in real time, fostering a sense of community among traders. The platform can be accessed via the web, integrated with the MT4 platform, or through a downloadable app.
What trading platforms are available to traders?
The broker provides a variety of cutting-edge trading platforms, including the widely used MetaTrader 4, AvaOptions, and its proprietary platform, AvaTradeGO.
Can I use the broker on mobile devices?
Yes, the trading platforms, including the mobile app, are accessible on mobile devices. This offers traders the convenience to manage their portfolios and execute trades while on the go.
Range of Markets
Cameroonian traders can expect the following range of markets:
Forex
Stocks
Commodities
Cryptocurrencies
Treasuries
Bonds
Indices
Exchange-traded funds (ETFs)
Options
Contracts for Difference (CFDs)
Precious Metals
Are there any market restrictions with the broker?
Yes, while they provide access to a wide range of markets, some limitations may apply due to regulatory requirements and geographic location. Furthermore, the full suite of asset classes is only available on MetaTrader 5.
Can I trade cryptocurrencies with them?
Yes, depending on regional regulations and market conditions, the broker offers a variety of cryptocurrencies for trading.
Broker Comparison for Range of Markets
| Avatrade | OANDA | Tickmill | |
| ➡️️ Forex | Yes | Yes | Yes |
| ➡️️ Precious Metals | Yes | Yes | Yes |
| ➡️️ ETFs | Yes | No | No |
| ➡️️ CFDs | Yes | Yes | Yes |
| ➡️️ Indices | Yes | Yes | Yes |
| ➡️️ Stocks | Yes | Yes | Yes |
| ➡️️ Cryptocurrency | Yes | No | Yes |
| ➡️️ Options | Yes | No | No |
| ➡️️ Energies | Yes | Yes | Yes |
| ➡️️ Bonds | Yes | Yes | Yes |
AvaTrade Trading and Non-Trading Fees
Spreads
The broker ensures transparency by charging set spreads that include a markup to cover broker fees associated with trade facilitation. As a Market Maker broker, AvaTrade exclusively executes all orders, utilising its own execution methods.
To provide customers with access to the interbank market, the broker acquires significant positions from various liquidity providers and subsequently offers them to traders. Cameroonian traders can expect typical spreads that reflect the following ranges:
EUR/USD – 0.9 pips
Stocks – 0.13%
Crude Oil – 0.029 pips
FXOptions – 0.9 pips
Cryptocurrency – From 0.02 pips on BTC/USD
Indices – From 0.03 pips
ETFs – 0.13%
Bonds – From 0.03 pips Over the Market
Commissions
The broker offers a commission-free trading experience for traders in Cameroon. Instead of charging a separate commission fee, the broker applies a premium to its fixed spreads. This means traders can enjoy transparent and all-inclusive trading with no additional commission costs.
Their fixed spreads are designed to provide clarity and simplicity to traders, allowing them to focus on their trading strategies without worrying about extra fees.
In our experience, by offering premium fixed spreads, the broker aims to provide a cost-effective and competitive trading environment for traders in Cameroon.
Overnight Fees, Rollovers, or Swaps
The costs associated with overnight trading vary depending on several variables, such as whether Cameroonian traders are maintaining a long or short position, the size of the position, the type of financial asset being traded, and the general market conditions when the position is being held open.
They multiply the total value of a trade by the overnight interest rate to calculate overnight charges. The following are examples of overnight fees charged, subject to change:
EUR/USD – a short swap of -0.000% and a long swap of -0.0091%
Stocks (Apple) – a short swap of -0.0032% and a long swap of -0.0301%
Gold – a short swap of -0.0006% and a long swap of -0.0259%
Silver – a short swap of -0.0006% and a long swap of -0.0259%
FXOptions (EUR/USD) – a short swap of -0.00926% and a long swap of -0.0000%
US TECH 100 – a short swap of -0.0006% and a long swap of -0.0259%
Cryptocurrency (BTC/USD) – a short swap of -0.0333% and a long swap of -0.0610%
VIX ETN ETF – a short swap of -0.0032% and a long swap of -0.0301%
Deposit and Withdrawal Fees
The broker does not charge deposit or withdrawal fees on any of the broker’s supported deposit or withdrawal methods.
Inactivity Fees
They implement an inactivity fee for trading accounts that have been inactive for three consecutive months. A $50 inactivity fee will be charged each month if no trading activity is detected during this period.
Traders must note that after 12 consecutive months of inactivity, this fee increases to $100. This fee encourages active trading and helps maintain the efficiency of the platform.
Currency Conversion Fees
Traders must acknowledge currency conversion fees. If traders deposit funds in XAF, which is not an accepted deposit or base account currency, currency conversion fees may apply.
These fees are incurred when converting the deposited funds into the account’s designated currency. Traders should consider this factor and potential currency conversion fees when depositing funds.
What are the broker’s fees and spreads?
They have competitive spreads and may charge fees for services such as overnight financing. The broker charges fixed spreads with markup to cover its fee for facilitating the trade.
Does the broker charge commissions on trades?
No, they typically offer commission-free trading on most instruments, with costs rolled into the spread.
AvaTrade Deposits and Withdrawals
The broker offers Cameroonian traders the following deposit and withdrawal methods:
Bank Wire Transfer
Credit/Debit Card
PayPal
WebMoney
Neteller
Skrill
How long do withdrawals take?
Withdrawal processing times vary depending on the method, but they typically range from 1 to 5 business days.
Are there any fees for deposits or withdrawals?
No, the broker does not charge deposit or withdrawal fees. However, your payment provider may charge fees on transactions.
How to Deposit Funds
To deposit funds to an account, Cameroonian traders can follow these steps:
Step 1 – Log into your account.
Log in to your AvaTrade account.
Step 2 – Locate the ‘Deposit’ section.
Go to the ‘Deposit’ section and click ‘Fund your account’.
Step 3 – Choose a deposit method.
Select your preferred deposit method. AvaTrade offers several ways of depositing money into your trading account, including credit card, wire transfer, and various forms of e-payment (not available for EU & Australian customers).
Step 4 – Choose an account.
Select the specific trading account you wish to deposit into from the drop-down menu.
Step 5 – Enter an amount.
Enter the amount you wish to deposit.
Step 6 – Complete the deposit.
Add the payment method details into the fields and click ‘Deposit’.
Fund Withdrawal Process
To withdraw funds from an account, Cameroonian traders can follow these steps:
Step 1 – Log into your account.
Log into your trading account with your email address and password.
Step 2 – Locate the withdrawal section.
Once logged in, go to the withdrawal section.
Step 3 – Fill out the form.
Fill out an online withdrawal form through your account.
Step 4 – Complete the withdrawal.
Your withdrawal will be processed within the next 24 business hours.
Education and Research
The broker offers the following Educational Materials to Cameroonian traders:
Educational Videos
Trading guides
Trading Rules
Market Terms
Order Types
Trading Strategies
Trading Ideas
Trader’s Blog
A demo account with virtual funds
Educational Articles
They also offer Cameroonian traders the following additional Research and Trading Tools:
Technical Analysis Indicators
Economic Indicators
Economic calendar
Trading Strategies
AvaProtect Risk Management
Trading Central
Trading Calculators
Earnings Releases
Fundamental Analysis
Technical Analysis
Does the broker provide research and analysis tools?
Yes, they have various research and analysis tools, such as market insights, economic calendars, and technical analysis features.
Where can I find the broker’s education and tools?
You can visit their official website and navigate to the education and tools sections from the homepage in the main menu.
Bonuses and Promotions
AvaTrade presents exclusive bonuses and promotions for traders in Cameroon.
New Account Package
Available until June 30, newly registered Cameroonian traders who have not previously registered can benefit from a special offer.
By establishing a new trading account and depositing a minimum of $200 (700,000 XAF), they qualify for a $40 (24,200 XAF) sign-up bonus. The maximum deposit eligible for this bonus is $10,000, which grants them a bonus of $2,000.
Referral Bonus
Cameroonian traders can earn a $50 to $250 bonus by referring friends and family to the broker. The bonus becomes available when a referred individual deposits $500 or more into a live account.
Furthermore, the earning potential for the Cameroonian trader is determined by the first deposit made by their referral into their newly verified live account.
Does the broker subject the bonuses to any conditions?
Their bonuses and promotions are subject to specific terms and conditions, such as trading volume requirements. Before participating, it is critical to review these terms.
Can I withdraw the bonus offered by the broker?
No, withdrawing a bonus may be subject to certain conditions, such as meeting trading volumes.
Overall Rating
- 4.9/5
Min Deposit
100 USD / 59,837 XAF
Regulators
CBI, BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA
Trading Desk
AvaTradeGO, AvaOptions, AvaSocial, MT4, MT5, DupliTrade, ZuluTrade
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Affiliate Program Features
When you become an affiliate, you can expect a range of features that enhance your experience and maximise your potential earnings:
Personalised Tracking Links: The broker provides affiliates with personalised tracking links that allow them to monitor the success of their referrals. This ensures that referrals are accurately attributed to the respective affiliates, guaranteeing that affiliates receive proper recognition and rewards for their efforts.
Marketing Resources: They offer affiliates a wide range of marketing resources, including professionally designed banners, landing pages, and other promotional materials. These resources help affiliates effectively promote the brand and attract new customers.
Advanced Reporting and Analytics: The affiliate dashboard provides affiliates with advanced reporting and analytics tools. This allows affiliates to monitor the effectiveness of their marketing campaigns, track their referral activity, and gain insights to optimise their marketing efforts for better results.
Flexible Payment Options: The broker offers affiliates multiple payment options to suit their preferences. Whether it’s bank transfers, cheques, or online payment methods like PayPal and Skrill, affiliates can choose the payment method that works best for them.
Dedicated Affiliate Support: The broker understands the importance of providing timely and responsive support to affiliates. Their affiliate support team is readily available to assist with any queries or concerns affiliates may have, ensuring a smooth and productive partnership.
What tools and support does the broker provide to its affiliates?
They provide their affiliates with various tools and support, including marketing materials, tracking tools, dedicated account managers, and more.
Can anyone join the broker’s affiliate program?
Yes, anyone can join. However, the affiliate program may have specific eligibility requirements.
How to open an Affiliate Account
To register an Affiliate Account, Cameroonians can follow these steps:
Step 1 – Open an account with AvaPartner.
You can do this by visiting the AvaPartner website and following the prompts to open a new account.
Step 2 – Complete registration.
After you have opened an account, an Affiliate Manager from AvaTrade will contact you to review your details.
Customer Support
| ⏰ Operating Hours | 24/5 |
| 👥 Support Languages | Multilingual |
| 💬 Live Chat | Yes |
| 💻 Email Address | – |
| 📱 Telephonic Support | Yes |
| ✔️ The overall quality of Admirals Support | 5/5 |
Is the broker’s customer support available 24/7?
No, their customer support is only available 24 hours a day, 5 days a week, during weekdays.
Do they offer support in multiple languages?
Yes, the broker offers customer service in various languages to better serve its global clientele.
Corporate Social Responsibility
The broker is a well-established online brokerage firm that offers its customers a range of financial services.
The company is committed to conducting its business in a socially responsible and ethical manner, and it has implemented several programs to demonstrate this commitment. Here are some key features of their social responsibility initiatives:
Sustainability and Environmental Responsibility: The broker prioritises sustainability and environmental conservation. It actively supports renewable energy initiatives and works towards reducing its carbon footprint.
Diversity and Inclusion: They are dedicated to fostering diversity and inclusion within its organisation and the broader community. It promotes diversity and inclusivity among its staff and supports efforts to enhance diversity and inclusion in the financial sector.
Charity and Community Support: They actively participate in charitable projects and community-focused initiatives. It provides financial and material support to various charitable causes and organisations worldwide. Additionally, the company encourages its employees to contribute their time and skills to these projects.
Does the broker engage in Corporate Social Responsibility (CSR) initiatives?
Yes, AvaTrade is committed to Corporate Social Responsibility, actively participating in various initiatives that promote social welfare, sustainability, and community development.
What social initiatives do they support?
They support a range of social initiatives, including education programs, environmental conservation efforts, and charitable projects, reflecting their dedication to making a positive impact beyond the financial realm.
Verdict
Overall AvaTrade is a reliable broker for traders, particularly in Cameroon, with a trust score of 93% and a rating of 9/10. It offers various trading platforms and assets, including Forex, Stocks, Commodities, Cryptocurrencies, and more.
10 Best Forex Brokers in Cameroon
Rank
Broker
Review
Regulators
Min Deposit
Official Site
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Extensive selection of trading platforms, including its proprietary platforms WebTrader and AvaTradeGO, and third-party platforms like MetaTrader. | Cryptocurrency trading is only available through CFDs and not through trading the underlying asset (e.g. buying Bitcoin). |
| High-quality educational content for beginners. | Spreads are close to the industry average but slightly higher than those on entry-level accounts offered by some other platforms. |
| A comprehensive offering of copy trading platforms, including ZuluTrade, DupliTrade, and its own AvaSocial. | The mobile apps are not as advanced as other platforms, such as Saxo Bank, CMC Markets, or TD Ameritrade. |
| The proprietary apps provide a generally well-rounded mobile trading experience. | The AvaOptions platform layout can be complex and might require a design overhaul to be more user-friendly, especially for less experienced traders. |
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Frequently Asked Questions
What can I trade on AvaTrade?
You can trade a wide range of assets, including forex, CFDs on commodities, stocks, indices, ETFs, and bonds.
How can I open a forex trading account?
To open a forex trading account, register on their website, provide the necessary identification documents, and then make a minimum deposit.
Does AvaTrade have Nasdaq 100?
Yes, the broker offers Nasdaq 100 shares and offers US TECH 100 as a CFD on indices.
Is AvaTrade Safe or a Scam?
They are considered safe. It is regulated in multiple jurisdictions, which enhances its safety and reliability.
How can I trade forex on AvaTrade?
Once you’ve opened an account, you can trade forex by selecting the currency pair you wish to trade, deciding whether to buy or sell and executing your trade.
Can I day trade forex with AvaTrade?
Yes, you can day trade forex. The broker provides a range of trading platforms for long-term and short-term traders.
