Because I have never had professional training in forex trading, I needed to find a broker that had an uncomplicated platform and good trading conditions. After trial and error and testing many brokers I came across Ayondo. They had great user reviews, are regulated by the Financial Conduct Authority and don’t require any minimum deposit so I decided to try them out.
The demo account was quite useful for those who don’t want to invest real money for checking their platform. And when I looked at their spreads, minimum lot size and maximum leverage, I was then convinced that this is the broker for me. What also got me interested is their social trading feature which allows me to copy the trades of top performing investors. I find this to be a very good opportunity to make a profit without the need to learn the complexities of trading currencies and CFD’s. Overall, my experience with Ayondo was very rewarding and I am looking forward to future opportunities with this broker. You may continue reading for my full review.
Demo Account: 21-day trial period
The 21-day demo account allowed me to familiarize myself with the platform and do practice trades without using real money.
Ayondo offers a number of bonuses which run for certain periods so the additional fund that you may receive varies and will be dependent from the time that you availed any of these promos.
Platform: Modern and fast
They have a platform for retail trading and another one for social trading which will be the focus of this review. This is where users can follow and copy the Top Traders.
Mobile Trading: TradingHub
Their mobile trading platform called TradeHub is available for devices that are powered by iOS and Android operating systems. It basically has all the features of the web-based version but has been adjusted for smaller screens.
Tradable Instruments: Ample choices
There are over 1,500 instruments available on their platform which covers forex, indices, commodities, CFDs, stocks, interest rates and bonds.
Social Network Integration: No connection
This broker doesn’t allow integration of accounts on social networking sites although they sometimes hold competitions and offers via their Facebook account. The only way for you to open an account is by going through the regular registration process.
Automated Trade Copying: Personalized portfolio
You can personalize the portfolio of Ayondo traders that you would like to follow. In each portfolio, you can copy the trades of 5 traders of your choice and configure their trades that you plan to copy.
Account Protection: Limited risk management features
When it comes to risk control, setting a safety margin is possible so you can configure you account to stop copying a Top Trader’s trades when specific conditions are met. The downside is that configuring this option for every single trader is not allowed so it applies to all the traders you follow. It also must be activated right after the portfolio is executed because it is deactivated by default.
Traders Allowed to Copy: Unlimited
There’s no restriction on how many portfolios you’d like to setup but the downside is that the user population is not that many. As of this writing, the platform has around 2,000 users to choose from and not all of them are performing well.
Deposit and Withdrawal
Minimum Deposit: Zero!
One of the main advantages of this broker is that you can transfer any amount on your account because there’s actually no minimum deposit.
Deposit Methods: The common options
Depositing funds can be done via credit/debit cards and bank wire transfer which are the commonly used payment methods.
Withdrawal Processing Time: Not later than a week
The processing time for withdrawals normally takes around 5 business days. This means you will be able to get your money not later than 1 week.
Channels: No live chat
Unfortunately they do not have a live chat support. Nevertheless, you can still contact them via phone and email.
Availability: Weekdays only
They are available from 8:00am to 5:00 UK time, Monday to Friday.
Supported Languages: 3 choices
Their platform currently supports English, German and Spanish languages.
User Reviews score: 4.7 stars
This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.
Platform Design: Easy to use interface
The interface was perfectly designed for traders of all levels so browsing the platform will never be a problem even for newbies. The design is very simple but there’s no question that it is well-organized.
Support: No live chat
Unfortunately, the support has no live chat which was one of the features that I was looking for since I prefer to get in touch with them over the internet. Phone support was okay but there was a long waiting time which took around 15 minutes.
Reputation: Has around 2,000 clients in their social network
They only have around 2,000 users so the top performing traders that you can follow are somewhat limited. I prefer a network with a bigger population for better chances of making profitable trades.
Editor’s Score: 74
Although Ayondo’s social trading platform is interesting to use, there are plenty of areas that needs to be improved for them to be more attractive and more importantly profitable to those who are interested in social trading. The average features, unremarkable support and low client base are just some of the disadvantages that they need to work on. It would be wiser to find an alternative brokerage firm to trade with.