ITrader is owned and operated by Hoch Capital Ltd, a company regulated by the Cyprus Securities and Exchange Commission (CySEC) under licence number 198/13. They can be located at 5, Christaki Kranou Street, 2nd Floor, Yermasogia, CY-4047 Limassol, Cyprus. Hoch Capital is also EEA Authorised by the British FCA to provide certain services in the UK, under reference number 631408. Apart from this, they are also registered with most of the European regulators to offer cross-border services.
Is ITrader A Scam?
The owning company is regulated by CySEC since 2013 (which is a long time, by the way) and also authorized to provide its services by more than TWENTY other European regulators. If this is a scam, then how can I trust any other company or brokerage on the face of the Earth? I mean, you can’t ask for more supervision than this, so if ITRADER is a scam, then all these regulators are sleeping on the job and I just can’t believe that’s true. So, bottom line: nope, no scam here.
As far as web traffic is concerned, they don’t really excel: 68K visits during July 2017, with a max of 110K during the last 6 months. That’s not a lot but at least they show steady numbers, without major fluctuations. Most of their visitors are coming from the UK (17.55%), followed by Italy with 16.10%).
Why ITrader Doesn’t Suck In 50 Words
Guardian Angel. All ITRADER clients benefit from their Guardian Angel feature, which is a Smart Messaging System designed to optimize your investments. You will receive signal notifications on trends and major events on the global markets, but also automated feedback, showing a recommended course of action depending on the specific situation you are in.
Why ITrader Sucks In 50 Words
This is not such a big deal, but you will only find out the deposits for each account type after you create an account and deposit the minimum of 250 EUR/USD. According to their Live Chat, an account manager will contact you within 24 hours of depositing and will discuss the account that fits you, depending on your trading knowledge, risk management, and other such stuff. Ok, you have my best interest in mind, but I would still like to know from the get-go how much each account requires me to deposit.
Should I Open An Account With ITrader?
The brokerage was launched in 2013 and offers FX/CFD trading on a multitude of assets, including currencies, indices, stocks, and commodities. The platform of choice is Meta Trader 4, which I can safely say that it’s the most popular trading platform out there. They also offer a web-based platform called WebTrader (no download or installation required) and a mobile version.
The website offers a lot of information but is well organized so you will easily find what you are looking for. They have an extensive Education section, which includes e-books, videos, tutorials, courses, articles, and webinars. Apart from all this, they offer Daily Market Analysis (both written and in video form) and what I consider even more important: Daily Video Chart Analysis. This section is specifically designed to help you trade: it’s a price action-oriented analysis focused on several currency pairs each day. It is uploaded early in the day, so you can even open the same trade as the one presented in the video. These are live trades, not something that happened a day or a week ago.
ITRADER offers three types of accounts: Silver, Gold and Platinum, each with different leverage, spreads, and perks but unfortunately I cannot give you the exact sums for each account because these will be known only after you deposit the minimum of 250 EUR/USD/GBP. I don’t really like this approach, but it’s definitely not a deal breaker.
Probably the most important things to look for in a broker are regulation and good reputation; ITRADER has both and overall they look like a well-oiled machine, so maybe the biggest drawback is that they only offer FX and CFDs, not Binary Options. Well, on the other hand, FX/CFD trading is gaining a lot of popularity among Binary Options traders, so it’s good to know there’s a solid choice out there for this type of investing.
Some traders have complained that account managers asked them to deposit more money and others have complained that they had to send ID verification. It’s a well-known fact that nowadays all brokers ask for IDs in order to prevent money laundering so the fact that ITRADER asks for these documents should be considered normal, not a cause for concern.
About the other type of complaint… what can I say, I don’t like those account managers ask for larger deposits, but on the other hand, they have to do their jobs, so simply think about how much you want to invest and don’t let them sway you. Also, I have to mention that we cannot verify any of these online complaints, so take them with a pinch of salt.
ITrader Regulatory Warnings And Announcements
So far, the regulatory authorities that supervise ITRADER’s activity have not issued any type of warning or fine on this brokerage or its owning company. If things change, we will update this section as necessary.
From time to time ITRADER will offer Bonuses in the form of Cash or Gifts. These are promotional offerings and are time-limited. The client has to achieve a minimum trading volume requirement before he/she can be eligible to receive the gift or cash bonus. As an example, ITRADER uses a multiplier of 10,000 EUR x, so if you receive a gift valued at 1,000, you will have to achieve a trading volume of 10,000,000. However, keep in mind that FX/CFD trading uses leverage so that 10 mil is not an unachievable mark.
Withdrawals are one of the most important things when dealing with a broker and I am sure you agree. Unlike many other brokers, ITRADER doesn’t waste any time when it comes to your money: withdrawal requests received before 11:00 am GMT will be processed the same day and requests received after 11:00 am GMT will be processed the next day, which is still lightning fast. Additional time will pass until the money reaches you, depending on the method used for withdrawal.
Normally I would list Meta Trader 4 as an extra, but this is an FX/CFD broker (not Binary Options) and Meta Trader is widely used by this type of brokers. However, their Guardian Angel system (see above) is surely an extra, as well as their Daily Video Analysis, which gives you actionable insight and tradable setups based on price action and Support/Resistance levels.
Trading Bitcoin With ITrader
ITrader offers Bitcoin trading right from the popular platform Meta Trader 4, which is a great addition, but unfortunately, they don’t offer any information about trading conditions on their website. I honestly don’t understand the reason for this. Cryptocurrency is a hot asset right now and everybody wants to trade Bitcoin and altcoins, so you would think they would advertise the fact that you can trade these assets with them. Well, anyway, the only info I could get from their Support was that Bitcoin is available on Meta Trader 4. I tried to open a Demo account to get more info but to no avail, so I can only assume that you will need a real account if you want to know the trading conditions for Bitcoin.
User Friendliness 17/20
The website contains a lot of information but it is all well-structured and that means that you will easily find what you’re interested in. Demo accounts are available, without the need to deposit first and the trading platform is one of the best out there in my opinion (Meta Trader 4). You can also find a slightly simpler version that is entirely web-based and doesn’t require any download or installation (WebTrader). The website is available in 7 languages.
Range Of Markets, Spreads And Leverage 17/20
Their asset basket is very wide, including 48 currency pairs, 17 indices, 16 commodities, and more than 80 stocks. Spreads are floating, meaning they change depending on market conditions (as low as 0.7 pips for EUR/USD and 0.8 pips for USD/JPY). Leverage goes up to 1:500 for currencies, 1:125 for indices and commodities, while stocks have a max leverage of 1:50. Overall, this is high leverage but you should always be aware that if you crank up the leverage, you increase the risk (and the potential profit). In other words, just because they offer high leverage, it doesn’t mean you should fully use it if you are a newbie.
Fees and Support 15/20
ITRADER doesn’t charge any fee to deposit or to withdraw; however, your bank or payment provider may charge for transactions. If your account is inactive for 90 days, it will be charged a monthly dormant fee of 50 base currency (EUR/USD/GBP). Support is fast, polite and helpful enough.
Deposits And Withdrawals 18/20
The minimum deposit is 250 EUR/USD/GBP and can be done via credit cards, wire transfer and e-wallets (including but not limited to Skrill, WebMoney, Neteller). Withdrawals are processed the same day if the request is received before 11:00 am GMT or the next day if the request comes after 11:00 am GMT, which is extremely fast. Due to anti-money laundering rules, clients have to provide IDs and proof of residence.
Guardian Angel messaging system, tons of education material, daily market review and daily trading ideas brought to you via Video Chart Analysis. Also, fully regulated by CySEC and registered with more than 20 other financial watchdogs across Europe.
ITRADER Overall Ratings 84 + Regulated (+3) = 87/100