ITrader is a CFD/FX broker 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?
ITrader is regulated by CySEC since 2013 and also authorized to provide its services by 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. However, they’ve had their share of ugly complaints from traders, so I can’t say they enjoy the best reputation possible.
Why ITrader Doesn’t Suck In 50 Words
Tons of regulation and a spotless record: no warnings or fines from financial authorities. While that’s certainly a good thing, I don’t understand why a company regulated by CYSEC and located in Cyprus doesn’t accept clients from Cyprus?!? According to the bottom of their homepage: “The Company can accept clients residing in all Member States of the European Union (EU) – except Belgium and Cyprus…” What’s up with that?
Why ITrader Sucks In 50 Words
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.
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, and I consider that all conditions should be known from the start.
Probably the most important things to look for in a broker are regulation and good reputation; ITRADER is regulated but their reputation has some dents in it. Overall they are OK but I cannot see some outstanding trading conditions or special features that would make me recommend them wholeheartedly.
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.
They don’t offer a bonus, in accordance with CySEC’s rules and ban on bonuses.
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. Their Daily Video Analysis is updated daily and I guess we can consider that an extra, although a small one.
Trading Bitcoin With ITrader
They advertise Bitcoin trading but unfortunately, they don’t offer any information about trading conditions on their website and I couldn’t find any crypto asset on the platform or in their Asset Index page. So in other words, they talk about crypto but they don’t offer any crypto trading, or at least I couldn’t find it.
User Friendliness 16/20
The website contains a lot of information but it is not very well-structured and that means that you will not find easily 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 5 languages.
Range Of Markets, Spreads And Leverage 17/20
Their asset basket is wide, including currency pairs, indices, commodities, stocks but unfortunately no cryptocurrencies. Spreads are floating and change depending on the account you have. Given that ITrader doesn’t give information about the minimums required for each account, it is unclear what spread you will benefit from.
Leverage goes up to 1:30 for currency pairs and lower for the other asset classes. Professional clients can use a higher leverage.
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). Also, if you want to withdraw before trading as much as ITrader whats you to, they will charge a 50 EUR fee. Support is slow, unknowledgeable and not very helpful.
Deposits And Withdrawals 17/20
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 80 + Regulated (+3) = 84/100