iTrader Review - Is it scam or safe?

iTrader Review - is it scam or safe?
3.5 5 RATING
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9 REVIEWS

Trading Accounts

 

Account type  

 Minimum deposit 

Minimum trade size

Maximum leverage

Average Spreads           

Withdrawal Process

Silver

$ 250

0.01

1:200

From 2.2 pips on EUR/USD

Up To 7 Days

Gold

N/A

0.01

1:400

From 1.3 pips on EUR/USD

Up To 5 Days

Platinum

N/A

0.01

1:500

From 0.7 pips on EUR/USD

Up To 3 Days

 

iTrader offers its clients a choice of three basic account types: Silver, Gold and Platinum.  

 

In addition, iTrader offers swap-free (Islamic) accounts, which are Sharia compliant (for Muslim investors who are unwilling to pay or earn interest for religious reasons).

 

Micro lots are also available for trade.

 

The Company. Security of Funds

 

Founded in 2012, iTrader offers trading in around 50 currency pairs and wide range of CFDs on indices, stocks and commodities through the MetaTrader 4 platform. The company behind the brand, Hoch Capital Limited, which acts as market maker in relation to transactions, is a Cyprus Investment Firm that is licensed by Cyprus Securities and Exchange Commission (CySEC).

 

CySEC applies certain rules and requirements to Cyprus Investment Firms. For example, they must maintain net tangible assets of at least €730,000 in order to prove their financial stability. Besides, the Commission requires forex brokers to keep customer funds in segregated accounts, separated from the company’s operating funds.

 

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to €20,000 EUR per person, If the company ceases trading or becomes insolvent.

 

Moreover, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services in all EU Member States.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with iTrader, traders have to invest a minimum of $250. Such minimum initial amount is considered average; however, many other Cyprus-based brokers require less. For instance, leading EU brokerage XM demands just $5 from its clients as a start.

 

Spreads & Commissions

iTrader offers commission-free trading and floating spreads, varying by account type:

 

- The ones on the Silver account type are quite high, starting from 2.2 pips on majors;

- Gold account holders are able to use spreads, which are on the upper end of average (1.5 pips);

- Platinum spreads are really good, starting out at 0.7 pips for the EUR/USD pair, however supposedly the minimum initial deposit for this account type are high.

 

For purposes of comparison, XM’s average spreads on the commission-free accounts amount to 1.7 pips on EUR/USD, while the ones on the Zero account type are averaged 0.1 pips on EUR/USD and involve commission of $5 per standard lot (per side).

 

For more information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by iTrader is 1:500, which is a high ratio. However, many Cyprus-based brokers offer similar or higher leverage levels - for example, XM provides leverage up to 1:888. For further information, you can check out a list of brokers, providing leverage equal to or exceeding 1:500 here.

 

Undeniably, high leverage provides opportunities of earning good profits on a small deposit. Nonetheless, we advise traders to be careful when using it, as higher leverage also involves greater risk of losses, which may even exceed the initial investments. 

 

Trading Platform

 

iTrader supports the most widely used forex trading platform, MetaTrader4 (MT4). It comes as a PC, web and mobile versions.

 

MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work.

 

Like most brokers, iTrader offers a virtual private server (VPS) that you can use for hosting your MT4 EAs, providing extra protection when trading forex. 

 

Methods of Payment

 

The following payment methods are available to iTrader clients: credit/debit cards and bank wire transfer. Popular e-wallet payment systems, such as Skrill & Neteller are not supported by this broker.

 

Currencies accepted: USD/GBP/EUR.

 

Conclusion

 

iTrader is a well-regulated forex & CFD broker that utilizes the popular MT4 and offers satisfactory trading conditions. To sum up the above, here are the advantages and drawbacks with regards to this broker:


Pros      Cons
Well-regulated    Market maker model
MT4 available   No choice of trading platforms
High leverage levels offered   High spreads (except on Premium accounts)
Commission-free trading Limited payment methods 

                                                                                                         

                                                              

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Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for iTrader Add review

Decency is the Key

Being a full time Insurance and Pension Auditor is not enough to give all the needs of my family, especially that the cost of living here at Switzerland is too high. So thanks to this friend of mine, who introduced me this broker, because I was able to have a secondary income that helped me to give all my kids necessities. Their withdrawal is very smooth, and pretty decent.

Nadine Blau 12/06/2016

Web and Mobile Mode

Great broker, regulated and has many license for different countries. Their Website Platform is fast and powerful so as their Mobile Apps, of which many brokers fall short of.

Giovanni 11/24/2016

MT4 platform

This broker uses MT4, a user friendly platform known worldwide. This is one of the best reason i stay with this broker.

Michael Bronislav 11/21/2016

Trading at its finest!

I am Caitlin from United Kingdom, and this was my first time t be involve in this kind of industry - trading. I am really impressed with this broker because this has been really gave me the best experience ever. Their rules and regulations is what I really like. I feel safe trading in this broker. Love to have you indeed!

Caitlin Rogers 11/09/2016

not a scam

not a scam. they were in the trading industry for a short period of time but already gain their reputation as a trustworthy broker. been doing withdrawals and was able to get my money complete.

Alfred Gervais 11/09/2016

Review for iTrader

Very popular broker with good trading conditions. But when i read their terms and conditions, i understood that it is a 100% bucket shop that attract client with unbelievable bonuses and advertising.

Andrew 11/08/2016

iTrader is my Choice

Good to see this website, and most of the written above are true. I have been trading for couple of months now, and I can say that this broker is really well regulated. Also, it really offers a satisfactory conditions as long as you abide in their rules and regulations.

Just make sure that you are really passionate into trading because by then you'll really enjoy this one.

Fia Johansson 10/20/2016

User friendly and regulated

Just like any other brokers, they have their own pros and cons. But what i like most from this broker is that it has a very user friendly platform, i got used to it for just a couple of days. Also i they got my trust because i know it is regulated and my money are in the safe hands.

Gustaf Lindholm 10/19/2016

Not The Best But Great

Hi there I'm Luces and I'm from Belguim. I am trading both on forex and binary. My choice for forex is this broker and I'm happy with the service they offer, their education section and advice from brokers are a big help to learn how to trade. I lost a couple of time but also won too. My investment in them is paying off (I'm not rich yet but hopefully will haha)Thanks for this review.

Luces Peeters 10/12/2016
Forex