ITRADER Review
ITRADER
Details
| Broker | ITRADER |
|---|---|
| Website URL | |
| Founded | 2013 |
| Headquarters | Grosvenor Tower, Griva Digeni & Kolonakiou 125, Ground Floor, Linopetra 3107 Limassol, Cyprus |
| Support Number | +80040015002 |
| Support Types | phone , fax , email |
| Languages | 9 languages supported |
| Trading Platform | MT4 web, MT34 desktop, MT4 Mac, mobile apps |
| Minimum 1st Deposit | 1st Deposit |
| Minimum Account Size | $0 |
| Bonus | No bonus |
| Leverage | up to 1:400 |
| Spread | floating |
| Free Demo Account |
 |
| Regulated |
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| Regulation | Regulated by CySEC |
| Account Types | silver , gold , platinum , Islamic |
| Deposit Methods | credit/debit card, wire transfer, Skrill, WebMoney, others |
| Withdrawal Methods | credit/debit card, wire transfer, Skrill, WebMoney, others |
| Number of Assets | 750+ |
| Types of Assets | cryptocurrencies, forex, indices, shares, and commodities |
| US Traders Allowed |  |
| Mobile Trading |
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| Tablet Trading |
|
| Overall Score | 55 |
Operated by Hoch Capital Ltd, ITRADER.com is a forex and CFD provider that had received authorization from the Cyprus Securities and Exchange Commission in 2013. The Cyprus-based investment firm operates under license number 198/13 and since it operates mainly for European Area Countries, it is subject to all cross-border regulation by all regulators inside the EU. However, aside from CySEC and the MiFID II compliance, the company did not manage to get any other license, even though it has almost 7 years of existence.
CFDs based on forex, indices, commodities, shares, and cryptocurrencies are currently provided by ITRADER and our review will try to compare how the services provided by this company compares to what other European-focused brokers are offering in 2020. Stick to the end of this article, if you want to find more in-depth information.
Trading Platform
The main platform that ITRADER is relying on remains MetaTrader 4. At the time of writing, both the web version and the desktop version are the sole access points for clients to the financial markets. Even though MT4 had been a popular platform for years in a row, brokerage companies had allocated a lot of resources to develop proprietary software.
For traders that have been trading with MT4 for a long-time, ITRADER might be the right fit, but we know that an increasing number of people want to see brokers providing personalized trading solutions. MetaTrader 4 has advanced charting, multiple indicators, and drawing tools, as well as the ability to integrate automated trading software.
What’s concerning, from our view, is the fact that ITRADER had not updated its offer for years now and this communicates a lack of interest to provide the latest trading technologies. The company has a mobile platform for Android and iOS, but based on the online reviews, ratings are poor and functionalities are basic. The broker does not enjoy good reviews overall and that’s a negative factor to take into account when choosing a CFD provider to work with.
Account Types
Silver, Gold, and Platinum accounts are offered by ITRADER. The leverage level for different assets, as well as news alerts, free VPS, and swap discounts, are the sole differences between them. All clients can access to a dedicated account manager, webinars and videos, hedging, full 12-hours support, and many other features.
We did not manage to find what are the requirements to be met by traders to make an upgrade. According to the information available on the website, the minimum deposit required is $250, but we don’t know whether clients must deposit more to open a Gold or Platinum account. This lack of transparency is concerning, given that traders have little or no idea about what to expect after the trading account is opened.
Islamic accounts are provided to clients of Islamic faith and they are exempted from interests or fees. At the same time, ITRADER divides customers into retail and professionals, due to the latest European regulation. At first glance, traders have a few options in terms of accounts, but they can’t understand clearly what and how they will receive access to particular features. One of them is the swap discount. It would have been great if the company had specified and that is taking place.
Trading Instruments
Forex, indices, commodities, shares, and cryptocurrency-based CFDs are being provided by ITRADER. For retail traders, the maximum leverage is 1:30 and for professional it is set at 1:400 (depending on the asset type). We found a discrepancy between the spreads highlighted on the account types page and the live spreads displayed on the home page. The EURUSD spread for a silver account holder is around 2.2 pips, while ITRADER shows a 0.1 spread on its official page.
It’s good to see the company has coverage for a wide range of instruments, but that’s negated by the fact visitors can’t understand very easily the trading conditions and what to expect once a live account is opened.
Education
The ITRADER.com Academy Center is designed to make traders familiar with the basic tenants of financial trading. The company claims it is a comprehensive online academy center, but we did not manage to find anything that stands out. All the information provided is mainly for beginners. If you need to learn the basics of trading, eBooks, V.O.D., courses, tutorials, articles, glossary, and some FAQ are currently available.
Summary
ITRADER is an online trading brand that provides average trading services. In terms of competitiveness, the company had proven to lag behind other popular brands. At the same time, 82.8% of the clients lose money, which is quite a high figure. It is very likely a market-making broker and that creates a huge conflict of interests. Based on the information we’ve managed to find about the company, we can’t recommend the broker to any forex or CFD trader.
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