New forex brokers must contend with stiff competition and weather industry misgivings in order to make it through their first few years. Many do not make it past year three. The exception to this rule is iTrader.com, a forex broker that was founded in 2012 on the island of Cyprus and has never looked back. It has survived a number of industry crisis over that period, including one on Cyprus in 2013, and has built a global fan base that has stood the test of time. You will find more than just traditional forex trading with this broker, since it also offers CFDs in stocks, indices and commodities for your trading enjoyment. Unfortunately, U.S. clients are not accepted at this time.
Registration is easy, and you have three different account classes to choose from – Silver, Gold and Platinum. Spreads and leverage vary by account class and by asset type, as well, but the latter two classes will provide a dedicated account manager to give you the inside track with iTrader’s offering. An Islamic account is also available. The minimum deposit is 250 units of either USD, EUR, or GBP. Major credit cards or wire transfers can be used for deposit purposes, but funds are safe through segregation and protection from the Cypriot Investor Compensation Plan up to 20,000 Euros. iTrader is licensed and regulated by the Cyprus Securities Exchange Commission (CySEC) under license no. 198/13, 5 Christaki Kranou, office 201, Germasoya, 4047 Limassol, Cyprus.
As for trading platform options, iTrader does not discriminate. It supports the highly popular MetaTrader4 protocol series, as well as WebTrader and mobile applications that do not require any complicated downloads. If you can access the Internet, then you can trade with iTrader. This firm also offers a wide choice of asset securities, topping out at over 160 items at this writing, which include forex, stocks, indices, and commodities. As for spread and leverage, iTrader is very competitive with the market, but you will need to be a Platinum customer to take advantage of the best values. Spreads for the highly traded “EUR/USD” currency pair begin at 2.2 pips for Silver members and fall to 0.7 pips for Platinum membership. Customer service reps are responsive, and you can avail yourself of a multitude of eBooks, videos on demand, training courses, tutorials, and informative articles, as well. At iTrader, the motto is, “Keep it simple, profitable.”
Unique Features of Trading with iTrader
Why trade with iTrader.com? The firm lists these reasons:
- Founded in 2012 by experienced financial professionals;
- Headquartered in Limassol, Cyprus;
- Regulated by CySEC, with complete compliance with MiFID that provides access to 23 EU member states;
- Client deposits are safe via segregation in separate bank accounts and by protection of up to 20,000 Euros by the Cyprus Investor Compensation Plan;
- Three account classifications – Silver, Gold, and Platinum, with escalating benefits at higher classes, such as tighter spreads and expanding leverage;
- Competitive spreads and leverage that vary by asset type and across account class, as low as 0.7 pips and leverage as high as 500:1;
- Minimum deposit = 250 units of USD, GBP, or EUR;
- No fees charged for deposits or withdrawals;
- No U.S. clients accepted at this time
- Over 160 asset choices: Forex (48); Stocks (81 from US and EU); Indices (17); Commodities (17);
- MetaTrader4 trading platform supported, along with web-based WebTrader version and mobile applications for easy online access;
- Comprehensive support center includes eBooks, videos on demand, training courses, tutorials, and informative articles;
- Bilingual customer service staff available “24X5” via live chat, Whatsapp, email, and direct phone line.
Spreads and Leverage
Spreads and leverage can vary by asset type, but also by account classification. For example, for the “EUR/USD” currency pair – Spread: Silver = 2.2 pips, Gold = 1.3 pips, and Platinum = 0.7 pips; Leverage: Silver = 200:1, Gold = 400:1, and Platinum = 500:1. Other asset type spread and leverage data are presented on the iTrader website.
In the keeping it simple vein, iTrader chose to go with a traditional approach of offering the very popular MetaTrader4 series of trading protocols, supplemented by web-based alternatives for on-the-go traders. WebTrader is the online trading platform, complete with its own package of charting tools, trend notification mechanisms, and real-time analysis. Mobile applications round out the trading platform options, such that anyone that can access the Internet from anywhere can open and close financial market positions with ease. Security is also top of the line with this broker. The latest SSL encryption technology ensures that personal information and trading activity are private, and SAS 70 and Level 1 PCI standards ensure that system reliability and payment data are sound and secure.
Deposits and Withdrawals
Major credit cards and banking wire transfers are the deposit methods of choice. In line with internationally mandated regulations, KYC/AML identity documentation must be current, on file and in order before any withdrawal request can be honored. No fees of any kind are charged by iTrader for deposits or withdrawals.
Bilingual customer support personnel are available “24X5” each trading day of the week. They can be reached in a variety of ways, including live chat, Whatsapp, email, and direct phone line. A dedicated account manager comes free with a Gold or Platinum membership. If you need to learn the basics or just to brush up on your skills, the support center at iTrader is very comprehensive. In additional to daily news feeds and analysis, the website is overflowing with ebooks, videos on demand, training courses, tutorials, and informative articles.
“Keep it simple, profitable” is a motto that the iTrader team has lived by for the past five years. Over that time period, iTrader has developed a respectable franchise and weathered quite a few storms in the forex industry, including the crisis in Cyprus and the Swiss Franc debacle. Its commitment to stick with its simplified offering, based on popular trading protocols and an expansive list of asset choices, has stood the test of time. It has been regulated from the outset by CySEC and been in compliance with MiFID regulations throughout the EU, offering another level of peace of mind that traders demand today – safety of deposits and order execution reliability. Add in competitive rates and spread values for forex, stocks, indices, and commodities, and you have a compelling value proposition that would meet anyone’s high standards.