ITRADER Forex Broker Review
Last Updated: October, 2019.
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. You will find more than just traditional forex trading with this broker, since it also offers CFDs in stocks, indices, cryptocurrencies and commodities for your trading enjoyment. Unfortunately, U.S. clients are not accepted at this time.
Registration is easy, and Spreads and leverage vary by account class, asset type and client classification (retail, professional). Spreads and leverage vary by account class and by asset type, as well, all will be provided with 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, e-wallets 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 operated by Hoch Capital Ltd. licensed and regulated by the Cyprus Securities Exchange Commission (CySEC) under license no. 198/13, Grosvernor Tower, Griva Digeni & Kolonakiou 125, Ground Floor, Linopetra 3107 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 CFDs on forex, cryptocurrencies, stocks, indices, and commodities. 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.
Unique Features of Trading with ITrader
Why trade with ITRADER.com? The firm lists these reasons:
- ITRADER is operated by Hoch Capital Ltd. broker founded in 2012 by experienced financial professionals;
- Headquartered in Limassol, Cyprus;
- Regulated by CySEC, with complete compliance with MiFID II that provides access to over 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 (this leverage is available to professional clients only);
- Minimum deposit = 250 units of USD, GBP, or EUR;
- The company reserves right to charge withdrawal fee of 50 EUR in case if the account had insignificant trading activity (1 trade only) or no trading activity at all;
- No U.S. clients accepted at this time
- Over 200 asset choices: Forex (50); Stocks (194 from US, EU and Australia); Indices (16); 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, email, and direct phone line.
Spreads and Leverage
Spreads and leverage can vary by asset type, account classification and client classification (retail, professional). 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 (given leverages are available for professional clients only). 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, major e-wallets 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.
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, email, and direct phone line. Account managers and Senior account managers are available for all types of accounts. 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.
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 II 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 CFDs on forex, stocks, indices, cryptocurrencies and commodities, and you have a compelling value proposition that would meet anyone’s high standards.