WHAT IS ITRADER?
According to research in South Africa, ITRADER is a leading online trading service broker which provides traders access underlying assets such as CFDs and currencies.
The company is led by a professional team of experts in web-commerce and financial trading which work towards making the company’s services cost-effective for retail users.
The ITRADER brand is operated by Bayline Trading Limited which is regulated by the Belizean International Financial Services Commission (IFSC) under License No. IFSC/60/322/TS16.
To date, ITRADER has gained a reputation for success, leading to a stable base of worldwide users who make thousands of trades every month.
Clients receive both the security and comfort of a large operation, and enjoy full 24/5 support and a variety of financial services which encompass Forex and stocks, commodities and indices.
Operating on a global level, ITRADER provides the flexibility clients need to trade from anywhere in the world.
The company optimizes its services to be used best by both experienced and beginner traders, so that each can find their fitting set of tools and make use of powerful infrastructure built for investors.
SAFE OR SCAM?
Hoch Capital LTD, the owner of ITRADER, is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 198/13.
The license was granted on May 13th 2013. As an EU member state, Cyprus regulated firms are subject to cross-border regulation by all regulators inside the EU.
ITRADER is fully compliant with the Markets in Financial Instruments Directive 2014/65/EU or MiFID II as well as the EU’s 4th Anti-Money Laundering Directive and publishes its Pillar III disclosure documents which describe the financial health of this brokerage.
ITRADER provides a high level of transparency and clients are further protected by the Investor Compensation Fund (CIF), as mandated by the EU Directive 2014/49/EU.
As such, the maximum amount considered in the event of insolvency is €20,000, which remains the norm across the EU and covers most retail accounts.
Client accounts are held in segregated bank accounts and from a regulatory perspective, the company is able to provide a safe and secure trading environment.
ITRADER REVIEW OF PRO AND CONS
| PROS | CONS |
| 1. Wide range of trad-able assets | 1. Spreads not as discounted for smaller depositors |
| 2. Choice of popular trading platforms | |
| 3. Very high maximum leverage available | |
LEVERAGE
The maximum leverage provided by ITRADER will depend on the account type selected. The maximum leverage for forex trading is 1:500, which is accessible only by Platinum users. Leverage on the Silver account is 1:200 and on the Gold account leverage is 1:400.
However, it should be noted that ITRADER only offers leverage to professional traders, due to the risks associated with the application.
Leverage is a powerful tool which can maximize a traders potential gains, but it also carries a high risk of significant losses, particularly for those seeking to invest a large sum of money.
It is for this reason that regulatory bodies in the EU and UK region decided to cap the leverage which brokers could offer.
ACCOUNTS
ITRADER offer three main accounts, apart from its swap-free Islamic account and demo account. These primary accounts consist of the Silver, Gold and Platinum options.
Silver Account
For this account, the maximum leverage is 1:200 for forex majors. The spread on the EUR/USD is 2.2pips.
No discounts are given on swaps. Hedging with the Silver account is permitted, and the account gives access to 24/5 customer support and a same day withdrawal process.
Gold Account
This account features lower spreads when compared to the Silver account. The EURUSD benchmark spread is 1.3 pips, with a maximum leverage of 1:400 for forex majors.
Account holders receive a dedicated account manager and also have access to webinars and videos. A swap discount fee of 25% is given to Gold account holders. Hedging is permitted and clients also enjoy a same day withdrawal process.
Platinum Account
This is the premium account offered by ITRADER. This account gets the lowest spread as the EURUSD spread is 0.7 pips. Account holders get access to news alerts and a free VPS. They also have a swap fee discount of 50%.
The maximum leverage is 1:500 for forex majors. Hedging is permitted, and it includes a same day withdrawal process
Islamic Account
This account is Sharia complaint, with no overnight interests and commissions. It is available for the Silver, Gold and Platinum Account types.
Demo Account
This account is available for all traders as a practice option, but is only available for 14 days. Up to $100,000 is available in virtual currency for trading on the platforms.
All account types on ITRADER come with a minimum deposit requirement of 250 units of either USD, Euros or British Pounds.
MARKET INSTRUMENTS
ITRADER offers a decent selection of currency pairs and while spreads for the EUR/USD are listed at 0.7 pips, the actual spread is expected to be exceedingly higher.
The company provides a comprehensive asset selection across the Forex market as well a competitive selection of cryptocurrencies, which is notably more extensive than many other brokers.
The company also provides an acceptable selection of commodity CFDs, but equity CFDs are limited to commercial names in the US and Europe with a handful of names in Australia.
FEES
ITRADER is a market maker and therefore generates most of its income from the losses of its clients, where it acts as their counterparty.
ITRADER also receives income from spreads, namely the difference between the bid and ask prices.
As ITRADER does offer CFDs in equities and indices, corporate actions such as dividends apply. Traders can also expect positive as well as negative swap rates to be applied.
DEPOSIT AND WITHDRAWAL
Apart from wire transfers and credit/debit card deposits, ITRADER also provides the following optional payment providers:
- Skrill
- SafeCharge
- E-Com Processing
- Powercash 21
- PayVision
- Neteller
- Truveo
- PaySafe Card
- Wirecard
- Decta
ITRADER charges no commissions on withdrawals and deposits. The minimum withdrawal amount is $100 per request. Before a withdrawal can be made, clients must have completed all verifications. The following methods are accepted for payments:
- Credit/debit cards: Only cards issued by VISA, and MasterCards are acceptable. The minimum is $/€/£ 250. Deposits are instant and withdrawals are processed within 1 working day.
- Bank Wire Transfer: This method can be used for both deposits and withdrawals. The withdrawal request is processed within one working day.
- E-wallet methods: This method can be used for both deposits and withdrawals. The withdrawal request is processed within one working day.
Withdrawal processing times are given as five to seven working days for all payment options besides bank wires, which is relatively long.
TRADING PLATFORMS
ITRADER offers a relatively slim selection of trading platforms, consisting of the ever popular MetaTrader4 and the company’s own proprietary WebTrader.
MetaTrader4
Considered the most popular software in terms of charting and analysis, MetaTrader4 or more commonly known as MT4, has grown in popularity amongst all types of traders, from beginners to seasoned veterans.
This popularity is largely due to the powerful tools and features it gives to traders such as the ability to analyze prices, manage and place their trades, and employ their trading techniques. This means traders are able to get the best prices and minimal compensation.
- Indicators and Charting Tools – Here traders will be able to find that all the popular indicators and charting tools have already been preloaded into MetaTrader, therefore making their analysis accurate and quick.
Additionally, traders can also load custom designed indicators and Expert Advisors which will allow for automated trading.
- Analysis speed and Trading – The powerful tools that have been loaded into MT4 have made it easier and faster to analyze a situation and execute the proper action.
It’s the ideal charting package, even for traders who practice scalping and are in need of swift data and execution.
- Easy Entry of Order – This online trading platform is famous for its easy to use and innate interface. MetaTrader4 offers its traders the various methods required in opening and closing trades, even trades that are from the chart.
All the data needed to execute actions and decisions are included in an intuitive, user friendly and understandable interface.
WebTrader
This platform provides the trader complete access to the market’s information from any device that has both internet connection and a web browser.
ITRADER’s clients who access the WebTrader gain peerless control with their trading decisions and have total market access from their fingertips. The platform includes the following features:
- Execute an order with a simple click.
- Look at the activity of other traders in real time and copy the successful trades.
- Utilize the graphs and charts that give complete information.
- Is the most accommodating trading environment
HOW TO OPEN AN ACCOUNT
The ITRADER review process of opening a new account is fully digital, hassle-free and fast.
Opening an account with ITRADER is easy and streamlined. Traders simply click on “open account” on the right side of the menu bar.
Traders then fill the account opening form to get the login credentials via the registered email address.
CUSTOMER SUPPORT
ITRADER has a decent customer support offering, with contact hours from Monday through Friday, 7 am to 7 pm GMT, but many brokers do offer 24/7 support. The website operates in English, Italian, German, Russian, Spanish, Dutch and Portuguese.
Clients can contact support either by calling or sending an e-mail. An available FAQ provides useful though basic information, and traders would most likely need to make recourse to direct support options to answer more detailed queries.
EDUCATION
ITRADER offers a sound educational section, particularly when compared to many other brokers in the industry.
The educational section consists of webinars, eBooks, a VOD section, courses, tutorials, and articles.
A glossary is also available which lists key trading terminology. All educational content enjoys a dedicated location on the company’s website. Webinars are offered several times per week covering a variety of different basic trading topics.
RESEARCH
ITRADER provides a decent research offering for those traders who wish to stay abreast of market developments in order to fine-tune their investment strategies. The selection of tools consists of the following:
- An economic calendar shows the major macro-economic events scheduled for the next couple of days. These events exert significant influence on the market and may cause trends to shift.
- Calculators help traders perform various calculations needed for trading, such as the worth of a pip or how much margin a certain position requires.
- Market analysis presents traders with a review of current market trends to help them decide which assets they should invest in. ITRADER’s reviews are written by expert brokers with in-depth knowledge of the various trading arenas.
- Chart analysis provides technical analyses for current trends to enable traders to formulate various investment scenarios.
- Asset index gives traders a full and well organized menu of the assets available for investment on ITRADER’s platform.
AWARDS
Despite ITRADER’s fairly decent offering, the company has not recorded any awards to date.
CONCLUSION
ITRADER is a decent broker which offers a strong selection of forex assets and access to the ever popular MetaTrader4 platform, as well as its own proprietary option.
The company is well-regulated and therefore able to provide its clients with a safe and secure trading environment.
While the company claims to take a client-centric approach to its operations, its customer support is lacking in some areas when compared to other brokers in the industry.
All in all, ITRADER is a fairly user-friendly and accessible broker which however does not present any particularly extraordinary offerings, particularly for newbie traders who might tend to look elsewhere for a more comprehensive offering of educational materials.
DISCLAIMER
When trading Foreign Exchange & CFD’s as with any financial assets, there is a possibility that you may sustain a partial or total loss of your investment funds when trading.
As a result, it is expressly advised that you should never invest with, or trade upon, money which you cannot afford to lose through this manner of trading.
Foreign Exchange & CFD’s trading involves a real risk of loss. Please ensure you read through the company’s terms and conditions of use carefully before making Foreign Exchange & CFD’s investments.
The trading rates assigned to the assets on the website are the ones at which ITRADER is willing to sell Foreign Exchange & CFD’s trading to its customers at the point of sale.
As such they may not directly corresponds to real time market levels at the point in time at which the sale of options occurs, according to research in South Africa.
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