As a new trader, you want to make the best decisions with regard to where you deposit your money. One of the most frequently asked questions when contemplating registering with a broker involves the company’s professionalism and credibility? So what to make of ITrader?
ITrader specializes in offering forex services to traders as an online brokerage company. The company was founded in 2012 and bases its headquarters in Limassol, Cyprus. Owned by Hoch Capital LTD, their website looks nice, clean, organized, uncluttered, professional with user-friendly navigation.
And they’re regulated and authorized by CySec, the Cyprus Security & Exchange Commission (license number 198/13). As a result, they separate and review their client accounts daily and hand over their financial reports to CySec for them to review and moderate.
Their regulation status with CySec serves two important purposes for traders. First, it means that they follow the conditions set by them and other financial authorities like it (such as the Markets in Financial Instruments Directive that oversees the European Union).
And secondly, due to their association with CySec they must also be part of the Investor Compensation Fund that protects traders’ funds up to 20,000 Euros in case ITrader suffers insolvency. So it meets specific industry standards in order to offer their services to the general public, guaranteed.
But if that isn’t enough to convince you, we’ve done some research to see what the company’s platform has to offer. Let’s take a closer look!
Type of Accounts
ITrader makes a demo account available for access to new members or any trader who wants to try out a new strategy before using their live account. Demo trading provides a useful test run prior to making a financial commitment.
When you are ready to move on to a live account, you have three main choices:
- A silver account requires a minimum deposit of 250 units of your currency by credit card or wire transfer.
- A gold OR platinum account requires a larger deposit but you’re charged lower spreads against your trades as a trade-off.
ITrader also offers a commission-free Islamic account designated only for Muslim customers following Sharia law rules. This account comes without any overnight interest charged or hidden commission or rollover fees included. You can’t access this account on the registration page, so if you’re a Muslim trader you’ll have to open a live platinum account first and then contact support to change it over.
The gold, platinum, and Islamic accounts also come with a manager who’ll facilitate the relationship between the trader and the brokerage company. And you can set up your account within minutes as soon as you’ve uploaded the documents required.
With ITrader, you have a wide range from which to choose. You can execute trades for over 170 assets including common currency pairs like EUR/USD, individual stocks like Apple and Microsoft, commodities like oil and gold, as well as indices and forex. In addition, the site offers many instruments for CFD trading.
These CFDs (Contracts for Differences) give you the advantages of owning a certain stock, index, or commodity without actually physically owning the underlying asset itself. This allows you to trade the difference in price of several commodity and equity markets using leverage and the ability to immediately execute the trade. You enter a CFD at the quoted price. You receive in cash the difference between that quote and the closing price which is why this type of trading has its name.
Screenshot of the currency prices:
As an ITrader client, you enjoy commission-free trading with competitive spreads and no fees. The spreads go as low as 0.7 pips on the popular EUR/USD currency pair for platinum account members. By comparison, the lowest spread for that currency for silver and gold account holders equals around 2.2 and 1.3 pips, respectively.
For trading forex, you can take advantage of leverage of up to 1:500 for platinum accounts (1:400 for gold and 1:200 for silver). For indices and commodities, that equals 1:125 (or 1:100 or 1:50, respectively). And it falls to 1:50 (or 1:40 or 1:20) for stocks and equities. What this means is that you can open a $500,000 stock position with a platinum account funded with $10,000.
ITrader stands out with the wide variety of 31 European equities and 50 North American stocks you can trade. This is in addition to the large number of commodities included like cocoa, orange juice, and corn. And minimum lot sizes of 0.01 along with order flexibility allows you more control over the trade positions you take.
According to the opinions I found online, ITrader is definitely a reliable trading system. Here are some examples:
ITrader offers the major trading platforms MetaTrader 4 and WebTrader, in addition to Mobile Trader. Beginner and experienced traders alike regard the MetaTrader platform as the industry standard. It showcases a well-designed, customizable interface and a variety of tools including technical indicators, charting tools, expert advisors, automated trading capability, and access to economic news in real-time using their news feed.
Partner with Manchester City:
As an alternative platform compatible with most browsers, WebTrader possesses a feature called a trading cube that speeds up the execution of your trades. With this web-based platform, you have the capability of trading online without the necessity of downloading and installing software. You just execute trades directly on the ITrader site. It also has a charting tool that visually shows you the trends, allowing you to get a view of major market trends in one place at a glance.
As an ITrader customer, you don’t have to stick to executing trades online. Their mobile app (Mobile Trader), available on Google Play and the App Store, give you a pocket trading platform with instant access to take with you wherever you go. So you can hold the online financial trading world in the palm of your hand. Any platform you want to use for analyzing your trades has an app that can be downloaded on iOS and Android devices.
ITrader offers pretty straightforward features on their trading site. You get exactly what you need as a trader: compatibility with your mobile device, a nice variety of assets to trade, popular and proven trading platforms, a free news service, and educational tools for training.
You can reach this broker’s customer support service through several avenues in both English and French: WhatsApp, fax, email, live chat, and telephone. They operate while the market remains open for trading (24 hours, 5 days a week).
Customer support service:
In addition, check out their Frequently Asked Questions section. It’s full of useful terminology and information for trading.
Deposits & Withdrawals
You can deposit money into your ITrader account with a Visa or Mastercard credit/debit card or through a bank wire transfer, Skrill, or Neteller. Requested withdrawals go through the same channel used for the deposit and can take 7, 5 or 3 days to go through for silver, gold and platinum account holders, respectively. The withdrawal times for gold and platinum members actually beats most of the rest of the broker industry!
The brokerage site offers trading education for its customers. Several ebooks explaining the ins and outs of the assets that ITrader offers for trading are available to read and download. In them, you learn not just basic forex knowledge but also advanced strategies as well as specific commodities, futures, stocks, and CFDs trading.
Specifically, these ebooks cover:
- Information on avoiding common pitfalls of forex trading including trader behavior and psychology;
- Tips for trading successfully;
- Essential terms and concepts you must know;
- How to use the trading tools correctly and effectively;
- How to practice trading techniques;
- History and overview of futures and commodity markets;
- Background information on trading gold;
- Overviews of CFDs, indices, and stocks and how to incorporate them into your portfolio;
- And more detailed information for already knowledgeable, experienced traders.
You also have access to tutorials on using Metatrader 4 on your personal computer and mobile devices, in addition to further material on other areas relevant to trading. These include useful articles and courses covering different forex trading aspects and educational videos.
ITrader Review Verdict
Despite the relatively short history of the company, we’d recommend checking out ITrader. It comes with many good reviews from users on the Internet and passed our benchmarks during the research phase.
With it, new traders can enjoy a comprehensive educational section plus a good selection of platforms. It also has other advantages for both new and old traders like a wide range of assets to trade and maximum leverage available to use. The biggest disadvantage seems to be the limited spread for lower level account holders.
Is this your final decision?
We suggest you visit one of the popular Forex Brokers instead!
- Regulated by CySec
- Great Educational Resources
- Free Demo Account
- Does not accept US customers