You have most probably heard about ITRADER by now. ITRADER Forex Broker is a brand name of Hoch Capital Ltd, a company that is rather a newcomer to the retail FX sector, does it have an unstained reputation and offers quite solid services? We do not think so! Interested in finding out more? Keep on reading our ITRADER scam review!
Leverage: 1:500 Licences: CySEC
Min.Deposit: 250 USD Bonus: N/A
Spreads: from 0.7 pips US Clients: No
This broker is a scam! Signup with XM instead!
ITRADER Review at a Glance
The most important thing about a Forex brokerage is the trust it evokes. When it comes to ITRADER it gives us a first impression of a trusted company but is it enough? We do not think so! ITRADER is licensed and regulated by CySEC, but it is not a first scam broker that have managed to get EU regulation, so be aware that regulation is not enough to offer high-quality services.
For the people that ask themselves “Is ITRADER scam?”, we can certainly say that yes, it is.
ITRADER Scam Reviews of Assets
If you are not sure that a company is trusted, the logical step is to take a look at its offer and trading conditions. This is the field where ITRADER shows its real scam identity.
Apart from offering currency pairs, this broker makes more ways to lose your money available. You can choose among such commodities as gold, silver, crude oil, natural gas, coffee, soybeans and many others. There are also dozens of European and US Stocks available for trading. Be aware that spreads on those markets are much higher than at other brokerages and market prices are different from the real ones.
Finally, during this ITRADER scam review we have found out a list of available Indices – next to such common assets as SP500, FTSE100, MIB40 and NASDAQ100, you can also trade some exotic indices that are not really available with the other brokers: India 50, South Africa 40 and China Enterprise 40.
ITRADER Trading Accounts
With this brokerage, you can get access to three types of the trading accounts. Every each of them comes with different spreads. ITRADER does not include any info about commissions.
Also, accounts differ in terms of the maximum leverage:
Which means that in order to get good trading conditions you will have to go for the platinum account that requires a high first deposit. It seems to be tricky, since the best brokers would offer you the best conditions from the beginning.
ITRADER Broker Platforms
This broker lets you access the world’s most widespread and the most awarded piece of technology – MetaTrader 4. ITRADER was one of the first brokerage that launched MT4 in its web version. In addition, ITRADER is a broker that lets you trade Forex on your Mac in a native way. But be aware that MT4 for Mac is just a ported version of the Windows application and it includes a bunch of lags.
Finally, there seemed to be an extra sweet cherry on top. With ITRADER Forex broker you can get free access to a unique piece of the trading software – Guardian Angel. This tool can only be run on Windows and notifies a trader about possible moves in the market, their directions and volatility. We’ve checked this software and it simply doesn’t give you the correct data. We reckon this tool to be just another way of losing your deposit and recommend you to stay away from the Guardian Angel.
ITRADER Review of Extra Features
During this ITRADER scam review, we have found out that the trading conditions and the technology are not assembled for any type of traders. Additionally, the educational resources available at ITRADER.com website seem to include only outdated articles and books that are freely available on the internet. Which means that there is no reason to deposit with this broker since it does not give you anything good.
ITRADER Customer Support
ITRADER broker website is only available in three languages: English, French and Arabic.
Also, ITRADER seems to support Islamic Accounts, but we are not sure if it is any good.
One of the most striking differences between ITRADER and other brokers is that ITRADER does not give an open access to the complaint form. This way we can understand that this broker is not open to receive criticism on its services and its core task is to scam traders and take your deposit. There is no live chat option with ITRADER which is rather common for all the scams in Forex market. ITRADER can be reached via phone or email only.
ITRADER Deposits and Withdrawals
The broker does not have a vast amount of trading systems connected. You can use your Visa or Mastercard to top up an account as well as send the funds via a wire transfer.
In order to try to take out the funds from ITRADER you will need to send over your ID, proof the residency and a picture of the both sides of your credit card, in case it was used as a deposit method.
Be aware, sending pictures of both sides of your credit card via email is not the best idea since it can be used by scams easily.
ITRADER Review Conclusion
If you are reading this review, you are wondering thinking between two options: “is ITRADER legit?” or “is ITRADER scam?”. We think that this is a no brainer. Considering only basic regulation and low-quality platform, it goes without saying that ITRADER is a scam broker.
We do not recommend you to sign up, deposit or trade with this broker!