iTrader Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this iTrader Review.
iTrader offers its clients a choice of three basic account types: Silver, Gold and Platinum.
In addition, iTrader offers swap-free (Islamic) accounts, which are Sharia compliant (for Muslim investors who are unwilling to pay or earn interest for religious reasons).
Micro lots are also available for trade.
The Company. Security of Funds
Founded in 2012, iTrader offers trading in around 50 currency pairs and wide range of CFDs on indices, stocks and commodities through the MetaTrader 4 platform. The company behind the brand, Hoch Capital Limited, which acts as market maker in relation to transactions, is a Cyprus Investment Firm that is licensed by Cyprus Securities and Exchange Commission (CySEC).
CySEC applies certain rules and requirements to Cyprus Investment Firms. For example, they must maintain net tangible assets of at least €730,000 in order to prove their financial stability. Besides, the Commission requires forex brokers to keep customer funds in segregated accounts, separated from the company’s operating funds.
As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to €20,000 EUR per person, If the company ceases trading or becomes insolvent.
Moreover, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services in all EU Member States.
Minimum Initial Deposit
In order to open an account with iTrader, traders have to invest a minimum of $250. Such minimum initial amount is considered average; however, many other Cyprus-based brokers require less. For instance, leading EU brokerage XM demands just $5 from its clients as a start.
Spreads & Commissions
iTrader offers commission-free trading and floating spreads, varying by account type:
– The ones on the Silver account type are quite high, starting from 2.2 pips on majors;
– Gold account holders are able to use spreads, which are on the upper end of average (1.5 pips);
– Platinum spreads are really good, starting out at 0.7 pips for the EUR/USD pair, however supposedly the minimum initial deposit for this account type are high.
For purposes of comparison, XM’s average spreads on the commission-free accounts amount to 1.7 pips on EUR/USD, while the ones on the Zero account type are averaged 0.1 pips on EUR/USD and involve commission of $5 per standard lot (per side).
For more information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage level offered by iTrader is 1:500, which is a high ratio. However, many Cyprus-based brokers offer similar or higher leverage levels – for example, XM provides leverage up to 1:888. For further information, you can check out a list of brokers, providing leverage equal to or exceeding 1:500 here.
Undeniably, high leverage provides opportunities of earning good profits on a small deposit. Nonetheless, we advise traders to be careful when using it, as higher leverage also involves greater risk of losses, which may even exceed the initial investments.
iTrader supports the most widely used forex trading platform, MetaTrader4 (MT4). It comes as a PC, web and mobile versions.
MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work.
Like most brokers, iTrader offers a virtual private server (VPS) that you can use for hosting your MT4 EAs, providing extra protection when trading forex.
Methods of Payment
The following payment methods are available to iTrader clients: credit/debit cards and bank wire transfer. Popular e-wallet payment systems, such as Skrill & Neteller are not supported by this broker.
Currencies accepted: USD/GBP/EUR.
iTrader is a well-regulated forex & CFD broker that utilizes the popular MT4 and offers satisfactory trading conditions.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
iTrader Review Conclusion
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