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iTrader Broker Review

An online broker called iTrader allows customers to trade FX and CFDs. The company was once registered with CySEC, the Cyprus regulatory organization, however CySEC has since suspended them. 

This trading brand is owned by Hoch Capital Ltd. The broker has been accused numerous times of giving novice traders a false impression of CFD investment.

Trading on iTrader

With iTrader, the minimum deposit is $250, which is substantially higher than the minimum with similar brokers. 

The broker offers three different account categories to choose from, ranging from Silver to Platinum. Better spreads are available with the higher accounts, which range from 2.2 pip with a Silver account to 0.7 pip with a Platinum account. Faster withdrawals are also promised by higher tiers. With a Platinum account, you can additionally use leverage up to 1:500, which is considerably more than the 1:30 mandated by ESMA.

Trading Platforms iTrader

iTrader supports the use of MetaTrader4. This common platform includes a wealth of features that have elevated it to the top spot among online investors. There are a ton of advanced trading choices as well as numerous technical indicators. In order to increase security when trading forex, iTrader additionally makes a virtual private server available to users.

CySEC’s suspension and the FCA’s restriction

Hoch Capital Ltd’s license to continue providing investment products has been suspended by CySEC. Insufficient “acting honestly, fairly, and professionally when offering investment services to clients” was the reason for the prohibition, according to the regulator. They also voiced worries over iTrader’s advertising strategies. According to CySEC, iTrader misled many of its customers and did not communicate with them in a clear manner.

Cyprus wasn’t the only country or territory to prohibit iTrader. The broker’s passporting licenses have also been cancelled by the UK’s FCA. The primary factor enabling companies registered with CySEC to conduct business in the UK is passporting rights. Without these rights, iTrader is unable to provide its services to UK residents legally. The FCA found that iTrader was supporting deceptive advertising, which led to the ban. The FCA also claims that many UK investors were deceived about the dangers associated with trading CFDs, one of the main assets of iTrader.

CySEC, the Cyprus Securities and Exchange Commission, regulates Itrader. It is governed by IFSC and has a Belizean base of operations. This regulation, though, is foreign and cannot be trusted. The broker is not secure outside of the EEA zone.

By trading with Itrader you risk losing your money and being scammed. Be careful.

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