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Is ITRADER a scam broker?
The offshore broker ITRADER provides three different account types to its customers. They are Silver, Gold, and Platinum account. It also provides an Islamic account to Muslim traders which offer swap-free trading. Let us investigate this broker on its offering and ingenuity.
The FX broker ITRADER is supposedly established in the year 2012. It offers somewhat fifty currency pairs for forex and CFDs on the number of assets ranging from commodities, indexes, shares on well know trading platform MetaTrader. The company named Hoch Capital Limited is the owner of ITRADER brand and it is claimed to be registered by the Cyprus Securities and Exchange Commission of Cyprus. The CySEC asserts several rules and regulations on the brokers under its jurisdiction. It includes maintenance of €730,000 and also promotes brokers to segregate trader’s accounts. It also provides Investor Compensation Fund to the traders operating under its oversight. Also, all the brokers are entitled to MiFID compliance. It provides access to across the border business in the European Union.
The minimum deposit required to open an account with ITRADER is $250 and it is according to the current market situation. But several other regulated brokers provide the same services starting from $5.
ITRADER also provides commission less trading. The spreads are variable according to the type of subscription. The silver account has spread of 2.2 pips, Gold has spread of 1.3 pips, and Platinum has spread of 0.7 pips on prime EURUSD pair. The spread of 0.7 is profitable but it fetches more initial deposit. The leverage provided by ITRADER is between 1:200 to 1:500. These leverages are in accordance to the market but pose huge profit or loss risk.
The broker provides very versatile and easy to use trading tool named MetaTrader. It supports all platforms from desktop to mobile and in-between. MT is considered the top leader when compared to other trading platforms. It proves traders with Expert Advice, inbuilt trading indicators, several automated trading strategies are few to mention. ITRADER also provides Virtual Private Server to its clients that gives extra security in forex trade.
The payment funding and withdrawal of profits are managed by many payment gateways. They are all sorts of cards and bank transfers are few to mention. Unfortunately, the major e-wallet payment providers like Skrill and Neteller are missing.
Is ITRADER scam or legit?
ITRADER is a regulated and licensed forex broker. The trading conditions provided are satisfactory. It also provides a trusted MetaTrader platform. But there are always pros and cons are associated with offshore brokers. There are many complaints about ITRADER done by different traders and therefore this broker can be a potential scam. We would like you to follow this review to make the decision on whether to invest or not in ITRADER.