ITRADER Review 2020
ITRADER is a regulated broker that offers traders across the globe access to trade over 200 assets on sophisticated platforms, including MetaTrader 4 (MT4). The brokerage also provides comprehensive trader education and daily market analysis. Despite this, they are a market maker broker which means that their spreads are higher when compared to many other brokers. They also do not offer any social trading platforms or managed accounts.
ITRADER Review 2020, Pros & Cons
- Regulated brokerage
- Over 200 trading instruments are available for trading
- Daily reviews & market summaries are available
- Multilingual customer support desk
- Educational videos, articles & eBooks are provided
- High spreads
- Market maker model
- Minimum $250 deposit
- Clients from USA & Canada are not accepted
- No social trading or managed accounts
In this detailed ITRADER review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
ITRADER is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including ITRADER.
ITRADER Review: Summary
ITrader is a forex and CFD broker that offers online trading products and services to traders across the globe. The ITrader brand is operated by Hoch Capital Ltd; a Cyprus investment firm that specializes in asset management, financial and investment services. The company was founded in 2012 and is headquartered in Limassol, Cyprus. The European arm of the brokerage (www.itrader.com) is operated by Hoch Capital Ltd while the global arm (www.global.itrader.com) is operated by Bayline Trading Limited which is a company registered in Belize.
ITRADER offers more than 200 assets for trading on the popular MT4 platform which allows for multiple trading styles and strategies. Daily reviews and educational resources are available to support all clients.
In its ‘Order execution policy’, ITRADER states that all client orders are routed to the liquidity provider; ‘OBR Investments limited’ which is also the sole execution venue of all trades. The company takes the opposite sides of all trades against the trader. This means that OBR investments acts as a Market Maker while ITRADER acts as its agents.
ITRADER Review: Regulation
ITRADER global brand is operated by ‘Bayline Trading Limited’ which is regulated by the Belizean International Financial Services Commission (IFSC). The license no. is IFSC/60/322/TS16.
ITRADER Europe is operated by Hoch Capital Ltd which is regulated by the Cyprus Securities and Exchange Commission (CySEC). The license number is 198/13. The Company is compliant with the European Union Directive 2014/65/EU on Markets in Financial Instruments (MiFID II).
The European clients are protected by the Investor Compensation Fund (ICF) which adds an extra layer of protection to eligible traders’ deposits. If ITRADER goes out of business, then eligible clients may be entitled to compensations capped at €20,000 per client.
ITRADER abides by the ‘Anti-Money Laundering and Counter-terrorism policy’. A copy of the document is published on its website. The policy mandates ITRADER to ascertain clients’ identity and the source of their funds. So, customers are identified and verified using KYC procedures. This entails uploading a ‘proof of identity’ and a ‘proof of address’ documents.
The broker affirms that all data traffic is encrypted by the use of Secured Socket Layer (SSL) technology. This security feature aims to protect all user transactions and data as it is transmitted over the internet.
Segregation of clients’ funds is a regulatory requirement and ITRADER carefully complies with this directive. The broker monitors these accounts every day to help ensure that clients’ funds are safe and intact.
ITRADER Review: Countries
ITRADER does not provide its services to clients from the Unites States, Canada and other jurisdictions where its operations will infringe the local laws. Some ITRADER features and products mentioned within this ITRADER review may not be available to traders from specific countries due to legal restrictions.
ITRADER Review: Trading Platforms
MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is a well-known trading platform that has become the industry standard amongst many online brokers and traders. It is very popular because of its versatility, user friendly interface, speed and integrated professional tools. MT4 is available for desktop and WebTrader which is compatible with all systems and operating systems, running in most modern web browsers. The MT4 mobile apps are available on Android and iOS devices and can be downloaded for free from the relevant app stores.
Here are some of the main features of the MT4 platform:
- Simple interface, user friendly, customisable layouts, colours and tools.
- Supports 3 types of charts; candlesticks, bar charts and line charts.
- Supports up to 9 chart timeframes: M1, M5, M15, M30, H1, H4, D1, W1 and MN.
- Preloaded with 30 technical indicators. More can be added via plug in apps.
- The MT4 platform comes with 24 drawing tools used for technical analysis.
- Multiple order types including 4 pending orders, stop loss, take profit, etc.
- Supports the automation of strategies using Expert Advisors (EAs).
- Strategy tester to back test EAs over historical data.
- Embedded into the MT4 is the MetaTrader market where traders can download additional tools like EAs, indicators, etc to enhance their trading experience.
- Price alert notifications via email, platform pop-ups & SMS.
MT4 Mobile App
The MT4 mobile app has millions of users from all over the world. The app is easy to use and can be customised to reflect the trader’s choices and preferences. It is perfect for monitoring open positions, trading on the go as well as for the technical analysis of various markets.
Here are some of the core features of the MT4 mobile trading app:
- ‘Quotes’ tab displays the assets and their buying and selling price in real time.
- Displays live statistics of all trades, account balances and account history.
- Supports multiple order types including market orders, pending orders, etc
- Features 3 chart styles on 9 timeframes form 1 minute to 1 month.
- 30 technical indicators comprising of 7 trends, 13 Oscillators, 4 Volumes and 6 Bill Williams indicators.
- 24 analytical objects consisting of 6 lines, 4 channels, 3 Gann, 6 Fibonacci, 2 Elliot and 3 shapes.
- Price alert push notifications.
ITRADER Mobile Trading App
Traders can connect to the markets anywhere, anytime with ITRADER’s proprietary mobile trading app. The app is simple, visually appealing and user friendly. It is developed for iOS and Android mobile devices and can be downloaded from the respective app stores.
Here are some of the ITRADER mobile trading apps primary features:
- 3 chart styles can be displayed over 9 timeframes.
- Traders’ trend is available on every instrument.
- Account management and funding can be done from the app.
- The buy and sell prices of all assets are displayed in real time. The list can be customised to show only the trader’s favourite assets.
- Positions can be entered on the app using market orders and pending orders. ‘Stop loss’ and ‘take profit’ tools are also provided.
ITRADER Review: Trading Tools
ITRADER’s economic calendar shows the date, time and the message or event as well as the expected impact on the markets. It shows the forecasted impact percentage, previous records and the actual impact when the event is concluded. You can click on a desired event to get more details. The economic calendar can be set to only show the traders’ events of interest. Traders can also trade directly from the calendar.
These are tools to help a trader to estimate some important trading data before placing trades. 3 trading calculators are provided to help plan trades, they are as follows:
- Pivot calculator: Calculates the pivot point as well as the support and resistance points.
- Deal size calculator: Calculates the risk amount and the lot size.
- Fibonacci calculator: Used to calculate the next terms of a Fibonacci sequence.
This page provides an overview of the daily, weekly and monthly prices of selected assets; usually the most popular assets.
The daily review provides technical analysis of selected instruments. The video is updated every week day on the website, with up to 2 or 3 videos uploaded daily.
ITRADER Review: Education
ITRADER has 4 eBooks and over 35 training videos on the education section of its website. The eBooks are focused on forex, commodities, futures, CFDs and stocks. The VOD section contains over 25 videos categorized as beginners, advanced, terms and strategies.
There are 7 topics under the ‘Courses’ section of the website:
- Beginner course consists of 5 videos introducing beginners to forex trading.
- Trading tools is made up of 6 videos on market analysis, trading psychology and capital management.
- A video on commodities and futures contracts.
- A video on trading CFDs and stocks.
- 10 videos on explaining various trading strategies.
- 6 videos teaching some economics concepts like interest and inflation, saving and investing, globalization, etc.
- 4 videos explaining the meaning, importance and benefits of the ‘Electronic Communications Network (ECN).
The articles section contains over 50 articles on several areas including stocks, forex, CFDs, indices, etc. There is also a glossary of over 250 trading related terms along with their explanations.
The “Frequently Asked Questions” (FAQs) section of the website has over 30 questions and answers which are very helpful to a prospective client.
ITRADER Review: Trading Instruments
The following trading instruments are available for trading on the ITRADER platforms:
- 51 Forex Currency Pairs.
- 33 Cryptocurrencies.
- 20 Indices.
- 17 Commodities.
- Over 90 US stocks, over 65 European stocks & 6 Australian stocks.
ITRADER Review: Trading Accounts & Fees
- Silver account: The spread for the EURUSD pair is 2.2 pips while the maximum leverage is 1:200. This is the basic account.
- Gold account: For the benchmark EURUSD, the spread is 1.3 pips. The leverage is 1:400 for forex and 1:40 on stock CFDs. Account holders get a dedicated account manager, 25% swap discount and also have access to videos and webinars.
- Platinum account: This is the account created for professionals. The EURUSD spread is 0.7 pips. The maximum leverage is 1:500. News alert, free VPS and a swap discount of 50% are some of the exclusive services enjoyed by account holders.
Islamic accounts are available on request from the support team. The account does not incur swap charges when open positions are maintained overnight. Practice accounts can be opened from the clients’ area of the website. It is preloaded with $50,000 virtual funds and allows traders to practice their trading strategies on the provided platforms.
As broker fees can vary and change, there may be additional fees that are not listed in this ITRADER review. It is imperative to ensure that you check and understand all of the latest information before you open an ITRADER account for online trading.
ITRADER Review: Customer Service
The customer support team is available 24/5 ready to attend to trader requests. They have listed 8 phone lines from different countries to reach the support team in different languages. You can also reach the support team by email, web chat and ‘Get in touch’ form. ITRADER is on social media; Facebook, Twitter, Instagram, LinkedIn and YouTube.
ITRADER Review: Deposit & Withdrawal
In line with its AML policy, ITRADER rejects cash deposits and third party transfers. Also, the broker does not charge commissions on deposits and withdrawals although third parties may do so. For a withdrawal request to be approved, the client must have undergone the compulsory KYC verifications.
Here are the acceptable payment options:
- Credit/Debit cards: The minimum deposit is $200 and it is processed instantly. Withdrawals can only be made to the same card from which the deposit was made. It takes up to 5 working days for the funds to reach the client’s account. Only cards issued by Visa and MasterCard are accepted.
- Bank transfer: This payment method is the slowest because it takes 2-7 working days depending on the client’s bank and country. Some electronic bank transfer options accepted e.g. Trustly
- Online payments: The payment gateways accepted include Neteller, Skrill, Qiwi, Yandex, etc.
ITRADER Review: Account Opening
To create a new account with ITRADER, visit the brokers website and click on ‘Open account’ found on the right hand side of the menu bar. The registration form will be displayed.
Fill the form and click ‘open account’. Next, fill in your address, you are prompted to make deposits, upload KYC documents and start trading. You will receive emails containing login details for accessing the clients’ area and the new account.
ITRADER Review: Conclusion
ITRADER is a regulated broker, that must abide by strict standards put in place to help protect traders. They offer the MT4 platform which is robust, extendable and supports various trading styles. It is suitable for beginners as well as professionals. The proprietary ITRADER app is a welcome development although it is not as comprehensive as the MT4 mobile app. Improvements can be made in future updates.
ITRADER support new traders with demo accounts and comprehensive educational resources including eBooks, articles and training videos. Market analysis and daily market summaries are also good additions.
However, the $250 minimum deposit to commence live trading is rather high when compared to other online brokers that require only $5 or even less to open a live trading account. This broker is also a market maker which means they can take the opposite side of client positions which some believe leads to a conflict of interest. It can also mean higher spread than usual that may be marked up.
Being owned by an asset management and investing firm, one would have expected ITRADER to offer managed accounts and social trading platforms, it is disappointing that no such services are available at the moment. It would also be good if the brand can partner with independent research and analysis firms in order to provide a more comprehensive and quality analysis, trading signals and market news.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.