iTrader Review: Scam or Legit Read Before Trading
iTrader Review: Scam or Legit Read Before Trading
When you open a live account with Itrader you will be required to make a minimum initial deposit of $250. In addition, the account has a minimum withdrawal amount policy of $100 per application and may take up to 5 business days to process. Itrader is a secure broker that meets the requirements to provide its financial products in Europe and abroad through CFDs. These investment tools are widely used by investors because of the benefits they provide.
It can all be done online - pretty standard for nowadays brokers. The broker does ask some personal questions, like name, contact details, and photo ID. In our review of the top forex trading apps, eToro has taken the top spot, while IG’s app comes in at a close second. The benefit of the MT4 platform is the support offered by the automated trading solutions, but there is a nice price attached to the most effective ones. The library contains an expansive range of EA’s and other tools, but be cautious.
Itrader and CFD Trading
There should be a strong regulation about the lack of empaty on these type of companies´clerks, as well as penalties and obligation to refund the money earned in such a way. Probably the most important things to look for in a broker are regulation and good reputation; ITRADER is regulated but their reputation has some dents in it. Overall they are OK but I cannot see some outstanding trading conditions or special features that would make me recommend them wholeheartedly.
Investing in forex and derivatives is like spearfishing in a sea full of sharks. The rewards are bountiful, but you’ve always got to be looking over your shoulder. Because these investments are complex and take some study to understand, they’re fertile ground for scammers, who can easily confuse inexperienced investors into handing over their money. That said, in the interest of fairness, we should point out that Itrader actually has reasonable spreads and leverage, and that this information is easily available.
iTrader Review – Is This Former CySEC Broker a Scam?
In Itrader you will find e-books, articles and a glossary with the most used terms and concepts in trading. You will also be able to consult the frequently asked questions, which will be available through the platform. Brokers Complaint has a team of experts to manage such scam cases and help in forex scam recovery, crypto scam recovery, etc. We assist customers with documenting the case against trick representatives. With insightful reports and direction, we can help recover your assets.
The website is available in 7 languages; US |Clients are not accepted. You will only find out the deposits for each account type after you create an account and deposit the minimum of 250 EUR/USD. Ok, you have my best interest in mind, but I would still like to know from the get-go how much each account requires me to deposit. In light of the recent settlement reached between Hoch Capital and CySEC, the company appears to understand the need to provide a better service.
The iTrader has operated since 2012 and since then gained a reputation for success, leading to a stable base of worldwide users who make thousands of trades every month. Comparebrokers.co needs to review the security of your connection before proceeding. It goes against our guidelines to offer incentives for reviews. We also ensure all reviews are published without moderation. I had got a mail from my bank what the bank didn't send to me. Nonetheless, we will be more than happy to be contacted by the friend you are mentioning and check his/her accounts history, and assist with any which matter.
We did couple of bucks and he came strong very quickly on me put 750€ more. The guy gave me an advice that lost the whole sum over night. I was overexposed and It was eur/usd leveraged position which I didn’t know what it is. When I confronted him he told I should put another 1500€ to make up for the loss.
Checking if the site connection is secure
Managing financial firms approved or enrolled by legal authorities gives you more prominent assurance assuming things turn out badly. Check out the list ofscam brokers 2022 to prevent yourself from getting scammed. These phony social media advertisements promised huge returns on their investments, but the traders had a very negative trading experience.
- With access to useful charts, market alerts, calculators and market summaries.
- You will have to choose an asset to invest, but you will also have educational material if you need it.
- The reception of this app has been mostly hostile, with most reviews criticizing the lack of features.
The popular review portal Trustpilot has nearly 300 reviews averaging just 2 out of five stars, a clear indicator that this broker’s broad experience has left clients wanting. Aside from this, iTrader’s website and its contents seem to be carelessly thrown together. The customer support team is open five days a week, as opposed to the 24/7 service offered by other brokers. Some jew guy from Russian origin became my account manager.
Their asset basket is wide, including currency pairs, indices, commodities, stocks, and a hefty selection of cryptocurrencies. Spreads are floating and change depending on the account you have. Their FCA ban and renouncing their CySEC license should be reason enough for any potential client to avoid this broker. Even if a trader were to consider what this broker has to offer, there’s nothing to make them stand out from other unregulated brokers. In conclusion, our iTrader review has highlighted this broker’s major operational issues. Their longstanding lack of transparency and inability to commit to their traders’ best interests has taken iTrader from a CySEC registered broker to just another unregulated broker with no accountability.
They’re licensed to operate throughout the Eurozone, as well as in any other countries that accept a CySEC license. On June 1st 2020, CySEC suspended the license of the parent company of Itrader. Tell us your experience using an Itrader service in the comments.
These countries have very loose financial regulations and are known as headquarters for numerous international scammers. You already have all the tools to choose the best broker in the trading market. If you still have doubts, you can consult the best trading platforms, where you will discover that Itrader is an excellent option. It will also offer you numerous management tools and trading strategies to make your experience comfortable.
Itrader on the market for a long time and continues to evolve. You can work with them, I was convinced from my own experience. One of the few brokers that you really enjoy working with. Many former clients complained of withdrawal delays, and the broker themselves say that withdrawals can take up to seven working days, significantly longer than with comparable brokers. They provide customer support through phone and also email.
We are sorry to hear that as we are trying to provide our clients with the best professional service. Since than I’ve been getting calls after calls and this morning I got call from one of the staffs from 020 number who asked me if I made account? I told him that it’s not very convenient to speak and I told him I don’t want the account. As I hovered around the interface, I didn’t liked a single bit of features and did not continue to make full account. We are happy to hear you were satisfied with our services, and hope to see you once again.
This does not affect our impartial and independent review process. The move to withdraw from their CySEC registration instead of meeting regulatory requirements shows that some brokers just aren’t out for their clients’ best interests. Given how much the broker’s status has degraded since that time, it seems unlikely that they will ever reinstate access. These fines led to the Italian regulator, CONSOB, blocking access to Hoch Capital’s brokers iTrader and TradeATF from within the country. In March 2019, they reached a settlement of €200,000 with CySEC for possible violations regarding investment activities’ performance and the disclosure of information to clients.
ITrader clients are protected by the Investor Compensation Fund , as mandated by the EU Directive. If this broker goes itrader review insolvent, you could regain up to €20,000. In addition, all iTrader clients’ money is held in segregated accounts.
Spam calls and emails!! FED UP
It is regulated by the Cyprus Securities and Exchange Commission where it has its origin and headquarters. Brokers Complaint can have advertising and affiliate relationships with some of the trusted recovery companies and may be compensated through them . Brokers Complaint is committed to the fair handling of reviews and posts regardless of such relations.
There is a pungent smell of iTrader’s lack of experience through its account types. When we take a closer look, it’s easy to see that the accounts have different spreads, as we mentioned. There is a minimum deposit of $250 listed, but this isn’t mentioned in the overview of the account types. To find this out, you need to find the Contract Specifications PDF.