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iTrader is a regulated forex and CFDs broker run by Hoch Capital Ltd and it is located on Cyprus, where it also obtained its licence with the country’s regulating body CySEC. Thanks to EU passporting scheme which ensures the functioning of the single market in financial services, iTrader offers its services across the Union, but also the world. The broker uses the MetaTrader4 platform as its core trading software and it is available on all types of devices. One of the advantages of this broker is the really long list of underlying assets that enable trades to trade CFDs on almost every market we could come up with. One drawback is a bit complicated website and demo account creation process, but you can avoid these simply by reading our iTrader review.
When signing up with iTrader, one cannot simply choose demo account and get fast-track access, before creating a live account. We filled in the form to register and were taken to a page to complete the live account registration. We wanted to see the demo first, but since we could not find it, we kept on with the registration which requires basic personal data and the financial literacy test, as requested by the regulators. With iTrader it requires traders to recognize risks and specifics of the design of leveraged products and most importantly the risk that is associated. Don’t bulk at the questions regarding personal income, they are required in order to asses if you have not only financial letaracy, but also the financial capacity to start online trading forex and CFDs. As mentioned this is all part of the customer protection flow required by the regulators.
iTrader Demo Account
In any case, after the steps are done, client is taken to the personal area with all the important control features, including one that allows traders to create a demo account. Finally, we have arrived! Do not click on “add a new account”, but go into account summary and there you will see a big button which will generate login data for the practice account – your demo account logins for MT4. The demo account allows customer to log in with any MetaTrader4 type of app and trade with 50.000 units of virtual currency. Depending on the leverage used, which for us was on default set to 1:200, one can place many leveraged trades with this amount of virtual capital.
Both, live account and demo account login credentials will be delivered to the trader’s inbox, so make sure to keep them safely in case you forget the password or the account number.
Live accounts start with the silver account and go all over to the platinum. Main differences are the leverage and the spreads.
iTrader Silver Account
- spread from 2.2 pips
- up to 1:200 leverage
- 1 day withdrawal processing
- supports islamic accounts
iTrader Gold Account
- from 1.3 ips spread
- up to 1:400 leverage
- dedicated account manager
- access to webinars and videos
- Islamic account available
iTrader Platinum Account
- from 0.7 pips
- from 1:500
- news alerts
- account manager
- webinars and videos access
- swap discount
We really liked the swap discount, this is a nice thing we have not seen before. It will definitely be of use for traders who prefer to leave their positions open for longer.
iTrader Minimum Deposits
We tried to find out how much does one have to deposit to get each account, seen how the leverage and spread are important cost considerations for traders and the minimum deposit is something that would allow them to compare accounts with other brokers. However, as you will read in the customer support section of our review, we did not manage to get this information. In any case, not disclosing the minimum deposit requirements does not need to be such a bad thing – this means that traders can negotiate with the account manager and maybe even lower the amount they were ready to pay.
In any case, make sure to decide on the amount you are ready to invest before the talk with the account manager, this way you have some anchor to base your expectations on. The minimum deposit to start trading is $250.
Trading Software & Assets
The trading software used with iTrader is MetaTrader4 which is a well known golden standard in trading and will bring advanced traders and the beginners, all the features they need for successful trading. If you are a newbie who thinks that interface for trading should be “nice” then MetaTrader4 is not for you. If you are a beginner who wants to learn and do so on the advanced platform that is the basis for most other platforms out there, then MT4 is right for you. we hope you count in the second group, since that also means you understand that online trading forex and CFDs is not a game, carries risk and requires skill.
The benefits of MT4 are numerous, the main ones are the fact that it includes all the charting tools and support for EAs and self made strategies. Also, MT4 is available as web trading app – from the browser, as a client application on a PC and a Mac computer and as an application for smartphone or a tablet (iOS and Android).
iTrader als offers portfolio management features, for what they were required to obtain an enhanced type of CySEC licence, meaning, the trader is not getting a product with some murky wannabe investment advisor, but a properly regulated investment firm. They have several portfolios, most notable on their website is the GBPUSD portfolio which did 93% returns in the last year. Please understand that past performance is not indicative of future performance. In order to know more, you will have to talk to your account manager.
iTrader support is available through all the usual channels – social media, phone and live chat. One can also use an email if necessary. The phone number is only available for the UK it seems.
Website is translated into French, Italian, Arabic, German Russian and Spanish language.
We tried contacting the support about the account requirements. The chat function worked and we immediately got a response, but unfortunately not with the answer we expected, even though that says less about the support team, and more about company policies, as we explained before. Weird thing was that the support person kept referring us to the website. FAQ on the website is however not of much use, mostly using “Yes-No” form to answer questions.
Banking & Company Information
Depositing and withdrawing with iTrader is done from within the client area. It is very easy to do – on the side in the menu select deposit or withdraw funds and choose the live account. Try to remember the last few digits of the account in case you have several.
there are a few deposit methods with iTrader:
- credit cards
- e voucher
- bank wire
The minimum deposit is $250 as we previously mentioned. This is not the biggest list of payment methods we have seen, but for most customers who use cards (debit or credit) it will be enough.
iTrader Withdrawal works the same as deposit. A request is placed where trader needs to enter the amount and the info about the bank account. In case another method was used, select other and write in the details.