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
- VPS
- account manager
- webinars and videos access
- hedging
- 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.
