iTrader Exchange Review

iTrader Exchange Review

iTrader Exchange Review

Launched, based and run out of Cyrpus since 2012, iTrader is a reputable forex broker that actually delivers far more than what you might expect from some of the more traditional brokers.

iTrader is owned by Hoch Capital Ltd, an investment firm in Cyrpus and is regulated by the Cyprus Securities Exchange Commission (CySEC).

At iTrader, you are able to trade CFDs on commodities, indices and stocks using their analytical, charting and marketing tools on their Meta Trader 4 platform. Their excellent range of trading tools and educational centre will be more than enough for even the most inexperienced trader to get up and running quickly.

What we like the most about iTrader is that they are obviously very focused on safety and security for their customers. They have segregated accounts, SSL technology and even have a good variety of ways for you to get hold of their knowledgeable and friendly support team.

If you like what you have heard so far and would like to know more about what iTrader can offer you, carry on reading and we will certainly fill you in on what you need to know.

 

What Can You Trade at iTrader?

There is plenty that can be traded at iTrader which will keep the majority of traders more than satisfied. You can forex trade with 172 different tradable assets:

  • 48 Currency Trading Pairs
  • 8 Cryptocurrency Trading Pairs
  • 17 Indices
  • 17 Commodities
  • 81 Single-Share CFDs

We will go into a bit more detail about the specific assets a little later but above is just a brief summary of what you can expect at iTrader.

 

Accounts at iTrader

We will take you through what is required to set up an account with iTrader shortly but you will first want to know more about what accounts they allow you to have at their broker. There are three different levels of accounts at iTrader and they and their benefits are the following:

Silver Trading Account

  • 1:200 is the highest leverage you will find for spot forex trading.
  • 1:50 is the highest leverage you will find for CFDs.
  • Hedging permitted.
  • 24/5 hour customer support.

Gold Trading Account

  • 1:400 is the highest leverage you will find for spot forex trading.
  • 1:100 is the highest leverage you will find for CFDs.
  • Hedging permitted
  • 24/5 hour customer support.
  • Dedicated account manager.
  • Access given to webinars and videos.

Platinum Trading Account

  • 1:500 is the highest leverage you will find for spot forex trading.
  • 1:125 is the highest leverage you will find for CFDs.
  • Hedging permitted
  • 24/5 hour customer support.
  • Dedicated account manager.
  • Access given to webinars and videos.
  • News alerts.
  • Free Virtual Private Server (VPS).

There is also an Islamic Trading Account available for those that wish to operate within Sharia law when it comes to banking and investments.

Spreads obviously get tighter the better account that you have but even the standard Silver account has more than competitive pips and spreads.

 

Account Creation and Verification

As you might expect, creating an account on iTrader is pretty straightforward and will require not much more than your name, email address and a password for your account. The more complicated part comes next, however, with you needing to get your identity verified.

Without being verified, you will not be able to make any withdrawals from iTrader. For that reason, it is probably best to sort out verification before you deposit any funds onto the exchange.

What you will need to send in to get your account verified is as follows:

  • Photo-based government-issued ID – This can be something like a passport, drivers license or something else official that has your picture on it.
  • Proof of residency – This should be a bill or a bank statement with your name and address on it. It should be recent and should be able to prove where you are currently living.
  • Payment method verification – If you are going to be using a credit card to deposit on iTrader, you will need to take a picture of both sides of it and send it in.

Once verified you are free to put some funds onto iTrader and start trading away. You will also be able to make requests for withdrawal whenever you have at least the minimum of $100 in your account.

 

Trading Options on iTrader?

Traders really are spoilt for choice at iTrader when it comes to the sheer amount of assets that can be traded on. Take a look below to see an example of what you can expect at this forex broker:

  • Currency Pairs

All major currency pairs can be traded on iTrader as well as some of the more minor or exotic fiat currencies as well. Spreads will vary depending on the trading pair but you will find some as low as 0.7 or right up as high as 45+. As for leverage, you could get as insanely high as 1:500 in some cases.

  • Indices

The indices available for trade on iTrader come from all quarters of the planet with all the major indices from continents such as America, Asia and Europe. You can expect to see the likes of the Dow Jones, NASDAQ and FTSE 100. Once again, the spreads will depend per indices and leverage is fixed across the board here at 1:125.

  • Commodities

Just about any commodity that you can think of will be listed on iTrader and will be available for trade. Whether its coffee, sugar, gold, wheat or orange juice, you can trade it with variously applied spreads. As with indices, leverage here is fixed at 1:125.

  • Stocks

Stocks is where you will find the most options when it comes to trading and you will be able to trade the stocks of massive brands such as Microsoft, Facebook, American Express, Vodafone, Yahoo and many other brands that you will have heard of frequently. Leverage is once again fixed but this time at 1:50 and there will be various spreads depending on the particular stocks.

If you are new to forex or CFD trading, we suggest that you first make use of the many educational resources that iTrader provides. You really should get to grips with what you will be doing as you do not want to make the wrong decisions and therefore lose money. Do not forget that you can open a demo account as well, just so that you can practice without the threat of losing your money.

 

Trading Platforms

There are three different trading platforms that can be used on iTrader and they are each essentially a different version of the platform provided by MetaTrader 4.  Fundamentally they all provide the same thing but in a  different way. The Web version is a great all-rounder while the desktop and mobile apps offer a more functional method for those that want to use a specific device.

  • WebTrader

This is the website based platform that can be accessed by any device via a browser. It has been laid out in a very user-friendly way, has some excellent integrated features such as charting packages, technical indicators and a real-time news feed.

  • Desktop Platform

The desktop version first needs to be downloaded but can then be run as an application on your computer. It has the same features as the WebTrader but runs more efficiently and is the most popular version of the three at iTrader.

  • Mobile Platform

If you are the type of trader that prefers to do their trading while on the move, the app version of iTrader will certainly be your best option. This can be downloaded from both the Android and iOS app stores and essentially gives traders the ability to use the iTrader platform in an efficient manner from their mobile devices.

 

Accepted Payment Methods

There are three different ways to get your money on and off of the iTrader exchange and that is through the following:

  • Credit Card
  • Wire Transfer
  • Skrill/Moneybookers

For whichever payment method you use, there is a minimum deposit limit of $250 and a minimum withdrawal limit of $100. Process times will vary depending on the payment methods used but generally, withdrawals will take up to 5 working days. Furthermore, withdrawals will generally have to be done via the same payment method that was used to deposit the funds into the exchange.

 

Transaction Fees, Commissions and Spreads

Like most Forex brokers, iTrader does not have any fees attached to any deposits and withdrawals that you make. Instead, iTrader makes money out of the spread that they apply to all trades on their platform.

The higher level your account, the lower and tighter this spread will be. Silver accounts obviously have the highest spread while Platinum account holders have the lowest/tightest spreads.

Below is a small example of the spreads you will see for each account:

Silver

  • EUR/GBP – 2.6
  • EUR/USD – 2.2
  • GBP/USD – 2.8
  • Gold – 0.59

Gold

  • EUR/GBP – 1.6
  • EUR/USD – 1.3
  • GBP/USD – 2
  • Gold – 0.48

Platinum

  • EUR/GBP – 0.9
  • EUR/USD – 0.7
  • GBP/USD – 1.3
  • Gold – 0.37

 

Countries Supported

Exact information regarding the nations and their citizens that are allowed to create an account at iTrader is a little scarce. However, we do know that most countries in Europe will be accepted and a good selection of Asian countries too.

In the following customer service section, you will be shown a list of the supported languages on the exchange and we would assume that this would mean that those countries are supported.

Unfortunately, US residents are not supported on iTrader due to the regulations in that country not permitting Forex trading.

 

Customer Support

We have to admit that iTrader does have a good reputation for the customer service that it provides. Not only is the iTrader exchange and their support available in multiple languages but they can also be reached by a wide variety of methods.

The languages supported at iTrader other than English are:

  • Arabic
  • French
  • German
  • Italian
  • Russian
  • Spanish
  • Turkish
  • Japanese
  • Chinese
  • Portuguese
  • Dutch
  • Polish
  • Greek
  • Malaysian
  • Thai
  • Swedish
  • Hungarian

As for the methods in which the customer service can be reached at iTrader, you have the option of:

  • Live Chat
  • Email
  • Social media
  • Support Tickets
  • Telephone

As well as all of the above, they have plenty of other resources you can use to solve any issues you might be experiencing. There is a knowledge base, plenty of guides and tutorials and an in-depth F.A.Q.

 

Safety

iTrader is a regulated forex broker and therefore has to adhere to the regulations set out by CySEC. This forex broker also complies with safety standards that have been set out by MiFID and the FCA as well, so you can already tell that this is a broker that you can trust.

SSL security is used for all transactions and for the protection of data and iTrader also ensures that they keep all traders funds in segregated accounts. This means that even if iTrader were to go to the wall, traders will be sure to get their own funds back.

 

Conclusion

iTrader is a beginner friendly forex broker that we feel is among the best available right now. It offers up a glorious amount of assets to be traded, provides competitive spreads and leverage and is a broker that has been operating for more than five years now.

Being regulated is also something that traders should be happy about while they also offer excellent levels of customer service, provide a ton of educational material and are known for their speedy payouts.

If you are looking for a trustworthy forex broker, we suggest that you go and take a look at iTrader for yourself. It even has a demo account that you can use so that you can get to grips with how their platform works.




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