ITC FX Forex Broker

Aspect Information Registered Country/Area N/A Founded year N/A Company Name ITCFX Regulation No valid regulation Minimum Deposit $100 (may vary) Maximum Leverage Up to 1:1000 (may vary) Spreads Fixed/Variable (specifics not provided) Trading Platforms MetaTrader 4 (MT4), Sirix Web, iPhone, iPad, Android platforms Tradable Assets Forex, Commodities, Indices, Stocks, Cryptocurrencies, Bonds, Options, Futures (specifics not provided) Account Types Classic Account, Fast Execution Account, Islamic Account (specifics provided in a previous response) Demo Account Availability not specified Islamic Account Available (specifics provided in a previous response) Customer Support Contact details not provided Payment Methods Bank Wire, Credit Card (specifics not provided) Educational Tools Coaching lessons, Ebooks, Webinars, Trading signals, Personal account manager (specifics not provided) Overview: ITCFX was an offshore broker that is currently out of business. The lack of regulation, guaranteed funds, and segregated accounts raises concerns about the safety of investors' funds. The broker offered three tiered trading account types with varying minimum deposit requirements and leverage ratios. Trading platforms provided by ITCFX included MetaTrader 4 (MT4), Sirix Web, and mobile platforms for iPhone, iPad, and Android devices. However, specific details about trading instruments, spreads, commissions, and deposit/withdrawal methods were not provided. It is important for investors to exercise caution and choose regulated brokers to ensure the security of their investments. The official website of ITCFX is currently inaccessible, raising concerns about the transparency and credibility of the broker. Regulation: ITCFX has no regulatory oversight. This means that the broker is not subject to any regulatory authority that monitors and supervises its operations. Lack of regulation poses a significant concern for investors, as it implies that there are no established guidelines or rules in place to protect their interests or ensure fair trading practices. Additionally, the absence of regulation typically indicates a higher risk of fraudulent activities or mismanagement of funds. Market Instruments: ITCFX offers a variety of trading instruments to its clients. Forex (Foreign Exchange): Forex trading involves the buying and selling of currency pairs. As a global market, traders can speculate on the fluctuating exchange rates between different currencies. It is common for brokers to offer a wide range of major, minor, and exotic currency pairs to cater to different trading strategies. 2. Commodities: Commodities are tangible goods that can be traded, such as gold, silver, crude oil, natural gas, and agricultural products. These markets are influenced by supply and demand dynamics, geopolitical factors, and economic indicators. Traders may take positions on the future price movements of these commodities. 3. Indices: Index trading involves speculating on the performance of a group of stocks that represent a specific market or sector. Brokers typically offer popular indices such as the S&P 500, Dow Jones Industrial Average, Nasdaq Composite, FTSE 100, and DAX. Traders can take positions based on their predictions of the overall index movement. 4. Stocks: Trading individual stocks allows investors to buy or sell shares of publicly listed companies. Brokers may offer a selection of stocks from various exchanges, enabling traders to take advantage of price fluctuations and company-specific news. 5. Cryptocurrencies: With the growing popularity of digital currencies, many brokers offer trading opportunities in cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, and others. Crypto trading involves speculating on the price movements of these digital assets. Account Types: ITCFX offers three tiered trading account types to cater to the varying needs of traders. These account types are as follows: Classic Account: The Classic Account is designed for traders who prefer a lower minimum deposit and fixed spreads. With a minimum deposit of $100, this account offers access to the forex market with a fixed spread of 3 pips. Traders can execute trades with a leverage of up to 1:1000, allowing for potential amplification of profits or losses. The Classic Account is suitable for beginners or traders who prefer a more straightforward trading experience. Fast Execution Account: The Fast Execution Account is tailored for traders who require faster trade execution and are willing to meet a higher minimum deposit requirement. With a minimum deposit of $2500, this account offers access to the forex market with floating spreads that can go as low as 0.6 pips. The leverage provided is up to 1:400, enabling traders to control larger positions. This account type is suitable for active traders who value quick execution and competitive spreads. Islamic Account: ITCFX also offers an Islamic Account that adheres to Islamic principles of finance, catering to traders who follow Sharia law. This account requires a minimum deposit of $500 and offers a maximum leverage of 1:500. The Islamic Account operates without any additional fees, and it is designed to ensure that trading activities comply with Islamic principles, such as the prohibition of interest (riba). This account type provides an option for traders who seek to align their trading activities with their religious beliefs. Here is a table summarizing the key features of the account types offered by ITCFX: Account Type Classic Account Fast Execution Account Islamic Account Minimum Deposit $100 $2,500 $500 Minimum Lot Size 1k (micro lot) 1k 1k Maximum Leverage Up to 1:1000 1:400 1:500 Spread Fixed, 3 pips Floating, as low as 0.6 pips N/A Additional Fees None None None Execution N/A N/A N/A Leverage: ITCFX offers its traders the maximum trading leverage of up to 1:1000 on the Classic Account. This means that traders can control positions that are up to 1000 times larger than their initial investment. Leverage is a powerful tool in trading that allows traders to amplify their potential profits. With high leverage, traders can open larger positions with a smaller amount of capital. For example, with a leverage of 1:1000, a trader only needs to deposit $100 to control a position worth $100,000. However, it's important to note that while leverage can increase potential gains, it also magnifies the potential losses. Trading with high leverage involves a higher level of risk, as even small price movements in the market can lead to significant gains or losses. Traders should exercise caution and carefully manage their risk when utilizing high leverage. It is advisable to have a solid understanding of leverage, risk management techniques, and to use appropriate stop-loss orders to protect against excessive losses. It is worth mentioning that leverage may vary for different account types offered by ITCFX. The maximum leverage of up to 1:1000 mentioned here specifically applies to the Classic Account. Traders should consult the broker's website or contact their customer support for the most up-to-date and accurate information on leverage and its availability across different account types. Spreads & Commissions: Here is a breakdown of the spreads and commissions associated with the different account types: Classic Account: The Classic Account offers a fixed spread of 3 pips. This means that for each trade executed on this account, there will be a 3-pip difference between the buying and selling price of the currency pair. It's important to note that the Classic Account does not mention any commissions, suggesting that the cost of trading is primarily incorporated into the fixed spread. Fast Execution Account: The Fast Execution Account, on the other hand, offers floating spreads that can be as low as 0.6 pips. Floating spreads are variable and depend on market conditions, liquidity, and volatility. Typically, when market conditions are favorable, the spread can tighten, resulting in lower trading costs for the trader. Similar to the Classic Account, no specific mention of commissions is made for the Fast Execution Account. Islamic Account: The information provided does not mention any spreads or commissions specific to the Islamic Account. It's likely that the Islamic Account operates with similar spread and commission structures as the other account types, but without any additional fees or charges that would contradict Islamic financial principles. It's important to note that the absence of commission information suggests that the broker may generate its revenue primarily from the spreads offered on the different account types. Traders should be aware that spreads and commissions are crucial factors to consider as they directly impact the overall cost of trading. It's advisable for traders to review the broker's website or contact their customer support for detailed and up-to-date information regarding spreads, commissions, and any other trading costs associated with each specific account type. This will help ensure that traders have a clear understanding of the trading expenses they may incur when trading with ITCFX. Deposit & Withdrawal ITCFX offers deposit and withdrawal options for its clients. Here are some details regarding the deposit and withdrawal methods: Deposit Methods: Bank Wire: Traders can deposit funds into their ITCFX trading account using bank wire transfers. Bank wire transfers typically involve transferring funds directly from the trader's bank account to the broker's designated bank account. It is a commonly used method for larger deposits and is known for its security and reliability. Credit Card: ITCFX also accepts deposits via credit cards. Traders can use their credit cards, such as Visa or Mastercard, to fund their trading accounts. Credit card deposits offer convenience and are typically processed instantly, allowing traders to start trading promptly. Withdrawal Methods: The information provided does not specify the available withdrawal methods offered by ITCFX. However, it is common for brokers to offer similar options for withdrawals as they do for deposits. Therefore, it is likely that traders can use bank wire transfers and credit cards to make withdrawals from their trading accounts. It's important to note that specific terms and conditions may apply to deposits and withdrawals, such as minimum and maximum withdrawal amounts, processing times, and potential fees. Traders should consult the broker's website or contact their customer support for accurate and up-to-date information regarding the deposit and withdrawal methods, as well as any associated requirements or charges. It is advisable for traders to familiarize themselves with the deposit and withdrawal policies of the broker before engaging in any financial transactions. This will help ensure a smooth and efficient process when depositing funds into their trading accounts or making withdrawals. Trading Platforms: ITCFX offers multiple trading platforms to its clients. These platforms are designed to provide traders with a range of options to access the financial markets and execute their trades effectively. The trading platforms offered by ITCFX include: MetaTrader 4 (MT4): MT4 is a widely recognized and popular trading platform in the industry. It provides a user-friendly interface and a comprehensive set of features for technical analysis, charting, and order execution. Traders can access a wide range of tools, indicators, and expert advisors (EAs) to enhance their trading strategies. MT4 is available for desktop use and is compatible with both Windows and Mac operating systems. Sirix Web: Sirix Web is a web-based trading platform that allows traders to access their accounts and trade directly from their web browsers, without the need for downloading or installing any software. It offers a user-friendly interface and provides essential features such as charting tools, market analysis, and order management. Sirix Web is a convenient option for traders who prefer flexibility and accessibility from any device with an internet connection. iPhone, iPad, and Android Platforms: ITCFX also provides trading platforms specifically designed for mobile devices, including iPhone, iPad, and Android platforms. These mobile trading apps allow traders to access their accounts, monitor the markets, execute trades, and manage positions while on the go. The mobile platforms offer similar functionalities as the desktop and web-based versions, ensuring that traders can stay connected to the markets and react to market movements in real-time. These trading platforms offer traders the flexibility to choose the most suitable option based on their preferences and trading requirements. They provide access to a wide range of financial instruments, real-time market data, and advanced charting tools, empowering traders to make informed trading decisions. It's worth noting that the information provided may not include all the trading platforms offered by ITCFX. Traders are advised to visit the broker's website or contact their customer support for detailed and up-to-date information regarding the available trading platforms and their specific features. In summary, ITCFX offers MetaTrader 4 (MT4), Sirix Web, and mobile trading platforms for iPhone, iPad, and Android devices. These platforms aim to provide traders with a seamless and convenient trading experience, ensuring they have the necessary tools and access to the financial markets to execute their trading strategies effectively. Customer Support: ITCFX offers customer support to assist traders with their inquiries, concerns, and technical support needs. Traders can reach the broker's customer support team through various channels. Although the specific contact details for ITCFX are not provided, it is customary for brokers to offer multiple methods of communication, such as: Phone: Traders can contact ITCFX's customer support team via phone. A dedicated phone number is typically provided for direct communication with a support representative. This allows traders to have real-time conversations and receive immediate assistance for their queries. Email: Traders can reach out to ITCFX's customer support team through email. A designated email address is usually provided, allowing traders to send their inquiries or concerns. Email communication is suitable for non-urgent matters and provides a written record of the conversation for reference. Live Chat: ITCFX may offer a live chat feature on their website, enabling traders to have instant online conversations with customer support representatives. Live chat is convenient for quick questions or issues that require immediate attention. It allows traders to receive prompt responses without the need for making phone calls or waiting for email replies. Summary: ITCFX, an offshore broker that is currently out of business, offered trading services to its clients. However, it is important to note that investing with a broker that is no longer operational carries significant risks. The information provided suggests that ITCFX lacked proper regulation, guaranteed funds, and segregated accounts, which are crucial elements for ensuring the safety of investors' funds and maintaining fair trading practices. The broker provided three tiered trading account types: the Classic Account, Fast Execution Account, and Islamic Account. Each account type had its own minimum deposit requirements, leverage ratios, and spread structures, catering to different trading preferences and strategies. However, the absence of specific information regarding commissions and withdrawal methods makes it difficult to evaluate the complete cost structure and convenience of trading with ITCFX. ITCFX offered multiple trading platforms, including MetaTrader 4 (MT4), Sirix Web, and mobile platforms for iPhone, iPad, and Android devices. These platforms aimed to provide traders with flexibility, accessibility, and a range of tools for analysis and order execution. While the provided information lacks specific details about the available trading instruments, it is common for brokers to offer Forex, commodities, indices, stocks, cryptocurrencies, bonds, and derivative instruments such as options and futures. However, it is recommended to verify the complete list of available trading instruments directly with the broker. Regarding customer support, ITCFX likely provided assistance through phone, email, and possibly a live chat feature. However, without specific contact details, it is challenging to assess the responsiveness and effectiveness of their customer support team. In conclusion, it is crucial to exercise caution when considering investment with ITCFX, as the lack of regulation, guaranteed funds, and segregated accounts raises concerns about the safety of investors' funds. Traders should thoroughly research and choose a reputable broker that operates under proper regulatory oversight to ensure the protection of their investments. FAQs: Q: Is ITCFX currently operational？ A: No, ITCFX is currently out of business. Q: Is ITCFX regulated by any financial authority？ A: No, according to the information provided, ITCFX lacked regulation. Q: What are the minimum deposit requirements for ITCFX's trading accounts？ A: The minimum deposit requirements vary depending on the account type, ranging from $100 to $50,000. Q: What trading platforms does ITCFX offer？ A: ITCFX offers MetaTrader 4 (MT4), Sirix Web, and mobile platforms for iPhone, iPad, and Android devices. Q: What deposit methods are available with ITCFX？ A: The specific deposit methods are not mentioned in the provided information. However, it is common for brokers to offer options such as bank wire transfers and credit card payments.