ITRADER Forex Broker

iTrader Forex Broker - Complete Information Guide

1. Broker Overview

iTrader, officially known as Hoch Capital Ltd, was founded in 2012 and is headquartered in Limassol, Cyprus. The broker operates under the International Financial Services Commission (IFSC) of Belize, specifically under the registration number 60/322/TS/17. iTrader is a private entity that focuses primarily on retail forex and CFD trading services, catering to a global clientele.

Since its inception, iTrader has established a substantial presence in the online trading market, gaining a reputation for providing a wide range of financial instruments. The broker has undergone several significant milestones, including a transition in regulatory oversight from the Cyprus Securities and Exchange Commission (CySEC) to its current IFSC regulation, which has sparked discussions about the safety and reliability of its services.

The parent company, Hoch Capital Ltd, previously held a CySEC license, which was suspended due to regulatory issues. This transition reflects a broader trend in the brokerage industry where firms seek more lenient regulatory environments. iTrader primarily operates through a market-making business model, allowing it to offer various trading services to retail clients across multiple asset classes.

2. Regulation and Compliance Information

iTrader operates under the regulation of the International Financial Services Commission (IFSC) of Belize, with the license number 60/322/TS/17. However, its important to note that the IFSC is considered a less stringent regulatory body compared to others, such as CySEC or the Financial Conduct Authority (FCA) in the UK.

Historically, iTrader was regulated by CySEC, but this license was suspended in June 2020 due to allegations of misleading marketing practices. This suspension raised concerns among traders regarding the broker's operational integrity. As a result, iTrader's compliance landscape has changed significantly, leading to its current status as an unregulated broker in many jurisdictions.

iTrader maintains a client funds segregation policy, ensuring that client deposits are held in separate accounts from the company's operational funds. This practice is critical for protecting client assets in case of insolvency. Additionally, iTrader participates in an investor compensation fund that covers up to €20,000 per client, providing an extra layer of security for traders in the event that the broker fails.

The broker adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines, requiring clients to verify their identity and source of funds. This compliance is crucial for maintaining regulatory standards and ensuring a secure trading environment.

3. Trading Products and Services

iTrader offers a diverse selection of trading products, allowing clients to engage in various asset classes. The broker provides access to over 100 forex currency pairs, including major, minor, and exotic pairs.

In addition to forex trading, iTrader offers Contracts for Difference (CFDs) across multiple categories:

• Indices: Traders can access major global indices, providing opportunities for diversification.
• Commodities: iTrader includes a range of commodities, such as precious metals and energy resources.
• Stocks: The broker offers CFDs on stocks from prominent companies in the US and Europe.
• Cryptocurrencies: iTrader has expanded its offerings to include popular cryptocurrencies, allowing traders to speculate on their price movements.

The frequency of product updates and the introduction of new trading instruments are not explicitly detailed in the available resources, suggesting that while the offerings are diverse, they may not be frequently updated.

iTrader primarily focuses on retail trading services, catering to individual traders looking to engage in the forex and CFD markets. The broker does not appear to offer institutional services or white-label solutions, which are typically provided by more established firms.

4. Trading Platforms and Technology

iTrader supports the widely recognized MetaTrader 4 (MT4) trading platform, known for its user-friendly interface and robust features that cater to both novice and experienced traders. The MT4 platform is available in various formats:

• Desktop Version: Traders can download the MT4 application for Windows and Mac, providing comprehensive trading tools and capabilities.
• Web Trader: iTrader offers a web-based trading platform, allowing clients to trade without the need for software installation. This platform provides live charts, market analysis, and trading functionalities accessible from any device with internet connectivity.
• Mobile Application: iTrader has mobile applications available for both iOS and Android devices, enabling traders to manage their accounts and execute trades on the go.

The broker operates on a market-making execution model, which may affect the trading conditions offered to clients. The technology infrastructure supporting the iTrader platform is designed to ensure fast execution speeds and reliable connectivity, although specific details regarding server locations and technical specifications are not readily available.

iTrader does not currently support MetaTrader 5 (MT5) or any proprietary trading platform, which may limit the options for traders seeking advanced features beyond what MT4 offers.

5. Account Types and Trading Conditions

iTrader provides three distinct account types, each tailored to different trading needs:

• Silver Account: Requires a minimum deposit of $250, with spreads starting at 2.2 pips for the EUR/USD pair.
• Gold Account: Requires a higher deposit, offering reduced spreads starting at 1.3 pips for EUR/USD.
• Platinum Account: Targets advanced traders with a minimum deposit of $250, offering the best spreads starting at 0.7 pips for EUR/USD.

The broker also offers an Islamic account option, compliant with Sharia law, which does not incur interest charges.

Leverage varies depending on the account type, with maximum leverage of 1:500 available for professional clients, while retail clients are capped at 1:30 due to regulatory restrictions. The minimum trade size is typically 0.01 lots, allowing for flexible trading strategies.

iTrader does not charge commissions on trades, instead relying on the variable spreads that differ by account type. However, the overnight fees and specific conditions regarding swap rates are not thoroughly detailed in the available resources.

6. Fund Management

iTrader offers a variety of deposit methods, including:

• Credit/Debit Cards: Visa, Mastercard, American Express, and Maestro are accepted.
• E-Wallets: Options include Neteller, Skrill, WebMoney, Yandex Money, and Qiwi.
• Bank Transfers: Standard bank wire transfers are also available.

The minimum deposit requirement is $250 for all account types, and deposits are typically processed instantly. However, specific fees associated with deposits may depend on the payment method used.

Withdrawals can be made through similar methods, with processing times varying by method. Credit and debit card withdrawals are generally processed within 1-3 business days, while bank transfers may take longer, typically 5-7 business days. iTrader does not charge withdrawal fees, although clients should be aware of potential fees from third-party payment providers.

7. Customer Support and Educational Resources

iTrader provides customer support through various channels:

• Live Chat: Available during business hours for immediate assistance.
• Email Support: Clients can reach out via email, though response times can vary.
• Phone Support: Available for direct communication, with representatives fluent in multiple languages.

The support team operates from Monday to Friday, covering major languages, including English, Spanish, Russian, and Portuguese. However, the broker does not offer 24/7 support, which may be a limitation for some traders.

In terms of educational resources, iTrader offers a range of materials designed to help traders improve their skills. These include:

• Webinars: Regularly scheduled sessions covering various trading topics.
• E-books and Tutorials: Comprehensive guides available for traders to enhance their knowledge.
• Market Analysis: Daily updates and insights into market trends and movements.

While the educational offerings are decent, the overall quality and accessibility of these resources could be improved to better serve the trading community.

8. Regional Coverage and Restrictions

iTrader operates in over 194 countries, providing access to its trading services globally. The broker has established regional offices to support clients in various markets, including Europe, Asia, and the Americas.

However, iTrader does not accept clients from certain jurisdictions, particularly those with stringent regulatory frameworks such as the United Kingdom, where it has been banned from offering services due to regulatory violations. Other restricted regions include various countries where local laws prohibit the operation of offshore brokers.

In summary, while iTrader offers a broad range of services and products to a global audience, prospective clients should carefully consider the regulatory implications and the broker's history before engaging in trading activities.