iTrader 2025 Review: Everything You Need to Know
In this comprehensive review of iTrader, we explore the broker's overall reputation, user experiences, and key features. While some users have reported positive experiences with the platform's trading conditions and customer support, there are significant concerns regarding regulatory compliance and the broker's history. Notably, iTrader has faced scrutiny from regulatory bodies, which has led to mixed reviews about its trustworthiness.
Note: It is important to highlight that iTrader operates under different entities across regions, which affects its regulatory status and user experience. For fairness and accuracy, we have taken into account the various regulatory frameworks applicable to iTrader.
Rating Summary
We assess brokers based on user feedback, regulatory compliance, and the quality of trading conditions provided.
Broker Overview
Founded in 2012, iTrader is operated by Hoch Capital Ltd, a Cyprus-based investment firm. Initially regulated by the Cyprus Securities and Exchange Commission (CySEC), the broker has faced significant regulatory challenges, leading to its current unregulated status. iTrader offers trading through popular platforms such as MetaTrader 4 (MT4) and its proprietary web trader, allowing access to a wide array of assets, including forex, commodities, indices, stocks, and cryptocurrencies.
Detailed Breakdown
Regulated Regions: iTrader was previously regulated by CySEC and the Belize International Financial Services Commission (IFSC). However, due to regulatory issues, including misleading advertising practices and a lack of compliance with investor protection standards, it has lost its regulatory approval in multiple jurisdictions, including the UK.
Deposit/Withdrawal Currencies: iTrader primarily accepts deposits in USD, GBP, and EUR. However, it does not support cryptocurrencies for deposits and withdrawals.
Minimum Deposit: The minimum deposit to open an account with iTrader is $250, which is considered average compared to other brokers in the industry.
Bonuses/Promotions: Currently, iTrader does not offer any bonuses or promotional incentives, which could be a drawback for potential clients looking for added value.
Tradable Asset Classes: iTrader provides access to a diverse range of trading instruments, including over 50 currency pairs, commodities like gold and silver, various stock CFDs, and a selection of cryptocurrencies. This variety allows traders to create a well-rounded portfolio.
Costs (Spreads, Fees, Commissions): iTrader operates on a market maker model, which means it earns primarily through spreads. The spreads vary by account type, with the silver account starting at 2.2 pips for the EUR/USD pair, while the platinum account can offer spreads as low as 0.7 pips. However, these spreads are considered high compared to industry standards, particularly for the entry-level account.
Leverage: The maximum leverage offered by iTrader is 1:500 for professional clients, while retail clients are limited to 1:30, in line with ESMA regulations. This high leverage can be attractive but also poses significant risks, especially for inexperienced traders.
Allowed Trading Platforms: iTrader supports the widely used MetaTrader 4 platform, known for its robust trading features and user-friendly interface. Additionally, the broker offers a web-based trading platform and mobile applications for both iOS and Android, although the mobile app has received mixed reviews regarding its functionality.
Restricted Regions: Due to its regulatory issues, iTrader is not permitted to offer services to clients in certain regions, including the United States and the UK.
Available Customer Service Languages: iTrader offers customer support in multiple languages, including English and Russian. However, the availability of support is limited to business hours, which may not accommodate all traders, especially those in different time zones.
Reiteration of Ratings
Detailed Evaluation
-
Account Conditions: iTrader offers three account types: Silver, Gold, and Platinum. While the Platinum account offers competitive spreads, the entry-level Silver account has high spreads, which may deter new traders. Additionally, the lack of a demo account is a significant drawback for beginners.
Tools and Resources: The broker provides access to educational resources, including webinars and articles. However, the overall quality and depth of these resources are lacking, particularly for novice traders who need more comprehensive training.
Customer Service and Support: iTrader's customer service is generally responsive, but the limited hours of operation can be a disadvantage for traders needing assistance outside of business hours.
Trading Experience: Users have reported mixed experiences with iTrader's trading platforms. While MT4 is a robust platform, the proprietary web trader lacks some advanced features that experienced traders might expect.
Trustworthiness: The loss of regulatory approval and the history of complaints against iTrader raise concerns about its reliability. Many users have reported issues with fund withdrawals and aggressive marketing tactics.
User Experience: Overall, users have found the trading interface to be functional, but the lack of advanced features on the mobile app has led to dissatisfaction among traders who prefer mobile trading.
In conclusion, while iTrader offers a range of trading options and features, its history of regulatory issues and user complaints raises significant concerns. Potential traders should weigh these factors carefully before deciding to engage with the broker.
