About the company
Founded in 2013, ITRADER is a trading brand owned by Hoch Capital Ltd, an investment firm based in Cyprus and regulated by CySEC. The website provides access to tens of different CFDs based on cryptocurrencies, alongside forex, stocks, indices, and commodities. It is another CFD provider that had included cryptocurrencies among its instruments and the purpose of our review is to help our readers asses whether it’s worth trading with this company.
Before we start to talk about some of their trading features, we must mention that the head offices are located at Grosvenor Tower, Griva Digeni & Kolonakiou 125, Ground Floor, Linopetra 3107 Limassol, Cyprus and that the broker is subject to cross-border regulation by all regulators inside the EU, including with MiFID II.
Our review will focus on the trading platforms provided by ITRADER, given the importance it will play in each trader’s daily experience. From the very start, we must mention that the offer provided by the company is very disappointing. That happens because only different versions for MetaTrader 4 are being provided at present. At the same time, it seems like there hasn’t been any major change in terms of platforms for a very long time.
From a competitive point of view, ITRADER is in a weak spot as compared to other CFD brokers operating in Europe. At present, other companies offer plenty of other proprietary trading software solutions and as a result, have a much better offer. At ITRADER, there are MT4 versions for desktop, browser, and Mac, but that still does not solver the need of traders accustomed to other software.
Aside from the MT4 versions, clients can trade on mobile thanks to the Android mobile app. For iOS users, the only option available is the MetaTrader 4 mobile app developed by MetaQuotes. In terms of the Android apps, client reviews are mixed. People who already downloaded the app share different opinions about it. We did not like the fact that clients are complaining their withdrawal requests had not been processed.
If you are asking what are some of the main features available at ITRADER that will convince any type of trader to open an account, we’ve found a few of them. Based on the information provided by the company, potential clients can open Silver, Gold, or Platinum accounts. There is no mention of any requirements need to upgrade or open a higher account. Islamic accounts are also supported.
In terms of features, mentions about news alerts, free VPS, account manager, or swap discounts are being mentioned. At first glance, there is little difference between silver and gold accounts in terms of services (aside from the swap discount). These two accounts are different, though, in terms of maximum leverage and maximum spreads.
Clients are divided into retail and professionals, according to the latest European regulation. Due to its location, ITRADER cannot bypass the regulatory requirements and that’s one of the few reasons why there might be some trust around it. However, the offer in terms of features is confusing and does not stand out in any way.
There is a broad diversity in terms of trading instruments since clients can trade many contracts based on cryptocurrencies, alongside forex, indices, commodities, and shares. ITRADER did not manage to update its offer but had managed to included cryptocurrencies, probably because many traders lose money. According to the latest figures, 82.8% of its clients lose money, which is high as compared to other brokers.
Crypto trading is available 7 days a week on contracts denominated in Euro, US Dollar, and Pound, for Bitcoin, Ether, XRP, Litecoin, Lisk, Dash, and many other tokens. We find it surprising that ITRADER covers more than 30 contracts based on cryptocurrencies. However, that does not compensate for all the flaws we’ve already talked about.
Considering that MT4 is the main platform available, clients trading with ITRADER can use already existing Expert Advisors. However, those tools are not provided by the company, which raises the question about how someone is incentivized to trade with this broker. There are daily news, earnings reports, and different announcements, alongside a series of Educational Material. Still, the company must compare itself to other brokers and so far, the conclusion is that it does not manage to do that.
As a result, we can give ITRADER a green light, given many vague or incomplete information available on the website. Despite being regulated in Europe, the services provided by the company are outdated and fail to compare equally to what other popular European brokers are currently offering. If you want to find out more information about the services provided by ITRADER, feel free to check the official website.
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