Looking for a Broker Offering Leverage of up to 500:1? Read our iTrader Forex Broker Review
The most important decision when it comes to Forex trading, before you start researching what trades to make, is to find a broker that will provide the best possible service. It’s not the easiest of choices however, because, quite frankly, there are hundreds to choose from. Everyone reading this iTrader review will be looking for something slightly different, Which is why it’s not possible to make a recommendation. However, we can provide you with the important facts to enable you to make an informed decision.
An introduction to iTrader
iTrader has been offering its online trading services since 2013. The online platform is owned and operated by a company known as Hoch Capital. Located in Limassol, Cyprus, Hoch Capital is licensed and regulated by CySEC and one of its approved websites happens to be iTrader.com. iTrader uses the MetaTrader trading platform and offers more than 170 assets in which to trade including indexes, shares, commodities such as platinum, coffee, sugar and crude oil, as well as the most popular foreign currency pairs. Leverage of up to 500:1 is available depending on which asset you choose to trade in and spreads are as low as 0.07 pips on the EUR/USD pair. The minimum deposit for a new account is 250 USD/EUR/GBP, and there are three different account types to choose from.
Does iTrader offer any kind of bonus?
It appears that iTrader is not worried about gimmicks and amazing bonuses. Instead, it has chosen to concentrate on providing an excellent brokerage service and let its reputation for good quality bring new customers in. There is a good selection of features, a popular trading platform, mobile phone compatibility, a broad range of assets and a section which is stocked full of educational material as well as a news service that costs nothing extra.
A trio of accounts is on offer at iTrader
For traders who are ready to trade with real money, there are three different accounts to choose from. If you’re not quite ready to put up some real cash it is possible to try out the service with an iTrader demo account. Paper trading is a great way to start and serves as a test run before making any kind of financial commitment. As well as experiencing a broker’s service a demo account lets traders practise new strategies without any real kind of risk.
The three real money accounts are Silver, Gold, and Platinum. Silver trading accounts offer maximum leverage of 200:1 and there is a 7 day withdrawal processing time. For gold accounts the maximum leverage is 400:1 and withdrawal processing time is 5 days. Plus you get the services of a dedicated account manager and 25% swap discount. It gets even better for Platinum account holders with maximum leverage of 500:1, 3 days for the processing of withdrawals, a dedicated account manager, free VPS, news alerts and 50% swap discount.
We should also mention there is an Islamic account option which conforms to Islamic Sharia law. And provides traders with commission free trading, no interest charges on overnight positions and a dedicated account manager.
It is possible to make deposits using Visa, Mastercard or wire transfer. While withdrawals can only be made using wire transfer. This can be rather limiting, but this is really the only downside we encountered and is outweighed by all the benefits.
iTrader has chosen the popular MetaTrader 4 as its trading platform
Many of you reading this will be pleased, but nevertheless not surprised, to learn that iTrader users the MetaTrader 4 trading platform. It is available for both Windows and MAC, as well as an iTrader MT4 mobile option. Both beginners and seasoned traders prefer to use MT4 as it is a powerful tool and provides features which allow traders to analyze prices, place and manage trades and utilise their trading techniques. All of which promise the opportunity to get the best prices and minimal compensation. It has indicators and charting tools, tools that are swift at analysing situations, and is easy to use with a variety of methods for opening and closing trades, which includes those from the chart.
Mobile trading is possible by downloading the iTrader app from Google Play or the Apple App Store. With a simple download traders can manage their accounts, open trades and monitor their investments, using their smartphone, tablet or iPad. The iTrader app can be used anytime, anywhere, providing you have a stable internet connection, and never miss out on that all-important trading opportunity.
iTrader provides a comprehensive education center
Both beginners and more experienced traders will appreciate what is available in the iTrader education center. As well as a very useful FAQs section and glossary there are eBooks, videos on demand, courses, tutorials and articles. All the important aspects of online trading are covered as well as some useful insights into the markets.
iTrader customer support is available 24/5
The iTrader customer support team is available 24 hours a day during the normal trading week. There are several country-specific telephone numbers, Fax, email and WhatsApp. If you’d prefer to be old-fashioned you can write a letter to the main office in Limassol, Cyprus. Other alternatives include downloadable remote support.
Overall, it has to be said that iTrader offers nothing out of the ordinary and includes everything you would expect from a brokerage firm operating in today’s competitive marketplace. The fact it has no attractive bonuses may hold its popularity back, but we hope that the quality we found in its service will allow it to stand out from the crowd. It is still a relatively new broker and has already made a substantial leap in popularity. But as it gains experience and is able to improve some of its features it is only going to get higher up the list of top rated brokers.
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