Author: Harry Napier
iTrader broker review: can you trust it or is it a scam?
The bigger the choice, the harder it is to choose a brokerage service. iTrader may seem to be just another name among many others if you do not know anything about it. Nevertheless, there actually are a lot of things you need to know about it. It is good, profitable, comfortable? Maybe it is a scam? Read our iTrader review to find out!
About iTrader
The company was founded in 2012 and it is currently based in Cyprus. As you may have already guessed, the broker is regulated by CySec, an authority without a good reputation among traders. Nevertheless, there often appear to be a decent name behind such regulatory authorities and this might be the case.
Because of CySec, the funds of all iTrader’s clients are protected to up to 20,000 Euros. This is a decent sum and it may be proof that you can actually trust the company.
What can you trade with iTrader?
There is a huge number of assets that are available with iTrader. These include the following groups:
- Cryptocurrencies
- Forex
- Stocks
- Indices
- Metals
- Commodities
Detailed information about each group of assets can be found on the broker’s website. There you will find more info about the number of products, which specific products are available, and more.
Fees at iTrader
Most of the profits earned by iTrader come from the losses of its clients. The general fees that you will have to pay are spreads per each trade, overnight fees for accounts with open positions, and an inactivity fee if you do not trade for more than 2 months. The precise sum that has to be paid depends on the account types a trader uses.
Platforms
iTrader only uses the MetaTrader 4 software which is available on web, desktop, and mobile. It is very popular since it has a huge number of features, a lot of analysis tools, a user-friendly interface, and the possibility to add third-party modifications that can enhance your trading experience.
Moreover, you get a comfortable economic calendar, special calculators, and other useful tools. These are often absent with other software provided by competitive brokers, so it is a major advantage.
Can you trade on mobile?
Yes, the MetaTrader 4 software is also available for iOS and Android devices. Traders can work from all around the world and there is no need to get stuck at a PC. Although the mobile adaptation is somewhat “cut”, it still carries the features that are enough for efficient trading.
Is it good for beginners?
Getting started with iTrader is not different from other brokerage companies. All you have to do is fill in a form with your personal information and experience, wait for the approval to be complete, and make a deposit. Usually, new accounts are approved in several days and a manager contacts you to offer help with the service.
The interface is user-friendly, so you will have no issues using the website and the trading platforms. There also are a lot of educational materials including books, courses, videos, tutorials, and more.
Customer support at iTrader
The customer support works only during weekdays. This means that on Saturday and Sunday you will be unable to get an answer from an agent.
There are several methods to get assistance from a support agent:
- Phone call
- Contact form on the website
If you need an urgent reply, the best option is to contact the broker via its social media. There are pages on Facebook, Twitter, and Instagram.
You must have already noticed that we did not mention the availability of a live chat. Yes, the broker does not have one and this is a major drawback. Nevertheless, it is completely covered by the professionalism of the support agents and the speed at which they answer all tickets.
Customer reviews about iTrader
According to Forexpeacearmy, the broker rating is 3.2/5. This is neither good nor bad. However, we have seen many other brokerage services have higher ratings. Let us see what users write about it.
A user with the nickname “Eduardo” writes that he likes the combination of high leverage and regulations that are followed by the broker. He also liked the spreads for the EUR/USD pair and the way support managers work. See for yourself in the screenshot below.
Another user, “Asun Renner”, writes that iTrader has high-security standards and is trustworthy. The EU rules are followed and there have been no issues.
Most of the real reviews appear to be quite positive and mention the same pros and cons. However, the website notifies users that there has been a suspicious boost in positive reviews during February-December 2019, so be cautious if you see any opinions posted during this period.
Final thoughts
iTrader looks like a legit platform with many positive customer reviews. Although it is regulated by CySec, it appears to be a trustworthy company with profitable trading terms. The service is suitable for beginners and professionals, so you can easily start your new trading career here.
What about your experience with iTrader?
