|Platform||WebTrader, MetaTrader 4, Mobile Apps|
|Minimum account size||$250|
|Minimum lot size||0.01|
|Spread on EUR/USD||0.7 pip|
|Payment methods||Credit Cards, 3D Secure Deposit, Bank Transfer|
|Demo account||Unlimited time|
|Accepts US traders||No|
|Regulated||CySEC(Cyprus), MiFID (Europe)|
|Support||Phone, Fax, Email, Remote & WhatsApp|
- Fast processing of withdrawals
- Smart messaging system with signal notifications
- Comprehensive online trading academy
- Tight spreads available for Platinum account types only
iTrader is a currency broker that is regulated and licensed by the Cyprus Securities and Exchange Commission (CySEC). They are also operating in accordance with the guidelines of MiFID in the European Union. Aside from offering the chance to trade forex via a suite of MetaTrader 4 platforms, they also provide a great deal of package for their clients. Are they able to offer something new and competitive in this marketplace? Let’s find out in this detailed review.
They have three types of platforms. The Webtrader platform can be accessed directly from any web browser while the Metatrader 4 needs to be installed on a PC. They also have applications that can be installed on iOS and Android mobile operating systems. Because of the comfortable trading experience, I am giving them a Platform score of 9/10.
The WebTrader platform design is very much the same as the standard platform layout so there’s not much of a difference. It’s organized, clutter-free and very easy to navigate. This warrants a Design score of 5/5.
The minimum deposit to open an account with this broker is $250. This is a tad higher than the requirements of most forex brokers today but this minor disadvantage is covered by the benefits that they offer. For this reason I am giving this broker a Minimum Deposit score of 3/5.
Minimum Lot Size
The allowed minimum lot size is 0.01 and with the capability to implement flexible order sizes, you’ll have more control over your trade positions. For this I am giving them a Minimum Trade score of 4/5.
There are over 160 tradable assets and this includes the most commonly traded currencies, commodities, indices and stocks. These are diverse enough and for this reason I am giving them a Tradable assets score of 4/5.
iTrader offers competitive spreads although Gold and Platinum account holders will be able to take advantage of the lower costs. For example, Silver, Gold and Platinum accounts can enjoy spreads of 2.2 pips, 1.3 pips and 0.7 pips, respectively for the EUR/USD currency pair. This rate warrants a Payouts score of 8/10.
Funds are processed within 2 to 3 business days. Such speed is competitively faster than what most brokers can achieve and based on the actual tests that I did, they were able to fulfill this promise. This earns a Withdrawal Time score of 9/10.
Deposit and Withdrawal Methods
Depositing and withdrawals can be done via credit cards, 3D Secure Deposit and Bank Transfer. These are basically the most common payment systems so I am giving them a Deposit and Withdrawal Methods score of 5/5.
Getting in touch with iTrader’s support is possible via phone, fax, email, remote access via downloadable software called TeamViewer and the instant messaging platform WhatsApp. They currently do not offer a live chat feature. For this I am giving this broker a Support score of 12/15.
Their platform’s prices were derived from independent providers making them capable of providing accurate and competitive execution and our tests revealed that they are able to do so. Such speed deserves a Quote Accuracy Score of 9/10.
iTrader is operated by Hoch Capital Ltd, a company that is licensed by the Cyprus Securities and Exchange Commission and in accordance with the Markets in Financial Instruments Directive (MiFID). It’s a good indication that they abide by the regulatory conditions set by these trusted financial authorities.
Most of the comments that we found also revealed that majority of their clients are satisfied with their services particularly with the fast trade execution and their online trading academy which comes with free webinars and other educational tools. This is the reason why they received a Reputation score of 18/20.
What iTrader brings to the table is a platform with optimal trading conditions and first rate services that would greatly give their clients a lot of advantage. The comprehensive online academy, the good selection of assets, the multi-lingual support with a wide array of messaging systems and the well-established reputation are just some of the many reasons why you should choose this brokerage for trading.
Final Score: 87/100