Many new forex brokers have come and gone over the past several years, but a few have made it through the all-important three-year survival threshold. The firm of iTrader.com was founded in 2012 and is one these new brokers that stuck to its strategy of being simple and profitable, as its logo portends. The broker is headquartered in Cyprus and was one of the brokers that made it through the financial crisis that rocked that island community in 2013. It offers not only trading in foreign exchange, some 48 pairs at our last count, but also choices in CFDs for stocks, indices, and commodities.
There are three account classifications with escalating benefits for each class. Spreads and leverage do vary by account status, a financial incentive for trying something above the Silver platform. A dedicated account manager does come with Gold or Platinum accounts, and the broker also supports Islamic account preferences, as well. Deposits can be made via major credit cards or banking wire transfer, and you can rest easy because all client funds are segregated from operating capital and protected by the local Investor Compensation Plan up to 20,000 Euros. iTrader is licensed and regulated by the Cyprus Securities Exchange Commission (CySEC) under license no. 198/13, 5 Christaki Kranou, office 201, Germasoya, 4047 Limassol, Cyprus.
The management team at iTrader, a group of web commerce and trading professionals, has chosen to go the traditional route with regards to trading platforms. There is no ECN interface, but MetaTrader4, WebTrader, and mobile trading platforms provide familiar formats and trading tools, whether in a downloadable version or directly online. We found over 160 asset choices to trade and a responsive customer service area that is bilingual and accessible from a variety of methods. Spreads for the EUR/USD pair start at 0.7 pips for Platinum clients, who may also enjoy leverage of 500:1. The support center is also broad, including eBooks, videos on demand, training courses, tutorials, and informative articles, together with daily news alerts for all account classes. U.S. clients, unfortunately, are not accepted at this time.
Features at iTrader
Why trade with iTrader.com? The firm lists these reasons:
- Founded in 2012 by financial professionals, experienced in all facets of trading and Internet commerce;
- Headquartered in Limassol, Cyprus, and regulated by CySEC;
- Compliance with MiFID provides regulated access to 23 EU member states;
- All client deposits are segregated in separate bank accounts, not commingled with operating funds, and protected up to 20,000 Euros by the Cyprus protection scheme;
- Three account classifications – Silver, Gold, and Platinum, with tighter spreads and expanding leverage as you go up the account scale;
- Competitive spreads and leverage that vary by asset type and across account class, as low as 0.7 pips and leverage as high as 500:1;
- Minimum deposit is 250 USD/GBP/EUR — no charges for deposits or withdrawals;
- No U.S. clients accepted at this time
- Over 160 asset choices: Forex (48); Stocks (81 from US and EU); Indices (17); Commodities (17);
- MetaTrader4 protocols supported, along with web-based WebTrader version and mobile applications;
- Comprehensive library of support materials, including eBooks, videos on demand, training courses, tutorials, and informative articles;
- Bilingual customer service staff available “24X5” via live chat, Whatsapp, email, and direct phone line.
If your preferences lean toward the MT4 product line, then your familiar trading platform will be there for you at iTrader. The firm also supports the popular WebTrader set up, as well, with its full package of charts, analysis, and presentation of revolving market trends. Mobile applications are also available. Security is paramount with this broker. Not only are the latest encryption techniques employed for privacy purposes, but the firm’s server network has passed stringent SAS70 proficiency standards, along with Level 1 compliance on all payment transaction data.
Deposits and Withdrawals
Deposits follow the familiar route of major credit cards or of banking wire transfers. As with all brokers, you must keep your KYC/AML identity documentation up to data on the firm’s files before any withdrawal request can be authorized and processed. There are no deposit fees with iTrader, and, as an added bonus, there are no charges for withdrawals either. Withdrawal funds delivery may vary by account status or by delivery channel, as banking intermediaries do add time to the process.
Customer service representatives are on call “24X5” each trading day of the week. They speak several languages and can be reached in a variety of ways, including live chat, Whatsapp, email, and direct phone line. A Gold or Platinum account status will also get you a dedicated account manager, but there is a host of educational and support materials that can get you started from the basics to developing advanced trading strategies. Ebooks, videos on demand, training courses, tutorials, and informative articles abound, and daily market news and analysis complements these items.
iTrader – Conclusion
The iTrader team is relatively new to the forex broker market, having opened its doors in 2012. It has, however, survived several industry crises and the trying years of a start up organization to build a global franchise of satisfied customers. Safety and peace of mind are yours due to its rigorous security precautions and its compliance with the stricter regimen of CySEC regulations and standards, thereby ensuring complete privacy and deposit safety. Spreads, leverage, and asset choices are very competitive, and popular trading platform options close the deal. This team has chosen to keep it simple, but it will be interesting to see how they innovate over the near term to improve an already high level of service.