iTrader is a forex trading brokerage that was established in 2012. Given that they have only been in the business for just a few years, one may think that they may only have mediocre offerings and services but on the other hand, one may also think that they could provide access to forex markets with something that is new or more improved. So how does this broker compare to the rest of the competition? Are they worth investing on? Continue reading this review to know the answers.
Demo Account: No financial commitment
It is possible to try out their service using the demo account if you’re not yet comfortable in trading with real money. You can do a test run and experience their service without worrying about the risks.
Bonuses: Replaced by gifts!
From time to time, they offer bonuses in the form of gifts for both new and existing clients and these can be electronics devices, smartphones and laptops.
Platform: Comes in three forms
They have the MetaTrader 4 which is one of the most popular charting and analysis software not just for seasoned traders but for newbies as well. The platform offered by iTrader comes in three forms: Webtrader, which can be accessed via any browser, Metatrader 4 which is an executable program for Windows and Mac computers and Mobile Trading App for smartphones and tablets.
Mobile Trading: Downloadable apps
If you prefer to do all of your trading activities with a smartphone or tablet then you won’t have a problem as this brokerage have downloadable mobile applications for devices that are running on Android and iOS platforms. You will be able to managing your trades and your accounts conveniently with an interface that has been purposely designed for mobile use.
Minimum Lot Size: Micro lots accepted
Micro lots are also available for trade and this can go for as low as 0.01 which is at par with the minimum lot size of the majority of brokers in the market.
Maximum Leverage: Up to 1:500
Depending on the account that you’re subscribed to, you will be able to enjoy spreads from 1:200 to 1:500.
Spreads: Depends on account type
The spreads that you will be able to enjoy will also be based on your account type. For example, a Silver account can have access to spreads of 2.2 pips for the EUR/USD pair while Gold and Platinum accounts have spreads of 1.3 pips and 0.7 pip, respectively.
Tradable Instruments: Over 160 selections
There are more than 160 assets for you to place your investments on and this includes a selection of forex, CFDs, stocks, indices, commodities and metals.
Deposit & Withdrawal/Support
Minimum Deposit: A tad higher than the standard
$250 is the minimum deposit amount for you to opening an account with this broker. It’s a little higher than the requirement of majority of brokers today but if you’re planning to trade in the long term this wouldn’t probably be a major issue.
Deposit Methods: Basic payment options
Unless you prefer a different mode of payment, the minor downside is that you can only deposit funds into the account by using a credit card or wire transfer from any bank.
Withdrawal Processing Time: Faster than the competition
Withdrawal requests that were submitted on or before 11:00 AM (GMT) are processed on the same business day while those submitted after this cutoff time is administered on the next business day. By comparison, other brokers may take way longer so this is already a great advantage.
Channels: Phone support and many other ways
They offer phone (with local support for clients in Cyprus, Netherlands, Sweden, Denmark, Norway, Italy, France, UK, Germany and UAE), email, fax, WhatsApp and even remote support.
You can get in touch with their support agents any time of the day from Mondays to Fridays.
Supported Languages: Multi-lingual
They support clients who speak English, French, Italian, Arabic, German, Russian and Spanish.
Average User Rating: 9.6
This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.
Platform Design: Simple and convenient to use
The overall designs of their platforms are very simple and take only a few minutes to get used to even for a beginner. All the important links and menus are accessible from the main interface.
Support: Available on WhatsApp and even remote support
What makes this broker different from the rest is that they offer client support not just via the usual modes of communication. Aside from phone, email and a contact form, they have WhatsApp and remote support via a downloadable application via TeamViewer.
Reputation: Regulated with thousands of trades executed every month
This brokerage is regulated by the Cyprus Securities and Exchange Commission (CySEC) and is also in accordance with the rules of MiFID in the European Union. Aside from this, they also have an established integrity for having a stable base of thousands of trades executed in their platforms every month.
Editor’s Rating: 90
iTrader’s trading conditions and level of service are above satisfactory. The range of account packages, the selection of optimized MetaTrader 4 platforms and the wide array of communication methods with multi-lingual support are already a great deal of advantages that would benefit their traders. This broker definitely has the edge in today’s competitive marketplace.