The broker mentions in its risk warning that 75.59% of traders dealing with CFDs are losing money. It is a very high loss percentage as compared to other regulated brokers. Regulated brokers have more than 30-40% as their profit percentage. My ITRADER review respects the volatility of the brokerage industry. But it seems like this broker earns from the loss of its traders. Unlike most of the brokers, it is impossible to find ITRADER bad reviews on the web. Why? We can’t say for sure, but it is likely they have bribed popular Forex blogs for good reviews.
The estimation of profit and loss is difficult at the start of a trade. It depends on the trading strategies, trading tools, and the market trends. It is not wise to deal with a broker that has a high loss percentage. It is a token of unreliable trading services of the broker which does not allow most of its traders to make any profits. So, traders should thoroughly check the details about the trading services of the brokers with high loss percentages. You may or may not lose the trade but it does not depend solely on its execution. A large part of the results of a trade depends on the environment and the services. And these factors fall under the control of the broker only.
The broker must put a disclaimer warning on the website. My ITRADER review finds that the high loss percentage of traders is the first sign of its substandard services. The eye-catching titles and the commitments of the broker need a strict check with factual information to reveal these details. Professional traders should never get carried away by the claims of such brokers.
The Facebook account of ITRADER is rarely updated. It lacks basic information. The quality of the content on the page is poor.
One major flaw on the Facebook page is that the broker mentions that it has a loss percentage of 82.88%. The loss percentage is 75.59% on the website of ITRADER. The mismatching data is questionable.
On the Twitter account of the broker, the loss percentage is 82.22%. These are 3 different quotes of the loss percentage of the broker. It starts at 75.59% and goes up to 82.88%.
Traders are scratching their heads on the discrepancy in their data. The twitter account of the broker has a very small number of followers. It is also rarely updated. The posts on their Twitter and Facebook accounts are the same.
ITRADER does not bother to pay any special attention to its social media accounts. The data on social media accounts do not match the data on the original website. The website is the primary source of information about any company. So, it becomes hard for traders to trust the details and updates on the social media accounts of ITRADER. The mismatch of information is not due to an error. It is a ravening step of the broker as it tries to befool traders with fake data.
Their social media presence is objectionable. There is no source to figure out if the data is really from their website.
Brokers use social media to enhance their brand. The broker should use the online media accounts as a mode of connecting to the existing traders. The provision of proper updates about the upcoming services of the broker is mandatory so that traders can plan their trading schemes accordingly. The expectant traders are connecting to the brokers using simple social media branding. The word of mouth on platforms like Facebook, Twitter also helps in multiplication of the customer base for brokers.
ITRADER, sadly, fails to take advantage of social media platforms. It shows their lack of professionalism. At least the broker should try to provide correct information on all social media platforms. It should not create confusion among traders.
No US Clients Allowed!
Just like many other offshore brokers, ITRADER does not provide services to traders from the reputed region of the USA. It is an eye-wash to the high claims of ITRADER. The company claims itself to be a leading service provider. It unravels their fake claims as the USA does not allow their entry in its region. This is due to the lack of alignment of the broker under the strict rules of the country.
Each broker claims to be the best one in the market. However, this claim should come from the existing traders of a broker and not from the broker itself. The USA is one of the developed countries which has very strict rules and regulations for financial service providers. The country works hard to protect its citizens from any type of fraud services of the offshore brokers. This is not shocking to learn why brokers like ITRADER cannot provide services in a thriving market like the US.
Missing Crucial Facilities
After having an astonishing look at the mismatched data of ITRADER, it is shocking to learn that the broker misses on the basic essential services to traders.
- No facility of MetaTrader 5: ITRADER does not provide the reliable and secure services of the MetaTrader 5 platform. It claims to be dealing with a large number of assets but forgets that MT5 is the best trading platform for handling multiple assets.
MetaTrader 5 is a supple and dependable trading platform with enhanced security. All of the trades in MT5 are highly encrypted. The additional help of market liquidity helps traders in executing correct trades while understanding the market activities. The different types of trade executions are beneficial for fresher and professional traders. Meta Trader allows Instant, Request, Market, and Exchange execution according to the experience of traders. Apart from all these benefits, the automated trading signals, expert advice, and the trading charts are the basic facilities to the customers.
Meta Trader 5 is a high-quality trading platform to assist traders. ITRADER disappoints them by failing to provide the basic MetaTrader 5 support to them. Their different assets are not useful to traders when there is no provision for the powerful and solid trading platform like the Meta Trader 5.
- No STP/ECN Trading: ITRADER does not reveal that it is a market maker. It does not support STP/ECN trading. The main problem with a market maker is that the orders of its traders are not directly routed to the trading markets.
The acceptance and declination of the trade depends solely on the will of the market maker. Thus, the broker wins even in the case of a loss to the trader.
Straight-Through-Processing (STP) trading and Electronic Communication Network (ECN) trading do not hold any trade orders of the investor. They are directly passed in the market. Thus there is no delay in the execution of the orders. There is no provision of re-quotes hence, traders get the best out of the ask prices and the bid prices. ECN trading gives the best profitable results with forex and stocks. The low spreads and enhanced liquidity are the additional benefits of dealing with the direct operational models of trading.
ITRADER disheartens its traders with no provision of the ECN/STP trading. The spreads are high in their trading accounts. traders are away from the real prices of the trading markets. The positive slippage and the competitive spreads cannot help traders as there is no provision for the same in the accounts of ITRADER. More on, traders have to face the brunt of limited scalping, hedging, etc. The broker does nothing fruitful to relieve the gripe of traders.
- No Bonus: Regulated brokers provide bonuses to their traders. ITRADER disappoints its traders as there is no provision of bonus in its trading accounts.
- Restricted Demo Account: The demo account of ITRADER is valid only for 14 days. It is very little time to understand the market trends. For a fresher trader, it is impossible to understand trading in only 14 days. The demo account of regulated brokers provides access to real-time trading conditions for at least 30-45 days. Their limited demo account is of no use to traders.
An ideal demo account should provide a detailed simulation of the actual trading platform. The professional traders can use virtual money for the judgment of the best trade. The trading tools, real-time trading chart helps to choose the profitable trades. The fresher traders, on the other hand, can understand the basics of trading. The step by step learning of trading starts with the understanding of the trading platform. The trading signals and the market analysis charts are beneficial only in the case the trader has the exact know-how of the basics. Thus, 14 days are very little for the understanding of the trading platform.
A demo account is a service that is not beneficial to the broker but helps the trader in earning profits. It is the best reflection of the customer-centric approach of traders. Sadly, ITRADER does not do anything well for the service of traders. The demo account of the company is just for a name that has no actual benefits to traders.
- Live trading accounts: The broker provides 3 types of live trading accounts with very limited information about the provision of the services in these trading accounts.
- Silver Account: The silver account of ITRADER does not mention the minimum initial investment required to open the account. The provision of a so-called dedicated account manager is doubtful. ITRADER is a market maker. Any help from them will try to make the conditions in their favor only. The webinars and videos are of no use to traders. The quality of their study material is below average as well. The broker mentions that it provides only 12 hours of customer support to its customers. The leverage for professional clients is 1:200 and the spreads are as high as 2.2 pips for the popular EUR/USD pair. The ideal spread should start from 0 pips and the leverage ratios should be competitive.
- Gold Account: Their gold account provides no additional services to traders. The services of the silver account and the gold account are the same except that the leverage for the professional client is 1:400 and spread starts from 1.3 pips. These conditions are still far away from the ideal trading conditions as provided by the competitors of the ITRADER. Still, there are no details about the minimum initial investment required to open the account.
- Platinum Account: The difference between the services of the gold account and the platinum account is that there is the provision of free VPS and news alert in the platinum account of ITRADER. It is funny and at the same time satirical that they chose to offer such useless services to traders. There is no outline for the deposit limits.
The live trading accounts of the ITRADER are a sardonic example of the bad services to traders. There are no details about the conditions related to the deposits. There is no mention of the minimum initial investment associated with each account. The leverage ratio is only for their professional clients. The spreads do not start from 0 pips. The professional traders who have experience in trading markets do not take much time in understanding the greedy policies of the ITRADER which aims to exhort money from the investors.
- Retail VS Professional client: The broker provides solid leverage to professional clients only. To become a professional-client of ITRADER, you must have a portfolio of more than 500,000 Euros, the trader should have one year experience in trading, and should execute trades with the frequency of more than 10 trades in a quarter. All these details are beyond the reach of a fresher trader. Thus, a fresher or an average experienced trader cannot get the status of a professional-client with them.
ITRADER, first of all, creates the conditions so that each trader wants to become a professional-client with them. Then traders are bomb shelled with the bizarre condition that the professional clients of ITRADER cannot enjoy the benefits of the fund’s compensation scheme.
This is how ITRADER runs the entire vicious cycle of money extortion.
- Weak Customer Support: ITRADER tells traders that it remains readily available for customer support. Their toll-free number is based in Cyprus. There are no dedicated numbers for providing regional linguistic support to traders from different locations. There is a single email-id for each type of customer support. The live chat available on their website doesn’t respond. There is no provision of round the clock technical customer support to traders.
The broker should be readily available to provide a reliable, quick, and efficient technical customer support to traders. The feeble steps toward ensuring dedicated customer service are a sign of their greedy policies. The brokerage involves dealing with money and traders cannot be left without strong redressal of their grievances.
- Redundant Study Material: ITRADER claims to be supportive to traders by providing them with the latest study materials. The broker provides four e-books to traders. The length of the pages of the e-books is shocking. The first and second e-books are very lengthy and cannot help a fresher trader whereas the third and fourth books are too short. It is the mockery of traders. The e-books are not relatable to real-time trading. The material provided by ITRADER is of no use to traders.
- Pointless Withdrawal Conditions: The broker takes 1 week to transfer the funds into the trader’s account. I was shocked to see that their withdrawal policy mentions the details of withdrawal response time. The withdrawal requests taking so much time is not appreciable on their part.
The next shocking condition is their control on the trading account of the customer. The broker states that it has the right to check the details, and history of the investor’s trades before processing the withdrawal requests. Thus, the broker has sole discretion in accepting or rejecting the request of the trader. The below-mentioned screenshot from their withdrawal policy verifies the truth.
The withdrawal fee is as high as 50 Euros. In addition to this, the withdrawal limit is set to 100 Euros. It is a very high limit as compared to the limitless withdrawals provided by the regulated trusted brokers.
Their withdrawal policy clears all doubts of traders. Any broker that tries to retain the money of the investors is not on the right path. This is not professionalism.
- No details of the Team: ITRADER fails to provide any details about the professionals behind the firm. There is no outline of the senior management of the brokerage. If there is a good team of professionals who have strong experience in the trading markets, then why did the company not disclose their details? There are no such experienced and executive team members of ITRADER.
Fined by CySEC:
The Hoch Capital Limited is the owner of the ITRDAER trading name. Here also, there is a shocking revelation that the reputed Cyprus Securities Exchange Commission (CySEC) fines the broker for its spurious working and its services. The CySEC fined ITRADER with a lofty amount of 30,000 Euros. It is an administrative fine to the broker which shows the truth about their claims of ethical working and adherence to CySEC’s guidelines.
The Settlement with CySEC:
In another case of non-compliance to the guidelines of the Cyprus Securities Exchange Commission, the broker pleads a settlement of 200,000 Euros to evade the judicial review from the authority.
The action against the ITRADER by the reputed CySEC is a barometer to the services of the trader. The customers must go through the background of the ITRADER before investing.
Is ITRADER safe?
ITRADER fails to provide genuine details about its team, deposit conditions, and leverage to prospective clients. I completed the gradual and detailed exposure of their fake assertions like trading accounts, trading platforms and demo accounts. The company flaunts its association with CySEC but does nothing to provide high-end trading experience to traders. My ITRADER.com review does not recommend the broker as it fails to help traders with basic requirements. You can find much better options in the market.
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