ITRADER Review

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Trader Rating
5 minutes read/Updated: 11.02.2020

Founded in 2012, ITRADER is an online Contract for Difference (CFD) and cryptocurrency broker based in Limassol, Cyprus. The broker offers a trading service in over 260 tradable assets, including CFDs on a decent range of currency pairs, cryptocurrencies, stocks, indices and commodities.

With respect to its broker model, ITRADER operates using an Electronic Communication Network (ECN) and Straight Through Processing (STP). This means your orders get sent straight through to the market for execution without the broker taking any action that can introduce errors.

ITRADER accepts clients from the UK and the EU, as well as from some other countries. If you are interested in how we review ITRADER, then read further in this ITRADER UK review to determine if the broker is suitable for you and whether it you should open an account with ITRADER today.

Strengths
  • Simplified service that meets most traders’ needs.
  • Relatively quick customer service response.
  • No charges for deposits or withdrawals.
  • Access to global markets.
  • Decent choice of educational materials.
Weaknesses
  • No toll-free support number.
  • Lacks customer service in late evenings and over the weekend
  • No Live Chat.
  • Does not support MetaTrader 5 (MT5).

What can you trade?

Open Forex Account

iTrader Forex Review

£250 Min Deposit
Medium Trading Fees
Mediocre App Support
1:500 Max Leverage
Open CFD Account

ITRADER CFD Review

£250 Min Deposit
Medium Trading Fees
Mediocre App Support
1:500 Max Leverage

When it comes to currencies, ITRADER offers access via CFDs to 100 currency pairs. The broker lets you execute transactions in CFDs on all major forex pairs and crosses, in addition to a selection of minor and exotic currency pairs. You can trade forex pairs at ITRADER using mini lot sizes as small as 0.01.

ITRADER offers zero-commission currency trading for those based in the UK, although it does charge commissions on equity CFDs. You can also trade CFDs on indices and commodities. The broker has fairly competitive dealing spreads that depend on the account type you choose to open.

Regarding forex leverage, ITRADER is based in the EU, so it can only offer a maximum leverage ratio of 30:1 to UK and other EU clients considered retail currency traders, although higher leverage may be offered to those who have professional trading experience. The lower leverage cap is due to Financial Conduct Authority (FCA) and European Securities and Markets Authority (EMSA) regulations.

The broker also supports the MetaTrader 4 (MT4) trading platform that is very popular among retail forex traders, and it also has an in-house platform called Webtrader you can use in a web browser.  ITRADER lets you employ expert advisors to automate your trading implemented via MT4, and it allows both scalping and hedging strategies to be used.

Open Social Trading Account

ITRADER Social Trading Review

£250 Min Deposit
Medium Trading Fees
Good App Support
1:500 Max Leverage

Social trading at ITRADER does not go beyond the broker’s basic collaboration with the community surrounding the MT4 trading platform.  Traders who want to start social trading will want to run that platform and enable it for social aka auto trading by clicking on ‘Auto Trading’ once it starts up.

They can then click on the Signals tab in MT4’s toolbox window at the base of the platform’s default display screen. This will allow them to review a variety of Trading Signals they might like to follow.

Choosing a signal allows you to begin copying the trades of the associated MT4 trader providing that signal in real time. While some signals do not require you to pay a fee to follow them, most of the better traders do charge followers a fee to copy their trades.

Open Crypto Account

ITRADER Cryptocurrency Review

£33 Min Deposit
Medium Trading Fees
Regular App Support
1:500 Max Leverage

When it comes to cryptocurrencies, ITRADER has an excellent selection of 33 pairs you can trade using CFDs. You can perform fiat currency into cryptocurrency conversions and trade digital currencies using a leverage ratio of 2 to 1.

ITRADER currently offers CFD trading in especially popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP), as well as in less common digital coins like Dash, Lisk, Qtum and Cardano.

You can trade these digital coins against other cryptocurrencies at ITRADER, as well as versus major fiat currencies like the pound sterling, U.S. dollar and euro.

What did our traders think after reviewing the key criteria?

ITRADER Fees

Clients of ITRADER should expect to pay away the dealing spread on a transaction whenever they enter and exit a position. This is a standard business practice you can expect to find when trading through virtually any online broker.

The broker has floating dealing spreads, so you can expect them to vary depending on the asset traded and market conditions. Spreads can also change depending on the type of account you elect to open, with Silver account traders paying away a wider spread to trade than Platinum account holders, for example.

ITRADER does charge an inactivity fee to your account of 50 base currency units if you fail to trade for 90 days or more. Furthermore, although ITRADER does offer a swap-free Islamic account for Muslim traders who wish to conform to Sharia law, other traders can expect additional fees in the form of rollovers or swaps if they hold a position overnight when long the lower interest rate currency of a pair.

Account Types

ITRADER offers three main types of account, at least one of which should satisfy suit most traders. They are the Silver, Gold and Platinum accounts that have successively better features and narrower dealing spreads.

All of the accounts at ITRADER let you deal in minimum lot sizes of 0.01 of a standard lot. Both the Gold and Platinum account holders get discounts on swaps and can engage in hedging, while the Platinum account also comes with a free virtual private server (VPS) and trading alerts.

Furthermore, you can open a free demo account funded with virtual money that is helpful for testing strategies and practicing trading in. ITRADER also caters to Muslim traders by offering Islamic swap-free accounts.

Those who qualify as professional traders can open a Pro account to access a considerably higher leverage ratio of 500 to 1, compared to only 30 to 1 for retail traders.  Pro traders also enjoy a lower margin closeout percent of 15% in case their trades go against them.

Platforms

ITRADER’s proprietary trading platform consists of web-based software called WebTrader. Access to this platform is provided free of charge to all ITRADER clients.

The broker also offers support for the popular and straightforward — yet surprisingly sophisticated — MT4 platform that was developed by MetaQuotes and remains available for download without charge from its website. In addition to its desktop software format, MT4 provides versions for use with both iOS and android mobile devices, as well as with Internet browsers. A screenshot from the mobile version of MT4 is shown below.

ITRADER APP

Some social trading is also supported at ITRADER via MT4’s Trading Signals service, although keep in mind that many providers do charge a fee for this service to other traders who wish to follow them.

Usability

ITRADER’s official website has an easy-to-read format with menus in dark grey atop attention-getting graphic headers situated above its informational content that consists mainly of grey text on a white background.

The menu at the top has links to all the basic areas you could have questions about, with its five tabs being: Trade, Assets, Education Center, News and ITRADER Info. In the upper right of each page are helpful buttons with Open Account and Sign In, while the page bottom has additional links and contact information.

The website also has a helpful FAQ, a news tab, an economic calendar and a considerable amount of educational material aimed at newer traders.

Customer Support

ITRADER provides its clients with three standard contact options on its website that you can use to make general enquiries and obtain technical support when you have an issue. These options include a toll-free telephone number or a phone number you can call from abroad, an email address and a snail mail address. You can get customer support at ITRADER in 15 languages.

Live customer service is provided from Monday through Friday from 7:00 a.m. to 7:00 p.m. GMT, which means you cannot speak to a support person in the late evenings or over the weekend.  This can be particularly problematic for forex and cryptocurrency traders who can trade around the clock on weekdays and for cryptocurrency traders who can also trade over the weekend.

ITRADER REVIEW

Payment Methods

ITRADER operates globally, so it lets clients make deposits and withdrawals via several popular payment channels. These include the following:

  • Credit and debit card payments via Visa and MasterCard.
  • Bank wire transfers.
  • E-wallets like Neteller, Skrill, SafeCharge and others.

No fees are charged by ITRADER on deposits or withdrawals, and the minimum withdrawal amount is $100. The time taken to process withdrawals is around one business day for every payment option except bank wire transfers, which can take up to between three to seven business days, depending on what type of account you open.

A seven day wire transfer period seems rather long compared to other brokers, and there does not seem to be a valid business need to make clients wait that long for their money, even if they do only have a Silver account.

Best Offers

ITRADER provides considerable educational assistance to novice traders. This mainly consists of articles, webinars, online courses, ebooks, videos and tutorials.  There is also an economic calendar that forex traders will find very helpful. Furthermore, you can open a demo account to try out the broker’s services for 14 days that is funded with $100,000 in virtual money.

In addition, ITRADER has several active social media accounts. The broker’s Facebook Page currently has almost 42,000 followers and quite a few recent posts, although its also-active Twitter account only has a mere 765 followers. The broker’s YouTube channel has 764 subscribers and a series of financial news videos in English, Spanish and Italian, but the channel no longer seems active.

Regulation and Deposit Protection

ITRADER is based in Cyprus and is therefore regulated by CySEC within the EU, as well as by the Financial Conduct Authority (FCA) within the UK. As a result of its EU regulation, the broker needs to operate under the Markets in Financial Instruments Directive II. This means it must segregate client funds from its own money and limit leverage to 30:1 within the EU for retail traders.

U.K. traders can enjoy protection against broker defaults of up to £50,000 via the UK’s Financial Services Compensation Scheme (FSCS) that ITRADER participates in. In contrast, accounts of EU traders are only protected up to €20,000 by the Investor Compensation Fund (ICF) of Cyprus.

Awards

ITRADER has been operating since 2012, but it has not received many industry awards to date. The broker does, however, offer an exceptional range of cryptocurrency CFD trading opportunities that it has been lauded for by numerous reviewers.

With respect to the awards it did win, ITRADER won a Best Educational Broker award given out by FXEmpire.com in 2016.  Also, Ask Traders.com awarded ITRADER its Best Crypto Broker award in 2019. Furthermore, the broker supports the popular MetaTrader 4 platform, which has won many awards over the years for its sophistication and numerous great features.

Nevertheless, it was noted that some of the ITRADER reviews posted online by clients are not especially favourable, such as those collected at Forex Peace Army and UK Trustpilot, although most industry reviews of ITRADER seem considerably more positive.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.