ITrader: A Comprehensive Broker For Crypto & Stock Indices

August 4, 2020
Brokers
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ITrader is one of the plethora of brokers that started gaining traction in early 2010’s. The broker is managed by Trade ATF which comes under the umbrella of Hoch Capital. ITrader offers plenty of assets such as stock indices, forex and crypto. Moreover, ITrader has plenty of deposit and withdrawal options coupled with good educational resources. With more than 30 plus cryptos and 7 stock indices ITrader promises to be a good platform for anyone looking to trade in these assets. Click the link below to join now

However, if you are looking for a holistic platform that offers a wide array of assets then you should consider Capital.com as it offers a diverse range of stocks, ETFs, bonds, crypto, commodities and CFDs. With one of the best and affordable fee structures coupled with the most comprehensive educational resources, Capital.com promises to be a good platform for your trading needs.

We analyzed hundreds of data points relevant to the costs, benefits and features of trading with ITrader and scored our findings on a 10-point scale across 10 distinct categories.
Fees 6
Signup Process 5
Minimum Deposit 8
Ease of Use 8
Deposit & Withdrawal Options 10
Customer Support 7
Asset Classes 7
Referral Program 0
Demo Account & Educational Resources 8
Safety & Regulation 6
Total 64

Introduction

ITrader part of the plethora of brokers that entered the market in the early 2010s, and is currently headquartered in Belize. The broker gained regulation from CySEC in 2013. However, in recent times it was fined and it lost its regulation from this entity. The broker offers plenty of asset options with plenty of deposit and withdrawal options. Moreover, they offer a demo account with decent educational resources to get you acquainted with the platform.

Pros & Cons

Let’s have a look at the pros and cons to see if ITrader is right for you.

Pros

  • Good forex prices
  • Plenty of crypto & stock options
  • Myriad of Deposit & Withdrawal options
  • Good demo account

Cons

  • Fined and unlisted by CySEC
  • Variable inactivity fees
  • Not regulated by tier-1 regulators
  • No referral program for individual users
  • High withdrawal fees

Account Types

There are 3 main types of accounts that you can choose with ITrader, namely, Silver, Gold and Platinum. Each of the account types is suited for different types of users. Let’s have a quick look at the main features that each account offers:

Silver

Gold

Platinum

More than 700 asset choices

More than 700 asset choices

More than 700 asset choices

1:30 Max Leverage

1:400/1:500 Maximum Leverage

1:400/1:500 Maximum Leverage

Swap Discounts of 25%

Swap Discounts of 50%

Trading Signals

Trading Signals

Silver Account

Silver account is designed for individuals looking to get started with trading. It offers all the asset varieties of other accounts without some of their advanced features.

Gold & Platinum Account

Gold & Platinum accounts are for professional traders. With swap discounts and lower spread rates, you can trade big and get great discounts. Hence, anyone looking to trade professionally may benefit from enrolling in a Gold or Platinum Account with ITrader.

Here’s a breakdown of our 10 scoring categories, each scored out of 10 for a total of 100 points.

#1 Fees At ITrader

The fee structure of ITrader provides some great value under certain circumstances but not so much value under others. Let’s unravel the structure to see some of its strong points and some of its weaknesses.

Deposit & Withdrawal Fees At ITrader

There are no deposit fees associated with your ITrader account. However, there is a withdrawal fee of $100 associated with your ITrader account. This is a lot compared to other brokers because there is a myriad of brokers that do not charge any deposit or withdrawal fee such as HotForex & Capital.com.

Inactivity Fees At ITrader

There is an inactivity fees associated with your ITrader account. The exact amount is not mentioned with their website but according to user reviews it is about $50 per month after your account has been inactive for a couple of months. Some users have also complained that the inactivity fees can be higher if an account has been inactive for a longer period of time.

ITrader Forex Spreads

The forex spread rates are decent compared to other brokers’. Let’s have a look at some of the spread rates for the Silver Account.

PairMinimum Spread
EUR/USD0.7
GBP/USD1.3
USD/JPY0.8
AUD/USD1.1
NZD/USD1.4
AUD/JPY3.6
AUD/USD1.1

The minimum spread rates offer some good value such as the AUD/USD & USD/JPY rates. These minimum spreads are comparable to other brokers such as Webull, however, it is much more expensive than Tickmill which is offering spread rates that start from 0 pips during the pandemic. Tickmill is giving some great discounts on forex spreads and I suggest that you check them out.

The inconsistent inactivity fees, coupled with the high withdrawal fees mean that the broker scores only a 6 in this dimension.

ITrader Fees Score: 6/10

#2 Signup Process At ITrader

The signup process is fully digital and can easily be broken down into 3 simple steps

  1. Fill In Personal Details

    This step includes your details such as the name, email account and address.

  2. Upload Id Documents

    Upload id information such as a passport, drivers license or a utility bill.

  3. Answer Basic Questions On Financial Knowledge

    Answer some questions on trading and finance, this helps determine whether you are a beginner or professional trader.

The approval process for your account can take up to 3 days or more. This is a lot of time compared to most other brokers, due to which it scores only a 5 on our scoring guidelines.

ITrader Signup Process Score: 5/10

#3 Minimum Initial Deposit At ITrader

The minimum initial deposit to get started with your ITrader account is $250, which is not much and you can get started with trading right away. However, this deposit limit can be a bit much for some individuals looking to get started with trading. If you want to start trading for less you can get started with FXTM or IronFX for $0. FXTM and IronFX have some great demo accounts as well so you can learn to trade with paper money before you commit even small amounts in real investments.

ITrader Minimum Initial Deposit Score: 8/10

#4 ITrader Ease of Use

ITrader has a decent platform for mobile and desktop use. The android application has a rating of 4.4 along with good user feedback for the interface of the broker. The interface is uncluttered and shows visible trends of your asset which can allow you to trace variances associated with its price.

Economic Calendar At ITrader

The economic calendar can help you keep track of major market events such as fiscal and monetary budget announcements that can have an impact on your assets.

Trading Ideas At ITrader

The Trading Ideas feature can advise you on selling or keeping an asset. It is based on algorithms and it is a key feature that can help you in making trading decisions. However, we strongly advise that you always do your own research as well before relying on trading idea option because while many algorithms are good at understanding trends they may not always be very effective in analyzing market information.

ITrader Charting Options

There are several options that you can use to chart your asset prices and various metrics regarding your assets

  • Symbol charts
  • Bar charts
  • Japanese candlesticks to understand variance associated with your asset.
  • Broken line charts to segregate different time periods to analyse asset behavior by time

The usability options and analytical options available for users mean that the broker scores an 8 in this dimension. However, the score is not a perfect 10 because ITrader lacks advanced usability options such as advanced charting options and statistical options offered by other brokers such as Capital.com.

ITrader Ease of Use Score: 8/10

#5 ITrader Deposit & Withdrawal Options

There are plenty of options through which you can deposit or withdraw your funds. It is always good for a broker to have multiple deposit and withdrawal options to provide users with the flexibility to deposit and withdraw funds in a manner that best suits their needs.

ITrader’s deposit and withdrawal options are:

  • E-wallets which include Skrill & Neteller
  • Credit card and debit cards
  • Bank Transfer
  • Wire Transfer

While ITrader offers a lot of options for the withdrawal and depositing of funds, an issue to be noted is that you can only withdraw funds using the same method you used for depositing funds. Even so, this is rather common among online brokers, and this one scores a solid 9 in this dimension because of the number of options that are available to users.

ITrader Deposit & Withdrawal Options Score: 10/10

#6 Customer Support

You can get customer support through various platforms with ITrader. Some of the options that are available include:

  • Live Chat
  • Email
  • Telephone

Customer support is available 24/5 which provides a good window for seeking customer support during the weekdays. However, email support is quite weak. We at Yore Oyster did not receive a response to our queries regarding the broker, and consumers have also complained, on different forums, about poor support via email due to which the broker scores a 7 on this dimension rather than a 9 or a 10.

ITrader Customer Support Score: 7/10

#7 Asset Classes

ITrader offers plenty of assets that you can trade in which can help you in building a diversified protfolio. Some of the assets and otpions offered are listed below:

AssetNumber of Options
Crypto30 +
Forex45 +
Commodities20 +
Stock Indices7

Crypto

ITrader offers all the major cryptos such as Bitcoin, Litecoin and Ethereum. You can also trade in crypto CFDs so that you do not have to actually mine the currency to trade in it. ITrader does a good job in giving options with respect to crypto because not many brokers offer so many options of this asset class. If you are a crypto trader you may want to signup for ITrader.

Commodities & Forex

You can trade in more than 20 commodities such as oil, soybean and wheat to build your portfolios. You can also trade with more than 45 Forex pairs that include major, minor and exotic currency pairs as well.

Stock Indices

ITrader offers stock indices from 7 major markets. Some of the stock indices offered by ITrader include:

  • FTSE 100
  • DAX
  • DOW
  • NSDAQ 100
  • Nikkei 225
  • S&P
  • $IND

Stock indices are a great passive income strategy because stock markets tend to grow in the long term. While returns in stock indices are naturally smaller than other assets, they provide stable returns in the long term. Stock indices can be used in risky portfolios to hedge risks. In-case you want to deal in crypto, commodities or Forex, you should definitely check out Itrader.

The asset options offered by ITrader are good but since assets like bonds and ETFs are missing, the broker loses several points, but do keep in mind that the options provided within each asset type are plentiful for traders looking to build diversified portfolios.

ITrader Asset Classes Score: 7/10

#8 Referral Program

Referral programs play an important role in making trading fun because you can use the platform with friends and learn more. However, there is no active referral program for ITrader for individual users. This reduces the chance that you have to earn more funds by referring more friends. Hence, the score for this dimension is 0.

ITrader Referral Program Score: 0/10

#9 Demo Account & Educational Resources

Having a good demo account and educational resources to practice those skills can be beneficial for any trader.

ITrader Demo Account

Demo accounts are a great way of training individuals as you can trade with fake money and test out your skills. A good feature of the demo account at ITrader is that you do not have a time limit so you can continue to use it as long as you need to practice to improve your skills and strategies.

ITrader Educational Resources

ITrader has some really good educational resources. Some of the educational resources that are provided for users include.

  • E-books
  • Tutorials
  • Videos
  • Courses on trading different assets

The resources offered by ITrader are good in-terms of introducing someone to the platform and teaching them how to trade different assets and use the platform due to which they score an 8.

itrader demo

ITrader Demo Account & Educational Resources Score: 8/10

#10 Safety & Regulation

ITrader is currently regulated by authorities in Belize. The parent company of ITrader, Hoch Capital, lost its license in Cyprus by CySEC and they were fined 30,000 Euros. You can review the fine on Cysec’s website. CySEC received a complaint from UK’s FCA regarding misleading advertisements issued by the broker due to which it was fined. This is not a good sign because you would want your broker to be regulated by tier-1 brokers like the FCA and CySEC. Nevertheless, the broker is regulated and scores 6 for this dimension.

ITrader Safety & Regulation Score: 6/10

While researching 100+ of the world’s top brokers, we’ve noticed what works and what doesn’t from the customer’s point of view. That’s why our final test for any broker is to compare it to Capital.com, which scores 91/100 points across the 10 categories mentioned in this review.

ITrader vs. Capital.com

ITrader has some good options for crypto and stock index traders as it offers a lot of options under these assets. Moreover, ITrader has plenty of withdrawal & deposit options. Let’s dissect each dimension one by one to see the major difference between both traders.

Capital.com Is Easier To Use

Two of the major differences in the usage between the 2 platforms are functionality and usability. The interface of Capital.com is quite intuitive and easy to use for individuals. Similarly, ITrader’s research functionalities are also not as detailed, intuitive and user friendly as Capital.com’s whose interface is much more intuitive and instructive. Similarly, Capital.com also shows plenty of options that show user’s with more advanced statistical interpretation of trends to make more informed decisions.

More Assets To Trade

Capital.com offers much more asset types than ITrader such as bonds, stocks & ETFs that can allow you to trade with various asset types. Except for Crypto, it also offers plenty more assets within each class. It is important to build diversified portfolios to hedge them against risks and Capital.com allows you to do that by offering a wide array of assets at affordable rates with no trading commissions or fees.

Capital.com Is Safer

With regulation from FCA, SEC and CySEC, Capital.com is one of the most regulated trading platforms out there in the market. ITrader was recently unlisted and fined by CySEC and that does not exactly fill us with confidence regarding the platform, and we feel Capital.com is a much better broker and the industry-standard in this regard.

Better Fee Structure

Capital.com has better spread rates than ITrader. Moreover, Capital.com has:

  • No deposit fee
  • No withdrawal fee
  • No inactivity fee

The fee structure of Capital.com is clear and simple and you do not have to deal with unknown inactivity fees or high withdrawal fees like those you get with ITrader. This provides investors with the confidence that their hard-earned money is not being wasted on unnecessary expenses.

Better Educational Resources

While ITrader.com has good educational resources Capital.com offers much more resources in this regard. Capital.com allows you to start with a much more advanced demo account that has access to lectures, articles and resources for you to better understand the platform and trading in general to become a profitable trader. Some of the features offered by Capital.com are as follows:

  • Free financial webinars.
  • 5 Courses on trading
  • Educational courses for traders.
  • Extensive market glossary.
  • Comprehensive CFD trading guide.
  • Cryptocurrency trading tutorial.
  • Investmate, Capital.com’s investor education app.

You can see that Capital.com is a comprehensive guide not only for understanding the platform but also understanding all the trading options that the application provides. If you are looking for the ultimate broker apply for Capital.com click the following link below.

In Summary

ITrader offers plenty of deposit and withdrawal options with a decent demo account that trains you to trade different assets and use the platform effectively. One of the best features of ITrader is that it offers stock indices from 7 major markets in the world. Moreover, iTrader provides you with more than 30 crypto options. This kind of variety is not offered by other brokers in terms of stock indices and crypto and if you trade in these 2 assets you may want to signup for ITrader.com through the link below.

However, Capital.com is a much better broker with no withdrawal or variable inactivity fees that can eat away your deposits. You can learn to trade various different assets using the educational resources available on the platform. Moreover, Capital.com also offers many more assets like bonds and ETFs in addition to the assets offered by ITrader and Capital.com is also regulated by 3 tier-1 regulators. Join Capital.com now to trade with a holistic platform.

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