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Overall

iTrader is a MetaTrader-only broker with entities regulated in the EU and Belize. The broker offers a basic experience across the board, with its one highlight being education and a low minimum for its Platinum Account offering, in which spreads are comparably lower.

By Steven Hatzakis / April 3rd, 2018 / Updated: July 27th, 2018

help 67
Trust Score
Dislikes
  • Discontinued ZuluTrade and cPattern signals
  • No longer offering cryptocurrency CFDs

Review Sections:

Founded in 2012, Hoch Capital Ltd (iTrader) became licensed with the Cyprus Securities and Exchange Commission (CySEC) in 2013 and acquired passports throughout Europe under MiFID regulation using its iTrader brand.

iTrader offers the popular MetaTrader4 (MT4) platform developed by MetaQuotes Software Corporation, and provides forex traders access to 172 tradeable instruments, including 47 currency pairs and 115 CFDs on indices, commodities, and single-share CFDs across US and European exchanges.

Belize-based Bayline Trading Limited (Bayline), an investment firm regulated by the International Financial Services Commission (IFSC) of Belize, provides the pricing and rates in iTrader’s MT4 platform, which it has packaged for installation for iTrader clients. The brand has a UK entity, named Bayline Global World Limited, which is the owner and operator of the Global.iTrader offering.

Bayline doesn’t offer trading to retail clients directly but only to investors with over $100,000 in their portfolio, and is used to power iTrader’s MT4 offering.

Trust Score

Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry.

Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (the higher the better) of overall trustworthiness, which we call the Trust Score. Here is our trust summary of iTrader.

iTrader
Trust Score67
Year Founded2012
Publicly-Traded Company (Listed) No
Regulated in Major Hub No
Regulated in Emerging Hub Yes
Authorised in the European Union Yes
CFTC Registered (USA) No
FCA Regulated (UK) No
IIROC Authorised (Canada) No
FINMA Authorised (Switzerland) No
ASIC Authorised (Australia) No
SFC Authorised (Hong Kong) No
MAS Authorised (Singapore) No
FSA Authorised (Japan) No
FMA Authorised (New Zealand) No
CySEC Authorised (Cyprus) Yes

Offering of Investments

The following table summarizes the different investment products available to iTrader clients.

iTrader
Minimum Initial Deposit$250
Currency Pairs (Total Forex pairs)47
CFDs - Total Offered115
Exchange Traded Securities: US No
Exchange Traded Securities: International No
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD No

Commissions & Fees

iTrader offers three commission-free account types, which include its Silver, Gold, and Platinum account offerings, where the trading costs will vary in terms of the applicable floating (variable) spreads.

The Silver Account has a EUR/USD spread of 2.2 pips listed by the broker on its website, whereas on the Gold Account spreads on the pair drop to 1.3 pips, and drop even further to 0.7 pips in the Platinum Account.

iTrader Accounts

The Platinum account is the clear winner out of the three as it has lower spreads, only requires a $250 deposit, has the potential for lower margin requirements (i.e., higher leverage) than the other two account types, and the swap rates for holding overnight positions are also discounted by half compared to the Silver Account.

iTrader
Average Spread EUR/USD - StandardN/A
All-in Cost EUR/USD - ActiveN/A
Active Trader or Premium/VIP No

Customer Service

For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.

Results:

  • Average Connection Time: 2-3 minutes
  • Average Net Promoter Score: 3.33 / 10
  • Average Professionalism Score: 2.1 / 10
  • Overall Score: 3.3 / 10
  • Ranking: 38th (43 brokers)

Research

iTrader offers research content from its in-house staff and third-party providers, an economic calendar, an earnings calendar powered by Finviz, and four calculators ranging from pivot to pip calculators.

iTrader provides a market summary of various instruments, with a sentiment indicator powered by MTE-Media. The firm offers a daily market update post and video recap of headlines, as well as individual video updates on its YouTube channel, with technical analysis on various currency pairs each day.

iTrader research video

Overall, iTrader has built an ok selection of research options for its clients across its in-house and third-party solutions, finishing 34th out of 43 brokers in our 2018 Review. Its discontinuing of the ZuluTrade and cPattern signals offering narrowed its overall research-related resources when it comes to trading signals and copy-trading.

iTrader
Daily Market Commentary Yes
Forex News (Top-Tier Sources) No
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Acuity Trading No
Social Trading / Copy-Trading No
Social Sentiment - Currency Pairs No
Client Webinars Yes
Client Webinars (Archived) No
Videos - Beginner Trading Videos Yes
Economic Calendar Yes
Calendar Includes Forecasts No
Economic News Sentiment No
Trade Ideas - Backtesting Yes

Platforms & Tools

iTrader is a MetaTrader4-only broker. This means it offers the MT4 platform suite from MetaQuotes Software Corporation, developer of the widely popular MT4 and MT5 platforms for desktop, mobile, and web. To learn more about MT4, read our full MetaTrader guide.

While MetaTrader 4 comes standard, with little that varies from broker to broker on the surface of the platform, there can be significant differences in how the platform is set up when it comes to trading spreads and commissions, the available execution method, and other tools, features, and administrative areas that can affect your trading experience.

MetaTrader4 Desktop Forex Brokers

Here is a summary of the differences in features between iTrader’s MetaTrader platform setup and the default MetaTrader experience:

    • Offers WebTrader, a web-based version of MT4
    • News headlines stream
    iTrader
    Virtual Trading (Demo) Yes
    Desktop Platform (Windows) Yes
    Desktop Platform (Mac) No
    Web Platform No
    Social Trading / Copy-Trading No
    Proprietary No
    MetaTrader4 (MT4) Yes
    MetaTrader5 (MT5) No
    cTrader No
    Currenex No
    ZuluTrade Yes
    MirrorTrader No
    Charting - Drawing Tools (Total)31
    Charting - Indicators / Studies (Total)51
    Watchlists - Total Fields7
    Order Type - Trailing Stop Yes

    Mobile Trading

    Since iTrader is a MetaTrader-only broker, iOS and Android versions of the MetaTrader 4 mobile app come standard and are both available for download from the Apple iTunes store and Android Playstore, respectively.

    Metatrader4 mobile charts

    iTrader
    Android App Yes
    Apple iOS App Yes
    Charting - Draw Trend Lines Yes
    Charting - Can Turn Horizontally Yes
    Charting - Technical Studies/Indicators30
    Watch List Syncing No
    Trading - Forex Yes
    Trading - CFDs Yes
    Alerts - Basic Fields Yes

    Other Notes

    It is worth noting that iTrader has a robust educational offering powered by MTE-Media, a third-party provider of broker education content, which includes videos and ebook-style documents.

    In addition, while many brokers will reduce leverage for larger trade sizes, iTrader offers higher leverage in its Platinum Account offering compared to its other account types, which require a smaller deposit (although there might be caps on certain trade sizes).

    iTrader had launched CFDs on cryptocurrencies in 2017, however, like a handful of other brokers, shut down their offering due to market volatility and the challenges surrounding proper risk management as well as fragmented liquidity. As of this review’s publishing, iTrader has not announced if, or when, it will re-enable crypto trading for clients.

    Final Thoughts

    Traders looking for a MetaTrader broker regulated throughout the EU will find iTrader provides minimal offering across the board. Research trails industry leaders and its trading tools are a plain MT4 offering. If there is one bright spot, it’s the broker’s educational offering.

    Adding a greater range of tradeable products would help the broker boost its offering as an emerging multi-asset provider as it already offers nearly 170 products to trade. Adding an additional regulatory license outside of Europe would boost the broker’s trust score and global reach.

    Methodology

    For our 2018 Forex Broker Review we assessed, rated, and ranked 43 international forex brokers. Each FX broker was graded on 140 variables. Learn more.

    Forex Risk Disclaimer

    "There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses."Learn more.


    Steven Hatzakis

    Reviewed by Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 19 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

iTrader Competitors

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Ratings Overall

Summary

Commissions & Fees
Offering of Investments
Platforms & Tools
Research
Customer Service
Mobile Trading
Education

Best in Class

2018
40 of 43

Overall

Commissions & Fees

Commission Notes

Trading costs vary across the three commission-free account types offered by iTrader as follows:

    • Silver Account: Spreads of 2.2 pips on the EUR/USD
    • Gold Account: Spreads of 1.3 pips on the EUR/USD
    • Platinum Account: Spreads of 0.7 pips on the EUR/USD

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All data was obtained from a published web site as of 4/03/2018 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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