- simplicity and user-friendliness
- Islamic accounts
- spreads from 0,05 pip on a Platinum account
- no promotions, bonuses and specials
- lack of pricing information
- lack of payment methods (only Visa/Master Card, or eVoucher)
- limited possibilities if you’re using a free Silver account
iTrader: unambitious yet decent broker
This time, I’m going to review ITRADER, another broker that may (or may not) be a great choice for someone behind the screen.
I loved ITRADER website from the very first sight – clean, neat, logical and intuitive. I’ve been playing with different brokers for a long time now, and trust me, I’ve seen some sh… websites that took me a while to figure out. This is definitely not the case of ITRADER, which is a great news.
However, the more I browsed through the site looking for something fancy, the weaker the glimmer of my hope was. I’d call this broker “standard” meaning that I can hardly imagine its target audience. Thus, easyMarkets broker from my previous review had that “Deal Cancellation” option that lots of newbies may find useful; my current broker FBS offers an insane variety of combos for all types of traders – all in all, each one has distinctive features to attract certain audiences.
Call me picky, but I don’t think this approach has a potential. But let’s see.
ITRADER is a licensed broker – the brand is operated by Bayline Trading Limited which is regulated by the Belizean International Financial Services Commission (IFSC) under License No. IFSC/60/322/TS16. Besides, the broker claims to submit its financial reports to Cyprus Securities and Exchange Commission (CySEC) for review and moderation to ensure users’ funds security.
ITRADER offers to trade 48 currency pairs, a bunch of indices, stocks, commodities, and metals. In overall, there is a pretty general set of trading instruments quite enough for an average client. If you are looking for something rare and specific, you wouldn’t find it here though.
As for the trading tools, you’ll find a standard economic calendar, 4 types of trading calculators (Pivot, Pip, Fibonacci and Deal Size), daily/weeky/monthly market summary charts, several chart analysis videos, and a specific Guardian Angel messenger system that sends you signal notifications on financial trends and the automated feedback showing a recommended course of action based on the situation you are in, including market volatility indications and a Stop Loss calculator (which I find it quite useful by the way).
Accounts, Spreads, & Leverage
The company has 3 account types that differ in terms of spreads, leverage and available services. For example, the most basic (and free) Silver account offers a spread range from 0,07 to 3.1 pip, leverage up to 1:2000, and basic services like “Fifth Decimal” and “Hedging”. Gold account offers spread from 0,05 pip and leverage up to 1:400, plus you can apply for your personal account manager, 25% swap discount, and get an access to company’s educational materials. Platinum account comes with the spread from 0,03, leverage up to 1:500, 50% swap discount and the entire set of broker’s options:
|Gold & Silver (Metals)||1:50||1:100||1:125|
|Stocks / Equities||1:20||1:40||1:50|
|Withdrawal Process (Up To)||1 Business day||1 Business day||1 Business day|
|Dedicated Account Manager||✖||✔||✔|
|Webinars & Videos||✖||✔||✔|
As shown in the chart, ITRADER has an Islamic account that is free of overnight interests and commissions according to the sharia law. My experience shows that you won’t find Islamic accounts at each and every broker, so if that’s the option you’re looking for, ITRADER might be your choice.
Plus, they have a Demo account for beginners who just want to test the water and see what’s happening without actually investing money and taking any risks.
Available Trading Platforms
The set of trading platforms is standard: they offer Webtrader, MetaTrader4, and a free ITRADER Mobile app for iOS and Android. The app is quite simple and basic, but has all the necessary options for a comfortable work.
I failed to figure out ITRADER’s clients geography and office location, but according to the list of available languages, the broker operates in Arabic countries, Europe, and Russia. Particularly, you can change site’s language to Arabic, Spanish, French, Italian, Russian, and German.
You can contact a support team via live chat, email, or Service Desk from your personal area. Once you switch to the Gold or Platinum, they associate you with an account manager (also available for Islamic accounts).
Everything seemed nice until I started looking for their specials. I really believe in the power of giveaways and promos, but unfortunately I didn’t find any at ITRADER, which proves my initial statement – the company doesn’t do anything excessive. I know that there are a bunch of folks out there who would be 100% satisfied with a basic toolkit, but that’s definitely not my case.
The only “extra” thing you can get is a number of educational materials – luckily, free of charge.
ITRADER is a registered, straightforward, and basic broker that has pretty much everything one needs in the very beginning, but can fall short of requirements when a trader starts looking for more. Leverage and spread are okay, trading instruments are sufficient, and the overall impression is good – but not best in class.
What turned out to be really upsetting is the lack of information on the prices: you won’t figure out a minimum deposit amount or prime account price from the website. In order to get to know this info, you’ll have to go through a full registration process, which is pretty obnoxious.
So, it’s up to you to decide whether to settle for what’s given, or search for something more ambitious.