iTrader Review 2023 – Don’t Risk This Banned Broker
iTrader is an online broker offering their clients trading on CFDs and forex. At one time, the firm had registration with the Cyprus regulatory body CySEC, but CySEC has now suspended them. Hoch Capital Ltd is the company behind this trading brand. The broker has faced many allegations of presenting a misleading picture of CFD investing to new traders.
Trading with iTrader
Getting started with iTrader requires a minimum deposit of $250, much higher than the minimum with comparable brokers. The broker gives traders an option between three account types, ranging from Silver to Platinum. The higher accounts offer better spreads, ranging from 2.2 pips with a Silver account to 0.7 pips with a Platinum account. Higher tiers also promise faster withdrawals. Leverage of up to 1:500 is also available with a Platinum account, many times the ESMA mandated limit of 1:30.
iTrader- Available Trading Platforms
MetaTrader4 is available for use with iTrader. This standard platform has a wide array of features that have made it the most popular choice for many online investors. There are many technical indicators and a slew of advanced trading options. iTrader also offers the use of a virtual private server to traders, increasing security when trading forex.
Suspended by CySEC, Banned by the FCA
CySEC has suspended Hoch Capital Ltd from continuing to offer investment products. The regulator stated that the ban was for failure to “act honestly, fairly and professionally when providing investment services to clients.” They also cited concerns about iTrader’s marketing practices. CySEC stated that iTrader did not communicate clearly with their clients and that many of their communications were misleading.
Cyprus was not the only jurisdiction to ban iTrader. The UK’s FCA also has removed passporting rights from the broker. Above all, passporting rights are what allow firms registered with CySEC to do business in the UK. Without these rights, iTrader is not legally able to offer its services to citizens of the UK. The ban came after the FCA determined iTrader to be promoting misleading advertising. In addition, the FCA says that many UK investors were misled about the risks involved in trading CFDs, one of iTrader’s primary assets.
Did You Fall for Misleading Marketing?
Have you fallen for a misleading sales pitch promising high returns with little risk through trading CFDs? There are clear regulations on CFD risk disclosure. If your broker was not transparent, they have wronged you and should be held accountable. Tell us about your case with a free consultation today, and we’ll let you know what we can do to help.
Is Itrader regulated?
Itrader has the regulation from CySEC, Cyprus Securities and Exchange Commission. It is also based in Belize and has IFSC regulation. However, this regulation is offshore and cannot be trusted. Out of the EEA zone, the broker is not safe.
Is Itrader Secure?
Itrader is relatively safe for the clients coming from the EEA zone. However, in other places it is operating under the regulation of Belize, offshore regulation considered highly unsafe. Be careful when opening an account with this broker.
Where is ITRADER based?
Itrader is based in Limassol, Cyprus, and has CySEC regulation. Also, the broker has offices in Belize and IFSC regulation. Since it has an offshore entity, we have to warn its clients to be very careful, because an offshore office usually means avoiding the regulation rules.