The forex and CFD market is huge and it may seem like it can give you attractive returns. However, it is also a complex field and a breeding ground for scammers promising high and quick returns.
There are also countless brokers who use unethical methods to lure you into investing more money. As an investor, you have to be keen and make own informed trading decisions. You must also know how to spot unethical and unregulated trading platforms.
Here, we give you an unbiased ITRADER review
We will analyze whether the company is regulated, look at their withdrawal policies, and learn from the experiences of other customers. But if you have lost your money unfairly in the trade, don’t fret about it, we’ve got you. Simply schedule a free consultation.
Is ITRADER a Scam?
A look at the ITRADER website gives the impression of a legitimate trading platform. But we all know it takes more than pretty web design for a brand to be legit and trustworthy.
As indicated on the website, the company uses “safety safeguard methods” to guarantee a safe and secure system for traders and investors. This seems commendable at first glance.
However, the company’s assessment in trusted review sites tells otherwise about their claims to have integrity in dealing with investors’ funds.
Here’s the ITRADER review result in Trustpilot:
83 % of customers say it’s bad. And as indicated at the top of the website, Trustpilot does not entertain fake reviews.
It gets worse. Reports of manipulating potential investors into signing up with the company using false reviews have been reported in Forex Peace Army, another legitimate review site.
Here is another honest ITRADER review from Forex Peace Army:
ITRADER has not made any effort to address the complaints from these customers. On TrustPilot, they provide an automated and similar response to every customer, referring them to the disclaimer on their website. This makes us question the standard of their customer service.
A Sneak Peek at ITRADER
ITRADER is an online trading service broker operating under a Cyprus-based investment firm, Hoch Capital Limited. It has its headquarters in Limassol, Cyprus..
Here, you can trade in currencies, forex, commodities, indices, and stocks. Traders can use WebTrader and MetaTrader 4 to place, monitor and close their trades.
ITRADER provides multilingual customer support, an education center for its clients, and tools necessary to optimize clients’ trading experiences. It also has an Islamic account.
Is ITRADER Regulated?
Hoch Capital, the Company behind ITRADER is regulated by CySEC (Cyprus Securities and Exchange Commission) under license number 198/13. The license allows it to operate in the euro area and all countries accepting a CySEC license.
ITRADER is not licensed to operate in the US. if you live in the US and someone tries to talk you into trading through ITRADER, they are out to scam you.
It is compliant with the European Union Directive 2014/65/EU on Markets in Financial Instruments (MiFID II). MiFID II works to safeguard investors.
The company is also registered with a number of additional authorities. Here is a list.
ITRADER Regulation Issues
Bayline Trading Limited, the parent company of the brand, is regulated by the Belizean International Financial Services Commission (IFSC) under license number IFSC/60/322/TS16.
However, Bayline Trading Limited is not licensed by CySEC, and thus not allowed to operate in the eurozone. This is a major red flag and has us questioning the brand.
In addition, Hoch Capital Ltd has not been entirely compliant with CySEC laws. They have been in the receiving end of a €30,000 fine for violating the law governing the information provided on a company’s website.
CySEC reached a settlement of €200,000 with ITRADER operator Hoch Capital. This was all about possible violations of Cypriot investment services law.
ITRADER Withdrawal Process
ITRADER charges no withdrawal fees, giving its clients 100% of their profits. And as per the brand’s policy, the minimum amount you can withdraw per request is $100.
The withdrawal process at ITRADER is too lengthy. Processing the request can take up to five days. After submitting a withdrawal request, a representative will make a call or send an e-mail to validate it.
It then takes an additional five to seven business days for the funds to show up in the account.
It provides clients with the option to withdraw through a credit card, wire transfer, and Skrill.
What is the Market Saying About ITRADER?
There have been claims by investors about the ITRADER investment advisors being too pushy. They call numerous times a day. These advisors ask for money and try to convince customers to invest additional funds in various trades. This is definitely a red flag.
Such sales tactics can have elderly people investing their life’s savings based on the misleading advice of the “investment advisers.” Here is a testimony by a previous user as reported on TrustPilot about the harassment from the “advisers.”
The ITRADER Gold and Platinum accounts come with a dedicated account manager. The risk in this is that you lose control over your money. You hand the management of your account to a supposedly highly-skilled trader that you know nothing about. This smells like a full-blown ITRADER scam.
Here is a complaint by a former user at the BabyPips Forum who claims to lose their life’s savings to ITRADER.com.
ITRADER Review Conclusion: Is the Brand a Scam or a Victim of False Claims
ITRADER puts on a façade of a legitimate trading platform using an attractive website and fake positive reviews. But a dig into the right review sites will reveal honest statements from scam victims.
Their regulation raises doubts, given that Hoch Capital is licensed by CySEC to work in the eurozone, but Bayline Trading Limited, their parent company, is not regulated by CySEC. The CySEC settlement also raises a red flag.
There are multiple real users on TrustPilot and other review sites who claim they lost money with ITRADER.
Our conclusion on this ITRADER review is simple; it is a scam. They are legal, but they use unethical ways to earn from unsuspecting investors.
The fact that they put excessive pressure on customers who show a slight interest in the company to make an investment puts a question mark on their intentions.
Avoid falling prey to their sneaky ways and fake promises. And if you already have, get a free consultation on what to do about your situation.
Wealth Recovery Experts have years of experience helping online victims of both regulated and unregulated traders recover their money.