A comprehensive Itrader review: The ITRADER website is currently offered in four languages, namely English, Russian, Spanish, and Arabic. ITRADER does not accept clients from the United States, Australia, and or Belize.
In terms of account types, ITRADER offers four options: Silver, Gold, Platinum, and an Islamic account. The minimum deposit to start trading is $/£/€250.
The company behind the ITRADER brand name is called Bayline Trading Ltd and is incorporated and regulated in Belize by the Belize International Financial Services Commission (IFSC), under the license number IFSC/60/322/TS16.
Bayline Trading Ltd is registered as a Licensed Service Provider with the IFSC, with their principal place of business at Withfield Tower, 4792 Coney Drive, Belize City.
ITRADER offers traders lots of choices in terms of trading assets to choose from. They have a great selection of forex pairs, including some currencies we don’t usually see offered, such as Hungarian Forint (HUF) and Polish Zloty (PLN).
Additionally, the broker offers CFD trading in a wide range of underlying assets, ranging from commodities, indices, and a selection of popular US and European stocks.
As most brokers, ITRADER offers trading on the MetaTrader 4 (MT4) trading platform. MT4 is the platform of choice for the more experienced retail traders who have already dipped their toes in the market and want to move onto the next level
They also have their own WebTrader platform. The WebTrader fully supports demo accounts, which means you have the ability to hone your skills without putting your hard-earned money on the line until you feel more confident. The WebTrader platform comes with live interactive charts, as well as one-click trade execution for higher speeds.
Lastly, ITRADER offer a mobile trading app for iPhone and Android phones. This is great for traders on the move so they never miss an opportunity in the market.
Deposits and Withdrawals
Continuing on with the Itrader review on their deposits and withdrawal, the minimum deposit to start trading with ITRADER is $/£/€250, deposited with major credit cards such as Visa and MasterCard, or wire transfer.
Withdrawals can be made to credit cards or via wire transfer. Note that if you choose to have funds withdrawn to your credit card, you cannot withdraw more than your initial deposit.
The website also states that wire transfer withdrawals are only available for clients who used wire transfer for their deposit. No maximum withdrawal limit is mentioned for wire transfer withdrawals.
For the above-mentioned reasons we recommend that traders use wire transfer both for their deposits and withdrawals.
Also note that the minimum withdrawal amount is $100. ITRADER does not charge any withdrawal fees.
ITRADER’s processing time for withdrawal requests is up to 5 business days, according to their website.
ITRADER offers three standard account types plus one Islamic account type for Muslim traders. The accounts offered are Silver, Gold and Platinum, with Platinum offering the lowest spreads, highest leverage, and overall most benefits to the trader.
The Silver account is the lowest-tier account and offer spreads starting from 2.2 PIPs on the benchmark EURUSD currency pair. The maximum leverage offered when trading forex is 1:200.
The Gold account type is the second-tier account offered by ITRADER. The gold account offers spreads starting from 1.3 PIPs on EURUSD and 1:400 leverage when trading forex. Gold account holders also have a dedicated account manager at their disposal to help them with anything related to their trading.
The Platinum account is the premium account type offered by the broker. Platinum account holders can enjoy low spreads starting from as little as 0.7 PIPs on EURUSD. Furthermore, platinum clients are given a very high leverage of 1:500 on forex trading. Just as with gold account holders, platinum account holders also have their own dedicated account manager.
The broker does not state the exact minimum deposit requirements for each of these account types on its website.
The Islamic account type charges no commission or interest on overnight positions, in compliance with Islamic Sharia law, and is an ideal choice for Middle Eastern and Muslim traders.
There is no shortage of educational resources available on the ITRADER website to anyone who is interested in learning more about the markets. The educational content ranges from ebooks on forex, commodities, futures, and stocks, to various articles, a comprehensive glossary, training videos, and MT4 tutorials.
ITRADER even offers videos that explain in detail specific trading strategies. This is not something we often come by with online brokers, and ITRADER deserve credit for doing this for their clients. The trading strategy videos include everything you need to know in order to follow a particular strategy successfully, including specific entry and exit criteria.
Full 24/5 customer support is offered to holders of all account types. Support is available via phone with local phone numbers in the UK, Russia and Bahrain as follows:
UK: +44 2080684898
Russia: +7 4953690197
Bahrain: +973 65009247
Alternatively, clients can reach out to customer support via email or get remote support by downloading the TeamViewer software and chat directly with a customer support agent.
Itrader Review Conclusion
All in all, ITRADERS is a competitive option for traders looking for very high leverage in their forex and CFD trading. The broker also offers a wide range of trading assets, serving all kinds of traders around the world.
It is clear that ITRADER maintains a loyal fan base that has stuck with them through the years. They also have ties to Middle Eastern markets and offer Islamic accounts, which makes this broker an ideal choice for Middle Eastern traders. Furthermore, the broker offers detailed video tutorials on trading strategies, which makes it tempting to open an account and start trading with them right away!
The only thing we would like to see is a detailed overview of the minimum deposit requirements for the various account types offered by ITRADER. Hopefully this will soon be added to the website.