Manipulates Market and Blocks Payment
ITrader is a forex broker that has been operating in the financial marketplace since 2012. Following, we are going to review this platform and evaluate whether its trustworthy or not.
ITrader is a Forex company. Hoch Capital owns and operates this trader. The registered address is Christaki Kranou Street, 2nd Floor Yermasogia, Limassol Cyprus. Hoch Capital is an EAA Authorized company and is allowed to provide different financial services.
What Does It Offer?
The trader was established in 2012. CySec of Cyprus Securities licenses it, but CySec is not as reliable as the FCA or ASIC. It offers total 172 tradeable instruments 47 currency pairs, 115 CFDs, Commodities, and Indices. It doesn’t offer to trade to retail clients but only to investors with more than $100,000 in the account. The ITrader uses MetaTrader 4, a reliable trading software. The minimum deposit of $250.
Following, we are going to highlight the problems we found in iTrader. The broker isn’t as popular as it used to be, and we believe it’s because of the following issues.
ITrader has a knack for calling people and asking them to invest in it. Yes, it calls every number it can find, even already registered members, and asks them to register or put more money into their accounts. This strategy is called Cold Calling.
it’s unethical and doesn’t inspire confidence. It’s because cold calling gives the impression the broker is only looking for money instead of your best interests.
This is the ultimate sign of a fraud. If a broker blocks your payment, it means he isn’t interested in doing business with you anymore. It also mean you will unlikely see your money again. There is an outcry in forex communities by former users complaining they lost their money with ITrader.
Figure what you want to do. You can either leave or hire a recovery agency and try to get as much money back as possible.
ITrader manipulates the spread to work in its favor. Yes, it cheats the clients by manipulating the bid and ask price. 1-3 Pips are normal, especially in Major Currency Pair, But if you have to pay 4-8 Pips, it means the broker has manipulated the spread. High spreads are never profitable. This begs the question, what to do next? Leave the broker, and find someone else?
No financial authority regulates or licenses ITrader. Yes, regardless of what it says on the official website, its an authorized broker. Authorities like the Financial Conduct Authority or the Australian Services Investment Commission doesn’t have the name “iTrader” in their database. Therefore, whatever claims the broker makes about being regulated, they are all lies. Don’t fall for them.
With what we said above, it’s hard to recommend iTrader to anyone. Yes, it’s a scam, we don’t need any other proof. The broker blocks your payment which justifies everyone. Therefore, our advice is to stay away from it. It will loot your savings.