ITRADER is an international broker serving a broad and diverse client base. Founded in 2016, it is a relatively new brokerage, headquartered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC). This broker offers a variety of financial products and assets, allowing for flexibility and diversity, but is it the best stock broker for you, given your current needs and requirements? Our broker comparison aims to help you find out if ITRADER stock trading is right for you:
- Fully regulated online brokerage
- Variety of products and assets
- High quality and well-respected trading platforms
- Easily accessible training and education
1.) Stock Trading Offer: Trade With Confidence at Any Level
One of the first things we noted is that an ITRADER brokerage account gives clients access to a wide range of financial instruments and assets. Customers can trade in individual stocks and shares, indices, commodities, and foreign currencies. Contracts for Difference (CFDs) are available, with decent leverage, and there is a very wide range of assets to choose from. There are plenty of international stocks and shares, and a diverse range of commodities, forex, and cryptocurrencies on offer.
Indices available to trade include the FTSE 100 and NASDAQ 100. More experienced or unconventional traders will find lesser-known stocks and indices, as well as a range of minor and exotic forex pairs, making this an interesting choice for those traders who are keen to get more adventurous with their trading activities and strategies. There are three different account types available: Silver, Gold, and Platinum, with the level of leverage and the competitiveness of the spreads slowly increasing from one account to the next. Gold and Platinum account holders get a dedicated account manager, and unlike many brokerages, ITRADER can also cater for Islamic accounts, free of overnight interest and commissions.
- Large number and variety of financial instruments
- Three account types with different features and benefits
- Islamic account available
2.) Stock Exchanges and Trading Centres: International Markets Available
This broker provides a global, multi-asset service with access to international indices, and a range of stocks and shares in a wide variety of local and international companies. Continuous access allows international clients across the globe to trade from wherever they are based, on international exchanges. Although fairly new to the scene, ITRADER has already established a stable base of worldwide users who complete hundreds of thousands of trades per month.
The stocks and shares available cover companies across the globe, in the US, Europe, Australia, and throughout the rest of the world. Indices available include the FTSE 100, S&P 500, DOW 30, NASDAQ 100, Wiltshire 5000, and Hong Kong 50. For the convenience of its international clients, ITRADER also provides a brokerage department and dealing room, which customers can access in order to get advice on their own trading activities. A popular and reliable CFD trader, ITRADER can, of course, only trade CFDs within the countries where they are permitted to by law, so notably, at this point, not within the USA.
- Full multi-asset broker
- Single stocks and international indices available
- Brokerage department and dealing room
3.) Trading Conditions: Competitive Spreads and Few Hidden Costs
There are a number of online brokers to choose from, so one question that potential customers will certainly be asking is, quite simply: is ITRADER good value, and is it better than the many competitors out there? As with any broker, there are various fees and costs involved, and as with most online brokers, these are kept as low as possible in order to be competitive. ITRADER does not charge trading fees upfront when trading CFDs, but takes the profit from the spreads, which are fairly competitive but do vary according to the type of account you have and the type of trading you are doing.
As an example, the Silver account offers typical spreads of 2.2 pips on the EUR/USD and 2.8 pips on the GBP/USD. The Gold account offers around 1.3 pips on the EUR/USD and 2 pips on the GBP/USD. The Platinum account gets the lowest spread of around 0.7 pips on the EUR/USD and 1.3 pips on the GBP/USD. Spreads are dynamic and will naturally vary, but these are typical spreads, currently quoted on the ITRADER website. There are no withdrawal or deposit fees at ITRADER, but there is a rollover fee on spot transactions that remain open overnight, and an inactive account will incur a monthly inactivity fee until you begin trading again.
- No trading fees for CFDs
- Competitive floating spreads
- Rollover fee and inactivity fee
4.) Stock Trading Platform: WebTrader, MT4, and Mobile
ITRADER has their own WebTrader platform, as well as the MetaTrader 4 and a mobile platform. The WebTrader platform can actually be accessed by browser from any device, so is fully compatible with most mobile devices and may be the only option that many traders will need for trading on the go. WebTrader includes charting tools and live analysis, and comes with a 14-day demo account to allow new customers to try out the platform features risk-free. If you prefer to do your mobile trading via an app, that’s also possible.
There is a dedicated mobile app for both Android and iOS devices, available free from the Apple app store or Google Play. It is also possible to use the award-winning MetaTrader 4 platform with ITRADER, so if you’re using MT4 with another broker, there’s no need to learn new software. MT4 software can be easily downloaded for PC or Mac, and comes with a range of useful technical indicators and charting tools. All customers at ITRADER have a choice of any of the three available platforms. Those who regularly trade on the go from a mobile device and at home via their desktop will find the browser-based WebTrader particularly appealing.
- WebTrader platform works from any browser for easy integration across devices
- MetaTrader 4 platform available
- Mobile app also available if you prefer
5.) Usability of the Website: Easy to Navigate
The ITRADER website has a lovely clean design and is easy and intuitive to navigate. It combines an attractive layout with a functionality that makes it especially user friendly. You can sign in to your account (or indeed create one) at the top right of the home page, and can adjust the whole site to your preferred language at the top left of the home page. Languages available are displayed in a drop-down menu and most major European languages are there, including Spanish and German. A quick perusal of the website in different languages indicated that the translation quality is high and the switch between languages is quick and easy. A menu at the top of the home page leads website browsers to all the most important pages, including trading platforms, assets available, the education centre, and essential company information. Scrolling down the page brings you to a few more clear and well-organised sections, and in the footer of the page, you’ll find a well laid out set of links to make navigation to any page on the site easy and quick. There are links to important legal and company information, services, tools, and contact information.
- Easy to navigate and clearly laid out
- Easy to set language preferences across the site
- Footer displays all important links and pages
6.) Customer Support: High Quality but Not 24/7
Like most online brokers, ITRADER provides multi-lingual customer support via a few different channels, although we noted that, unlike some brokers, that support is not available 24/7. Clients can access the help desk by email, phone, a contact form on the website, or a handy and responsive live chat option. Customer support can be accessed five days a week, from Monday to Friday between 6am and 7pm. It is possible to submit requests by email or contact form at any time, but you will have to wait for a response on any requests submitted outside of regular support hours.
The broker does maintain active social media channels on Facebook, Twitter, and Instagram, which we see as a positive sign, as it means customers have an extra (and potentially public) way to get the attention of staff if they have a query, and an independent communication channel in the admittedly unlikely event that the website is down or glitching. The ITRADER Facebook page states that they generally reply to messages within one day. Support staff are polite and helpful, and there is a useful FAQ page with brief answers to all the questions new customers are likely to have when setting up accounts and getting started on a new platform.
- Phone line, live chat, and email support
- Helpful and responsive support staff, and social media channels
- Customer FAQ page is a good starting point
7.) Methods of Payment: A Range of Payment Options
ITRADER have a few different options when it comes to making payments and withdrawing your funds. Some of these options are only available in certain countries. Major credit and debit cards are accepted, as are bank transfers. Some third-party online transfer systems, such as Neteller, are also available. Customers can deposit by signing in to their account (or creating one) and going to the Deposit Funds button, which will be displayed in the side menu once you are in your account area. Withdrawals are also simple to request within your account area, and are generally processed within one working day, although not all withdrawal methods are instant.
Bank transfers in and out of your account will generally take a few working days, unless your bank allows you to pay a fee for faster transfers. The minimum withdrawal limit is $100 and there are no withdrawal or deposit fees taken by the broker. It is, of course, always possible that your bank, card company, or e-wallet facility will charge a transfer fee, so be aware of this when choosing the best method of deposit and withdrawal for you.
- Adequate number of deposit and withdrawal methods
- No broker charges for deposits or withdrawals
- Withdrawals processed within one working day
8.) Additional Offers: Education, Training, and Demo Accounts
ITRADER stock trading offer a few important extras and benefits to all customers, including a free demo account (valid for 14 days from account sign up) and a fairly extensive training and education section. Those with premium accounts will, unsurprisingly, enjoy a few extra perks, with both Gold and Platinum account holders being able to access extra educational resources and the services of a dedicated account manager.
Platinum account holders also have access to a free VPS, which may be a valuable benefit to some customers. The education centre includes self-paced online courses, downloadable eBooks, tutorials on using the MT4 platform, and a video on demand (VOD) library. There are free training videos on a fairly extensive range of topics, and something of interest for traders at all levels, from complete beginners to the more experienced. The self-study, online courses cover trading strategies, techniques, and tools, as well as general ‘how to’ lessons on trading CFDs and stocks. There is also a glossary of commonly used terms and several articles on all topics related to trading online. This broker also provides a News section, with a daily video covering important financial news.
- Well-organised education section for all customers
- Premium education and other benefits for Gold and Platinum account holders
- Free 14-day demo account
9.) Regulation & Deposit Protection: Fully Regulated Under CySEC
The online brokerage ITRADER is owned and operated by Hoch Capital Ltd, a well-known and fully licenced financial services firm, based in Cyprus. This means that the broker is fully licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). ITRADER is also a member of the Investor Compensation Fund (ICF) for the clients of Cyprus Investment Firms. The ICF covers all retail accounts opened with the broker and offers an additional layer of protection for clients. The ICF covers clients for claims made against the company in the event that the company is unable to fulfil its obligations, with a limit of 20,000 euros per client.
ITRADER follows best practices concerning customer assets, including placing customer funds in segregated accounts, separate from company funds, giving the extra protection that in the event of insolvency, client funds are treated as the personal assets of the clients and cannot be subject to any settlements made as a result of the insolvency process. The broker also uses high security measures regarding customer data, with Secure Sockets Layer (SSL) encryption in place across the site and throughout the company.
- Fully regulated by CySEC
- Client funds kept in segregated accounts and protected by the ICF
- Secure encryption of data
10.) Awards: Uses the Award-Winning MetaTrader 4 Platform
In our stock broker comparison reviews, we always take a look at any awards and accolades the company may have won. As already mentioned, ITRADER was only established in 2016, and as a relatively young brokerage, it has not yet had the chance to win prestigious awards or garner much attention from the trade press. The broker does offer the well-respected and award-winning MetaTrader 4 platform. MT4 traders may already be aware that the platform has won numerous awards, including the Best Multi Asset Trading Platform at the Finance Magnate London Summit Awards in 2016.
ITRADER itself is one to watch for the future, as it is certainly possible it will start to win awards as it goes forward, and has already started to receive some positive reviews online, both from broker review sites and in the form of customer reviews and ratings. Forex Bonus Lab recently gave ITRADER a 4.5-star rating in their independent ITRADER brokerage review and is currently showing a customer rating of 4 out of 5 stars, and FX Empire also currently displays a 4.5-star rating for ITRADER, based on customer reviews.
- Does not yet have awards, possibly due to being relatively new
- Offers the award-winning MetaTrader4
- Positive reviews and ratings from customers and some broker comparison sites
Conclusion: What Do We Think of ITRADER Stock Trading?
We feel our ITRADER brokerage review has shown that this is a versatile and reliable broker, with a lot of pros and a few cons, as can always be expected. The website, trading platforms, and security are high-quality. They offer a range of accounts types, Islamic accounts, a demo account, and the popular MT4 platform. Mobile trading is high quality, the customer support is helpful and responsive, and we were impressed with both the quality and quantity of educational resources on offer. Some cons include the limitations on the demo account (it is only available for two weeks), customer support that is not available round the clock, and the lack of perks and bonuses for standard account holders. However, ITRADER certainly has plenty to offer online traders, and opportunities to diversify, with a wide range of assets. You can visit the site to find out more.
Strengths and Weaknesses:
- Wide range of tradeable assets
- Fully licensed and regulated, with high-level security
- Great educational resources
- Support is not available 24/7
- Basic accounts get few perks or bonuses
- Fairly new company with few customer reviews and no trade aw