In this Itrader review, we will be talking about the many reasons why we think that this online broker is not worth taking into consideration. Established in 2021, this online forex brokerage firm could look very professional. This applies especially to people who don’t have a lot of experience when it comes to such services.
However, Itrader has been able to stay active in the trading and investing industry by fooling their clients. In this review, we will be covering some of the reasons why we DO NOT RECOMMEND this broker. Always remember to keep away from services that have multiple bad reviews from people, like this one.
On the surface, Itrader is an online forex trading broker that offers a wide variety of services to clients. They have enough experience to be considered professional, especially by the untrained eye. Some of the assets that this broker offers include stocks, forex funds, commodities, bonds, CFDs, and derivatives. According to their official website, Itrader offers over 170 assets, with market indexes and cryptocurrencies being among them.
An unregulated broker
When it comes to regulations, the real problems begin. The Itrade brand is owned by Hoch Capital. The latter is also owned by a company called Bayline Trading Limited, located in Belize. Both of these companies do NOT have a license from CySEC. This means that Itrader is not legally allowed to do business neither in Europe or the United States.
So, in case you are a US citizen, DO NOT give money to this broker because they will fool you. If you have already done it, be aware of the fact that you might never get your funds back. The other huge red flag, besides the lack of regulation, is that their headquarters are in Belize. As some people might already know, any business located in Belize, Vanuatu, Estonia, and a few other locations is clearly sketchy. These places are safe havens for scammers because they have very loose financial regulations.
Another issue with Itrader is the company called Bayline. This provides the pricing and rates for some Australian, European, and American forex companies. This clearly makes them a market maker. That’s because they are only looking to establish their own rates and prices and fool their clients.
The Itrader offer
The Itrader official webpage looks nice and it’s intuitive enough to be taken seriously. However, that is clearly not the case. When it comes to the trading platform, this broker uses the famous MetaTrader 4. This is available both on desktop as well as on mobile devices. It must be noted that the MT4 is one of the most popular trading platforms out there. It’s also the most used trading platform by scammers. So, be very careful when you are choosing your broker because this situation can trick you into giving them money.
It’s also worth noting that Itrader has some very pushy “investment advisors”. These people call clients on a daily basis and use aggressive tactics to make more money. According to former clients, these people can sometimes call multiple times a day asking for more money for investments. This broker also supposedly tricks the clients’ elderly relatives into sending them money. This is a well-known tactic that’s hugely popular among scammers.
These “advisors” are also pushing clients towards investing in CFDs because that’s more profitable for them. Considering that the parent company sets the rates and prices, manipulating these investments means making money thanks to naïve clients. As an investor, you will lose your money and they will keep tricking more and more people. This is a huge reason why we DO NOT RECOMMEND Itrader.
Itrader uses sketchy tactics to attract clients
If what we have revealed so far is not convincing enough, we can go on. Itrader regularly posts fake positive reviews on the internet with the sole aim of attracting more clients. This broker has also used deceptive advertising in the past. They have used another trading platform to draw people in and then redirect them towards Itrader. Clearly, there is something very wrong with them if they had to do this to attract customers.
There is absolutely no reason why you should invest your money in this online broker. This is a scam and a very unprofessional service that only wants to steal money from clients. While getting involved in trading and investing is always risky, there are legit alternatives out there. So, as this Itrader review has revealed, we clearly DON’T RECOMMEND them as your online forex broker! Even if their website looks professional and everything seems fine on the surface, it only takes a little digging to find out who they truly are. Stay away from such services if you don’t want to lose lots of money for nothing.