Is iTrader a legit broker?

What has happened with the iTrader broker? The company that was once CySEC regulated now went offshore and got an IFSC license. Also, the company changed its owner and everything related to it. Let’s dive into the iTrader review and try to understand why so many things have changed. 

iTrader Regulation and Security

As mentioned, the company was once regulated by CySEC and owned by Hoch Capital Ltd. However, the company’s license has been suspended and it’s under evaluation. That means that all the domains of Hoch Capital Ltd are currently banned. Now, iTrader seems to merge with another brand of Hoch Capital Ltd, TradeATF and now they operate under the same domain. 

The newly established company is located in Belize and has IFSC regulations. It’s rebranded under the name Bayline Trading Ltd. According to the website, all the payments are processed through their UK entity Bayline Global World Ltd. If you check carefully, this UK company does not have FCA regulation and the business is listed as “Other professional, scientific and technical activities not elsewhere classified”. Meaning that there is no permission to provide any financial services and handle payments coming from trading.

And for the end, the last odd information, the support number iTrader registered belongs to South Africa.

What can you trade with an iTrader broker?

As before, iTrader kept the offer of trading assets various. The company offers trading with currency pairs, commodities, indices, stocks, and cryptocurrencies. All the trades are executed on the MT4 trading platform or a web trader.

Unlike the times when the broker has CySEC regulation, now the offered leverage goes up to 1:400 thanks to the new IFSC license. However, this is extremely high leverage and you are risking a lot by accepting these trading terms.

Deposit and Withdrawal Methods

The minimum deposit this broker is asking for is $250 for the Silver account. And the information is very well hidden – available only if you check terms and conditions. If you just the “Account types”, you will see that the leverage is 1:30. However, if you request “More information”, you will see that the leverage can go up to 1:200. As per the broker’s website, available payment methods are only debit and credit cards, and E-wallets.

When it comes to withdrawals, there is no information provided. This can happen when you join an offshore brokerage. The need for transparency suddenly disappears.

Conclusion about iTrader

This was an interesting brokerage to review. The iTrader has changed the owner, the country, and the regulatory body. In fact, there are not many things that haven’t been changed. Despite the IFSC regulation, we cannot be convinced that the broker can be trusted. Leaving a tier-one regulation such as CySEC and exchanging it for an offshore one tells us that there are many things not alright with iTrader brokerage. 

In the meantime, if you have any information about iTrader broker, we encourage you to report it!