ITradeFX Review and Tutorial 2021
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|ITradeFX Facts & Figures|
ITradeFX offers online trading with competitive fees, but is the broker safe?
|Instruments||Forex, stocks, indices, commodities, cryptocurrencies|
|Pay Methods||, Credit Card, Visa|
|Min. Trade||0.01 lots|
|Trade on the financial markets with easy access CFDs.|
Trade major and minor online currencies at ITradeFX.
A huge range of popular and emerging cryptos are available at iTradeFX.
|Coins||ADA, ARK, BCH, BNB, BNT, BTC, DASH, EOS, ETC, ETH, FUN, GAS, IOTA, KMD, LTC, NEO, POWR, QSP, STR, TRX, XLM, XMR, RXP, RTZ, XVG, YCC, YFI, ZEC, , ZRX, LEND, REP|
ITradeFX is an unregulated online trading broker that promises the opportunity to trade in over 200 markets including forex, crypto and stocks. The company operates fairly anonymously, revealing little information about its features beyond the content that is copied from previously closed down scam brokerages. This review will reveal what we know about ITradeFX and why we would not recommend depositing funds with them.
The ITradeFX website was first registered in September 2019 and is purported to be owned by MM Capital Group Ltd. Further detail around the company’s registered head office location is unavailable and research suggests the company has purposefully taken steps to keep ownership hidden.
Whilst ITradeFX provides a strong mission statement, its reference to useful information regarding their trading platform and its features are limited. The online broker uses a web platform provided by Finantek – known in the industry as being quick and easy for a broker to set up with very little capital and questions asked. We would recommend picking a broker with a trading platform that is recognised for being easy to use or feature-rich as opposed to one that allows a broker to set up a website with the fewest hoops to jump through.
ITradeFX promises superior services in CFD and forex trading, with 23 currency pairs, dozens of stocks, and 16 major stock exchanges. Other instruments available include commodities, such as gold and oil, plus a long list of crypto coins. Its product range is one area where this review found little fault.
Spreads & Commission
Spreads on leading forex pairs come in around 1 pip – representing a fairly competitive margin. But with no mention of improved spreads based on account type, there’s little incentive to place big positions on this platform.
Detail on the commission and trading fees charged by ITradeFX is limited. The homepage promises no transaction costs, an indication that there are potentially interesting profits to be made. In reality, this is more likely a symptom of the company’s rush to set up an attractive looking investment opportunity to lure in potential clients.
ITradeFX is not transparent about the leverage rates available beyond the accessibility of higher rates through their Platinum and Diamond accounts. This is a real downside as clients will want to know how much they can leverage trades before opening an account.
If you’re looking to trade via an app, ITradeFX doesn’t provide this service. Again, this is a major drawback as most broker’s offer mobile trading solutions.
ITradeFX accepts a variety of payment methods and currencies, plus it assures that deposits with the broker are a swift and easy process.
The platform accepts most credit and debit cards, including:
- Maestro UK (Switch)
- Visa Electron
You can also conduct a wire transfer directly to your ITradeFX trading account. But the broker notes that this method may incur additional fees from your bank. It’s also important to mention that you cannot conduct a chargeback on a wire transfer, so you’ll not be able to recoup your investment this way if ITradeFX won’t process your withdrawal.
Finally, Bitcoin payment is available by contacting the team directly to arrange payment, who will provide you with instructions on how to proceed.
ITradeFX promises its withdrawals are simple and quick. You can access your funds in the currency of your choice to your selected bank within a short time frame. According to their anti-money laundering (AML) policy, withdrawals must be processed to the same deposit method.
ITradeFX does offer the opportunity for demo trading, so amateurs may wish to explore the broker’s platform and services before depositing real cash. Given the lack of regulatory oversight and untrustworthy website, we would certainly recommend signing up for a demo account before you start real-money trading.
There are no sign-up offers or bonus deals available when trading with ITradeFX.
ITradeFX is not regulated and therefore there is no guarantee your investment is safe or that the company will follow any of the rules that a regulated broker should. Potential investors should consider more reputable companies before depositing funds.
There are a multitude of clues that this company is tied to previously liquidated brokerages that have been implicated in fraudulent activities. Further to this, the broker’s trust rating is dangerously low and complaints that ITradeFX is a scam are frequent.
The higher tiered accounts profess a number of intriguing features, including exclusive strategies, trading calculators VIP events, unique indicators, and even a 24-hour education centre. However, it’s likely that these are fabricated to encourage the unusually low minimum investments tied to them.
If you’re looking to understand how to open an account with ITradeFX, the website makes it pretty simple. The sign-up button can be accessed from any page on the website – you’ll just need to enter your personal details to register. Beyond that, you’ll be directed straight to deposit your funds.
There is no minimum deposit when you first sign up, but if you’re interested in some of their additional benefits, you can invest in one of their four different account options.
Their silver tier requires a minimum deposit of $2,500 dollars and promises:
- The assistance of a senior account consultant
- Access to online courses
- Up to 10% margin loan
- Market reviews
For their gold package, you’ll receive all the benefits of the previous tier along with a 35% margin loan for a minimum sum of $10,000.
The platinum and diamond packages step up the features even further, with functionality for higher trades and higher leverage and margin loans of 50% to 100%. However, minimum deposit amounts also increase, with the platinum package requiring $50,000 and diamond accounts needing a minimum of $100,000.
There aren’t many notable benefits of using this brand above its regulated competitors. Even if the spreads seem attractive – if ITradeFX never lets you withdraw your profits, you’ll never see the benefit.
ITradeFX is not registered with a regulator, despite any claims made on site. Therefore your investments may not protected by the same rules that govern reputable financial institutions.
ITradeFX has some suspected links with the reportedly fraudulent trading broker Mason Ford. The ITradeFX refund policy references the external company and even directs clients to their support email address, despite having its own address referenced elsewhere on site. Mason Ford has some damaging client reviews with accusations that the site could be a scam, therefore prospective traders should think twice before investing.
The site opens for trading when the market for your chosen asset opens. Therefore, you have the option to trade 24/7 with ITradeFX, if you so wish.
The support team can be reached at email@example.com. With that said, there are references to various other support email addresses throughout the site which is confusing. You can also contact the team via the form on their Contact us page – which is open 24/5 to answer queries.
We would not recommend passing on any personal data to ITradeFX.
There are a number of practices that the broker has put in place to suggest that your data is secure, including two-factor authentication upon signing up. However, due to our distrust of the broker’s intentions, we would give ITradeFX a low safety and security rating.
If you’re looking for a broker with positive customer reviews and a strong trust rating where you can be confident your deposits are safe, ITradeFX would not be our recommendation.
There are many brokers out there who are regulated and will provide you with the service you’re looking for: feature-rich yet easy to use platforms, that can help you to win in the world of forex and cryptos. We suggest you check out one of our other broker reviews to determine the best place to invest.
ITradeFX accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use ITradeFX from United States.
Where is ITradeFX regulated?
ITradeFX is not regulated by any reputable authority, despite what their customer service team might suggest. We would not recommend you invest with an unregulated broker.
Does this broker offer a demo account?
Yes, select the ‘open a demo account’ button from the homepage. With a few simple steps and contact details you can get up and running with the test account.
How much capital do I need to trade with this ITradeFX?
There is no minimum deposit to trade with ITradeFX. If you’re interested in investing in one of their tiered account types, you can access their silver threshold by depositing $2,500.
Is ITradeFX.captial a good broker?
We would not recommend you invest in any financial instruments with ITradeFX. Aside from the security concern, the platform available is not the best on the market, regardless of your experience level.
Is ITradeFX.captial a trustworthy broker?
Customer trust ratings for ITradeFX are low. Coupled with their links to previously liquidated scam brokers, copy and pasted website content, dubiously variable customer support and most importantly – lack of regulation with a trusted financial authority – we would not consider them a safe broker to trade with.
|ITradeFX offers online trading with competitive fees, but is the broker safe?|