Last Updated on February 28, 2021 by ReclaimMyFunds
ReclaimMyFunds are always on the look out for new forex traders and vetting these to find out if they are fraudulent. In this review, we take a look at iTrader and whether it is a trader you should avoid.
As always, if you have any queries, please contact us.
iTrader Forex Trader Introduction
Have you had trouble recovering funds from a bitcoin scam that you unknowingly got caught up in? It may have in fact even been the iTrader forex scam, and the thing to remember is that you’re not the only one who did. Many people got caught up in this particular bitcoin scam because the forex and CFD market is so big, it seems at first that you can gain quite attractive returns. Which is true of both the forex and CFD markets, but the thing about them is that you need to be weary of scammers promising exceptionally high and exceedingly quick returns.
You will find many brokers on these markets that will use unethical means to loop you into investing fists of money into their scams. It’s important to be aware of the pitfalls and scams as an investor so that you’re able to make thoroughly informed decisions. Having this kind of knowledge in your pocket before you start investing, will allow you to quickly spot unethical and unregulated trading platforms as well.
We wanted to take some time today and take a deeper dive into iTrader. Exploring what it is, what you need to know about it, and more with the intention of you coming out of this article more informed and prepared for your forex and CFD market investments in the future. We will also have a look at ways some past customers who use iTrader were able to recover their funds. So, if you’re worried that all is lost, we will help show you how that is not the case.
More details on forex scams.
Is iTrader a scam?
When you visit the iTrader site, you come across quite a well laid out and designed website. It’s attractive to the eye, and draws you in with its appearance of legitimacy. The thing is, you already know and so do we, that it takes more than sleek and snappy website for a brand to truly be legitimate and one you can trust.
Now, let’s dig a little deeper… looking further on their website, they claim that they use “safety safeguard methods” to guarantee that any trades you. Make on their system are safe and secure. But, when you look closer, like we did, you find that their reviews and assessments from previous customers on a site such as Trustpilot, which does not entertain or allow fake reviews, shows that 83% of customers say iTrader is bad. That they have no integrity when it comes to dealing with investor’s funds. Customers also share that they use manipulation through creating false reviews to get people to sign up with the company.
Who are iTrader?
iTrader is considered an online trading service broker that operates under a Cyprus-based investment firm, Hoch Capital Limited. On iTrader, you can trade in currencies, forex, commodities, indices, and stocks. As well as monitor and close trades through the WebTrader and MetaTrader apps.
Are iTrader regulated in the forex industry?
Upon review of Hoch Capital, the company that owns and operates iTrader, we found that they are regulated by CySEC (Cyrpus Securities and Exchange Commission) and operate under license number 198/13. Which allows iTrader to operate in the Euro area and any country that accepts a CySEC license.
They are not licensed to operate in the U.S., so if you live in the U.S. and someone is talking to you about investing in or using iTrader then you know immediately that you’re being scammed.
iTrader and regulatory compliance
When we dug a little deeper with our review of iTrader, we found that the parent company of the brand itself, Bayline Trading Limited, is regulated by the Belizean International Financial Services Commission under license number IFSC/60/322/TS16. But Bayline Trading Limited is NOT licensed by CySEC, which means they are not allowed to operate within European areas. Which, for us here at Reclaim Funds, is a major red flag to cause concern about the brand.
How do you make withdrawals from iTrader?
While iTrader has many things that seem shady, one in particular is the process through with they handle any withdrawals a customer wants to make from their account. It’s as if they’re trying as hard as they can to hold on to your money. Allow us to explain…
iTrader claims to charge no withdrawal fees so that they are giving 100% of their client’s profits to the clients. Which isn’t inaccurate. Their policy is that the minimum you can withdraw per request is $100.
But the entire process itself is quite lengthy for you to just get your money back. The entire process can take five days to get even be able to initiate a transfer of your withdrawal. After you submit this request, then you will receive a call or an email from a representative to validate your request.
And then you need to wait another five to seven business days to even see the funds show up in your account, which is suspicious of a forex trader.
What does the rest of the market think about iTrader?
Good question. One of the more common things that investors say about iTrader is that their investment advisors are incredibly pushy. Calling you many times a day asking for money, and if you refuse, then they try to convince you to invest additional funds in various other trades. Which off the bat, this is the biggest red flag of them all.
These kinds of tactics have been used by scam forex traders, no different to iTrader, for years. A forex scam isn’t new to the game, but this approach by iTrader can mean that people who need their money, like older generations, are losing it to bad investment advice.
Is iTrader a forex or bitcoin scam?
After our deep dive and review of iTrader as a Forex trader, we feel that they put on quite the solid façade of an actual trustworthy trading platform, but that is all there is and it really stops there. They are a scam. With many regulations violations and fines, as well as operating without the proper licensing in many countries. If you take a look at their reviews on sites like Trustpilot, you’ll find many customers have lost more money than they can imagine through iTrader.
While iTrader are legally operating in areas, they are a scam because of their approach to how they gain clients, pressure clients, and their overall unethical ways.
If you’ve lost money to iTrader and other forex scams, we here at Reclaim Funds can help you recover your funds. We have many years of experience helping unsuspecting investors reclaim their funds from bitcoin scams across the spectrum. For any enquiries, please contact us or use the form below.