Warning! iTraders24 is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
iTraders24 can and should be considered as an exemplary FX scam. The review will disclose all the crucial sides to it.
The footer warns users that the broker can change its regulatory status at any time by notifying the user, yet no mention of a current license is to be found. Further down the footer, we read and we quote that
“iTraders24 does not accept any users from the countries or territories where its activity shall be especially licensed, accredited, or regulated by other laws”. This is a rhetorically faulty statement; it does not tell us anything and is contradictory to itself. We learn nothing of value from the footer.
From the terms and conditions, we are told that the user is regulated under the laws of the user’s jurisdiction of incorporation. This assertion is typical of unlicensed brokers who try to figure out a way to avoid revealing to their users that they do not hold a license.
Further down the terms and conditions, we read that the broker is governed by the laws of Seychelles. Another shot in the dark- the broker must be regulated in Seychelles in order to claim that, but regulated it is not!
The same is applied to the statement that iTraders24 is located in the UK, as seen in the contact page.
One thing can be deducted from all this confusing and very unclear information- iTraders24 is definitely not licensed and is a risk to all!
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We registered easily, but everything was reminiscent of previous scammer brokerages.
We eventually came across a web trader, and from it we took the following trading conditions. The EUR/USD spread was 2 pips, while the full list of tradeable assets includes forex currency pairs, commodities, shares, indices, and cryptocurrencies. The leverage was not disclosed in the client area; the website reveals it to be 1:10 but the way that it is vaguely mentioned leads us to believe that the value may be different.
This is one of the most popualr web tradered used by illicit brokers.
As is with these, the main appeal here is the visuals, but once you look beyond you will find a very limited platform.
ITRADERS24 MINIMUM DEPOSIT
Considering that iTraders24 is not licensed we urge our readers to stay away from it and not invest!
According to the user area, clients can use one of the following payment methods to fund their account: a single Bitcoin wallet. The user is expected to send any amount of money to a very shady BTC wallet. We assure you that once the money is sent over, it will be untraceable and therefore non-refundable.
There is no minimum payment requirement even though the website claims the minimum deposit to be $250. With crypto wallets, there is no cap.
There are no indications on any depositing fees, and as far as we know all crypto payments happen as soon as their are filed for.
Base currencies are USD, EUR, GBP, and BTC.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
ITRADERS24 WITHDRAW TIME AND FEES
We warn our readers that withdrawing from an unregulated broker, be it iTraders24 or another one, is close to impossible!
There seems to be no minimum withdrawal amount.
Interestingly, the withdrawal area reveals additional payment methods: bank transfer, credit card, and an “other” category. There is of course the notorious BTC wallet as well made available. The addition of payment methods is a sign that iTraders24 is a scam! Only illegal brokers offer conflicting deposit and withdrawal methods. The AML rules assert that the deposit and withdrawal methods have to be the same.
The terms and conditions mention fees but do not give any further details.
We found no withdrawal processing times.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
iTraders24 is a typical example of a scammer and offshore broker. It will lure you with its fake promises, and just when you have your guard down, it will disappear with all your money. Do not invest here!