I-Trade 24 Review
It is a blessing for traders in the modern age that they have hundreds of online brokers to choose from. Not only can they trade from the comfort of their homes, but they can pick the broker that they think will best match their requirements. If you look at the whole thing casually, yes, this is quite privilege for the traders of today. However, things are not that okay when you go a bit deeper. When you have too many options available, not all of them are the good ones. Sometimes, you have bad guys mixed with the good guys. This is what’s happening to the world of online brokers.
Among the many options for trading that you have available, you have I-Trade 24. The name of the broker is quite attractive since it talks about “I” and makes you feel connected to it right from the start. However, signing up with this broker at first glance is not recommended. There are quite a few things that an expert reviewer will not like about this broker. As a new trader, you should listen to these things and take your decision after proper consideration. Let’s take a look at the factors that make I-Trade 24 not the best broker out there for traders from around the world.
Regulation Is a Problem
The first and the biggest issue with this broker is that it is not regulated. If a broker is properly regulated, this is the first thing it talks about on its website. Online brokers fully understand why regulation matters and how much weight the traders give this factor when signing up with an online broker. In fact, when you are signing up with a broker who is located in a different country, this is the only token of trust you have. If the broker runs away with your money, what can you do about it? The only way you have some power in your hands of catching the broker or getting your money back is when there is a well-known regulating authority taking care of the matters.
When you explore the I-Trade 24 website, you notice that the broker talks about a lot of other important things. You have a full web page dedicated to the anti-money laundering policies and how the broker is serious about them. The broker also talks about how strict its verification process is to ensure that only the right customer is signing up on its platform. However, this is all talk unless you have a token that you can trust. It is like an AC repairer telling you that its repairs are going to keep your AC working for five years without a problem. What you would ask next is a guaranty of what he is saying in writing. If the technician is hesitant to give you that guaranty, you are not really going to trust him/her.
That’s what’s happening with this broker. You have the broker talking about a lot of good stuff on the website. If you had to trust the words of the broker, you should sign up with this one straight away. However, the proof of broker’s seriousness with your safety and security lies in its license and regulation. You don’t find any regulation information on the website. Hence, you have to conclude that this broker is one of the many unregulated ones, and it cannot be trusted with your money just like that.
No Trading Conditions Information
The next most important thing you are looking for on the website of the broker is information about its trading conditions. At the same time, you want to look at a table on which the broker tells you the assets that you can trade on its platform. Keep in mind that every broker on the internet has a different set of assets to offer you for trading. Just because you can trade asset ABCD with a broker X does not mean you will be able to trade the same assets with a broker Y. Unfortunately, there is no mentioning of the assets on the website of this broker.
Yes, it talks about commodities, forex, indices, etc. one by one on its products page, but it does not provide you with any information on which ones you can trade. There is just general talk of these assets and how they work on the website. You can’t find a table on which you can put your finger on the asset and know about the particulars associated with it. In fact, there are certain places on this page where the broker asks you to click on the “click here” text to see more information about a particular asset. However, there is no hyperlink present and click on the “click here” text does not do anything.
You have the broker constantly talking about fixed spreads on its websites. On the products page, you see the category of an asset and then the broker says that you don’t have to pay any commissions. You have to pay in the form of fixed spreads. What this means is that when you buy an asset, the price of this asset is different from when you sell this same asset for. But what is the fixed spread? You never get to know about the spreads on the website. When you look at the websites of other brokers, you will notice that they have a big table on which you find the names of the assets and the spreads with them.
Here, you will not know about the assets or the spreads associated with them. In short, you will never know the trading conditions you are going to be under when you sign up with this broker. What’s even funnier is the fact that there is not talk of the leverage information either. How can you not talk about leverage when you are a broker who provides a CFD trading platform? CFD trading is all about leverages. Leverages allow new traders to enter big trades and make big profits. However, I-Trade 24 fails to talk about leverages and anything that can interest a new trader in joining a broker’s trading platform.
No Account Information
Yes, that’s another important piece of information missing from the website. You can’t see any information about the accounts that are available to the traders before they join. This is something you find on any broker’s website. Account information is always there for traders to know what they will get from the broker once they join the platform. Most of the times, brokers have three to four different types of accounts. These accounts are designed with new and experienced traders in mind. Some accounts are easy to open while others require a lot of money to activate.
It is from the account information that the brokers get to know about the features they will be enjoying on the trading platform. Are you going to be offered any trading signals to help you with your trades? That’s information is available in the accounts section. How much leverage will be available to you and what margin requirements will you have to meet to enter certain trades? This information can also be found only in the accounts section. However, there is no such information about the accounts available on the I-Trade 24 website. There is a big button for you to click on to open the live account.
Before you click on this button and start entering your details, you would want to know how much money you have to deposit in the account or what methods you have available for making the deposits. None of the information is there. You just click on that button and start entering your information.
No Deposit Information
The deposit information is not there on the website either. Yes, you have the icons on the website showing you that you can fund your account with credit cards, but that’s about it. There are four different types of credit cards mentioned on the website that tell you which methods you can use to deposit funds in your account. However, almost any online broker now provides you with three or four methods to put funds in your account. You can fund the account with credit cards, bank wire transfer, internet payments, and even with the help of crypto wallets. From the icons it seems that this broker lets you fund your account with the help of credit cards only.
If you research on the internet and visit about a ten different broker websites, you will notice that I-Trade 24 has more information missing than it has information available on the website. When you browse the website of this broker, you will find yourself constantly looking for something and not being able to find it. I-Trade 24 is not regulated, and it does not satisfy the traders with any asset or trading condition information on its website. After all is said and done, it is highly recommended that you look for some other regulated broker to start your trading career.