Trading currency pairs and other assets can be pretty exciting and even highly lucrative, but this activity also entails a considerable amount of risk. Potential investors should always be cautious and careful when starting their journey in the foreign exchange market. Knowing who you are dealing with is one of the first lines of defense, and every trader should learn a thing or two about his or her broker before signing up. Our InterTrader review will present you with the facts and the most relevant information about this particular broker, and if you read the complete review, you will find out whether this broker is trustworthy.
InterTrader – a brief intro
InterTrader has been more than 13 years on the Forex scene. There was a case of a clone scam site claiming to be InterTrader, frauding traders. The InterTrader official website is intertrader.com and all other websites should be considered a scam or close.
The broker offers diverse asset classes including bonds, CFDs on stocks, commodities, Forex, and indices through the MetaTrader 5 trading platform.
This broker is regulated in the Gibraltar and UK. The UK license is a limited one and we shall discuss it below. The broker also offers spread betting for UK citizens.
InterTrader Safety and Security
Is InterTrader a scam? This is a question that may come to mind when researching the broker and looking for an InterTrader review and it may be good news for a potential investor to know that the InterTrader regulation is governed by 2 regulatory bodies: the Gibraltar Financial Services Commission (GFSC) and the UK’s Financial Conduct Authority (FCA) register.
The broker has negative balance protection in place preventing its traders from going into minus account balances. InterTrader is using segregated bank accounts, providing maximum client fund safety.
However, while the InterTrader regulation The sibility of a scam as the InterTrader broker.
InterTrader Fees and Spreads
When compared to rivals, InterTrader’s trading fees are reasonable. Deposits and withdrawals are free, and spreads on commission-free accounts begin at 0.6 pips. Other spreads are
- Commodities – from 0.04
- CFDs on Stocks – from 0.1%
- Indices – from 0.08
After 12 months of inactivity, there are inactivity fees of 15 GBP per quarter. So, the spreads are below the industry average and we consider it to be attractive.
Accounts, Deposits, and Withdrawals of InterTrader
The two accounts are“Spread Betting” and “CFD” accounts. Spread betting is for UK citizens to avoid being taxed for Forex trading profits. The UK taxes all profits with capital gains tax and spread betting is a loophole method for avoiding these taxes. So, this accounts is suited for UK traders while the CFDs account will be sufficient for international traders under the Giblartar’s jurisdiction.
Since InterTrader is an STP broker, it means that this provider offers market-neutral execution and direct market access. This model is attracting a lot of attention in the foreign exchange market, and traders from all over the globe are thrilled with the efficiency of this relatively young system. A lot of InterTrader reviews are also saying that this particular broker made a mess of the trading model and that they are clearly not up to the task. To start trading with InterTrader you will have to open up an account, and this company is offering two categories of accounts – demo or live version.
Deposits and Withdrawals
The minimum deposit for InterTrader is $100, which is a relatively low requirement. However, depending on the type of trading account you might want to open, the InterTrader minimum deposit then starts to vary from account to account going upwards of $10,000.
Nowadays, clients want to have efficient money-processing methods at their disposal since this will allow them to transfer the funds to and from their accounts in a flash. However, a lot of InterTrader opinions are stating the fact that this broker did not add a full range of payment options on the platform, and this is something that will not satisfy a lot of clients. But, the most common banking methods are available, including credit cards, wire transfers, and e-wallet services.
It is not rare for a brokerage to charge a withdrawal fee and this may be for multiple reasons. Some of the most common reasons for charging a withdrawal fee are processing fees that come with the different methods used for transferring cash between mediums. Fees for wire transfers may be different than withdrawals to e-wallets.
InterTrader withdrawal fee is 0, with the exception of processing fees associated with the withdrawal methods. A transfer using a Skrill wallet will have a 3% fee.
InterTrader Trading Assets and Features
The broker offers 317+ bonds, FX pairs, indices, commodities, and stock CFDs. Account base currencies include USD, EUR, and GBP. InterTrader offers around 200 stock CFDs which is relatively medium number. Traders can also trade currency pairs from majors EUR/USD and USD/JPY, to exotics like EUR/TRY or USD/ZAR.
All of the broker’s assets are CFDs or contracts for difference giving traders superior flexibility. With CFDs it is possible to short sell the asset right away which is not possible with real stocks.
Software Platform
Modern trading platforms are offering a large selection of trading tools and resources, but InterTrader broker did not incorporate a lot of those features into their portal. This enterprise is using a MetaTrader 4 platform, which is a preferred choice for the majority of broker houses in the current market. MT4 is a reliable and robust software package, and when it comes to InterTrader – they are providing 57 currency pairs, stocks from 14 countries, and some other assets to trade with.
The quality of InterTrader customer support
Client satisfaction should be the number one priority for any company, and InterTrader Forex broker seems to be ignoring this “rule” of conduct. The broker has implemented unique client support services, but it lacks live chat. The live chat would allow traders to directly connect with the broker without waiting for email answers. Admittedly, you could reach their staff 24/5 via phone, or e-mail.
InterTrader Education
The broker has limited educational resources. It only offers three tools for market research called Economic calendar, Market insight, and Market Buzz. Economic calendar is a must for tracking all fundamental news events while insights offer analysis periodically. All this tools have a slight chance of increasing the trading decision accuracy of traders. Since webinars, seminars, and video guides are lacking the broker gets a low score in this department.
Should you consider InterTrader? – Review Conclusion
It remains to be seen if individual investors will be attracted to InterTrader’s low leverage. For now, the broker is not on the satisfying level, which is pretty obvious from our InterTrader FX broker review, but they will have all the time in the world to correct the mistakes and improve their services.
While InterTrader is a good broker for the learning phase, for serious traders other brokers offer better spreads and fees.
What is the maximum leverage offered by InterTrader
Is interTrader a regulated broker?
