iToro-Capital Review: itoro-capital.com Avoid them!

Itoro-Capital Review
  • Fund Safety
  • Customer Support
  • Regulation Status
0.5

Summary

Going by the information on its website, Itoro-Capital would pass as a legitimate broker. However, cross-checking this information revealed several loopholes which poke holes into the broker’s narrative.

Ever-wondered why forex investment is lucrative and risky at the same time? On the one hand, the venture is deemed promising due to the high returns brokers are likely to earn. On the other hand, the venture is risky due to the market’s volatile nature and the possibility of falling victim to scammers. Speaking of scammers, Itoro-Capital presents itself as a broker, while the real intention is to defraud you. 

Itoro-Capital Review, Itoro-Capital Company

Going by the information on its website, Itoro-Capital would pass as a legitimate broker. However, cross-checking this information revealed several loopholes which poke holes into the broker’s narrative. For instance, we established that the broker falsifies its licensure and gives inconclusive trading conditions. The fact that brokers misrepresent themselves gives you more reason to be diligent. 

This review  is meant to guide areas to be keen on when searching for credible forex brokers. Subsequently, it will offer investors knowledge and insights into the platform. To learn more about Itoro-capital, continue reading.

Itoro-capital.com Review

Itoro-Capital claims that Old Mutual Funds and Wealth Management. The broker further argues that it is a subsidiary of Henyep Group. Itoro-Capital also purports to be a multi-regulated broker with an established track record since 2015. This is a blatant lie since the whois database indicates that the broker is only 109 days old. Moreover, the broker claims to facilitate over 200 trading instruments. Also, Itoro-Capital brags about a global footprint in 120 countries. 

According to the broker, investors can trade commodities, indices, stocks, forex, and cryptocurrencies. Moreover, traders on this platform can enjoy handy trading resources, a user-friendly platform, comprehensive educational tools, and top-notch support. In addition, investors’ money is supposedly segregated into tier-1 bank accounts. Do not let any of these claims because this broker could be faking credibility, for all we know.  

Contact Details

Good customer service is a must-have for every serious broker. This makes communication between the broker and investors. Additionally, it enables investors to seek assistance from the brokers’ support desk. However, if the broker is questionable, it is not wise to contact them. This is because they will use your details to pester you further and, if possible, manipulate you. 

Itoro-Capital supposedly has UK, Belize, and Australia, with the headquarters address in London and  Ireland. Investors can contact the firm via email or phone. However, most scammers cut off their clients once they realize no money is coming to the system. We suspect this might be the case with the rogue company.

Itoro-Capital Investment Plan

Itoro-Capital has five packages for its investors. A trader needs at least €10000 for a silver account. Investors on this package access a € 5000 bonus and an account manager. The applicable charges for the silver plan include a 10 percent management fee and a 3.5 percent performance fee. Silver traders must also meet a trading volume of €20000. The perks that come with this plan are a €20000 bonus and a portfolio manager. 

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Next, the gold package has a minimum funding threshold of €25000. Traders in the plan enjoy a €20000 bonus, €1000 reward, and a portfolio manager. They must, however, pay a commission of 3 percent management and a 9 percent performance fee. Gold traders must also have monthly trades worth at least €50000.

Itoro-Capital.com Review, Itoro-Capital.com Broker

For the Platinum plan, traders need at least €100000 to open an account. They must also pay 2.5 percent and 7 percent commissions as management and performance fees, respectively. Nonetheless, these traders enjoy a €100000 bonus, €3100 cashback, and risk management services. To access the said benefits, these traders must meet the €200000 trading volume limit. 

Traders for the Diamond plan must deposit at least €250000 in their account. They must also pay a commission of 2 percent and 5 percent as management and performance fees, respectively. In return, the traders get a €50000 bonus, risk management services, and €7100 cashback. However, they must meet a trading volume requirement of €500000 to enjoy the benefits.

The fifth investment plan has a funding threshold of €500000. Also, traders pay a commission of 1.5 percent and 3 percent as management and performance fees. The benefits of this plan include a €1000000 bonus, special risk management services, and €100000 reward. To access the benefits, VIP traders must trade a minimum volume of €1000000. 

Deposit & Withdrawal Policy

The deposit channels a broker accepts will tell you the real intention a broker has. For instance, most brokers mandate e-wallets and cryptocurrency deposits, which inconvenience you as the two allow anonymity. Moreover, such channels do not have a chargeback option. Conversely, legit brokers offer flexible deposit options to choose from.

Itoro-Capital claims to accept wire transfers, credit cards, Sepa, and cryptocurrencies. However, on its deposit menu, it only accepts credit cards. This is not convenient enough for you as an investor. 

Another issue that bothered us regarding deposits is the funding thresholds. The €1000 minimum deposit for a mini account is too high. Considering that the broker does not offer a demo account, it is unwise to risk such an amount, worse still, as a beginner. There are legit brokers with way more affordable accounts. 

Itoro-Capital Regulation

The best way to confirm a broker’s regulation is to check with the register of regulatory agencies in the respective countries. Since the broker claims to have licensure to operate in the UK, Australia, and Belize, we looked it up in FCA, ASIC, and CySEC registers. However, we did not find any matching details in the three databases. This also means that the license numbers provided are non-existent or clones of legit brokers. This points out the lengths the broker is willing to go to convince you it is genuine. 

Again, some conditions, such as trading bonuses, confirm this is an unregulated broker. Regulatory agencies such as FCA explicitly forbid bonuses are they are a tactic for extortion traders. Also, since the broker provides misleading information regarding its location, it is safe to conclude that it is an offshore broker.  

Risks Involved

Since Itoro-capital is an unregulated offshore broker, investing with it has several downsides. One disadvantage is that traders’ funds are not safe or secure.This is because the broker provides zero balance protection, and we have no proof that it segregates funds. Also, unregulated brokers do not contribute to the guarantee scheme. This implies that investors will automatically lose their money if the broker disappears or goes under. Another disadvantage is that brokers will not obtain legal recourse since they cannot prosecute offshore brokers. That said, there is no point in dealing with this broker. 

Trading Platform

When choosing brokers, go for those offering industry-standard MT4 and MT5 platforms. These platforms are intuitive and provide a competitive trading experience. With the two platforms, traders can back-test, auto trade, sly, and place multiple trades simultaneously. 

Itoro-Capital offers a web-based platform. This platform has several indicators and timeframes. However, this type of platform only facilitates basic trading. Otherwise, its functionalities are limited compared to the recommended MT4 and MT5 software. On top of being dubious, the broker’s lousy trading platform will do you no good.

Itoro-Capital Trading Conditions

Legal documents such as T&Cs, AML, KYC, and Risk Disclosure policies are crucial as they clarify terms, guidelines, and rules about all broker arrangements. 

One of the conditions the broker imposes is that a trader cannot withdraw any funds within the first 90 days of membership lest their membership is canceled. On the same note, a trader cannot withdraw money before three months’ lapse for any given account level.

 Itoro-Capital offers a 1:200 leverage which again discredits it as unregulated. In the UK, brokers must comply with the 1:30 leverage capping. The broker’s leverage only exposes you to unnecessary losses. Furthermore, the spreads of 2 are not tight enough. Since there are genuine brokers with spreads below 1, try them instead. 

Verdict

Going by the unsettling discoveries we have made about Itoro-Capital, this broker is not ideal for you. The fact that it falsifies licensure in three jurisdictions tells you that it is not a straightforward broker. Ignore any claims on its exemplary services and focus on credible forex brokers who will neither waste your time nor funds. 

 

 

 

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