ITI FX Review
ITI FX is an online forex broker which claims to specialize in global financial markets. Their targets are beginner traders, scalpers, and active day traders. The ITI FX broker was started in 2015 and is owned by the CMGL Company. ITI FX operates from St. Vincent and the Grenadines and claims to be regulated by the FSA.
If you are interested in registering with ITI FX then make sure you read our ITI FX scam review before you sign up!
ITI FX Regulation
ITI FX claims on their website that they’re registered and authorized by the Financial Service Authority (FSA) in St. Vincent and the Grenadines. However, our research shows that there is no record of neither ITI FX or their parent company CMGL Company in the FSA online registry. Which means they are not regulated and to make it worse, they are lying about being regulated.
This sort of behavior is what is exhibited by scam brokers. And it is clear from their lack of regulation along with their lies that the ITI FX scam is what you should consider this broker.
ITI FX Customer Support
Quick customer support is vital to not only brokers but also to you. It is extremely important that you receive proper support and assistance with any issue you may have with a broker, its platform or services.
This is why we were disappointed with the customer support at ITI FX.
The first thing we noticed was there was no livechat option available. We found this to be an issue because while livechat is not necessary for brokers, it does show that they are doing what they can to provide the best possible customer support. After all, the major advantage of livechat over other forms of online communication is that it allows for instantaneous replies, unlike email where you are left waiting.
The next issue was ITI FX’s response time to email and messages submitted by online forms. It is common for businesses, brokers or otherwise, to reply to emails within 24 hours. ITI FX, on the other hand, seems to think that replying to an email 5 days later is standard which it is not.
Quite frankly this is disrespectful and inconsiderate. You, as a trader, need a broker that is able to provide you with excellent support and service. You won’t get that with ITI FX.
ITI FX Accounts
ITI FX offers two types of accounts:
- STP Account ($50 Minimum Deposit)
- DMA Account ($500 Minimum Deposit)
- Joint Account ($3000 Minimum Deposit)
- Company Account($10000 Minimum Deposit)
All of these accounts have similarities and differences.
The similarities between these accounts or as ITI FX lists them, general conditions are quite a lot. Both accounts allow for EA trading along with scalping, hedging and news trading. They both have the same market execution, floating spread, no dealing desk and news trading. The Stop and limit levels are zero for both accounts and the leverage is 1:300. Finally, there are no requotes or rejections for either account type and both accounts have a 0.01 lot contract size.
STP & DMA Account Differences
The STP account has a 1.2 pip spread as opposed to the 0.2 pip spread available to DMA account users. There is a $6 commission per lot for the DMA account while there is no commission for the STP account.
As you can see, while the there are numerous similarities, there are very few differences. In fact, not enough that would warrant a 100% difference in initial deposit cost. And even though both accounts are different in nature, the STP account being a Straight Through Processing account and the DMA account being a Direct Market Access account, it is still without good reason. Especially since there are other brokers which are regulated, have a proven history of great success and quality service that offer direct market access at a much more reasonable price than the ITI FX.
Joint Account & Company Account
There is no additional information provided by ITI FX on these accounts. In fact, on their web page where it reads “See the docs,” the link just brings you back to the accounts page. The only information presented is that a joint account is one owned by two/three account holders. While the Company account is for institutional traders and higher volume. They also claim that it has inter-bank raw spreads and a “dedicated” account manager. But this is more than likely the same as their regulation. A lie. Do your best to steer clear of ITI FX scam.
ITI FX Platforms
The ITI FX forex broker only offers the desktop version of the MT4 platform along with the mobile version. The MT4 platform is the go-to platform for many brokers, regulated or not because it is free and easy to manipulate. This is why it is used by many scam brokers like ITI FX.
They can use the MT4 platform and its reputation to attract traders especially beginner traders then scam them without them knowing. It is something that is done by numerous brokers like ITI FX. This is why we encourage traders to not only look at the platforms but also regulation, support, and trader reviews when researching a broker.
It is also interesting that ITI FX does not offer a demo account. While it is not a necessity, it definitely allows you to test out broker without anything at risk. But with ITI FX you have to run a risk to test them and from what they have shown us, it is not worth it.
ITI FX Review Conclusion
Thank you for reading out ITI FX Prime Broker review. They may have been around for some time but its clear from the lack of reviews, lies about regulation and dismal customer support that ITI FX has nothing to offer you or any other trader. We encourage you avoid this broker and all others like it.