iTrader Scam Warning: CySEC Licence Suspended, Israel Probe

iTrader was once presented as a CySEC-licensed forex broker in Cyprus. In 2020 CySEC partly suspended its licence over fake celebrity endorsements, after which the company waived the licence, and it is described as a fraud platform. Its owner is reported to have been summoned for questioning by prosecutors in Israel, and the Central Bank of the Russian Federation (CBR) is reported to have issued a warning. iTrader is not authorised in Türkiye by the Capital Markets Board (SPK).

🚩 How the Scheme Works

• Fake celebrity endorsements: iTrader falsely claimed to be endorsed by famous footballers, actors and even national leaders. These endorsements were entirely fake, and none of the celebrities had any link with iTrader.
• Withdrawal cancellation tactic: When a client tries to withdraw money, the withdrawal is cancelled with a "technical error" given as the excuse.
• Fake trading data: The trading data shown in the client's favour was manipulated and did not reflect real market conditions.
• Excessive deposit demands: After the client sees the first gains, account managers make intensive calls pushing for larger deposits.
• Ignoring licence restrictions: Even after the partial suspension by CySEC, iTrader continued all its activities and kept collecting money from clients.

🔍 What Is Known About iTrader

• CySEC licence partly suspended (June 2020): CySEC partly suspended iTrader's licence because of the fake celebrity endorsements and breaches of client protection rules.
• CySEC licence waived (July 2020): Rather than face CySEC, iTrader waived its licence in July 2020. This means the company no longer has legal status in Cyprus.
• Prosecution inquiry in Israel: iTrader's owner and managers were summoned for questioning by prosecutors in Israel.
• Central Bank of Russia (CBR) warning: The CBR warned its clients in Russia to avoid iTrader and classified the company as an unregulated broker.
• Client reports: Clients around the world have reported refused withdrawal requests and fake celebrity endorsements.
• Unclear ownership and operations: There is no clear information about iTrader's real owner and operations centre.

🛡️ Protection Guide

• Celebrity endorsement claims: Where a broker claims that famous people back it, this can be checked directly on the celebrity's social media accounts. iTrader's celebrity endorsements were entirely fake.
• What a waived CySEC licence means: When a broker waives its CySEC licence, it suggests the company is trying to escape supervision. Firms of this kind are a warning sign.
• Brokers under prosecution inquiry: The report that iTrader's owner is under investigation in Israel shows how risky the company is.
• Speed in withdrawal problems: Where a first withdrawal request at iTrader meets problems, a reversal of the transaction is usually pursued at once; a long delay can make recovery harder.
• CBR warnings: For those living in Russia and Eurasian countries, the CBR's warning list is relevant. iTrader is explicitly listed there as an "unregulated broker".
• Fake endorsement stories: Positive stories about iTrader on social media may be paid for or posted by bots.

Those harmed by iTrader whose withdrawal requests were refused usually need the evidence of the fake celebrity endorsements and the emails refusing withdrawal. The legal team can assess a complaint to CySEC and international legal processes. For detailed information and legal support, you can contact Savun Law & Consultancy.

❓ Frequently Asked Questions