ITCS Trade Review: Facts That Should Be Considered

ITCS Trade is a Forex and CFD trading platform run by a Kazakh-based company called ITCS Capital Ltd. This entity is registered as a Financial Services Provider with the Kazakh Ministry of Economy.

Although the platform has been receiving positive feedback on forums, we must stress that the location where this business is based is not regarded as a reputable financial market jurisdiction with strict regulations. To get a better picture of this brokerage firm, read our unbiased ITCS Trade Review.

Broker status:	Regulated Broker + Offshore
Regulated by:	Kazakh Ministry of Economy
Operating Status:	Potential Forex Trading Scam
Known Websites:	itcs.trade
Blacklisted as a Scam by:	N/A
Owner:	ITCS Capital Ltd, FXE Prime Ltd
Headquarters Country:	Kazakhstan, SVG
Website Active Since:	2021-02-10
Online Trading Platforms:	WebTrader, ZuluTrade
Mobile Trading:	Available
Minimum Deposit:	200 EUR
Deposit Bonus:	5-10 risk-free trades
CFD Trading Option:	Yes, you can trade CFDs
Crypto Asset Trading:	Yes – BTC, ETH, LTC…
Available Trading Instruments:	Forex, Indices, Commodities, Stocks, Cryptocurrencies
Maximum Leverage:	1:100
Islamic Account:	Unavailable
Free Demo Account:	Unavailable
Accepts US clients:	Yes
Global Fraud Protection Experts’ Verdict:	You Should Choose a More Reliable Provider

Is ITCS Trade Regulated?

To reiterate, ITCS Trade is based in Kazakhstan, registered with the Ministry of Economy and the Agency for Regulation and Development of the Financial Market. However, the missing approval from the Kazakh National Bank and the lack of regulations in the Forex and CFD markets in that country have cast doubt on the broker’s legitimacy in our eyes.

Moreover, all trading services are provided by a firm registered in Saint Vincent and the Grenadines (SVG), a jurisdiction known for hosting countless unlicensed providers. Forex trading is not regulated in SVG, meaning all the firms based there operate unlicensed.

You should take these facts into consideration if you’re interested in trading with ITCS Trade. Keep in mind that you won’t get a compensation contract from this brokerage, or from CapitalPro for that matter.

If you want a more reliable provider, we suggest you find a licensed provider that operates under the supervision of a renowned financial market authority such as the FCA (UK), CySEC (Cyprus), FINMA (Switzerland), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), etc.

Why European Regulations Are Superior

In order to obtain a regulatory license under a reputable jurisdiction such as the European Economic Area (EEA), covered by the ESMA regulator, brokerage firms must have a minimum operating capital of 730,000 EUR.

Furthermore, their clients must receive negative balance protection, a segregated bank account in a top-tier bank (e.g. UBS), a safe leverage cap (1:30), and a compensation scheme contract worth up to 20,000 EUR.

Trader Reviews – Sharing Experiences

What do traders think about this platform? At the time of this writing, ITCS Trade had 97 reviews on trustpilot.com and an average score of 4.5 (excellent), which is pretty impressive. Traders seem to like what the broker is bringing to the table.

Nevertheless, you still have to be vigilant when choosing the right platform because a trading license is more important than user feedback.

Most unregulated providers are associated with withdrawal issues, which is why you should avoid them altogether. Instead, stick to licensed ones. In case you experience these problems with ITCS Trade, we can help you get your money back.

Who Are ITCS Trade’s Users?

According to godaddy.com/whois, the itcs.trade website domain was created on February 10, 2021. Since then, the brokerage firm has primarily been offering services to traders who reside in the following countries:

• United States;
• United Kingdom;
• India;
• Nigeria.

Each of these countries has different financial market regulations in force. Both the US and the UK are regarded as Tier 1 jurisdictions in terms of the financial market and laws.

Providers are required to obtain the necessary permits in order to operate in these jurisdictions. ITCS Trade has none, unfortunately, so the company is basically working illegally.

Which Trading Platforms Are Available?

ITCS Trade offers a desktop and web-based trading platform with basic tools such as charts, graphs, and indicators. Additionally, the firm supports a mobile trading app for Android and iOS devices. We had a similar case in our Markets4now review.

The broker also provides access to ZuluTrade, a popular social trading platform known for copy trading and social interaction among users. Despite some intriguing features, these terminals are lackluster compared to top trading platforms and potentially has undisclosed issues.

They may be suitable for beginners, but intermediate and experienced traders won’t find them worthwhile. If you want true trading experience, you should find a licensed firm that supports recognized third-party software such as MetaTrader 4, MetaTrader 5, or cTrader.

Leverage, Spreads, Commissions, Bonuses

ITCS Trade offers a maximum leverage of 1:100, which is significantly higher than what is allowed in the EEA. Keep in mind that high leverage can amplify potential profits but also potential losses and have dire consequences.

As for the spreads, the broker offers tight spreads ranging from 0.2 pips to 0.7 pips for major currency pairs such as EUR/USD, USD/JPY, and GBP/USD. It is indeed competitive considering that commissions are also low.

Deposit bonuses are also available. Namely, the broker awards from five to 10 risk-free traders depending on the deposited amount.

Deposit and Withdrawal Process

ITCS Trade listed several available methods that can be used to deposit and withdraw funds:

• Credit/debit cards;
• Wire transfers;
• E-wallets;
• Cryptocurrencies.

The minimum deposit requirement is 200 EUR and the processing time for debit card deposits is between two and five business days. The same goes for withdrawals but there is no information about the transaction fees.

In case you want to get a refund, a chargeback is the best solution. If you deposited funds via MasterCard or VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days of the transaction.

For wire transfers, you can request a recall but only if the transaction has not gone through yet. For crypto transactions, though, you ought to seek out professional assistance. We can guide you through the process so please book a consultation with us.

What Should I Do If I Have Issues With ITCS Trade?

To recap, ITCS Trade is a Forex and CFD broker based in Kazakhstan and SVG. The platform’s main users are traders from the US, UK, India, and Nigerial.

In our review, we have put an emphasis on the importance of regulations and why it is better to trade under jurisdictions supervised by top-tier financial market watchdogs.

If you cannot withdraw your funds from this platform, please book a free consultation with Fusion Forensics Limited. We boast a team of skillful professionals who can assist you in the fund recovery process and get your money back as soon as possible.

Book your free consultation today and get your money back.