Is ITRADER scam or reliable? CySEC ITRADER €200000 settlement

The Cyprus Security and Exchange Commission (CySEC) has confirmed settlement with a Cyprus Investment Firm (CIF) Hoch Capital Ltd, the parent company of CFD broker ITrader.

March 28, 2019 | AtoZ Markets - The CIF was penalized for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 - L.87(I)/2017. The settlement reached between the regulator and the firm was for the sum of 200,000 euros. According to the statement published on the regulator's website, the investigation for which the settlement was reached, involved accessing the company's compliance with:

  • Section 5(1) of the law, relating to the general principles for the performance of investment activities.
  • Section 25, paragraphs (1) and (3), of the law relating to the general principles and information to clients.

CySec has now confirmed that Hoch Capital Ltd has paid the amount of 200,000 euros. However, the money is considered revenue of the Republic's treasury and not an income of the regulator.

Hoch Capital ltd previous fines

This is not the first time the Cypriot regulatory body has imposed a fine on Hoch Capital ltd. In February 2018, Hoch Capital Ltd was fined a sum of 30,000 euros for non-compliance with section 36(1)a of the Investment Services and Activities and Regulated Markets Law of 2017 and the paragraph 6, subparagraph (2) of the Directive DI 144-2007-02 of 2012 of the Security and Exchange Commission for the Professional Competence of Investments Firms and the Natural Persons Employed by them.

ITRADER is a forex and CFD broker licensed and regulated by CySEC. The licence allows the broker to offer its services throughout the EU. The broker offers over 50 instruments which include currency pairs and CFDs on stocks, indices and commodities.

All CIFs to report 2018 trading volume

CySEC is an independent regulatory body that is responsible for supervising the investment services market and transactions in transferable securities in the Republic of Cyprus.

The financial watchdog announced on Tuesday on its website that CIFs are required to report their entire 2018 trading volume and other requirements in a form published on its website. The deadline date for submission is 12th April. No extensions will be given beyond the set date and failure to submit will attract fines.

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