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Cypriot broker iTrader has to pay 200 thousand EUR as part of the settlement
The Cypriot regulator (CySEC) in an official communiqué of 27 in March 2019 announced the settlement of an agreement with the iTrader broker (a brand owned by the Hoch Capital Ltd. entity). In connection with infringements of the licensing laws committed by the company, a fine of 200 000 EUR will be transferred to the supervisory account.
Check it out: List of public Forex / CFD warnings
200 thousand euro to be paid by iTrader
The settlement was concluded at the beginning of March, but only now did the information come to light. The infringements committed by iTrader relate to the entries in section 5 and 25 contained in the Act on the financial market under which investment companies from Cyprus (CIF) are subject. They mainly concern information obligations for clients and investment activities.
The document reads:
"CySEC, in accordance with art. 37 sec. 4 Act on Cypriot Securities and Exchange Commission of 2009 has the right to reach a settlement in the event of any violation or possible violation of the provisions in the case of entities for which there are reasonable grounds for non-compliance with the legal framework. "
About iTrader
The Cypriot broker has been present on the market since the 2013 year. The offer based on the MetaTrader 4 platform provides access to an extensive list of instruments from the category of currencies, indices, commodities, CFDs for shares, as well as cryptocurrencies, the amount of which (for FX broker) is impressive.
