The Trading CySEC (Cyprus Securities and Exchange Commission) said it has fined EUR 30 000 the owner of the iTrader Forex and CFD Broker – Hoch Capital Ltd.
The reason for the fine are violations of the Investment Services and Activities and Regulated Markets Law of 2007 in its part regarding the professional competence of investment firms and their employees.
The Trading CySEC board decision was in fact taken last November, but only announced now.
iTrader was founded in 2012 and is regulated by CySEC, which means the broker can offer its services throughout the EU.
The broker offers trading in over 50 currency pairs and CFDs on indices, stocks and commodities on the MetaTrader 4 platform. There are three main types of trading accounts, with a max leverage of 1:500.
Generally, the company has managed to stay out of trouble with CySEC so far and most likely the fine is just a slap on the wrist for some minor violations. Source:ForexBrokerz.com