Is INTERTRADER a Scam?

At FXCanary, our safety methodology is built on three interlocking pillars: regulatory substance, user-trader evidence, and structural transparency. We do not simply scan for a licence number; we verify its type, scope, and the real-world protections it affords. A broker that merely holds a registration in a light-touch jurisdiction gets a fundamentally different assessment than one supervised by a top-tier authority with mandatory client-fund segregation, a compensation scheme, and a track record of enforcement.

For Intertrader, we assign a Scam Risk Score of 30 out of 100 — a ‘Guarded’ rating. This is not a condemnation, but it is a warning: 30 reflects a blend of a credible, though limited, licence from the Gibraltar Financial Services Commission (GFSC), tempered by a significant red flag — a suspicious clone FCA authorisation — and a pattern of user complaints that suggests withdrawal friction and profit erasure are not isolated incidents. Every point in our score comes from cross-checking public registers, analysing complaint narratives, and assessing the broker’s own disclosures.

Intertrader operates under Alvar Financial Services Limited, which holds a Market Making License (no. FSC1108MIF) from the GFSC, regulated in Gibraltar. This is a legitimate licence, and Gibraltar is an established albeit small European financial centre. The GFSC requires firms to segregate client funds from operational capital, which provides a basic firewall — if the broker becomes insolvent, your money should not be swept into the general creditor pool.

However, Gibraltar does not offer a statutory investor compensation fund for retail forex and CFD traders. Unlike the UK’s Financial Services Compensation Scheme (FSCS) which covers up to £85,000, or Cyprus’s ICF (up to €20,000), a GFSC licence alone leaves you without a safety net if the firm fails. Negative balance protection is not mandated by the GFSC in the same way MiFID II requires for EU brokers; the broker’s terms may or may not offer it contractually. This structural gap means that while day-to-day regulation exists, the ultimate backstop is absent.

FXCanary’s own company description flags a critical issue: ‘InterTrader currently holds a suspicious clone European Authorized Representative (EEA) license from the Financial Conduct Authority (FCA).’ Clone firms are a well-documented problem: fraudsters copy the name, address, or reference number of a legitimate FCA-authorised firm to deceive consumers. In this case, it is not the parent entity that is FCA-regulated; rather, an EEA authorisation may have been used to passport services, or the reference is entirely fraudulent.

We cross-checked the FCA register and found no direct FCA authorisation for Alvar Financial Services Limited or Intertrader. The presence of a clone reference means that at best, the broker may be relying on an outdated or misapplied passporting arrangement that does not afford full FCA protections. At worst, it signals an intent to mislead. Traders who assume they are covered by the FCA’s robust oversight and compensation scheme are at risk. This alone raises the Scam Risk Score by at least 15 points.

Across the user reviews we analysed, 28 withdrawal-related complaints surface a pattern: delays turn into blocked payouts, demands for unexpected fees, and outright refusal. One trader detailed depositing €15,000 and then being confronted with a demand for an 8% ‘fast transfer fee’ — escalating to a 10% additional charge — before any withdrawal would be processed. That is not normal brokerage practice; it is a hallmark of a scam.

Another review states simply: ‘Its a scammer broker... They dont pay my withdrawal.’ While the Trustpilot rating of 4.6/5 from 286 reviews suggests many users have positive experiences, the volume and gravity of withdrawal allegations — often backed by specific account numbers and dates — cannot be dismissed as one-offs. They cluster around a single type of harm: the broker holding funds hostage after profitable trading.

Several reviews go beyond withdrawal friction to describe outright profit erasure. One user claims $8,515 in profits were deleted from his trades, with no reversal despite complaints to the regulator. Another recounts that after two months of successful trading, the broker accused him of ‘latency trading’ and confiscated gains — a term often used to retroactively justify unwinding legitimate trades.

Even more alarming, a trader who submitted full verification and requested reclassification as an elective professional investor had his account closed without explanation shortly after activation. Such sudden de-platforming, especially when profits are involved, erodes any residual trust. At best, it signals a broker that is unwilling to tolerate profitable customers; at worst, it is a prelude to confiscation.

Our structured data reveals that Alvar Financial Services Limited lists zero employees. While a lean operation can be outsourced, a Market Making License typically requires compliance, risk, and dealing personnel. A firm with no staff is a shell, raising the question: who exactly is managing your funds and executing your orders? The registered address at 851 Europort, Gibraltar, may be a shared office space — not necessarily a red flag on its own, but combined with zero employees, it suggests the operational heart sits elsewhere, possibly out of sight of the GFSC’s reach.

To be fair, Intertrader is not a fly-by-night operation. It has been active since at least 2018 and has a visible online presence. The GFSC licence, while limited, is genuine and active. Many users praise the speed and helpfulness of individual support agents — names like Ovidiu, Jason, and Savvas appear repeatedly in positive reviews about resolved issues. The broker also offers MetaTrader 4 and 5, which suggests a degree of investment in professional trading infrastructure.

These positives matter: outright scams rarely maintain a functioning support desk or a multi-year track record. However, they co-exist with the more serious complaints, and that mixture is precisely why the risk is ‘Guarded’ rather than ‘Low’. The broker can operate smoothly for many, while leaving others exposed.

If you choose to trade with Intertrader despite the risks, take these concrete steps. First, verify exactly which entity you are contracting with — look for the legal name Alvar Financial Services Limited and the GFSC licence number. If any communication references an FCA authorisation, treat it as a red flag and verify it directly on the FCA register.

Second, start with a small, affordable deposit and immediately test the withdrawal process. Do not accept any demand for extra ‘fees’ to release your own money; a legitimate broker will not operate that way. Document every interaction: save chat transcripts, email correspondences, and screenshots of your account equity. If a trade is deleted or profits are confiscated, file a complaint not just with the broker but directly with the GFSC (which has a public complaints procedure) and consider an independent ombudsman if one is available.

Finally, never trade more than you can afford to lose with this broker. The combination of no statutory compensation, a clone FCA reference, and numerous credible withdrawal complaints places you in a position where recovery of funds could be an uphill battle. FXCanary’s Guarded rating is a middle ground — not a ban, but a strong advisory to proceed with extreme caution.