Mitrade Review 2021

Regulated By:ASIC, CIMA

Foundation Year:2011

Headquarters:Level 13, 350 Queen Street, Melbourne, VIC 3000

Min Deposit:$50

Risk Warning: CFDs are a leveraged product and can result in the loss of your entire capital. Trading CFDs may not be suitable for everyone. Please consider our PDS, FSG, Risk Disclosure Statement and Client Agreement before using our services and ensure that you understand the risks involved. You do not own or have any interest in the underlying assets. Mitrade does not issue advice, recommendations or opinion in relation to acquiring, holding or disposing of our products. All of our products are over-the-counter derivatives over global underlying assets. Mitrade provides execution only service, acting as principle at all times. Mitrade does not issue, buy or sell any cryptocurrencies nor is it a cryptocurrency exchange. The services on the website are provided by Mitrade Global Pty Ltd, a company incorporated in Australia (ABN 90 149 011 361, AFSL 398528). This AFSL authorises us to carry on a financial services business in Australia. The information on this site is not intended for residents of the European Union, United States, Canada, Japan, New Zealand or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Jitan Solanki

Last updated: Mar 29, 2021

At FX Empire, we stick to strict standards of a review process. Learn about our review process. FX Empire may receive compensation. Here’s how we make money.

“Mitrade operates as a joint brand name of Mitrade Holding Ltd which is authorised and regulated by CIMA as well as Mitrade Global Pty Ltd which is authorised and regulated by the ASIC. Mitrade offers clients access to trade on more than 100+ financial instruments across Forex, CFDs for Indices, Commodities, and Shares all through its proprietary web-based platform.”

Mitrade is an award winning broker founded in 2011 in Melbourne, Australia. It operates as a joint brand name of Mitrade Holding Ltd which is authorised and regulated by Cayman Island Monetary Authority (CIMA) as well as Mitrade Global Pty Ltd which is authorised and regulated by the Australian Securities and Investment Commision (ASIC). The focus of this review is on www.mitrade.com. Mitrade abides by a strong culture of regulation and compliance and has a top priority to ensure all client deposits are safeguarded by ensuring segregated accounts.

Mitrade offers clients access to trade on more than 100+ financial instruments across Forex, CFDs for Indices, Commodities, and Shares all through its own proprietary web-based HTML 5 platform which incorporates features from TradingView. As the platform utilizes cloud technology clients can access their account from any browser or computer/mobile device as well as benefit from its lightweight design and powerful interface and tools.

Trading is also completely commission-free, including trading on share derivatives where most brokers would charge a commission for this. There are also no deposit/withdrawal or inactivity fees. Clients can choose from 2 different account types called Standard and Pro. The main difference is the Mitrade Pro Account offers leverage of up to 1:250.

Mitrade also offers a wide selection of research including Daily Market Analysis, News, Market Sentiment and Forecasts as well as comprehensive educational material which includes a dedicated FAQ section. The broker also provides good customer service 24/5 via live chat and email.

Pros:	Cons:
ASIC and CIMA regulated. 100+ markets to trade on. Powerful web-based platform utilizing cloud technology. Segregated client accounts.	Does not offer services within the European Union, United States, Canada, Japan and New Zealand.

General Information

Official Site:https://www.mitrade.com/

Demo:Open Demo Account

Regulated By:ASIC, CIMA

Foundation Year:2011

Headquarters:Level 13, 350 Queen Street, Melbourne, VIC 3000

Min Deposit:$50

Max Leverage:200

Publicly Traded:No

Deposit Options:Poli, Credit Card

Withdrawal Options:Wire Transfer, Credit Card

Tradable Assets:Currencies, Commodities, CFDs, Indices, Stocks

Trading Platforms:Proprietary

Commission on Trades:No

Fixed spreads:No

Trading Desk Type:Market Maker

OS Compatibility:Web platform

Mobile trading:Android, iOS

Accepts US Clients:No

Rate Mitrade

MiTrade Review Video

Investor Protection & Regulations

“Mitrade operates as a joint brand name of Mitrade Holding Ltd which is authorised and regulated by Cayman Island Monetary Authority (CIMA) as well as Mitrade Global Pty Ltd which is authorised and regulated by the Australian Securities and Investment Commision (ASIC). ”

Mitrade operates as a joint brand name of Mitrade Holding Ltd which is authorised and regulated by Cayman Island Monetary Authority (CIMA) as well as Mitrade Global Pty Ltd which is authorised and regulated by the Australian Securities and Investment Commision (ASIC).

The below screenshot confirms registration and authorization of Mitrade ASIC. Confirmation for CIMA can also be found here.

Mitrade provides further security of client funds by following the below regulatory requirements:

Holding client funds in segregated accounts from company funds.
Providing a negative balance protection policy.
Does not use client money for hedging or any other operational activities.
Does not conduct speculations in any market.
Regularly audited by an independent and external accounting firm.

Tradable Products

“Mitrade offers clients the ability to trade on more than 100+ markets covering Forex, CFDs for Indices, Commodities, and Shares.”

Mitrade offers clients the ability to trade on more than 100+ markets covering Forex, CFDs for Indices, Commodities, and Shares. Below is a list of just some of the available markets for trading:

Currencies	Commodities
EURUSD	Platinum
GBPUSD	Gold
USDJPY	Silver
NZDUSD	US Oil
Indices	Stocks
AUS200	Microsoft
HK50	Apple
NAS100	Facebook
UK100	Google

* Details regarding the available assets are taken from the Mitrade website and trading platform and are correct at the time of this review. You can find a more detailed list here.

Trading costs such as spreads and overnight funding (swap) rates vary depending on the account type opened and instrument being traded and are covered further down this review.

Account Opening

“Mitrade offers clients 2 account types called Standard and Pro, as well as access to a demo trading account.”

Mitrade offers clients 2 account types called Standard and Pro, as well as access to a demo trading account. Each account comes with different features and benefits, however, due to upcoming regulatory changes at the time of writing there will be changes to the Standard account which mainly focus on leverage adjustments from 29th March 2021 onwards. The table below shows a breakdown for each account:

	Standard Account (Until 28th March 2021)	Standard Account (From 29th March 2021 onwards)	Mitrade Pro
Forex	1:200	Major Pairs 1:30	1:250
Indices	1:200	Major Indices 1:20	1:250
Gold	1:100	1:20	1:200
Commodities (other than gold)	1:200	1:10	1:200
Shares	1:20	1:5	1:20
Additional Features	Exclusive Market Analysis, Economic Calendar and News, Professional TradingView Charts.

Clients who would like to open a Pro Account will need to meet one of the below requirements:

Asset: Have net asset* of at least AU$2.5 million
Income: Gross income for each of the last two financial years was at least AU$250,000

In addition, Standard account users (now and after March 29th 2021) are also given a Product Disclosure Statement (PDS) and Financial Services Guide (FSG), and can recourse to the AFCA. These features, however, will not be available to Pro users.

The minimum deposit is $50 but this amount may change from time to time and also varies among regions. It is suggested that clients refer to the brokers website for the latest information.

Users can open a new account in just 4 steps. After clicking the ‘Create Account’ button on the broker’s homepage, users are asked to register with an email and password. Following this, users will be prompted to provide further personal details such as Name, Date of Birth, and Residence Address. A suitability test will also be carried out to assess the users knowledge of leveraged trading. The final step includes identity verification by submitting proof of identity (passport or driving licence) and proof of residence (utility bill or bank statement – not more than 6 months old).

Mitrade does not offer services within the European Union, United States, Canada, Japan and New Zealand.

Deposit & Withdrawals Options

“Mitrade offers a variety of fee-free deposit methods by debit/credit card, bank transfer, POLI and e-wallets such as Skrill. However, not all methods are available in every country/region.”

Mitrade offers a variety of fee-free deposit and withdrawal methods by debit/credit card, bank transfer (online banking), Poli, and e-wallets such as Skrill. However, not all methods are available in every country/region.

Clients can fund their accounts through the platform by clicking on “Funds” followed by “Deposit”, and similarly withdrawals can be made by clicking on “Withdrawals”. Deposit processing times are instant for the majority of methods but can take up to 1 day for bank transfer (online banking). Withdrawals are usually processed within 1-2 business days.

Web & Desktop Trading Platforms

“Mitrade offers clients the ability to trade on its proprietary HTML 5 web platform which incorporates the globally popular TradingView interface and tools.”

Mitrade offers clients the ability to trade on its proprietary HTML 5 web platform which incorporates the globally popular TradingView interface and tools.

Mitrade Web Platform

The Mitrade Web trading platform is available across most browsers and offers features such as:

Cloud technology so no download needed
Vast range of technical tools and indicators
Variety of order types and execution modes
Fast and smooth interface
Professional screenshot function

A screenshot of the Mitrade Web platform is shown below and is covered in more detail in the video review.

Mobile Trading Platforms

“Mitrade offers users the ability to access mobile trading on the go from the Mitrade mobile trading app for Android and iOS systems.”

Mitrade offers users the ability to access mobile trading on the go from the Mitrade mobile trading app for both Android and iOS systems. The app download links can be found in the Google PlayStore or Apple AppStore.

The Mitrade mobile trading app provides a range of different features including:

Trade and manage your account on the go
Access real-time pricing and trading
Analysis tools
Chart analysis with indicators

The Mitrade mobile trading app is covered in more detail in the video review.

Trading Features

“Mitrade does not provide any additional features from what is already available in the trading platform, however, there are comprehensive risk management tools such as Take Profit/Stop Loss and Trailing Stop Loss orders.”

Mitrade does not provide any additional features from what is already available on the trading platform, however, there are comprehensive risk management tools such as Take Profit/Stop Loss and Trailing Stop Loss which clients can utilize to control their risk.

Commissions & Spreads

“Trading is commission-free with Mitrade but spread and swap costs vary depending on the instrument being traded. There are also no inactivity account fees.”

Trading is commission-free with Mitrade but average spreads can vary depending on the type of instrument. Popular shares such as Microsoft can be traded with spreads as low as $0.70. Additional market spreads and swap values can also be found directly in the trading platform.

Overnight funding or ‘swap’ fees are charged on positions which remain open overnight (22:00) GMT. If positions are being held over the weekend a three-day ‘swap’ charge will be charged on Wednesdays.

There are also no inactivity account fees.

Bonus & Promotions

“In accordance with regulatory restrictions, Mitrade does not offer any bonuses or promotions.’’

In accordance with regulatory restrictions, Mitrade does not offer any bonuses or promotions.

Customer Support

“Mitrade offers customer support 24/5 via email and live chat, and allows clients to submit enquiries through a form on the ‘Contact Us’ page. A dedicated FAQ & Help Centre can also be found on the support section of the website.”

Mitrade offers customer support 24/5 via email and live chat, and allows clients to submit enquiries through a form on the ‘Contact Us’ page. A dedicated FAQ & Help Centre can also be found on the support section of the website.

After submitting a question through the live chat we were connected to an agent who answered our question within 5 minutes, as shown below:

Contact Information:

Address: Level 13, 350 Queen Street, Melbourne, VIC 3000, Australia.
Email: cs@mitrade.com
Phone:
- No direct contact number, however, clients can contact Mitrade’s multilingual specialists via live chat on their website and mobile app.
Social Media:
- https://www.facebook.com/Mitrade/
- https://twitter.com/MitradeOfficial
- https://www.linkedin.com/company/mitrade-global
- https://www.youtube.com/c/Mitradeglobal

Research

“Mitrade offers an impressive range of market research through Trading Central which includes Daily Analysis across Forex, Indices, Commodities, and Shares. Clients can also view Market Sentiment, Forecasts and News articles, as well as access an economic calendar.”

Mitrade offers an impressive range of market research through Trading Central which includes daily analysis across Forex, Indices, Commodities, and Shares. Further, clients can view market sentiment and forecasts allowing them to see how wider market participants are positioned – either long or short.

Clients also see the latest news and can keep up with current and future events using the Economic calendar.

All of the above features can be accessed by clicking on “Tools” from the homepage. Below is a screenshot for trading analysis on Shares – provided by Mitrade’s Trading Central service:

Trader Education

“Mitrade offers a great breakdown in several important areas of trading including basic information on CFDs, Leverage, and Risk Management. Further, a dedicated FAQ section covers all these areas but also expands to Technical/Fundamental Analysis as well as Forex, Commodities, Shares and Indices.”

Mitrade offers a great breakdown in several important areas of trading including basic information on CFDs, Leverage, and Risk Management. Further, a dedicated FAQ section covers all these areas but also expands to Technical/Fundamental Analysis as well as Forex, Commodities, Shares and Indices.

Much of this information would suit those who are new to trading as it allows them to grasp new terminology and the basics of trading. The Education FAQ section is also great as it answers some of the many common questions clients will have when they first start off.

Trading Experience

“Mitrade provides a superior web platform to trade across 100+ markets including share derivatives all at very low-cost. There is also a good amount of daily research through Trading Central and a great Educational FAQ section. ”

From our observations, Mitrade provides a competitive edge with its HTML 5 platform where clients can trade over 100+ markets across Forex, Commodities, Indices and Shares. As the platform is cloud based clients can access their account from any browser or computer/mobile device as well as benefit from its lightweight design and powerful features and tools.

Trading with Mitrade is also commission free across all markets, this includes share derivatives as most brokers would charge a commission for this. Mitrade simply makes its money from the small spreads it charges across each market.

Another point to highlight would be the educational FAQ section which is great for those who are new to trading as it covers questions across some of the most important areas in trading including CFDs, Leverage and Risk Management.

FAQ

Is Mitrade regulated?

Yes, by ASIC and CIMA.

Where is Mitrade based?

Level 13, 350 Queen Street, Melbourne, VIC 3000, Australia.

How does Mitrade make money?

Mitrade makes money mainly through spreads and swaps on certain asset classes.

How do I deposit in Mitrade account?

Funds can be deposited via debit/credit card, bank transfer (online banking), Poli and e-wallets such as Skrill.

What is the min. deposit for Mitrade?

The minimum deposit is $50 but this amount may change from time to time and also varies among regions. It is suggested that clients refer to the brokers website for the latest information.

How do I withdraw money from Mitrade?

Withdrawals can be made from the banking section on the trading platform via credit/debit cards, bank transfer (online banking), Poli and e-wallets.

What is the max leverage in Mitrade?

The maximum leverage offered to Standard Account users is 200:1 until 28th Match 2021. From March 29th onwards the maximum leverage available will be 30:1. Pro Account clients are offered leverage up to 250:1.

How do I open an account with Mitrade?

An account can be opened at the click of a button on the Mitrade website and can be done in just a few steps.

Does Mitrade use MetaTrader?

Mitrade does not offer MetaTrader.

Conclusion

“Mitrade operates as a joint brand name of Mitrade Holding Ltd which is authorised and regulated by CIMA as well as Mitrade Global Pty Ltd which is authorised and regulated by the ASIC. Mitrade offers clients access to trade on more than 100+ financial instruments across Forex, CFDs for Indices, Commodities, and Shares all through its proprietary web-based platform.”

Mitrade is an award winning broker founded in 2011 in Melbourne, Australia. It operates as a joint brand name of Mitrade Holding Ltd which is authorised and regulated by Cayman Island Monetary Authority (CIMA) as well as Mitrade Global Pty Ltd which is authorised and regulated by the Australian Securities and Investment Commision (ASIC). Mitrade abides by a strong culture of regulation and compliance, and has a top priority to ensure all client deposits are safeguarded by ensuring segregated accounts.

Mitrade offers clients access to trade on more than 100+ financial instruments across Forex, CFDs for Indices, Commodities, and Shares all through its own proprietary web-based HTML 5 platform which incorporates features from TradingView. As the platform utilizes cloud technology clients can access their account from any browser or computer/mobile device as well as benefit from its lightweight design and powerful interface and tools.

Trading is also completely commission-free, including trading on share derivatives where most brokers would charge a commission for this. There are also no deposit/withdrawal or inactivity fees. Clients can choose from 2 different account types called Standard and Pro. The main difference is the Mitrade Pro Account offers leverage of up to 1:250.

Mitrade also offers a wide selection of research including Daily Market Analysis, News, Market Sentiment and Forecasts as well as comprehensive educational material which includes a dedicated FAQ section. The broker also provides good customer service 24/5 via live chat and email.

ASIC and CIMA regulated.
Low cost, including commission free share trading.
Powerful web platform with TradingView features.
No deposit, withdrawal or inactivity account fees.

Official Site >

OPEN ACCOUNT

DEMO ACCOUNT

Risk Warning: CFDs are a leveraged product and can result in the loss of your entire capital. Trading CFDs may not be suitable for everyone. Please consider our PDS, FSG, Risk Disclosure Statement and Client Agreement before using our services and ensure that you understand the risks involved. You do not own or have any interest in the underlying assets. Mitrade does not issue advice, recommendations or opinion in relation to acquiring, holding or disposing of our products. All of our products are over-the-counter derivatives over global underlying assets. Mitrade provides execution only service, acting as principle at all times. Mitrade does not issue, buy or sell any cryptocurrencies nor is it a cryptocurrency exchange. The services on the website are provided by Mitrade Global Pty Ltd, a company incorporated in Australia (ABN 90 149 011 361, AFSL 398528). This AFSL authorises us to carry on a financial services business in Australia. The information on this site is not intended for residents of the European Union, United States, Canada, Japan, New Zealand or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Top User Reviews

FX Empire adheres to strict standards of user reviews editorial guidelines to help you make decisions with confidence.

Official Site >

OPEN ACCOUNT

DEMO ACCOUNT

Risk Warning: CFDs are a leveraged product and can result in the loss of your entire capital. Trading CFDs may not be suitable for everyone. Please consider our PDS, FSG, Risk Disclosure Statement and Client Agreement before using our services and ensure that you understand the risks involved. You do not own or have any interest in the underlying assets. Mitrade does not issue advice, recommendations or opinion in relation to acquiring, holding or disposing of our products. All of our products are over-the-counter derivatives over global underlying assets. Mitrade provides execution only service, acting as principle at all times. Mitrade does not issue, buy or sell any cryptocurrencies nor is it a cryptocurrency exchange. The services on the website are provided by Mitrade Global Pty Ltd, a company incorporated in Australia (ABN 90 149 011 361, AFSL 398528). This AFSL authorises us to carry on a financial services business in Australia. The information on this site is not intended for residents of the European Union, United States, Canada, Japan, New Zealand or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Specs

Official Site >

OPEN ACCOUNT

DEMO ACCOUNT

Risk Warning: CFDs are a leveraged product and can result in the loss of your entire capital. Trading CFDs may not be suitable for everyone. Please consider our PDS, FSG, Risk Disclosure Statement and Client Agreement before using our services and ensure that you understand the risks involved. You do not own or have any interest in the underlying assets. Mitrade does not issue advice, recommendations or opinion in relation to acquiring, holding or disposing of our products. All of our products are over-the-counter derivatives over global underlying assets. Mitrade provides execution only service, acting as principle at all times. Mitrade does not issue, buy or sell any cryptocurrencies nor is it a cryptocurrency exchange. The services on the website are provided by Mitrade Global Pty Ltd, a company incorporated in Australia (ABN 90 149 011 361, AFSL 398528). This AFSL authorises us to carry on a financial services business in Australia. The information on this site is not intended for residents of the European Union, United States, Canada, Japan, New Zealand or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Mitrade Review 2021

Trade With A Regulated Broker