Mitrade Review 2022

Mitrade Video Review

Investor Protection & Regulations

“Mitrade is a joint brand name of Mitrade Global Pty Ltd, a company authorised and regulated by the Australian Securities and Investment Commission (ASIC), and Mitrade Holding Ltd, a company authorised and regulated by the Cayman Island Monetary Authority (CIMA).”

Mitrade is a brand name of Mitrade Global Pty Ltd, a company authorised and regulated by the Australian Securities and Investment Commission (ASIC), as shown on the regulator’s register below:

The broker also operates a second entity, Mitrade Holding Ltd, which is authorised and regulated by the Cayman Island Monetary Authority (CIMA), as shown on the regulator’s register below:

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 over 100+ financial CFD instruments across Forex, Indices, Commodities and Shares.”

Mitrade offers clients the ability to trade on over 100+ financial CFD instruments across Forex, Indices, Commodities and Shares. Below is a list of just some of the available markets for trading:

*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 entity, account type opened and instrument being traded and are covered further down this review.

Account Opening

“Mitrade offers a single live account as well as a demo account. Professional accounts offering higher leverage are also available.”

Mitrade offers a single live account as well as a demo account. The main features of the live account are:

• Minimum Deposit: $50
• Commission-free trading.
• *Leverage up to 1:30 for retail clients.
• Average EURUSD spreads from 1 pip.
• Additional features include exclusive market analysis, an economic calendar, news and professional TradingView charts.

*The broker does offer professional accounts which allow leverage up to 1:250, however, the below requirements will need to be met:

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

Users can open a new account in just four steps:

1. Sign Up: Users can register with their email and password.
2. Personal details: Name, date of birth, and residence address.
3. Suitability test: Questions to test the user’s knowledge of leveraged trading.
4. Verification: Submit proof of identity (passport or driving licence) and proof of residence (utility bill or bank statement – not more than 6 months old).

The client portal is shown below:

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

Deposit & Withdrawals Options

“Mitrade offers fee-free deposit and withdrawals via debit/credit card, bank transfer, POLI and e-wallets such as Skrill, Momo, Zalo and more. However, not all methods are available in every country/region.”

Mitrade offers fee-free deposit and withdrawals via debit/credit card, bank transfer, POLI and e-wallets such as Skrill, Momo, Zalo and more. However, not all methods are available in every country/region.

Funds can be deposited and withdrawn once logged into the trading platform. 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 clients can trade through the proprietary HTML5 web trading platform that incorporates the globally popular TradingView interface and utilises the latest cloud technology.”

Mitrade clients can trade through the proprietary HTML5 web platform that incorporates the globally popular TradingView interface and utilises the latest cloud technology.

Mitrade Web Platform

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

• Extensive range of drawing tools, technical indicators and tools.
• Variety of order types and execution modes.
• Utilises cloud technology for access anywhere and anytime.
• Access global news and economic calendar in real-time.
• Fully customisable charting.

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.
• Simple and intuitive user interface.
• Access multiple asset classes.
• Charting and live trading.

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

Trading Features

“Mitrade does not provide any additional trading features, however, the trading platform does feature comprehensive risk management tools such as Take Profit/Stop Loss and Trailing Stop Loss orders. ”

Mitrade does not provide any additional trading features, however, the trading platform does feature comprehensive risk management tools such as Take Profit/Stop Loss and Trailing Stop Loss orders.

Commissions & Spreads

“Mitrade offers completely commission-free trading with competitive spreads and swap costs but these vary depending on the market being traded. There are also no inactivity account fees.”

Mitrade offers completely commission-free trading with competitive spreads and swap costs but these vary depending on the market being traded. Markets such as EURUSD can be traded from as low as 1 pip and popular stocks such as Apple can be traded with spreads from $0.10.

Overnight funding or ‘swap’ fees are charged daily on positions that remain open overnight (22:00) GMT (GMT+1 during daylight saving), including weekends.

The broker does not charge any inactivity account fees.

Bonus & Promotions

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

Customer Support

“Mitrade offers multilingual customer support 24/5 via contact form, email and live chat. There is also a detailed FAQ & Help Centre on the support section of the website.”

Mitrade offers multilingual (English, Traditional Chinese, Simplified Chinese, Thai, Vietnamese, Korean, Indonesian, Malaysian) customer support 24/5 via contact form, email and live chat. There is also a detailed FAQ & Help Centre 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 1 minute, as shown below:

Contact Information:

• Address:
  • Level 13, 350 Queen Street, Melbourne, VIC 3000, Australia.
• Email:
  • cs.au@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:
  • Facebook
  • Twitter
  • Linkedin
  • YouTube

Research

“Mitrade offers a variety of market research through Trading Central including Trading Analysis across Forex, Indices, Commodities, and Shares. Users can also view Market Sentiment, Forecasts, News articles, and access an Economic Calendar.”

Mitrade offers a variety of market research through Trading Central including Trading Analysis across Forex, Indices, Commodities, and Shares. Users can also view Market Sentiment, Forecasts, News articles, and access an Economic Calendar. Each of these is explained further below:

• Trading Analysis: A Trading Central service that provides key technical trading levels with price targets across Forex, Commodities, Indices and Shares.
• Market Sentiment: Shows how other users are positioned long or short across a variety of markets.
• Forecasts: Shows overall bias of market – long, short or neutral.
• News: Provides a stream of important headline news delivered by FXStreet.
• Economic Calendar: Users can keep up to date with current economic events and data releases across the globe.

Trader Education

“Mitrade offers a selection of beginner trading articles covering CFDs, Leverage, and Risk Management. There is also a comprehensive FAQ section that further expands on these areas in addition to Technical/Fundamental Analysis, Forex, Commodities, Shares and Indices.”

Mitrade offers a selection of beginner trading articles covering CFDs, Leverage, and Risk Management. There is also a comprehensive FAQ section that further expands on these areas in addition to Technical/Fundamental Analysis, Forex, Commodities, Shares and Indices.

The education material available is most suited to beginner traders as only basic trading concepts are covered but the FAQ is also great as it answers common questions on each of these topics.

Trading Experience

“Mitrade provides a simple trading offering on over 100+ financial CFD instruments across Forex, Commodities, Indices and Shares, all through its proprietary HTML5 web trading platform. Trading costs are competitive and there is a good amount of market research available.”

From our observations, Mitrade provides a simple trading offering on 100+ financial CFD instruments across Forex, Commodities, Indices and Shares, all through its proprietary HTML5 web trading platform. As the platform utilises cloud technology, users can access their account from any browser or computer/mobile device and still benefit from its lightweight design and powerful features and tools.

The broker offers completely commission-free trading with competitive spreads and swap costs, however, these vary between each market. Unlike most brokers, share trading is also commission-free with tight spreads on US Stocks.

Funding is also fee-free and there are plenty of options to choose from including debit/credit card, bank transfer, POLI and e-wallets such as Skrill, Momo, Zalo and more. Additionally, the broker offers comprehensive market research but the education section is limited to material that would only be suitable for beginner traders.

FAQ

Is Mitrade regulated?

Yes, by ASIC, CIMA and FSC.

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, POLI and e-wallets such as Skrill, Momo, Zalo and more.

What is the min. deposit for Mitrade?

The minimum deposit is $50.

How do I withdraw money from Mitrade?

Funds can be withdrawn via debit/credit card, bank transfer, POLI and e-wallets such as Skrill, Momo, Zalo and more.

What is the max leverage in Mitrade?

Retail clients can access leverage up to 30:1 whereas Pro 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?

No.

Conclusion

“Mitrade is a Forex and CFD broker regulated by the Australian Securities and Investment Commission (ASIC) and the Cayman Island Monetary Authority (CIMA). The broker offers access to 100+ financial CFD instruments across Forex, 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 Global Pty Ltd, a company authorised and regulated by the Australian Securities and Investment Commission (ASIC), and Mitrade Holding Ltd, a company authorised and regulated by the Cayman Island Monetary Authority (CIMA). The company places a strong emphasis on regulation and compliance and ensures all client deposits are safeguarded through segregated accounts.

The broker offers access to 100+ financial CFD instruments across Forex, Indices, Commodities and Shares, all through its proprietary web-based platform. As the platform utilises cloud technology users can access their account from any browser or computer/mobile device and still benefit from its lightweight design and powerful features and tools.

Users can open a single live account as well as a demo account and trading is also completely commission-free with competitive spreads and swap costs. Professional accounts are available and offer higher leverage, however, users will need to meet the minimum requirements to open this account.

Mitrade offers a variety of market research including Trading Central services, Market Sentiment, Forecasts, News and an Economic Calendar. There is also a good amount of educational material available, however, it is most suited to beginner traders. The broker also provides multilingual customer service 24/5 via a contact form, live chat and email.

• ASIC and CIMA regulated.
• 100+ markets to trade on.
• Powerful web-based platform utilizing cloud technology.
• Segregated client accounts.