- What is Mitrade?
- Mitrade Pros and Cons
- Is Mitrade Safe or a Scam?
- Deposits and Withdrawals
- Trading Platform
- Customer Support
Our Review Method
- 55Brokers Financial Experts with over 10 years of experience in Forex Trading check all trading offerings, fees, and platforms, verified regulations, contacted customer service, and placed traders to see trading conditions and give expert opinions about Mitrade.
What is Mitrade?
Mitarde as a Forex and CFD trading company offers its clients more than 400 financial products to trade including Forex, Indices, Commodities, Shares, and more.
The broker was founded in Melbourne, Australia, and is authorized and regulated by the Australian ASIC. In addition, Mitrade carries CIMA (Cayman Islands) and FSC (Mauritius) licenses too. The company has also supportive offices across 7 countries.
From our research, we found that Mitrade’s brokerage services are not available to residents of the United States, Canada, Japan, or New Zealand.
Mitrade Pros and Cons
For the cons, the trading conditions might vary based on the entity and its applicable regulatory standards, and there is no 24/7 customer support.
|Competitive trading costs and spreads||No 24/7 customer support|
|ASIC license and overseeing||Conditions might vary based on the entity|
|No minimum required deposit |
Mitrade Review Summary in 10 Points
|🗺️ Regulation||ASIC, CIMA, FSC|
|🖥 Platforms||Proprietary Mitrade Trading Platform|
|📉 Instruments||Forex, Crypto CFDs, Commodities, Indices, Shares|
|💰 EUR/USD Spread||0.12 pips|
|🎮 Demo Account||Available|
|💳 Minimum Deposit||No minimum deposit requirement|
|💰 Base Currencies||USD, AUD, EUR, GBP, etc.|
|☎ Customer Support||24/5|
Overall Mitrade Ranking
Mitrade is a regulated broker with safe trading conditions and transparency suitable for all level traders. You can benefit from a range of trading services with competitive spreads and fees.
- Mitrade Overall Ranking is 8.9 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry Leading Brokers.
|Advantages||Trading Conditions||Trading Instruments||Spreads|
Mitrade Alternative Brokers
Mitrade offers good trading solutions and competitive trading costs. However, some other brokers in the industry may offer similar solutions. Here we listed the best alternatives to Mitrade:
We found that Mitrade has received numerous awards and recognition from well-known organizations in the industry. Below is a screenshot that includes some of these awards.
Is Mitrade Safe or Scam?
No, Mitrade Markets is not a scam. It is a fully regulated broker authorized by the respected Australian ASIC. In addition, we discovered that the broker holds two additional licenses from regulatory bodies in offshore zones.
Is Mitrade Legit?
Yes, Mitrade is a legit and regulated broker.
According to the information we gathered, Mitrade Global company is authorized and regulated by the Australian Securities and Investments Commission and carries an Australian Financial Services Licence. Mitrade Holding is authorized and regulated by the Cayman Islands Monetary Authority (CIMA) and holds the SIB license. And the last, Mitrade International Ltd is authorized and regulated by Mauritius Financial Services Commission (FSC).
See our conclusion on Mitrade Reliability:
- Our Ranked Mitrade Trust Score is 8.9 out of 10 for the good reputation and services provided. The broker holds a top-tier ASIC license for its trading services. The only point is the availability of international trading via offshore entities.
|Mitrade Strong Points||Mitrade Weak Points|
|Negative balance protection||Regulatory standards and protection vary based on the entity|
|Risk management tools provided by the trading platform|
How Are You Protected?
Our finds show that Mitrade keeps all its client funds in segregated trust accounts. The broker does not use clients’ funds for its activities. Negative balance protection is also offered by Mitrade for its ASIC entity’s clients with leverage of up to 1:30.
In addition, Mitrade trading platform provides traders with different risk management tools such as stop loss or trailing stop, etc.
Trading with leverage allows traders to increase their trading size and potentially increase profits. However, we suggest taking the time to fully understand how to use leverage properly, as it can also work against you.
Mitrade leverage is offered according to the ASIC, FSC, and CIMA regulations:
- The Australian clients that hold with ASIC-regulated Fusion Markets accounts are entitled to up to 1:30.
- For FSC (Mauritius) clients the maximum leverage is 1:30.
- CIMA (Cayman Islands) clients can use up to 1:200 for major currencies.
Mitrade offers two types of accounts: Personal Standard and Professional trading accounts, with USD, AUD, EUR, GBP, and other currencies available for trading.
New traders can also take advantage of the free Demo account to practice trading with trial trades.
|No minimum deposit amount||None|
|Fast account opening|
|Demo account available|
|Account base currencies USD, AUD, EUR, GBP, etc.|
How to Open Mitrade Live Account?
Opening an account with Mitrade is quite easy. You should follow the opening account or sign-in page and proceed with the guided steps:
- Select and Click on the “Create Live Account” page
- Enter the required personal data (Name, email, phone number, etc.)
- Verify your personal data by upload of documentation (residential proof, ID, etc.)
- Complete the electronic quiz confirming your trading experience
- Once your account is activated and proven, follow with the money deposit.
Mitrade’s market offerings include over 400 financial products such as Forex, Crypto CFDs, Commodities, Stocks, Indices, and Shares trading. However, some trading instruments may only be available through CFDs or derivatives.
The most popular Forex asset class is available for trading 24/5 with an average EUR/USD spread of 0.12 pips.
- Mitrade Markets Range Score is 8.9 out of 10 for wide trading instrument selection. On the other hand, many popular asset classes, such as futures, bonds, and options, are not available to trade.
Mitrade operates as a commission-free platform, meaning that the fees are primarily dependent on the spread and the type of account you select. Our research revealed that Mitrade offers competitive trading fees, with no deposit or withdrawal fees, and no hidden charges.
It is important to note that you will be charged overnight fees if your position remains open for more than a day. Additionally, an inactivity fee of $10 is applicable to accounts that have been inactive for 180 days.
- Mitrade Fees are ranked low or average with an overall rating of 8.7 out of 10 based on our testing and compared to over 500 other brokers.
|Fees||Mitrade Fees||Fusion Markets Fees||Globex360 Fees|
Mitrade provides low floating spreads without charging any commission. We found in our test trade the average EUR/USD spread is 0.12 pips for Forex Trading. To know more about the spreads of other products, kindly refer to the table below.
- Mitrade Spreads are ranked low with an overall rating of 8.9 out of 10 based on our testing comparison to other brokers. We found Forex spread is the industry average and spreads for other instruments are competitive too.
|Asset/ Pair||Mitrade Spread||Fusion Markets Spread||Globex360 Spread|
|EUR USD Spread||0.12 pips||0.02 pips||0.1 pip|
|Crude Oil WTI Spread||1.33||0.15||7|
|BTC USD Spread||0.42||28.091||1|
Deposits and Withdrawals
While trading with Mitrade you will have a chance to fund your account with a wide range of funding methods including Bank Wire, Credit/Debit cards, Skrill, etc. Also, note that some funding methods might vary based on banks and entities.
- Mitrade Funding Methods we ranked good with an overall rating of 8.5 out of 10. Fees are low, and also you can benefit from various account-based currencies.
Here are some good and negative points for Mitrade funding methods found:
|Mitrade Advantage||Mitrade Disadvantage|
|Fast digital deposits||Methods and fees might vary in each entity|
|No fees for deposits and withdrawals|
|No minimum deposit amount requirement|
|Multiple account base currencies|
In terms of funding methods, Mitrade offers the following payment methods:
- Bank Wire,
- Credit/Debit cards,
- ATM Card,
- Zalo, etc.
Mitrade Minimum Deposit
There is no requirement for a minimum deposit with Mitrade. However, our research indicates that many brokers prefer starting with an initial amount of $100.
Mitrade minimum deposit vs other brokers
||Most Other Brokers
Mitrade processes withdrawals through Bank Wire, Credit/Debit Cards, and other methods. It was found that withdrawal requests can take from 3 to 5 business days to process through Bank Cards and 3 business days through Bank Accounts.
How Withdraw Money from Mitrade Step by Step:
- Login to your account
- Select Withdraw Funds’ in the menu tab
- Enter the withdrawn amount
- Choose the withdrawal method
- Complete the electronic request with necessary requirements
- Confirm withdrawal information and Submit
- Check the current status of withdrawal through your Dashboard
Mitrade offers its own proprietary trading platform, Mitrade Trading Platform, which can be accessed via web, mobile, and desktop versions with no commissions. We found that the platform has a simple and easy-to-use interface, allowing traders to access it from anywhere.
In our review, we saw many risk management tools offered by the Mitrade trading platform, which is always good and favorable to the trading proposal overall, as well as drawing tools, technical charts, price alerts, split charts, trading news, copy trading, and more.
- Mitrade Platform is ranked good with an overall rating of 8.2 out of 10 compared to over 500 other brokers. We mark it as good since it offers safe and comprehensive trading conditions to its clients. However, Mitrade does not offer any of the MetaTrader trading platforms.
Trading Platform Comparison to Other Brokers:
|Platforms||Mitrade Platforms||Fusion Markets Platforms||Globex360 Platforms|
We got in our test that Mitrade offers customer support 24/5 through Live Chat, Phone lines, and Email. It also has representative offices in Mauritius and the Cayman Islands, in addition to its headquarters in Melbourne, AU.
- Customer Support in Mitrade is ranked good with an overall rating of 8.5 out of 10 based on our testing. We got fast and knowledgeable responses, and also easy to reach during the working days.
See our find and ranking on Customer Service Quality:
|Quick responses ||No 24/7 customer support|
|Availability of live chat, phone lines, and email|
Mitrade offers a broad range of educational and research materials, including trading basics, fundamental analysis, insights, and a trading academy. However, we noticed that the broker does not provide seminars or webinars, which are crucial for novice traders.
- Mitrade Education ranked with an overall rating of 8.5 out of 10 based on our research. We found that the broker offers good-quality of learning materials and research.
Mitrade Review Conclusion
In conclusion, Mitrade is a safe and well-regarded broker with competitive trading conditions and transparency. At Mitrade, you can find low trading costs and spreads with 0 commissions.
The broker provides good learning materials designed for traders of all levels, from beginners to advanced. Its proprietary trading platform is equipped with advanced trading tools and technical analysis features that are essential for traders of any size.
Based on Our findings and Financial Expert Opinions Mitrade is Good for:
- Traders from Australia
- International traders
- Advanced traders
- CFD and currency trading
- Copy trading
- NDD/STP execution
- Competitive spreads and costs
- Good learning materials
- Supportive customer support
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