Mitrade Review

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Mitrade is a CFD broker that can provide you with online foreign exchange and contract for difference (CFD) trading services. They have a good choice of financial instruments across different asset classes, including forex, indices, commodities, and shares. You can get easy market access via the proprietary Mitrade platform which is very user-friendly to ensure a smooth trading experience regardless of your experience level. In terms of trading conditions, I found the broker to have fast and reliable execution speeds, competitive commission fees and low spreads. The minimum deposit to open an account is just $1 whereas free demo accounts are also available if you would like to practice your trading strategies to begin with. I think they can be worth consideration for anyone who is looking to trade online in a regulated environment with minimal fuss and excellent support.

Summary

Headquartered in Australia, Mitrade is a financial technology company that adheres to strict regulatory standards, committed to providing investors with a simple and convenient trading experience in Contracts for Difference (CFDs). It is considered by many to be leading the industry in financial and technological innovation. This innovative spirit has won Mitrade many prestigious awards over the years and added to its immense popularity among the global trading community.

Mitrade was founded by technology experts and finance veterans who had a mission to simplify trading through consistent innovation. With its self-developed proprietary trading platform, Mitrade is pursuing its mission to provide simplified trading to all. The broker states that its vision is to provide a fair, efficient, and transparent trading environment that is free from geographical, time, and market constraints, and I totally respect that.

Mitrade’s evolving technology, dynamic research tools, and instant-response 24/7 customer service have fuelled its growth to millions of customers in the years in which they have been operating.

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Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

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Regulation

When it comes to choosing a broker, one of the first things that I look for is regulation. I would always prefer to use a regulated broker as they must follow rules and procedures that are put in place to protect investors. Mitrade is an innovative financial technology group and trading broker. The brand is jointly used by multiple companies and it operates through the following companies: It operates under strict regulations by the Mauritius Financial Services Commission (FSC), Australian Securities and Investments Commission (ASIC) and the Cayman Islands Monetary Authority (CIMA). I am personally satisfied with this brokers regulation and wouldn’t have any problem using them for my daily trading activities. All fees are listed clearly to ensure the entire service process is completely honest and transparent.

Countries

Mitrade allows traders from different parts of the world to open an account with them if their countries of residence permit online trading with international brokers. But they specifically state they do not offer their online trading services to residents of certain jurisdictions, such as the United States, Canada, Japan, New Zealand, or any country where its use would be contrary to local laws or regulations. If your country is not accepted by the broker for any reason, please feel free to check out our broker comparison tool for alternatives.

Platforms

On Mitrade’s user-friendly mobile and web platform, you can access international financial markets, and trade hundreds of popular varieties such as stocks, indexes, commodities, and currencies. Mitrade also offers competitive transaction fees, fast order execution, world-class customer service and the latest cutting-edge professional tools, helping you take advantage of investment and trading opportunities. The Mitrade platform offers you a simple and intuitive online trading environment. It is designed to meet the trading needs of professional investors and investment enthusiasts. You can trade via both iOS and Android trading apps along with the web platform. You are free to trade anywhere, anytime on any platform. Although their own proprietary platforms are easy to navigate and use, I still would’ve liked to see them offer their services on the popular MetaTrader platforms as this is where many traders are more comfortable. It also has lots more capabilities when it comes to conducting market analysis. You can take a look at our best MetaTrader brokers for some inspiration.

Mitrade Platform

WebTrader

I like how the WebTrader platform can run directly on all operating systems and most modern web browsers like Google Chrome, Safari, Firefox, and Edge, thus eliminating the need to download or install additional software. You can enter Mitrade’s trading platform anytime and from anywhere, using cloud technology, provided you have an internet connection. The platform will always be up to date and you can do everything from market analysis to placing and managing your trades.

Mobile App

Continuing its innovation streak, the Mitrade app has plenty of cutting-edge features. The app comes with a built-in economic event calendar that lets traders forecast market trends and craft a winning trading strategy ahead of potential market movements. The mobile app also has a tiered trading educational portal, which guides both beginners and experts. The Mitrade mobile app has all of the same features as the web version. The mobile app is built for Android or iOS devices and can be downloaded from the relevant app stores. It enables you to manage your accounts and place trades, while on the go, provided there is an internet connection.

The Mitrade trading platforms have the following features:

• Trade on both web and mobile applications, anytime, anywhere
• Efficient trading performance
• Professional chart analysis
• Dynamic charting, economic calendar, and real-time news
• Risk management tools such as stop loss / trailing stop
• Real-time email, SMS and push notifications
• One-stop account management
• Intuitive and simple interface
• Secured by SSL

Tools

The Mitrade platform continues to provide tools for responsible trading, including risk management tools. You will find a good selection of tools for analysing the markets so that you can find trading signals and make informed decisions. Whilst there are some innovative tools included, the most demanding of traders may find the selection limited compared to some other platforms. That being said, if you are a causal trader, I feel there are enough available to conduct thorough technical and fundamental market analysis.

Forecast

This is a market sentiment tool that highlights industry experts’ near and medium-term viewpoints and forecast of popular markets. Sentiment analysis is often used to form part of a contrarian trading strategy. I think it can be a great way to gauge the overall feel of a market.

Economic Calendar

Mitrade provides an economic calendar, which is automatically updated to give you real-time information about events and data along with their possible effects on the markets. I think this is a vital tool that I always like to check before making any decision on my trades.

Risk Management Tools

I like that the broker provides you with useful risk management tools, such as stop losses and trailing stops, to help control risks in various market conditions. It is important to be aware of just how risky trading is and to make sure you put the right protection in place to limit your losses to what you feel comfortable with.

Sentiment Tool

I like how the broker is open and honest by showing the dispositions of their clients by displaying the percentage of traders that are long and short in different markets. This makes it possible to see what other traders are doing which can in turn be used to implement within your own trading strategy.

Trading Analysis

Need some tips and insights for your trades? You can find some exclusive strategies that are offered by the excellent Trading Central on the platform. The award-winning fusion of automated AI analytics and senior analyst expertise spans fundamental, technical, news, sentiment and economic analysis. I think everyone can get inspiration for trade ideas but i would always prefer to confirm every signal with my own market analysis.

Education

The broker’s website has an education section that contains a reasonable selection of articles on basic forex and CFD trading, including how to trade and manage risk effectively. The educational materials are important to traders of all experience levels for improving their trading skills and knowledge. I like their frequently asked questions section as it gives instant answers to some commonly asked questions. This is perhaps not the most extensive educational content that I have come across, but you may browse our best brokers for beginners if you are looking for some more learning resources.

Markets

Mitrade has a limited choice of around 400 financial instruments across various asset classes, including forex, commodities, indices, and shares. There are several major, minor, and exotic currency pairs for trading. Commodities offered include Gold, Silver, Platinum, WTI, and Brent. The broker also offers some of the most popular indices in the US, Europe, Asia, and Australia such as Australia 200, NAS 100, Hong Kong 50, JPN 225, and UK 100. I find their instrument offering to be quite low as compared to other top brokers like IC Markets who offer a wide selection of assets from many classes to choose from.

Accounts

The broker only has one standard trading account type for everyone. This gives you a straight forward approach to the account types as you don’t have to spend time mulling over multiple account options, not knowing the one that best suits your trading needs. However, it does mean the choice is limited compared to other trading brokers like Eurotrader who offer a variety of account types to cater to the differing needs of traders.

The single account type does ensure that all of you are treated equally and get similar trading conditions. Regardless of your starting balance, you will not miss out on any special offers. I really like this change as normally in the forex trading world, brokers love to segregate customers and provide solutions according to their account balance.

Demo accounts are also available for practice purposes. The demo account is valid for 90 days, but it will become permanent if you create a real live trading account. Demo accounts can be beneficial for traders who wish to test out the broker’s trading platforms and practice their trading strategies with virtual funds before opening a real live trading account.

Support

The Mitrade professional customer support service is online 24 hours a day with a team of dedicated professionals to help you solve your trading queries and needs. They can be reached via email. You can also fill out the ’contact us’ form on the broker’s website, and a customer support specialist will attend to you as soon as possible. You can even visit the team at their office in Melbourne. Mitrade is also available on social media: Instagram, YouTube, Facebook, Twitter, and LinkedIn. Unfortunately, I didn’t see any contact telephone number on the broker’s website. I also would’ve liked to see a 24/7 live chat facility that is provided by some other top brokers like EXANTE in case of emergencies.

Funding

Mitrade offers a wide range of deposit and withdrawal methods for quick and easy account funding. There is something for everyone, including digital wallets which are my preferred method as I find it to be the most convenient way to move funds around between my trading accounts with various brokers. The payment options include but are not limited to the following methods:

• Wire Transfer
• Credit/Debit Cards
• Digital Wallets

Mitrade does not charge any fees for deposits and withdrawals. However, there are other third-party charges for withdrawals that are outside of Mitrade’s control, such as intermediary bank fees for international wire transfers, international credit card transactions, or foreign currency conversion. You should know that some payment methods may not be available for specific countries. The transaction charges, transfer limits, and processing time may vary, depending on the payment method used.

An inactivity fee of $10 per 30 natural days will be charged before opening a new trade — if you have not logged into your Mitrade account for more than 180 days. I’m not a fan of inactivity fees as they can really deter seasonal traders who place long-term trades instead of scalping every day.

Conclusion

Overall, I appreciate the simplicity that Mitrade provide for anyone who is looking for easy access to the markets with minimal fuss. You can enjoy zero commissions, competitive spreads, flexible leverage, and fast and reliable order execution, with Mitrade’s proprietary trading platform.

In addition to a sleek and modern platform, they provide you with a good range of handy trading tools such as economic calendar, sentiment analysis, market news, and risk management tools. There is also an education section on the broker’s website which contains basic trading articles.

Despite the many positives, I think the broker could improve by adding some more financial instruments and asset classes. They could expand on the educational content and provide more choice in terms of accounts. They don’t have the lowest spreads but that is because they include commission within the spread rather than separately. If you are looking to conduct complex market analysis or run demanding automated systems, you may want to look for an alternative broker.

That being said, you can immerse yourself in a seamless trading experience and explore more than 400+ financial markets with Mitrade. Regardless of the market direction, it is possible to discover great trading opportunities with every price fluctuation.

$1

Mitrade is an award-winning broker that provides around 400+ trading instruments on their proprietary and innovative platforms for quick and easy access to the markets via your web browser and mobile devices.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

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