Mitrade Review 2020
Mitrade is an award-winning broker that is focused on online foreign exchange and contract for difference (CFD) trading services. They offer clients a good choice of trading instruments across different asset classes, such as forex, indices, commodities, and cryptocurrencies via their proprietary Mitrade trading platform. The broker offers fast and reliable executions, competitive trading fees, and transparent spreads, as well as low threshold trading conditions and up to 200 times leverage to their clients.
Mitrade Review 2020, Pros & Cons
- Simple & intuitive trading platform
- Regulated trading broker
- Commission free trading
- Clients’ funds are held in segregated trust accounts
- Minimum $1 deposit
- Various asset classes offered
- Trading account types are limited
- No MetaTrader platforms
- No individual stocks
- Not the tightest spreads
- No US clients
- No contact telephone number on brokers website
- Inactivity fees
In this detailed Mitrade review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Mitrade is not ranked in our best forex brokers, best stockbrokers, best CFD brokers, best crypto brokers, or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Mitrade.
Mitrade Review: Summary
Headquartered in Melbourne, Australia, Mitrade is a regulated online broker that offers around 100 financial instruments across different asset classes, such as forex, commodities, major indices, and cryptocurrencies for online trading via the Mitrade web and mobile trading platforms. The broker offers competitive spreads, zero commissions, up to 200 times leverage, as well as fast and reliable order execution.
Mitrade states that its vision is to provide a fair, efficient, and transparent trading environment that is free from geographical, time, and market constraints, and lead the industry in financial and technological innovation.
Mitrade has won several industry awards, which were given to honor the broker for its trading services. Some of the awards include ’the Best Mobile Trading Platform 2019’ awarded by Forex Awards, ‘the Fastest-Growing Broker Australia 2019’ awarded by the International Business Magazine, and ‘the Most Innovative Broker 2020’ awarded by FxDaily Info.
Mitrade Review: Regulation
Mitrade is authorized and regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services License (AFSL: 398528); this AFSL authorizes them to carry on a financial services business in Australia. The Mitrade website is owned and operated by Mitrade Global Pty Ltd ABN 90149011361. All transactions and operations are under the regulations of ASIC and comply with their regulatory laws.
The broker clearly states that clients’ funds are kept in a segregated trust account until when required, under Australian law. They also provide negative balance protection, which prevents you from losing more than your trading balance and getting indebted to the broker.
Mitrade Review: 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.
Some Mitrade broker features and products mentioned within this Mitrade review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
Mitrade Review: Trading Platforms
The Mitrade trading platform offers a simple and intuitive online trading environment. It is designed to meet the trading needs of professional investors and investment enthusiasts. The Mitrade trading platform is available in the following versions:
The WebTrader platfomr 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. Traders can enter Mitrade’s trading platform anytime and from anywhere, using cloud technology, provided they have an internet connection.
Mobile Trading App
The Mitrade mobile app has all of the same features as the web version. It can be downloaded from the relevant app stores. The mobile app is built for Android and iOS devices. It enables traders to manage their accounts and place trades, while on the go, provided there is an internet connection.
The Mitrade trading platforms have the following features:
- Trading anytime, anywhere
- Efficient trading performance
- Professional chart analysis
- Free risk management tools
- Secured by SSL
- Real-time notifications
- One-stop account management
Mitrade Review: Trading Tools
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.
Mitrade provides an economic calendar, which is automatically updated to give traders real-time information about events and data along with their possible effects on the markets.
Risk Management Tools
The broker provides clients with useful risk management tools, such as Take Profit/Loss and Trailing Stop-loss, to help control risks in various market conditions.
The broker shows the dispositions of their clients by displaying the percentage of traders that are long and short in different markets.
Mitrade Review: Education
The broker’s website has an education section that contains a good selection of articles on basic forex and CFD trading, including how to trade and risk warning. The educational materials are important to traders of all experience levels for improving their trading skills and knowledge. There is also a frequently asked questions section that gives instant answers to some commonly asked questions.
Mitrade Review: Trading Instruments
Mitrade offers over 100 financial instruments across various asset classes, including forex, commodities, indices, cryptocurrencies, and more. There are several major, minor, and exotic currency pairs for trading. Commodities offered include Gold, Silver, Platinum, WTI, and Brent.
The broker also offers CFD trading on cryptocurrencies, such as Bitcoin, Bitcoin Cash, Ripple, Litecoin, and Etherum. They offer 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.
Mitrade Review: Trading Accounts & Fees
Mitrade offers only one standard trading account type. This gives traders a straight forward approach to the account types. 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 who offer a variety of account types to cater to the differing needs of traders.
The single account type does ensure that all clients are treated equally and get similar trading conditions. Regardless of your starting balance, you will not miss out on any special offers. This is a welcome change from the norm in the forex trading world, where 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.
As broker fees can vary and change, there may be additional fees that are not listed in this Mitrade review. It is imperative to ensure that you check and understand all of the latest information before you open a Mitrade broker account for online trading.
Mitrade Review: Customer Service
Mitrade offers customer support service with a team of dedicated professionals. 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. Traders can also visit the team at their office in Melbourne. Mitrade is also available on social media: Instagram, YouTube, Facebook, Twitter, and LinkedIn. Unfortunately, we didn’t see any contact telephone number on the brokers website.
Mitrade Review: Deposit & Withdrawal
The broker accepts the following payment methods:
- Wire transfer
- Credit/Debit cards
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 transfer, international credit card transactions, or foreign currency conversion.
Please note 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 10USD 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.
Mitrade Review: Account Opening
Trading with Mitrade involves three simple steps:
To open an account, simply click on ’Trade Now’ on the broker’s website and the folloeing form is displayed:
Next, complete the account application form accordingly, confirm your email, and fill the requested details. Supply them with the relevant documents, which includes a means of identification and your proof of address — it may take a few days to verify your documents. You then proceed to make a deposit into your trading account and commence trading when you feel ready to do so. As with any product or service, make sure that you read the broker’s terms and conditions and all other policies very carefully.
Mitrade Review: Conclusion
Mitrade is an online trading broker based in Melbourne, Australia. They are strictly regulated by ASIC. The broker offers over 100 tradable assets across different asset classes, including forex, commodities, indices, and cryptocurrencies. They provide clients with the intuitive Mitrade trading platform, along with a good range of useful trading tools such as economic calendar, market news, and risk management tools. There is also an education section on the broker’s website which contains basic trading articles. However, their customer support channel is limited; it would be nice if they offered a telephone contact. They are also limited in the area of available trading accounts to choose from and do not offer individual stock trading.
CFDs are leveraged products and can result in the loss of your entire trading capital. Trading CFDs may not be suitable for everyone. Please consider the broker’s PDS, FSG, Risk disclosure statement, and client agreement before using their services and ensure that you understand the risks involved. Mitrade does not issue, buy, or sell any cryptocurrencies nor is it a cryptocurrency exchange.