Mitrade Review: A Comprehensive Look at Services and Offerings

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Mitrade

The world of online trading is constantly evolving. Among many competitive brokers, Mitrade stands out as a significant player. 

In this forex trading broker review, we’ll explore the history of Mitrade, its offerings, and the unique features that may appeal to a diverse range of traders.


Mitrade: Overview 

mitrade

Established: 2011
Headquarters: Australia
Trading Platforms: Mitrade’s website and mobile app
Mobile Trading: Yes
Minimum Deposit: $15
Account Types: Standard

Mitrade is recognized as a fintech company based in Melbourne, Australia. Founded in 2011 by a team of fintech veterans and financial trading experts, their philosophy centers on offering a streamlined, user-friendly experience.

Mitrade broker’s platform interface is accessible through both mobile app and website. Users can trade a wide range of financial instruments, including stocks, indices, commodities, and currencies. 


Regulation and Registration 

Mitrade operates under a collaborative brand used by multiple entities, including Mitrade Holding Ltd, Mitrade Global Pty Ltd, and Mitrade International Ltd.

Mitrade Holding Ltd, responsible for issuing the financial products on the platform, is authorized and regulated by the Cayman Islands Monetary Authority (CIMA), the Australian Securities and Investments Commission (ASIC), and the Mauritius Financial Services Commission (FSC). 

This structure underlines its adherence to international regulatory standards, ensuring a secure trading environment for global clients, except for residents in specific regions like the United States, Canada, Japan, New Zealand, or areas where such services contradict local laws or regulations.


Account Types of Mitrade

Account Types

Mitrade offers only a single standard account (a live account). Corporate accounts or joint accounts are not available.

Live Account

  • Minimum Deposit: $15
  • Spread: Varies depending on the type of product
  • Commission: No commission
  • Maximum Leverage: 1:200
  • Instruments: Forex, commodities, indices, shares and more

Deposit and Withdrawal

Mitrade offers a variety of deposit methods, including Visa/Mastercard, bank transfer, e-wallets, and QR code payment. The deposits must originate from the user’s own bank account or card. Third-party or company-owned accounts are not accepted. For deposits via online payments like Skrill, only AUD and USD are accepted. 

Withdrawals are first processed back to the original payment method used for deposit within 3 business days. However, processing times may vary depending on the individual banks. The broker doesn’t charge for withdrawals, except in cases where the amount is below the minimum requirement or exceeds the maximum number of free withdrawals per month.


Products in Mitrade


Trading Platform of Mitrade

Mitrade broker supports trading through its own platform only, available on both their website and their mobile application.


Fees of Mitrade

Mitrade offers a transparent trading environment, with its primary costs being the buy-sell spread and potential overnight funding fees. The buy-sell spread is already included in the product price. 

While the firm doesn’t generally charge for deposits and withdrawals, third-party fees like bank charges may apply, especially for international transactions. Additionally, overnight funding fees are applied to positions that are held beyond the settlement time. These rates vary depending on the specific product and the direction of the trade.


Mitrade Promotions

Mitrade offers a range of promotions for new traders, each designed to suit different trading preferences and deposit levels. Here’s a summary of the key promotions:

  • Welcome Bonus: Up to USD 2,000 cashback for trading various instruments, valid for 60 days from the initial deposit.
  • USD 2,000 Bonus: Granted with an initial deposit of USD 10,000 or above.
  • USD 400 Bonus: Available with a USD 2,000 deposit and a notional trade amount of USD 8 million within 60 days.
  • USD 100 Bonus: Offered for an initial deposit of USD 500 or above.

Customer Support 


Pros & Cons

  • User-friendly platform
  • Wide range of financial instruments
  • Various deposit methods
  • No commission on trades
  • Multilingual customer support
  • Limited to one standard account type
  • No corporate or joint accounts
  • Potential third-party fees for transactions
  • Charges for withdrawals under minimum or over maximum limits
  • Low leverage

Pros Explained

  • Mitrade’s platform is designed to be streamlined and user-friendly, catering to both novice and experienced traders.
  • Traders have access to a diverse array of financial instruments, including forex, indices, commodities, and shares.
  • Mitrade offers multiple deposit options like Visa/Mastercard, bank transfer, e-wallets, and QR code payment.
  • Trades on Mitrade are commission-free, reducing the overall cost for traders.
  • Customer support is available in multiple languages, offering assistance to a wide range of traders.

Cons Explained

  • Mitrade provides only a single standard account type, limiting options for different trading needs.
  • The absence of corporate and joint accounts restricts the platform’s usability for certain types of traders or organizations.
  • Transactions may incur third-party fees, especially for international transfers or currency conversions.
  • Mitrade charges fees for withdrawals that are either below the minimum requirement or exceed the maximum number of free withdrawals per month.
  • Mitrade offers lower leverage compared to some other trading platforms. Some traders may have less potential to multiply their investment.

Is Mitrade Worth Considering?

mitrade

Mitrade offers a single standard live account, allowing access to a variety of financial instruments. It features competitive spreads and no commission. 

Despite its advantages, Mitrade has limitations, including the lack of diverse account types and the absence of corporate or joint accounts. Additionally, traders might face some additional transaction fees. The lower leverage offered by Mitrade could also be a constraint for traders seeking higher risk and reward scenarios. 

In conclusion, it’s essential for traders to carefully assess their individual needs and risk tolerance before choosing their trading platforms.


Related Articles:

Read more: Broker Reviews

By FinxpdX Team
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