Mitrade Review 2022
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Mitrade is a forex and CFD broker based in Australia that offers access to over 100 financial instruments. The firm primarily caters to customers in the southern hemisphere such as in Sarawak, Malaysia, with many northern countries unsupported. This 2022 broker review will go through everything you need to know about Mitrade, including the assets on offer, payment methods supported, leverage rates available and more.
Mitrade is an international award-winning broker that was founded in 2011. The firm works out of headquarters in Melbourne, Australia. The brand operates under several different names, including Mitrade Global Pty Ltd and Mitrade Group Pte Ltd in Singapore, all under the umbrella of Mitrade Holding Ltd., which is regulated by the Cayman Islands Monetary Authority (CIMA). Mitrade Global Pty Ltd is regulated by the Australian Securities and Investment Commission (ASIC).
Mitrade primarily caters to customers in the southern hemisphere, including residents of countries like Vietnam, Thailand, Taiwan, Hong Kong (HK) and more. Residents in London and the UK, the US, Canada and Japan are unable to trade with the firm. Still, the broker has over 800,000 users worldwide trading forex and other assets online.
Rather than offering MetaTrader platforms MT4 and MT5 like many brokers, Mitrade instead provides a bespoke trading platform. The webtrader can be accessed through the website. Through the platform, the registration and sign-up process is simple and, following this, clients can use their login details to start trading. The web trading platform features everything you need for a successful trading experience. There are a variety of order types and execution modes making it easy to open and close trades. The layout is simple and intuitive and there are many technical indicators and charts available to help your research. The platform even allows users to set up notifications and receive price alerts.
Mitrade offers its customers access to a range of assets and markets including forex and many different classes of CFDs. Some of the assets offered include:
- Forex: The broker features a range of over 60 forex currency pairs with many different major, minor and exotic pairs, including EUR/USD, GBP/USD, AUD/CAD and EUR/ZAR.
- Index CFDs: There are 12 index CFDs available to trade. These include the AUS200, Nasdaq-100 and FTSE-100.
- Commodity CFDs: There are 13 commodity CFDs to trade on Mitrade. These include gold, silver, Brent Oil and coffee.
- Stock CFDs: The firm offers a huge range of stock CFDs to its customers with over 100 listed companies. These include big names like Microsoft, Apple and Facebook.
- Cryptocurrency CFDs: CFD trading on cryptocurrencies such as Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH).
Spreads & Commission
Mitrade does not charge commission or fees on any of its trades. Instead, the broker makes all its money from spreads, which start at around 0.8 pips for major forex currency pairs. Comparing the firm against eToro, the spreads offered are generally tighter than its competitor. Some assets incur overnight funding charges, check the website to see funding rates. Some typical spreads are:
- GBP/EUR – 1.2 pips
- GBP/USD – 1.5 pips
- EUR/USD – 1 pip
- Brent Oil – 0.05
- Facebook – 2.5
- FTSE 100 – 3
The maximum rate of leverage offered by Mitrade varies according to the type of account you open. Professional clients are offered leverage up to 1:250, while retail clients can only access maximum leverage of 1:30, as per regulatory limitations. This level means that, if you were to put down £100, you could trade positions worth £3,000. Leverage increases winnings but it also increases losses and, as such, caution must be taken.
Mitrade offers a mobile app that is available to download on Android and Apple iOS. The app is fully featured and has received many positive reviews on the stores it is listed on. Clients can experience efficient trading performance anytime, anywhere. Opening and closing trades through the app is easy and intuitive and all charts and indicators are available to help with research. Moreover, the app allows you to manage all aspects of your account.
Mitrade does not charge any fees for deposits or withdrawals. There is also no minimum deposit. Typically, deposits are processed instantly, apart from deposits via bank transfer, which take around a day. Withdrawals are generally processed within 1-2 days. External charges may still be incurred through processes outside of the broker’s control such as currency conversion.
Deposits and withdrawals can be made via the following methods:
Mitrade does offer a demo account to its customers. Each demo account comes stocked with either USD50,000 or AUD50,000 of virtual money. This funding allows clients to familiarise themselves with the platform and get used to the layout. It also lets users learn about CFDs and forex trading and develop an understanding of how the markets work. The demo account is a great place to practise strategies without risking real capital.
Deals & Promotions
Mitrade regularly runs a variety of bonus programmes, including a no deposit bonus and a $50 deposit welcome bonus.
Regulation & Licensing
The holding company, Mitrade Holding Ltd, is regulated by the Cayman Island Monetary Authority (CIMA). Mitrade Global Pty Ltd is regulated by the Australian Securities and Investments Commission (ASIC) with license no. 398528. ASIC is a top-tier regulatory body, which means that the firm is held to the highest standards. This ensures you can put a level of trust in the broker.
Mitrade offers a range of educational documents on its website. These are generally aimed at beginners, focusing on basic trading concepts. There is a range of articles covering contract for differences (CFDs), leverage and risk management. In addition to this, the broker provides a comprehensive FAQ section that has information on a wide range of topics.
For retail traders, Mitrade offers a single live trading account. The account receives access to a leverage rate of 1:30 and all additional features such as charts, indicators and economic calendars.
The firm also offers an account for professional traders. To qualify, you must have net assets of at least AUD 2.5 million and a gross income of at least AUD 250,000 for the past two years. The professional account receives access to a leverage rate of 1:250.
These are the benefits of trading with Mitrade:
- Large range of assets
- No minimum deposit
- Commission-free trading
- Top-tier (ASIC) regulation
- Simple and intuitive trading platform
Balance is key to any review. Our research flagged these potential drawbacks:
- No desktop trading platform
- No US, UK or Canadian clients
- Only one trading platform (web)
- Only one account type for retail traders
All assets on Mitrade are available at the times for their different markets. Forex currency pairs are available 24/5 with breaks on weekends. Stocks, commodities and indices are available at the times of the exchanges they are listed on. Cryptocurrencies can be traded 24/7.
Mitrade can be contacted via a range of contact methods. Unfortunately, no contact number is available on its website but they can still be contacted by the following:
- Enquiry form
- Email: firstname.lastname@example.org
Safety & Security
Compliance is key to Mitrade and being regulated by a top-tier authority like ASIC ensures the company is held to the highest standard. Deposits and funds are well protected and kept in a separate account from the broker’s funds. The company does not use client money for any operational activities.
Mitrade is an exciting online forex and CFD broker catering to many clients around the world. It really is trading simplified, as the slogan says. If you are looking to make investments in a range of asset classes, Mitrade is for you. Start trading today and utilise the wealth of resources at your fingertips.
Is Mitrade Legit?
Yes, Mitrade is legit. The company has received many positive reviews on Reddit and Trustpilot, signalling the confidence other customers have in them. The firm is also regulated by top-tier financial agencies.
Is Mitrade Safe?
Mitrade is a regulated broker with many positive customer reviews. The firm ensures that all client money is protected and cannot be used by the broker and follows all regulatory guidance and security standards.
Where Is Mitrade Regulated?
Mitrade is regulated by the Australian Securities and Investments Commission (ASIC). This is a top-tier regulatory body ensuring customers can put a level of trust in the brokerage.
How Much Capital Do I Need To Trade With Mitrade?
Mitrade has no minimum deposit requirements. This means that you can start trading on Mitrade with any amount of capital.
Does Mitrade Offer A Demo Account?
Yes, Mitrade does offer a demo account. The account comes stocked with 50,000 dollars (AU or US) for users to get used to the platform and CFDs.
Mitrade accepts traders from Australia, Thailand, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Mitrade from United States, United Kingdom, Canada.
Alternatives to Mitrade
If you are looking for alternatives to Mitrade we have compiled a list of the top 5 brokers that are similar to Mitrade below. This list of brokers like Mitrade is in order of similarity and only includes companies that accept traders from your location.
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- Quotex – Quotex offers a proprietary web platform that has digital options and trading signals.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
- AAAFx – AAAFx offers CFD trading in forex, commodities, indices and cryptocurrencies.
|Mitrade is a regulated Australian brokerage firm with a range of CFDs and forex pairs, providing leveraged trading to retail and professional clients.|
Mitrade vs Other Brokers
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