This broker allows its traders access to more than 400 markets. Traders can trade Forex, Major Indices, Shares, Commodities, and more with zero commissions, flexible leverage, and competitive spreads. Mitrade has a proprietary trading platform that it promises will enhance “fast and reliable order execution.”
Some awards from 2022 alone that Mitrade has received include:
- “Best Trading Platform Australia” – International Business Magazine
- “Most Transparent Forex Broker Global” – International Business Magazine
- “Best Forex Educational Resources Global” – International Business Magazine
- “Most Trusted Forex Broker Asia” – International Business Magazine
- “Most Innovative Forex Fintech Broker Global” – Global Brands Magazine
- “Fastest-Growing Forex Fintech Broker Global” – Global Brands Magazine
- “Best Forex Trading Experience Asia” – Global Forex Awards
As you can see, Mitrade has a pretty positive track record within the trading industry. Read through this review to see what else this broker has to offer its traders.
Pros and Cons
Pros
- Competitive Trading Costs
- Easy To Use
- Proprietary Platform Available
- Excellent Customer Support
Cons
- Few Promotions
- No US Traders
Recommended For
Mitrade is excellent for new traders, as this broker has several educational tools and a simple, user-friendly platform to offer its clients (after all, one of Mitrade’s main, stated goals is to make trading easier). Its educational resources include:
- Basics. This section covers the need-to-know elements and terms of trading. This will benefit new traders who are in need of a ground-up education.
- Education. This expansive section from Mitrade covers topics like trading instruments and strategies, risk management, fundamental and technical analyses, and more. Each section contains multiple articles dedicated to exploring the topic’s sub-groups.
- Insights. Insights in the “Learn” section include opinions on what to invest in, how to identify scams, and more. These articles cover up-to-date trending topics, and they offer Mitrade’s opinions on current events in the market.
Judging from the educational resources offered, we find this broker to be appropriate for and helpful to traders of all experience levels, including novices.
Regulated By
- Cayman Islands Monetary Authority (CIMA)
- Australian Securities and Investments Commission (Australia)
- Financial Services Commission (Mauritius)
Top Features
- Proprietary Platform. Mitrade’s proprietary platform consists of an “intuitive interface” with “excellent functionality.” The platform is designed to meet the needs of all types of traders, from professionals to enthusiasts. You can access Mitrade WebTrader right from your browser or download an app for your Android or iPhone. Features of this platform include advanced charting tools, stop loss, many different execution modes and order types, SSL security, and more.
- Helpful Tools. At Mitrade, you can access useful trading tools, as well as educational resources. This broker provides Trading Analyses, an Economic Forecast, Economic Calendars, Market Data, Sentiment, Risk Management tools, and more to its traders.
- Risk Management. Trading is far from risk-free; the bottom-of-the-page disclosure statements on any broker’s webpage will tell you that. Mitrade tries to provide as many risk management tools as possible, including Take Profit/Stop Loss and Trailing Stop Loss orders. These tools are free, and they go a long way towards controlling risk, even in volatile market conditions.
- Market Access. With this broker, traders have access to 400+ financial markets, and they can trade instruments like Forex, Indices, Commodities, and Shares.
- Easy To Use. Lastly, it bears mentioning that Mitrade is a very easy-to-use broker. It prides itself on making trading simplified, and its clients no doubt appreciate that, as trading is complicated enough as it is without brokers making it even harder.
Overview
-
Type of Broker
CFD Brokers, Cryptocurrency Brokers, Forex Brokers, Stock Brokers -
Regulation & Licensing
Cyprus Securities and Exchange Commission (Cyprus), Australian Securities and Investments Commission (Australia), Financial Services Commission (Mauritius) -
Clients Accepted from
80+ Countries -
Assets Offered
Forex Commodities, Indices, AU Shares, US Shares -
Platforms Available
Web, Mobile -
Mobile Compatibility
iOS, Android -
Payment Types Accepted
Visa/Mastercard, Online Banking, e-Wallet, ATM Card, QR Code Payment, Bank Transfer
Account Types
|
Mitrade Trading Account |
|
|
Features |
Access To Proprietary Platform |
|
Account Currencies |
USD, AUD |
|
Available Leverage |
1:200 |
|
Minimum Deposit |
$0 |
|
Commission Per Trade |
N/A |
|
Decimal Pricing |
Up to 5 |
|
Trading Instruments |
Forex Commodities, Indices, AU Shares, US Shares |
|
Min. Lot Size Per Trade |
0.01 |
|
Spreads |
From 0 |
|
Demo Account |
Yes |
|
Swap/Rollover Free |
No |
|
Copy Trading Support |
No |
Trading Platforms
- Mitrade App
- Mitrade Web
Trading and Investment Tools
-
One Click Trading
Yes -
Trade off Charts
Yes -
Email Alerts
Yes -
Mobile Alerts
Yes -
Stop Order
Yes -
Market Order
Yes -
Trailing Stop Order
Yes -
OCO Orders
Yes -
Limit Order
Yes -
24hr Trading
Yes -
Charting Package
Yes -
Streaming News Feed
Yes
Compliance & Regulation
Mitrade is regulated by the Cyprus Securities and Exchange Commission (Cyprus), Australian Securities and Investments Commission (Australia), and the Financial Services Commission (Mauritius).
Fees & Commissions
-
Rollover Fee
Depends On Asset -
Margin Interest
Depends On Asset
Pricing
Mitrade does not charge commissions, and, according to this broker, its main trading costs are its potential overnight funding fees and buy-sell spread. Here are some costs to note:
- Buy-Sell Spread. This is the type of service charge that Mitrade uses. This broker makes money from the spread, and this part of the cost will be reflected in your product quotation. When you set up the position, the difference is paid.
- Deposit/Withdrawal. Mitrade does not charge fees for withdrawals and deposits “in most cases,” but it warns that there might be third-party charges for these processes that are outside of its control.
- Overnight Funding. This fee will be charged if you hold your position past settlement time.
- Other Fees. There really are no further costs to trade on the Mitrade platform, as the tools are free on the WebTrader platform. This broker says that it will inform its clients in advance if extra fees pop up; that way, traders won’t have to worry about hidden charges.
Service Details
-
Supported Languages
English -
Customer Service By
Mitrade -
Customer Service Hours
24/7 (Can Submit Request) -
Email Response Time
typically within 24 hrs. for working dates -
Telephone Orders
No -
Personal Account Manager
No
Reliability & Security
Mitrade says that it places the “trust” of its customers ahead of all else, and, in addition to using SSL security on its proprietary platform, it keeps retail client deposits separate from the funds of the company. Client funds are never used for operational activities, as required by the laws of the governmental organizations that regulate this broker. Mitrade doesn’t conduct speculative trading, and audits are done by independent accounting firms.
User Experience
The Mitrade apps have gotten good ratings on Google Play (4.2/5, 13,346 votes) and the App Store (4/5, 187 reviews), but what are other reviewers saying? Generally, Mitrade appears to get a good reception from its clients. Reviews and their sources include ratings such as:
- TrustPilot: 4.3/5
- FXEmpire: 4.1/5
- CashBackForex: 4.1/5
- WikiFX: 7/10
Additionally, Mitrade’s impressive, award-winning track record also speaks positively to user experience.
Final Thoughts
Overall, Mitrade is a great broker, and it is easy to see why it is so popular. Traders can access a range of markets, incurring zero commissions while using a proprietary, user-friendly platform. Trading costs are kept low by this broker, while conditions remain competitive.
Contact Info
Website:
https://www.mitrade.com/
Email:
branding@mitrade.com
Telephone:
(03) 9606 0033
Company Address:
Level 13, 350 Queen Street, Melbourne, VIC 3000, Australia
FAQs
Q: Can I use a demo account at Mitrade?
A: You can use a demo account at Mitrade, and this account is nearly identical to a live account (just without the risk). You can start with $50,000 (USD or AUD) in virtual money. Practicing with a demo account lets you get used to the risks of trading, practice strategies, and become more familiar with Mitrade.
Q: What are the withdrawal times?
A: Processing times vary by individual bank, but, based on the withdrawal history you have and Mitrade’s own policies, there is a rough time frame available. Bank card withdrawals process within three to five business days, while bank account withdrawals are returned to you within three business days.
Q: What are some other awards that Mitrade has won?
A: Other awards that Mitrade has won include:
“Best Mobile Trading Platform Award” – 2019 Forex Awards
“Fastest Growing Broker Australia Award” – 2019 International Business Magazine
“Fastest Growing Broker Australia Award” – 2020 International Business Magazine
“Best Forex Broker Asia” – 2020 Forex Awards
“Forex Customer Satisfaction & Happiness Australia” – 2020 Global Banking and Finance
“Most Innovative Online Broker Australia” – 2020 Finance Derivative
“Best Forex Fintech Broker Asia” – 2021 Global Forex Awards
“Best Forex Broker Asia” – 2021 FxDailyInfo
“Best News & Analysis Provider” – 2021 FxDailyInfo
“Best Mobile Application” – 2021 World Forex Award
“The Fastest Growing Broker” – 2021 World Forex Award
“Fastest Growing Forex Fintech Broker Award” – 2021 Global Brands Magazine
“Most Innovative Forex Fintech Broker Award” – 2021 Global Brands Magazine
App Store
Google Play