Mitrade offers commission-free trading across 5 asset classes, including Forex and ETFs, with leverage options of up to 1:200.
The broker has won multiple awards, including Forex Customer Satisfaction & Happiness Asia 2024 and the Best Forex Trading App Australia 2023.
Mitrade; Company Background and Regulatory Status
Mitrade is a global online trading platform founded in Melbourne, Australia, in 2011 with over 3M users worldwide.
The company was founded by Chenxi Wang, according to CrunchBase. It operates through multiple entities regulated by various authorities in different jurisdictions, including:
- Mitrade International Ltd: Regulated by the Mauritius Financial Services Commission (FSC) with license No. GB20025791
- Mitrade Global Pty Ltd: Regulated by the Australian Securities & Investments Commission (ASIC) with License No. 398528
- Mitrade EU Ltd: Regulated by the Cyprus Securities and Exchange Commission (CySEC) with CIF License No. 438/23
- Mitrade Holding: Regulated by the Cayman Islands Monetary Authority (CIMA) with SIB License No. 1612446
Mitrade Broker Specifications
The Forex broker offers a comprehensive trading experience with a range of features designed to cater to traders of all levels.
Broker | Mitrade |
Account Types | Live, Demo |
Regulating Authorities | CIMA, CySEC, ASIC, FSC |
Based Currencies | USD, AUD |
Minimum Deposit | USD 20 |
Deposit Methods | Visa, MasterCard, PayID, Skrill, Neteller, Bank Transfer |
Withdrawal Methods | Visa, MasterCard, PayID, Skrill, Neteller, Bank Transfer |
Minimum Order | 0.01 lots |
Maximum Leverage | 1:200 |
Investment Options | None |
Trading Platforms & Apps | Proprietary platform |
Markets | Forex, Indices, Shares, Commodities, ETFs |
Spread | Floating |
Commission | $0 |
Orders Execution | Market |
Margin Call / Stop Out | N/A / 50% |
Trading Features | Demo account, Mobile Trading, Trading Central Access |
Affiliate Program | Yes |
Bonus & Promotions | Referral, Welcome Bonus, Reward Campaign |
Islamic Account | No |
PAMM Account | No |
Customer Support Ways | Email, Ticket, Live Chat |
Customer Support Hours | 24/5 |
Account Offerings
Mitrade keeps its account structure simple, focusing on providing a seamless trading experience for all users. The platform offers two main account types: Live and Demo.
Demo Account
- A USD 50,000 or AUD 50,000 balance of virtual money
- Auto replenishments on accounts below USD 200 or AUD 200
- Valid for 90 days
Live Account
- A minimum deposit requirement of $20
- A 50% stop out level
- No commissions
- Variable leverage options based on your region and the instrument
Account Opening and KYC
To open a live account on Mitrade, you must first sign up for a demo by providing your email address or phone number.
- Visit the broker’s official website;
- Click “Open Live Account”;
- Select country of residence;
- Enter your email address;
- Set a password;
- Login to the client dashboard;
- Click “Switch to Live Account”;
- Fill out the application form;
- Provide proof of identity (passport or driver’s license) and proof of address (utility bill or bank statement).
Mitrade Apps and Platforms
The lack of support for advanced trading solutions, such as MetaTrader, is one of the most significant downsides of this Mitrade review.
The broker only offers a proprietary trading platform available across various devices, including:
Fees and Commissions
The company operates on a simple fee structure, with most costs built into the spread. Key features of Mitrade fee structure:
- No commissions
- Competitive spreads variable based on the instrument
- No deposit and withdrawal fees
- Swap charges for overnight positions
The table below gathers the spread charges for the most popular trading instruments across the Forex market.
Currency Pair | Floating Spread |
EURUSD | 0.00006 |
AUDUSD | 0.00004 |
USDJPY | 0.014 |
AUDJPY | 0.020 |
GBPUSD | 0.00008 |
USDCAD | 0.00010 |
USDCHF | 0.00014 |
Mitrade Broker Payment Options
The company offers a variety of payment methods to cater to its global client base, from bank transfers to e-wallets.
However, the lack of support for Crypto transactions can be a letdown for potential clients.
- Credit/Debit Cards (Visa, Mastercard)
- Bank Wire Transfer
- E-wallets (Skrill, Neteller)
Traders should note that while Mitrade doesn't charge for transactions, third-party fees may apply depending on the chosen payment method.
Does Mitrade Offer Copy Trading and Investment Plans?
As of the latest update, the broker does not offer copy trading or social trading features on its platform.
This may be a drawback for traders who prefer to follow successful strategies or share their own.
Mitrade Promotional Programs
Attractive bonuses like welcome gifts and the reward campaign are among the advantages of this Mitrade review.
- Affiliate: Refer new clients and earn commissions;
- Welcome Gift: Receive up to $2,000 bonus for deposits above $10,000;
- Reward Campaign: Make at least $200 deposits within 7 days of your registration and earn trading points (TP) to receive the bonus.
How to Reach Mitrade Broker Customer Support?
The company offers 24/5 support through live chat and email. It also has a ticket system and a comprehensive Help Center.
cs@mitrade.com | |
Live Chat | Available on the official website |
Ticket | Through the “Contact Us” page |
Mitrade in Review Websites
The broker has garnered numerous positive reviews on TrustPilot platform. 607 users have rated Mitrade on the platform, resulting in an excellent score of 4.7 out of 5. 93% of ratings are positive (4-star and 5-star).
Conclusion and Final Words
Mitrade has partnered with companies such as TradingView and Trading Central, to provide competitive trading conditions like EURUSD spreads of 0.00006 and free market signals.
The broker supports Neteller and Skrill payments with no transaction fees. It has a TrustPilot score of 4.7 out of 5.
