What is Mitrade latest review of mitrade in 2023

In recent years, there have been some exceptionally prominent names emerging in the forex market, drawing the attention of many investors who have opened trading accounts. Among these, we must mention Mitrade, a forex broker from Australia, a land known for reputable brokers. In the following article, we will provide you with the latest Mitrade broker reviews for your reference and consideration as to whether you should choose it for investment or not. Let’s dive in!

Overview of Mitrade Broker

Mitrade is a financial technology company managed by reputable organizations, specializing in providing Contract for Difference (CFD) trading, offering a convenient and user-friendly experience for investors. Mitrade possesses a diverse and innovative platform, which has earned it numerous awards, such as the Best Mobile Trading Platform and Most Innovative Trading Platform.

Mitrade was licensed by the Australian Securities and Investments Commission (ASIC) in 2011, in Melbourne, Australia, but it officially commenced operations in 2019. Nevertheless, this forex broker has quickly provided traders with high-quality services.

With Mitrade, you can access international financial markets, including over 100 popular financial markets such as stocks, indices, commodities, forex, and more. In addition to offering user-friendly mobile and web trading platforms, Mitrade has several advantages in terms of trading costs, order execution speed, dedicated customer support, and comprehensive financial information.

To gain a more accurate understanding, let’s review all aspects of this forex broker below!

Is Mitrade a scam?

Mitrade is authorized and closely regulated by several different regulatory bodies:

• Mitrade Holding is authorized and regulated by the Cayman Islands Monetary Authority (CIMA) with License SIB number 1612446. To learn more, please visit the website www.cima.ky (for verification) or click here for additional information.
• Mitrade is authorized and regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services License (AFSL) number 398528. To learn more, please visit the ASIC website www.asic.gov.au (for verification) for additional information.
• Mitrade International is authorized and supervised by the Financial Services Commission of Mauritius (FSC) with License number GB20025791. For further details, please visit the website https://www.fscmauritius.org (for verification) to learn more.

In terms of legal compliance, traders can be assured when trading with Mitrade because this forex broker is licensed by ASIC, one of the world’s leading and reputable forex regulatory authorities. Regulated by ASIC, investors can be confident that their accounts are segregated from the company’s business activities, and the broker’s brokerage activities are closely monitored to ensure a transparent, fair, and efficient financial market.

Furthermore, it is evident that even though Mitrade has only been in official operation for three years, it has achieved remarkable figures and accomplishments. Over 100,000 new trading accounts have been registered and are active, serving more than 1,100,000 customers worldwide. In 2019, Mitrade consecutively won the award for the Fastest-Growing Trading Platform in Australia as voted by the International Business Magazine and the Best Mobile Trading Platform by Forex Awards. Most recently, in 2020, Mitrade received the award for the Most Innovative Trading Platform from FxDailyInfo.

Based on these facts, Mitrade has unequivocally dispelled any scam rumors, solidifying its position in the international market and building strong customer trust.

Types of Mitrade accounts

According to the latest information we have received from Mitrade’s support team, the platform currently offers only one type of live trading account.

Here are some basic details about the trading account at Mitrade:

• No minimum deposit requirement, meaning investors can deposit as little as $1. However, to trade effectively, you would need a higher amount.
• Maximum leverage ratio is 1:200.
• Minimum trade volume (forex): 0.01 lots.
• Maximum trade volume (forex): 30 lots.
• Average spread on the EUR/USD pair is 0.6 pips.
• No commission fees for trading on all products.

Trading Costs and Leverage at Mitrade

Mitrade applies variable spreads across all products, with the lowest being on the EUR/USD pair, starting from 0.6 pips. However, the spreads on major forex pairs and gold (XAUUSD – 3.5 pips) at Mitrade may not be as competitive as some other brokers like ICMarkets, Exness, or XTB. Nevertheless, Mitrade does not charge commission fees, which places it among brokers with low trading costs.

Additionally, Mitrade imposes a non-activity fee of $10 per month on accounts that have not executed any new trades within six months.

Mitrade Leverage

The maximum leverage offered by Mitrade is 1:200, but this may vary among different products. Specifically:

Mitrade Trading Products

Mitrade offers four popular product categories in the market, including forex, indices, commodities, and stocks.

• Forex: Mitrade provides access to up to 60 forex pairs, including major currency pairs, cross-currency pairs, and exotic currency pairs – combinations of a major currency and a currency from a smaller or emerging economy. These exotic pairs are typically less favored by traders due to their higher spreads.
• Indices: Mitrade allows investors to trade the 11 most popular indices in the U.S., Europe, Asia, and Australia markets. These include indices such as Australia 200, NAS100, Hong Kong 50, Germany 30, and more.
• Commodities: This category encompasses precious metals, crude oil, and agricultural commodities.
  • Precious Metals: Mitrade offers trading in gold (XAU/USD), silver (XAG/USD), platinum (XPT/USD), palladium (XPD/USD), and aluminum.
  • Crude Oil: Mitrade covers both Brent crude oil and West Texas Intermediate (WTI) crude oil.
  • Agricultural Commodities: Mitrade provides trading opportunities for coffee, copper, and sugar.
• Stocks: Mitrade offers access to a variety of U.S. and Australian stocks.

In general, Mitrade’s product portfolio is not very diverse. Notably, it lacks cryptocurrency products, which are highly popular among investors worldwide. Additionally, products like bonds and ETFs are not included in Mitrade’s product offerings.

Mitrade Trading Platform

Mitrade customers do not trade on the MT4 platform; instead, they are provided with an exclusive platform developed by Mitrade itself, known as Mitrade. It comes in two versions: a web-based platform and a mobile application.

• Web-based version: Utilizing cloud computing technology, you can access Mitrade’s trading platform from anywhere at any time.Mobile application: Customers can search for “Mitrade” on the App Store or Google Play store, or scan the QR code below to download the app and access similar features to the web-based version.

Some features of the Mitrade trading platform:

• It offers two types of price charts: bar charts and candlestick charts. Only the M1 timeframe includes a line chart.
• It provides 10 timeframes, with an additional H2 timeframe.
• The platform includes only 12 technical indicators.
• It lacks drawing tools for analysis support, such as trendlines and Fibonacci tools.
• It does not support automated trading with Expert Advisors (EAs).
• Account management tasks like deposits, withdrawals, and account settings are performed within the same platform.

However, the Mitrade platform is somewhat basic and lacks many robust chart analysis tools. Additionally, using charts on this platform can be challenging, as it does not offer much flexibility for zooming in and out. For traders who rely heavily on technical analysis, trading on such a platform may be less desirable.

Trading Support Tools
Trading Strategies: Mitrade provides daily trading strategies conducted by analysts at Trading Central as reference material for its customers. Instead of visiting the Trading Central website to access this analysis, traders can view it directly on Mitrade’s website. These strategies offer insights into short-term price trends and specific trading recommendations, aiding investors in formulating their trading plans based on technical analysis and trade direction.

• Forecasting: This is a sentiment index tool used to predict medium and long-term price trend movements. Based on this tool, traders can review their trading strategies to achieve the highest effectiveness. However, it’s important to note that Mitrade sources this tool from Fxstreet, a well-known forex website, rather than relying on Mitrade’s in-house experts for its implementation.

• Sentiment Index: This is an index that reflects the ratio of Buy and Sell orders on specific products by all traders participating in the market. This index continuously changes after each minute, so traders need to monitor it continuously to obtain an accurate assessment of market sentiment.

In addition, there is an economic calendar, news, market data, and risk management tools to serve the trading needs of customers.

Deposits and Withdrawals at Mitrade

Mitrade offers several methods for depositing and withdrawing funds, including:

• Visa/Mastercard – Typically processed instantly.
• Internet Banking – Processed within 1 working day.
• E-wallets (e.g., Skrill, Momo, Zalo, Touch’n GO, and Boost, etc.) – Typically instant.
• ATM cards – Typically instant.
• QR code payments – Typically instant.
• Bank Transfer – Typically instant.

The minimum deposit is $10 through Internet Banking, and the maximum for the first deposit is $5,000. Deposits are free of charge, and funds are usually credited to the trading account instantly, except for bank transfers, which may take up to 2 days. Withdrawal times range from 2 to 5 days, depending on the method and the investor’s bank.

Mitrade Customer Support Services

Overall, Mitrade’s customer support services are quite good. The professional team of staff is responsive and promptly addresses investors’ inquiries, focusing on the core questions.

Additionally, the platform provides a “Support Center” with selected frequently asked questions to assist new traders during their trading journey.

In cases where you cannot find answers to your questions, you can engage in live chat directly with the support team through the Support box in the lower-right corner of the screen. An attentive support representative will assist you promptly.

Summary of Mitrade’s Pros and Cons

Pros:

• Licensed and regulated by reputable global regulatory authorities.
• No commission fees on all products.
• Competitive spreads.
• Offers various useful trading support tools.
• Multiple deposit, withdrawal methods, and attractive promotional programs.
• User-friendly website with Vietnamese language support, 24/5 live chat.

Cons:

• Only one type of trading account, may not cater to all trader needs.
• Maximum leverage is relatively low compared to the industry standard.
• Limited product offerings.
• Does not provide the MT4 software, and its proprietary platform has limitations.

In Conclusion

The trading conditions at Mitrade are relatively favorable and can compete with many other forex brokers in the market. Combined with its high level of trustworthiness, Mitrade is a broker worth considering for opening an account. However, Mitrade’s trading platform and account options still have limitations and may not fully meet the diverse trading needs of all traders. This is a significant drawback to consider. If you still have any questions about Mitrade, please leave a comment below, and we will provide detailed assistance. Wishing you success in your trading journey!