What is MiTrade？

MiTRADE, based in Australia and regulated by ASIC, offers a range of features and services to its clients. The broker provides a proprietary trading platform that allows traders to access the financial markets with competitive spreads starting from 0.0 pips. Tradable assets include forex, indices, shares, and commodities, and ETFs. MiTRADE offers both demo and live accounts. For those seeking an Islamic account, MiTRADE provides that option as well. Customer support is available 24/5 through various channels, including live chat, contact form and email.

Pros & Cons

MiTRADE offers several advantages, including regulated by ASIC and CySEC, and a wide range of tradable assets and services. They also provide a demo account for traders to practice their strategies. Additionally, the broker offers diverse payment methods, allowing for convenient transactions.

Is MiTRADE legit？

MiTRADE is a broker that operates under the regulation of the Australia Securities & Investment Commission (ASIC), with an Market Making (MM) license under license no. 398528; and the Cyprus Securities and Exchange Commission (CySEC), with an Market Making (MM) license under license no. 438/23. These regulatory bodies ensure that MiTRADE complies with the necessary standards and guidelines to provide a safe and transparent trading environment for its clients.

Market Instruments

MiTRADE offers access to various financial markets, including forex, indices, shares, commodities and ETFs.

Traders can engage in forex trading, speculating on the price movements of different currency pairs. Additionally, they can trade popular indices, giving them exposure to the performance of a basket of stocks from specific markets. MiTRADE also offers the opportunity to trade shares, allowing clients to invest in individual company stocks. Moreover, traders can participate in commodity trading, taking positions on the price fluctuations of commodities such as gold, oil, and agricultural products.

Account Types

MiTRADE offers two types of accounts for traders: a live account and a demo account.

The live account is designed for real trading with actual funds, allowing traders to participate in the financial markets and execute trades using their own capital. The minimum deposit for opening a live account with MiTRADE is undisclosed. For specific information regarding the minimum deposit requirement, it is advisable to contact MiTRADE or visit their website. This broker offers USD or AUD as a base currency for their trading accounts.

On the other hand, the demo account is a simulated trading environment that provides users with virtual money to practice trading strategies and explore the platform's features. Each demo account is initialized with a generous amount of USD50,000 or AUD50,000 virtual money, enabling traders to gain hands-on experience without any financial risk.

How to Open an Account？

To open an account with MiTRADE, you can follow a simple process:

1. Visit the MiTRADE website: Go to the official MiTRADE website using a web browser. Click on “Open Account” or “Register”: Look for the “Open Account” or “Register” button on the homepage or the main navigation menu.
2. Fill in the Registration Form: Provide the required information in the registration form. This usually includes personal details such as your name, email address, phone number, and country of residence. You may also need to create a username and password for your account.

1. Complete the Verification Process: MiTRADE may require you to verify your identity and address by submitting supporting documents. This could include a copy of your identification document (such as a passport or driver's license) and proof of address (such as a utility bill or bank statement).
2. Review and Agree to Terms and Conditions: Read through the terms and conditions of MiTRADE's services carefully. Make sure you understand and agree to the terms before proceeding.
3. Fund Your Account: Once your account is successfully registered and verified, you can proceed to fund your trading account. MiTRADE typically offers various deposit methods such as bank transfer, credit/debit card, or online payment systems. Choose the method that is most convenient for you and follow the instructions provided.
4. Start Trading: After your account is funded, you can access the MiTRADE trading platform using your login credentials. Explore the platform, familiarize yourself with its features, and start trading the available financial instruments, such as forex, indices, commodities, or cryptocurrencies.

Leverage

MiTRADE offers trading leverage of up to 1:200. It is crucial to understand that high leverage can amplify both potential profits and risks. While it may be appealing to experienced traders who are familiar with managing leverage effectively, inexperienced traders are advised to exercise caution and carefully consider their risk tolerance. It is important to thoroughly educate oneself about the implications of trading with high leverage and implement appropriate risk management strategies to protect capital.

Spreads & Commissions

MiTRADE offers floating spreads for various trading instruments. The spread on the popular EURUSD currency pair starts from 1 pip, providing traders with a competitive option for trading this major pair. The EURGBP pair has a spread starting from 1.4 pips, while UKOIL and USOIL (Crude Oil) have spreads of approximately 0.06 pips, offering traders a tight spread option for energy commodities. For precious metals, the XAUUSD (Gold) pair has a spread starting from 0.44 pips, and the XAGUSD (Silver) pair has a spread starting from 0.3 pips.

Notably, MiTRADE does not charge any commissions on trades, which can be advantageous for traders seeking cost-effective trading options. Traders should consider these spread details when evaluating trading costs and potential profitability on different instruments offered by MiTRADE.

Non-Trading Fees

MiTRADE does not charge any additional fees apart from overnight fees. Overnight fees, also known as swap fees or rollover fees, are charges applied when a position is held open overnight. These fees are associated with the cost of keeping positions open beyond the trading day and vary depending on the financial instrument and prevailing interest rates. It is important to note that MiTRADE does not charge any other fees such as deposit fees, withdrawal fees, or inactivity fees.

Trading Platform

MiTRADE offers its own proprietary trading platform for clients, with desktop and app version, as well as WebTrader. The proprietary platform is designed to meet the specific needs and preferences of MiTRADE's traders. The platform offers a user-friendly interface, providing access to real-time market data, charting tools, and a range of order types.

Deposit & Withdrawal

The broker does not charge any fees for deposits and withdrawals in most cases. However, there are other third-party charges for deposit and withdrawals that are outside of Mitrades control such as intermediary bank fees, etc.

Note that not all deposit methods are available in all countries. Please log in to your Mitrade account to view what payment options are available to you.

Educational Resources

MiTRADE provides some basic educational resources to enhance traders' knowledge and skills. Their learning materials cover the basics of trading, offering educational content to help traders understand the fundamental concepts and strategies.

MiTRADE also offers insightful market analysis and commentary to keep traders informed about the latest market trends and developments.

Additionally, they have an academy section dedicated to providing comprehensive trading courses and tutorials, allowing traders to deepen their understanding of various trading techniques and tools.

Besides, MiTRADE also provides a blog section where traders can access a wealth of informative articles and blog posts. The blog covers a wide range of topics related to trading, including market analysis, trading strategies, risk management, and trading psychology

Customer Support

MiTRADE offers 24/5 live chat service with a team of dedicated professionals. They can be reached via email: cs@mitrade.com. You can also fill out the ‘contact us’ form on the brokers website, and a customer support specialist will attend to you as soon as possible. Mitrade is also available on social media: Instagram, Facebook, Twitter, YouTube, LinkedIn, TikTok and Telegram.

Traders can also visit the team at their offices:

• Mitrade Holding Ltd: 215-245 N Church Street, 2nd Floor, White Hall House, George Town, Grand Cayman, Cayman Islands;

• Mitrade Global Pty Ltd: Level 13, 350 Queen Street, Melbourne, VIC 3000, Australia;

• Mitrade International Ltd: Suite 707 & 708, 7th Floor, St James Court, St Dennis Street, Port Louis, Mauritius.

FAQs

Is MiTRADE regulated？

Yes. MiTRADE is regulated by ASIC under regulatory license number 398528.

At MiTRADE, are there any regional restrictions for traders？

Yes. The information on MiTRADEs site is not intended for residents of the United States, Canada, Japan, New Zealand or used by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Which live trading accounts does MiTRADE offer？

MiTRADE offers one live account and a demo account to choose from.

Are there any fees for using the trading platform？

MiTRADE is a commission-free trading platform. The main cost of trading comes from the low spreads it charges, which vary among different markets.

Is MiTRADE a good broker for beginners？

Yes. MiTRADE is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions. Also, it offers demo accounts that allow traders to practice trading without risking any real money.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

Avatrade Information

Avatrade is an online forex and CFD broker that was established in 2006. The company is headquartered in Dublin, Ireland, and is regulated by several financial authorities around the world, including ASIC, FSA, FFAJ, ADGM, CBI, FSCA, and KNF.

As a market maker broker, Avatrade offers a range of tradable assets including forex, CFD, stock, commodities, indices, futures, cryptocurrencies, and options. The broker provides clients with access to multiple trading platforms, including AvaTrade Mobile App, WebTrader, AvaSocial, AvaOptions, MT4, MT5, and DupliTrade.

Avatrade requires a minimum deposit of $100 to open an account, and clients can choose from a variety of payment methods including MasterCard, Visa, PayPal, Skrill, Neteller, Wire Transfer, Perfect Money, Boleto.

Customer support is available via live chat, phone, email, and a knowledge base. The broker also provides a range of educational resources for traders, including academy, trading for beginners, trading platforms turtorials, economic indicators, trading rules, blog, trading webinars.

Is Avatrade Legit?

Avatrade is regulated by multiple financial regulatory authorities, including the Australian Securities and Investments Commission (ASIC), the Financial Services Authority (FSA), the Financial Futures Association of Japan (FFAJ), the Abu Dhabi Global Market of the United Arab Emirates (ADGM), the Central Bank of Ireland (CBI), the Financial Sector Conduct Authority of South Africa (FSCA), and the Polish Financial Supervision Authority of Poland (KNF). These regulatory bodies ensure that Avatrade operates with transparency, integrity, and in compliance with regulatory requirements.

• Ava Capital Markets Australia Pty Ltd - authorized by ASIC (Australia) registration no. 406684
• Ava Trade Japan K.K. - authorized by FSA (Japan) registration no. 2010401081157 and FFAJ registration no. 1574
• Ava Trade Middle East Limited - authorized by ADGM (UAE) registration no.190018
• AVA Trade EU Ltd - authorized by CBI (Ireland) registration no. C53877
• Ava Capital Markets Pty Ltd - authorized by FSCA (South Africa) registration no. 45984
• AVA Trade EU Limited - authorized by KNF (Poland) registration no.693023

Pros & Cons of Avatrade

When it comes to choosing a broker, it's important to carefully consider the pros and cons to determine which one is right for you. Some potential advantages of a broker may include competitive spreads, user-friendly trading platforms, and rich educational resources. Additionally, a regulated broker can provide peace of mind knowing that your funds are protected.

Market Intruments

Avatrade offers a wide range of trading instruments across various markets, including Forex, CFD, stock, commodities, indices, futures, cryptocurrencies, and options.

• Forex: Avatrade offers more than 50 currency pairs, including major, minor, and exotic pairs.
• Stocks: Traders can trade stocks from major global exchanges, such as NASDAQ, NYSE, LSE, and more.
• Commodities: Avatrade offers trading in precious metals like gold and silver, energy commodities like oil and gas, and agricultural commodities like wheat and coffee.
• Cryptocurrencies: This broker offers trading in popular cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin, as well as lesser-known coins like Dash, Monero, and NEO.
• Indices: Avatrade provides access to major indices, including the S&P 500, NASDAQ, FTSE 100, and more.
• Options allow traders to take advantage of currency movements while limiting their risk. With FX options, traders can set a specific strike price at which they want to buy or sell a currency pair, and the option will be exercised only if the market reaches that price. This allows traders to potentially profit from market movements while limiting their potential losses.

Account Type

When it comes to account types, Avatrade only offers a standard account. This means that all clients will have access to the same features and trading conditions, regardless of the size of their deposit.

The standard account provides access to all of Avatrade's trading instruments, including forex, stocks, commodities, and cryptocurrencies. This means that traders can diversify their portfolio and take advantage of different market conditions, all within the same account.

Avatrade has a minimum deposit requirement of $100, which is relatively low compared to other brokers in the industry. However, there are other brokers that have a lower minimum deposit requirement than Avatrade. For instance, Pepperstone and XM have a minimum deposit requirement of $0 and $5, respectively.

Demo Account

Avatrade offers demo accounts for traders who want to practice their trading skills or test out the trading platform without risking real money. The demo account allows traders to access the full range of trading instruments and features on the Avatrade platform using virtual funds. It is a useful tool for new traders to get familiar with the platform and for experienced traders to test new strategies before using them in live trading. The demo account is available for 21 days and can be renewed upon request.

How to Open an Account?

When it comes to the process of opening an account with Avatrade, rest assured that it is one of the most streamlined and user-friendly experiences out there. Not only is the process simple and straightforward, but it is also designed to ensure that new traders can start their journey with ease.

• First, you need to visit the Avatrade website and click on the “Open A FREE Trading Account” button, which is prominently displayed on the homepage.

• Then, you will then be taken to a Sign Up Form where you will need to provide your email address. You will also need to create a password.

• After filling out the registration form, you will need to verify your identity by submitting a copy of your government-issued ID and a recent utility bill or bank statement. This is a standard requirement for all regulated brokers and is done to ensure the security and integrity of the trading platform.
• Once your account is verified, you can fund your account using one of the many payment options available, such as credit/debit card, bank transfer, or electronic wallets like Neteller or Skrill. After funding your account, you can download the Avatrade trading platform or use the web-based version to start trading.

Leverage

Avatrade offers leverage of up to 1:400 for forex trading and up to 1:200 for other instruments such as commodities and indices. This means that traders can control a larger position with a smaller amount of capital. However, it's important to keep in mind that leverage can magnify both profits and losses, and traders should use it responsibly and with caution.

Avatrade also offers a range of leverage options for different account types, including 1:30 for retail clients in compliance with ESMA regulations and 1:400 for professional clients. It's important to note that professional clients must meet certain criteria to qualify for higher leverage.

Spreads & Commissions (Trading Fees)

Avatrade offers competitive spreads and charges no commission fees for trading on its platform. The spreads offered by Avatrade vary depending on the trading instrument and market conditions. For example, the typical spread for EUR/USD is 0.9 pips, while for GBP/USD, it is 1.5 pips. Spreads for other instruments, such as indices and commodities, also vary.

However, it's important to note that spreads can vary depending on market conditions and volatility. Additionally, Avatrade charges commissions on certain trading instruments such as CFDs, which can impact the overall cost of trading.

Non-Trading Fees

Non-trading fees are the fees that a broker charges for activities other than trading. These fees can significantly impact the profitability of a trader, and it's important to be aware of them when choosing a broker. Avatrade charges inactivity fee and administration fee. You can find detailed info in the table below:

Trading Platform

Avatrade offers a selection of trading platforms that are designed to meet the needs of different types of traders. Here are some of the trading platforms offered by Avatrade:

1. AvaTrade Mobile App: This is a mobile app that is available on both iOS and Android platforms. It allows traders to access their accounts and trade on the go.
2. MT4: Avatrade offers the popular MetaTrader 4 (MT4) platform, which is widely used by traders around the world. MT4 is known for its user-friendly interface, advanced charting tools, and a range of custom indicators and expert advisors.
3. MT5: Avatrade also offers the MetaTrader 5 (MT5) platform, which is the successor to MT4. MT5 has several new features, including more advanced charting tools, a wider range of order types, and improved back-testing capabilities.
4. WebTrader: Avatrade's WebTrader platform allows traders to access their accounts and trade directly from their web browser. The platform is easy to use and offers a range of trading tools and indicators.
5. AvaOptions: This is Avatrade's platform for trading options. It offers a range of options trading tools, including risk management tools, and a range of customizable trading strategies.

Deposit & Withdrawal

Avatrade accepts MasterCard, Visa, PayPal, Skrill, Neteller, Wire Transfer, Perfect Money, and Boleto. The minimum deposit requirement is 100 USD, EUR, GBP or AUD. Deposit and withdrawal processing time very by the method you choose. You can find more detailed info in the screenshot below or directly visit this link: https://www.avatrade.com/about-avatrade/avatrade-withdrawals-deposits.

Customer Support

Avatrade offers customer support 24/7 through multiple channels, including live chat, contact form, WhatsApp: +447520644093, phone (vary by the region), and email. They also have a comprehensive FAQ section on their website, which covers a wide range of topics related to the platform and trading.

Educational Resources

Avatrade offers a variety of educational resources to help traders improve their skills and knowledge. They have a comprehensive educational section on their website that includes a range of materials such as academy, trading for beginners, trading platforms turtorials, economic indicators, trading rules, blog, etc. The video tutorials are easy to follow and cover a variety of topics, including trading platforms, technical analysis, and risk management. Avatrade also offers webinars that are conducted by experienced traders and cover a variety of topics. These webinars are interactive, allowing participants to ask questions and receive feedback from the presenter.

Conclusion

Avatrade is a well-established broker with a long history of providing trading services to traders worldwide. They offer a variety of trading instruments, including forex, CFD, stock, commodities, indices, futures, cryptocurrencies, and options, with competitive spreads and leverage options. Their trading platform is user-friendly and provides a range of advanced tools and features for traders of all skill levels. Additionally, they provide excellent customer support, educational resources, and a demo account for traders to practice their strategies. However, there are some downsides to consider, such as higher inactivity fees and limited account options.

FAQs

Is Avatrade regulated?

Yes, Avatrade is regulated by multiple reputable authorities, including ASIC (Australia), FSA (Japan), FFAJ (Japan), ADGM (UAE), CBI (Ireland), FSCA (South Africa), and KNF (Poland).

Does Avatrade offer a demo account?

Yes, Avatrade offers a free demo account for traders to practice and test their strategies before trading with real money.

What is the minimum deposit requirement for Avatrade?

The minimum deposit requirement for Avatrade is $100.

What is the maximum leverage offered by Avatrade?

The maximum leverage offered by Avatrade is 1:400.