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.

Overview of GMI Edge

Founded in 2018, GMI Edge is an offshore trading broker that provides online trading via MetaTrader4 (MT4) on a variety of different asset classes including forex, indices, precious metals, energies and CFDs.

Traders can access leverage ratios ranging from 1:500 to 1:2000, depending on the account type. However, explicit information about spreads is not readily available on the GMI Edge website. The broker offers the popular MetaTrader 4 (MT4) trading platform, which allows traders to customize their strategies. Deposits and withdrawals can be made through various methods, including local bank transfers, Neteller, and Skrill.

Here is the home page of this brokers official site:

Pros and Cons

Is GMI Edge Legit?

GMI Edge is not regulated by a recognized financial regulatory authority. The claimed regulation by the Vanuatu Financial Services Commission (VFSC) with license number 14647 is suspected to be a clone and is not considered valid.

Market Instruments

GMI Edge offers a selection of market instruments for trading, including:

1. Gold, Oil, Silver: Traders have the opportunity to trade in commodities such as Gold, Oil, and Silver. These instruments are available for trading 23 hours a day, and GMI Edge aims to provide competitive costs in this regard.

2. Forex: GMI Edge enables traders to participate in the foreign exchange market. Major currency pairs such as the US Dollar, Japanese Yen, Euro, British Pound, Swiss Franc, Australian Dollar, and Canadian Dollar are available for trading. GMI Edge offers high leverage and the option of Swap Free accounts.

3. Indices: GMI Edge allows traders to access global financial markets through Contracts for Difference (CFDs) on various indices. Some of the indices available for trading include Dow Jones, NASDAQ, S&P, FTSE, DAX, CAC, NIKKEI, Hang Seng, and China A50.

Account Types

GMI Edge offers four different types of trading accounts: ECN, Cent, Standard, and Standard Bonus.

ECN ACCOUNT

The ECN account requires a minimum deposit of $100 and offers leverage up to 1:500. It has a commission fee of $4 per lot and allows for a maximum order size of 500 lots on MT4 and 1,000 lots on GMI Edge. The ECN account does not offer a swap-free option.

CENT ACCOUNT

The Cent account has a minimum deposit requirement of $15 and provides leverage up to 1:1000. It does not charge any commission and allows a maximum order size of 200 lots on MT4. The Cent account also offers a swap-free option.

STANDARD ACCOUNT

The Standard account requires a minimum deposit of $25 and offers leverage up to 1:2000. It does not charge any commission and allows a maximum order size of 500 lots on MT4 and 1,000 lots on GMI Edge. The Standard account does not provide a swap-free option.

STANDARD BONUS ACCOUNT

The Standard Bonus account also requires a minimum deposit of $25 and provides leverage up to 1:2000. It does not charge any commission and allows a maximum order size of 500 lots on MT4. The Standard Bonus account does not offer a swap-free option.

Leverage

The specified leverage for different account types at GMI Edge varies between 1:500 and 1:2000. Clients on the Cent account can experience leverage of 1:1000, the Standard and Standard Bonus accounts can enjoy the maximum leverage of 1:2000, while the ECN accounts have a leverage ratio of 1:500.

Spreads & Commissions

Unlike most decent brokers who present their pricing and trading conditions, GMI Edge has not disclosed its spreads on the website.

As for the commission, there is no commission on the Cent, Standard and Standard Bonus accounts, while 4 per lot on the ECN account.

Trading Platform

GMI Edge provides its traders with the popular MetaTrader 4 (MT4) trading platform. This widely recognized platform is available for all types of GMI Edge accounts. Traders can take advantage of the features and functionality offered by MT4 to enhance their trading experience.

MT4

With MT4, traders have the option to create their own algorithms or utilize expert advisors (EAs) to automate their trades. This allows for customized trading strategies and the ability to follow other traders. Traders can seamlessly connect to the trading platform through the GMI Edge app, ensuring a smooth trading experience across different devices. The GMI Edge app also provides a convenient way to fund trading accounts that use MT4.

Multi-Account Manager (MAM) platform.

In addition to MT4, GMI Edge also offers the Multi-Account Manager (MAM) platform. This platform is designed for money managers who wish to trade multiple accounts with ease. With MAM, money managers can execute trades across multiple accounts with just one click. The platform also allows for automated performance fees billing and offers trade allocation options based on lot size, equity, or balance.

GMI Edge mobile app

To further enhance accessibility and convenience, GMI Edge has developed the GMI Edge mobile app. This app allows traders to access their trading accounts anytime and anywhere. Traders can trade various instruments including forex, gold, silver, and indices, among others, using the app. The GMI Edge app also offers easy ways to deposit, withdraw, and transfer funds, providing traders with comprehensive account management capabilities in one place.

Deposit & Withdrawal

GMI Edge provides various options for depositing and withdrawing funds from your trading account. These options include Local Banks Transfer, Neteller, and Skrill. The minimum initial deposit requirement is $10 for Neteller and Skrill, while it is $15 for Local Banks Transfer.

The deposit processing time is typically instant, allowing you to quickly start trading after funding your account.

For withdrawals, the minimum withdrawal amount is 50 MYR for bank transfers, and the processing time is between 8am to 6pm daily. There is a 4% fee for withdrawals via Neteller and Skrill, with a minimum withdrawal amount of $10. Withdrawals made through these methods are also processed instantly.

GMI Edge provides customer support through various channels. Traders can reach out to their customer support team via email at cs.global@gmimarkets.com. Additionally, a live chat option is available for immediate assistance. For those who prefer to send a direct message, an online contact form is provided.

Conclusion

In conclusion, GMI Edge is an unregulated broker with a suspicious regulatory license and is not considered a legitimate trading option. Trading with an unregulated broker carries significant risks, as they may lack investor protection and oversight. Although GMI Edge offers a variety of market instruments and different types of trading accounts with varying leverage options. Additionally, the absence of a recognized financial regulatory authority and limited customer support contact information further bring risks.

Frequently Asked Questions (FAQs)