Mitrade Review

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 Mitrades 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 topics 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 Mitrades 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. Mitrades 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 brokers 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.

Account Types

Trading Platforms

• Mitrade App

• Mitrade Web

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 wont have to worry about hidden charges.

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 doesnt 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.

Additionally, Mitrades 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.

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 Mitrades 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