Pros
  • Competitive trading costs and spreads
  • Regulated broker with STP execution
  • Low minimum deposit requirement
Cons
  • No 24/7 customer support
  • Conditions might vary based on the entity

Reviewed broker: MiTrade

Location: Australia

Established in 2019

Regulation: Regulation: ASIC Australian Securities and Investments Commission, CIMA Cayman Islands Monetary Authority, FSC Financial Services Commission Mauritius 

Operated by Mitrade Global Pty Ltd 

Trading instruments: Forex, commodities, major indices and Cryptocurrencies 

Segregated accounts: clients’ funds are kept in a segregated trust account when required under Australian law.

Recent awards: Best Client Fund Security Global 2023 International Business Magazine, Best Forex Trading App Australia 2023 International Business Magazine, Best Fintech Broker – Global Forex Awards

Note: traders from the United States, Canada, Japan, New Zealand are not accepted

Trading Conditions and Features

Low-cost trading, zero commissions, low overnight fees, and competitive and transparent spreads. 

The minimum size per trade is as low as 0.01 lots for many markets 

Your account will not lose more than your initial deposit under any market circumstances–the negative balance protection ensures your account never go below zero. 

Available instruments: 60 currency pairs, CFDs on 11 different indices,  on commodities, such as Gold, Silver, Platinum, Palladium, Brent, and WTI, and CFDs on several cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple XRP

Account base currency: USD or AUD as a base currency for trading accounts. When you register for an account, the system will automatically determine your account base currency according to your region and this cannot be changed.

Maximum leverage up to 1:200

Mitrade provides negative balance protection to its clients, meaning that a trader can not lose more money then he or she has deposited.

Spreads: At the time of the review, EURUSD spread floated about 0.8 pips

What spread does Mitrade charge?

MiTrade charges low spreads and no commission. MiTrade charge floating spreads, with the actual spread depending on the type of product you are trading. Spreads are displayed in real time on the trading platform. 

What about demo account?

You can get a demo account by visiting the broker’s website, fill your email address or mobile phone number and set up a login password. A demo account is mostly identical to a live account in terms of trade interface, data and operation. Each demo account starts off with USD50,000 or AUD50,000 virtual money to allow you to familarize with the functions of the platform through demo operation without capital risk, and to understand how to invest in contracts for difference (CFDs).

Trading Platforms

Mitrade does not offer the most popular and commonly used trading platforms such as MT4, and MT5. 

Platform: in-house MiTrade platform 

  • Simple and intuitive interface
  • Live support on our web and mobile app
  • Risk management tools such as stop loss / trailing stop
  • Dynamic charting, economic calendar, and real-time news
  • Real-time email, SMS and push notifications
  • Regular updates for a better trading experience 

The Perfect Solution for Trading on Your Desktop

  • Add markets to the watchlist for easy viewing of market trends with just a few clicks.
  • Turn on alerts to receive notifications for price alerts and other useful updates
  • Split charts allow you to view the same market across different timeframes at the same time
  • Check contract specification, trading sentiment, and trading analysis on one screen
  • Get the latest trading news within the App reducing the need of switching to other third-party Apps.

Web-based Version

With cloud technology, you can enter Mitrade’s trading platform anytime and anywhere. Click here to sign in directly 

Mobile App

Customers can search for “Mitrade” on App Store or Google Play Store, or scan the QR code below to download the app and enjoy features similar to the web-based version. 

Trading Anytime, Anywhere

Our advanced web-based platform and mobile app use the latest Html5 and cloud technology, and are compatible with major browsers and mobile phone systems 

Superior Trading Performance

Choose from a variety of order types and execution modes 

Professional Chart Analysis

We include many commonly used technical indicators and popular charts to help you analyse product trends 

Free Risk Management Tools

We provide risk management tools such as stop loss and trailing stop loss. 

Real-time Notifications

Access global news and economic calendar in real time and receive price alerts and news such as market closures 

Secured by SSL

All trading activities and access to funds are performed in an SSL-encrypted environment 

One-stop Account Management

Powerful functionality that includes the integration of market updates, trading, information, account management and risk management.

Payment Options for Deposits and Withdrawals  

Minimum deposit requirement: $1

Mitrade offers multiple depositing options, including (not all methods are applicable in your country/region): 

  1. Wire transfer/bank transfer-After submitting your deposit on the platform, you will see information about Mitrade’s bank account.
  2. Bank transfer (AU): 1-2 banking days, depending on how much time the bank needs to process the transaction.
  3. Wire transfer (Other countries): You may transfer funds via online banking or by filling out a wire transfer form at a bank counter, and it normally takes about 2-5 banking days, depending on how much time the bank needs to process the transaction.
  4. Visa/ Mastercard: Instant processing
  5. POLi (only applicable to Australian clients):  Instant processing
  6. e-wallet (Skrill/Neteller): Instant processing
  7. ATM/Ngan online banking (only applicable to Vietnamese clients): Instant processing 

Mitrade Customer Support and Education Material

Customer support is limited with this broker. There is no phone number, which is a read flag for scam broker. You can get in touch with the representatives via email and online chat.

How was the rating of MiTrade performed compared to other brokers? 

This 2024 Forex Broker Review  has been conducted though thorough research and assessment of rating and ranking among almost 300 international forex brokers. The final grade is given based on MiTrade FX broker performance and features. 

Overall our online MiTrade review was conducted with the details obtained from the demo trading and the forex brokers website. If you would like to add details to this online MiTrade or you find inaccurate details MiTrade broker review please get in touch with us and the changes will be applied.  

MiTrade Details

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