MiTRADE Broker Review

Mitrade 2025 Review: Everything You Need to Know

　　Mitrade, an online forex and CFD broker established in 2011, has garnered mixed reviews from users and experts alike. While it offers a user-friendly proprietary trading platform and competitive trading fees, concerns regarding its limited account types and lack of prominent trading platforms like MT4 or MT5 have been raised.

　　Note: It's essential to consider that Mitrade operates under multiple entities, each regulated in different jurisdictions, which can affect trading conditions and protections.

Rating Overview

　　How We Rate Brokers: Our scoring system evaluates brokers based on user feedback, expert opinions, and factual data regarding their services and conditions.

Broker Overview

　　Founded in 2011 and headquartered in Australia, Mitrade is regulated by several authorities, including the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Cayman Islands Monetary Authority (CIMA). The broker provides access to over 400 financial instruments, including forex, commodities, indices, and cryptocurrencies, through its proprietary trading platform. However, it does not support popular platforms such as MT4 or MT5, which may deter some traders.

Detailed Insights

• 　　Regulatory Regions: Mitrade operates under four regulatory entities, including ASIC, which is known for its stringent regulations. However, the presence of offshore entities raises questions about the level of protection for clients outside of Australia. The broker is not available to residents of the United States, Canada, Japan, and New Zealand.

• 　　Deposit/Withdrawal Currency/Cryptocurrency: Mitrade allows deposits and withdrawals in multiple currencies, including USD and AUD. It accepts various payment methods such as credit/debit cards, bank transfers, and e-wallets like Skrill. Importantly, there are no fees for deposits or withdrawals, although third-party fees may apply.

• 　　Minimum Deposit: The minimum deposit required to open an account with Mitrade is generally set at $50, making it accessible for many traders. This low barrier to entry is a significant advantage for beginners looking to enter the trading world.

• 　　Bonuses/Promotions: Currently, Mitrade does not offer any welcome bonuses or promotional offers, which may be a downside for traders seeking additional incentives.

• 　　Tradable Asset Classes: Traders can access a diverse range of instruments, including 60 currency pairs, commodities like gold and oil, indices from major markets, and a selection of cryptocurrencies. However, all instruments are offered as CFDs, meaning traders do not own the underlying assets.

• 　　Costs (Spreads, Fees, Commissions): Mitrade operates on a commission-free basis, with spreads starting at 0.6 pips for major currency pairs. While this is competitive, some users have reported wider spreads during volatile market conditions. Additionally, overnight fees apply to positions held beyond one day.

• 　　Leverage: Mitrade offers leverage up to 1:200 for certain accounts, depending on the regulatory entity. For Australian clients under ASIC regulation, leverage is capped at 1:30 for major currency pairs.

• 　　Allowed Trading Platforms: Mitrade exclusively uses its proprietary trading platform, which is designed to be user-friendly. However, the absence of MT4 or MT5 is a notable limitation for traders accustomed to these popular platforms.

• 　　Restricted Regions: Mitrade does not accept clients from the United States, Canada, Japan, and New Zealand, which may limit its appeal to a broader audience.

• 　　Available Customer Support Languages: Mitrade provides customer support in multiple languages, including English, Vietnamese, Chinese, and several others, catering to its diverse user base.

  　　

　　

Repeated Rating Overview

Category	Score (out of 10)
Account Conditions	6.5
Tools and Resources	7.0
Customer Service & Support	6.0
Trading Experience	7.5
Trustworthiness	7.0
User Experience	6.5
Cost Structure	7.5

　　

Detailed Breakdown

• 　　Account Conditions: Mitrade offers a single standard account type, which may not cater to all traders' needs. The absence of Islamic accounts and advanced account types limits flexibility.

• 　　Tools and Resources: The proprietary platform is equipped with essential trading tools, but lacks the advanced features found in MT4/MT5. Users have noted the platform's simplicity, which can be both an advantage and a limitation.

• 　　Customer Service & Support: Customer support is available 24/5 through email and live chat, but the absence of phone support may hinder immediate assistance for urgent queries.

• 　　Trading Experience: Users generally report a smooth trading experience, but the lack of transparency regarding spreads and fees can lead to frustration.

• 　　Trustworthiness: Mitrade is regulated by reputable authorities, but the presence of offshore entities raises concerns about the level of client protection, particularly for non-Australian clients.

• 　　User Experience: The platform's user interface is considered intuitive, but the lack of customization options may not satisfy advanced traders.

• 　　Cost Structure: Competitive spreads and no commissions are attractive features, but users should be aware of potential overnight fees and wider spreads during high volatility.

　　In conclusion, while Mitrade presents a viable option for many traders, particularly beginners, the limitations in account types, trading platforms, and some user feedback suggest that potential clients should carefully consider their trading needs before committing.