Is Mitrade legit broker or should you avoid it?
Mitrade is Forex and CFDs broker that offers its trading service to the worldwide audience except for Japan, Canada, and the United States. It offers customers to trade currency pairs and CFDs on commodities, indices, and cryptocurrencies with the floating leverage of 1:200. There is no minimum deposit requirement, as the traders can open an account with the broker and deposit as much money as they desire. As the final flourish, the broker has a license from ASIC which makes Mitrade seem to be one of the best brokers. However, not everything is as good as it seems on the first page of the brokerage. This Mitrade review will go through the details of the brokerage. It discusses the regulatory background of the broker and the company behind it and goes in depth into the broker’s features. If you want to start trading with Mitrade, make sure to read the review and stay on the safe side.
Is Mitrade legit?
According to the website, Mitrade Forex broker is operated by the company Mitrade Global Pty Ltd. The company is registered in Australia and has a license from the Australian Securities and Investments Commissions (ASIC). The license number, as well as the actual license, can be seen on the website and can also be checked on the regulator’s website. The fact that the broker has the license from one of the most reputable regulators excludes the possibility of the Mitrade scam. As ASIC requests regulated brokers to meet the strict criteria and hold the customers’ funds separated from the company’s funds. However, traders outside Australia should consider that they are not protected by the license as Australian traders are, moreover, Aussie brokers do not have trader’s compensation funds. Mitrade itself states on the website that the information on the website is not intended to the residents of any particular country. At the same time, it states that the residents of the United States, Canada, Japan, and New Zealand cannot be the customers of the broker. As many Australian brokers, Mitrade targets European and Asian traders. The website of the broker can be viewed in English and Chinese only.
As the broker’s license shows the authorization was granted in 2011 and is valid till 2020. However, the broker itself was established in 2019. The broker does not indicate the date it was founded, however, one can see that the license which is shown on the website was uploaded in 2019 and social media pages of the broker were also created in 2019. The license also shows that the company had changed names several times. It was formerly known as IGlobal Pty Limited, Imperium Forex Group Pty Limited, Australian Foreign Exchange Services Pty Ltd, Golden Sky Australia Pty Ltd, You Trade Capital Markets Pty Ltd, and Forex Central Trading Pty Ltd. It means that the company behind Mitrade was or is operating different brokerages. The fact that the company had changed its name these many times might indicate the possibility of Mitrade fraud. Hence, the mitrade might not be as legit as it might seem just because it has the ASIC license, now let us see what does the broker offer to its customers.
Trading conditions with Mitrade
Mitrade offers currency pairs and CFDs on different asset classes. With Mitrade one can trade over 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.
The information about trading conditions with Mitrade is very limited and badly distributed on the website. For example, while making Mitrade.com review I was unable to find information about the account types. As the website suggests there is only one account available for the traders. The details about the account is not available and one cannot know what features does it have. The lack of information and the fact that the broker has only one account for all kind of traders is disappointing as brokers usually offer several types of accounts based on the traders’ knowledge, experience, trading capital, and trading goals.
Minimum deposit & Leverage
The broker does not have required minimum deposit, meaning that one can simply register with the broker and deposit as much money as he or she wants. Traders are allowed to use 1:200 leverage, but the leverage varies based on the trading instruments. One cannot use the same leverage for trading Forex and CFDs on cryptocurrencies. However, the broker does not provide information about the leverage for each trading asset. Based on this, we can already say that the Mitrade rating is very low. The broker showcases that there is no minimum deposit required and there is high leverage, but does not disclose any details which make us think that Mitrade is simply trying to lure customers into investments.
Mitrade does not offer the most popular and commonly used trading platforms such as MT4, and MT5. Instead, the broker offers its own custom platform web-Trader. It is very inconvenient for the traders as the majority of them are using Metquote trading platforms.
Mitrade withdrawal and payment methods
There is very limited information about the withdrawal as well. As the broker claims Mitrade withdrawal is free of charge. The minimum amount that can be withdrawn is 100 USD or 100 AUD. Traders can deposit funds and withdraw them via bank wire transfer, debit/credit card, and via Skrill. As you can see there is not much of choice between the payment methods. Moreover, withdrawal might take up to 3-15 business days. However, this time period does not include the time the broker needs to process the withdrawal request. There is no information about it on the website.
Mitrade customer support
If traders want to learn more about Mitrade or have any kind of issue that needs assistance from the representative of the broker they have limited options of contacting the support team. The broker does not disclose the phone number, which is a practice of scam brokerages and makes us think about Mitrade scam. There is only an email address provided and a live chat. I tried to communicate with the Mitrade representative via live chat and get further information about the real account and features. The person on the other side of the chat did not provide any information and was urging me to open a demo account where I would see all the necessary information. This is not the best example of professional support and creates a very negative Mitrade Opinion.
The detailed review shows that having a license does not mean that the broker is trustworthy and delivers good service. Mitrade does have a license, but it is the only positive thing that can be said about the broker. It has poorly designed services, it does not provide much of a choice when it comes to the trading account, payment methods, or trading platform. The website does not provide information that is essential for the traders to know prior to registering with the broker. Based on that our final opinion about Mitrade FX brokerage is very negative, it might be regulated but it is not the best choice for the traders. Especially, when there are a lot of international brokers that provide high-quality service.