MiTrade Commission or Brokerage Charges – Review, Plans, FAQs & moreLast Updated Date: Apr 27, 2022
Find out everything about MiTrade Commission or Brokerage Charges here.
MiTrade is a global proprietary limited company based in Melbourne, Australia. It’s a retail broker that specializes in contract for difference (CFD) trading (CFDs).
The company’s business operates under the regulations of AISC and CIMA. Mi-Trade is a self-developed trading plan with a huge variety of assets.
These assets include forex, commodities, and stocks.
With the help of this article, we will take you through commission charges that a trader may have to pay for different accounts.
We’ll now take a closer look at how brokerage fees are applicable to transactions. Let’s take a closer look at the stockbroker in case you decide to invest with them in the future.
MiTrade Commission or Brokerage Charges
There are some fees that you will have to pay if you use MiTrade as your broker.
This can comprise any fees owed to the brokerage in exchange for its services. Inactivity and spread costs, as well as overnight funding fees, are possible examples.
These charges are applied while performing trades.
It is critical to conduct thorough research and evaluate the incurred charges while using a trading account. You might want to start with a no-cost demo account.
The spread and overnight charges are applicable to all types of MiTrade accounts other than a demo account.
They are credited or debited to your account. The trading platform provides a cost-effective trading experience for its clients.
The account does not require any minimum deposit to start trading for any type of account. Also, the user doesn’t need to pay any deposit or withdrawal charges while trading.
But the accounts that are inactive for 180 consecutive days have to pay the inactivity charge which is at the rate of $10 per month.
There is no commission charge associated with any of the Mi Trade’s accounts. Brokers earn through charges that are in the form of spreads.
The minimum leverage is 0.8 pips, with a maximum leverage of 1:200. For all accounts, the spreads are of the floating type.
Throughout the day, these price spreads change. Many dependent variables affect this, including available volatility, liquidity, and market pressures.
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Types of MiTrade Commission Plans
|Types of Commission Plans|
|Account Type||STANDARD ACCOUNT (Till 28th Mar 2021)||STANDARD ACCOUNT (Post 29th Mar 2021)||MITRADE PRO|
|Initial Deposit||NA||Not available||NA|
MiTrade offers two different types of trading accounts, i.e. Standard and MiTrade Pro accounts. Also, none of the accounts require an initial deposit.
This makes the Mitrading platform more user-friendly.
The value of spreads is floating for any type of MiTrade accounts.
This is another good thing about these accounts as floating spreads are better than fixed ones. Let’s consider the many forms of spread charges for various types of accounts.
A MiTrade account’s minimum spread value is 0.8 pips.
The difference between the Ask and Bid price is a floating form of spread.
This might vary depending on market conditions such as supply and demand, as well as general trading activity. Floating spreads typically have a lower value than the market and considerable liquidity.
MiTrade dealers keep the spread as a commission or charge.
This cost is not set in stone and varies from time to time depending on the trading market. For example, you wish to purchase Euros using US dollars.
The broker earns the difference, or five pips if the asking price is 1.4500 and the bid price is 1.4495.
To summarize, the spread costs for share accounts are determined by a number of factors. They aren’t predetermined as a result.
MiTrade Account Opening Process
Till now we have learned about the spread charges and the fact that there are no commission charges associated with MiTrade’s accounts.
It’s now time to figure out how to open a trading account.
As a newbie, a user can open either a demo account or a real account. It is free of any charge and allows the user to gain some exposure before actual trading.
- Firstly, you need to go to the search bar on Google or any browser of your preference and type in “Mi Trade” or go to “www. Mi Trade.com”.
- Go to the Mi Trade registration page and review the types of accounts available
- Once you know your type of account, input your email address or phone number to get going.
- Set up a Login ID and a password for your trading account.
- Initially, it opens a demo account that is live for only 90 days.
- In case you don’t want a demo account you can go to the home and select ‘switch to live account’.
- The account application form will appear where you can fill in all the details.
- It is also advised to go through the legal disclosure documents. Also, be aware of the risks associated with this kind of trading before setting up the account.
- Upload all the necessary documents and provide the correct information. These will need some verification before the complete registration of the user.
- If you wish to continue with the demo account in the beginning. In case you do not switch to a live account after 90 days, it will block the demo account. It will also freeze all the trading activities.
- The user can log into the online platform using the same credentials and begin performing any activity.
MiTrade Payment or Withdrawal Methods
|Deposit Options||Credit Card, Poli|
|Withdrawal Options||Credit Card, Wire Transfer|
In comparison to its competitors, MiTrade accounts have the lowest fees on the market.
This makes the trading platform successful, and it has attracted a large number of international customers looking for low-cost trading.
The deposit and withdrawal methods provided are the next important thing to learn about. This has led to a large number of people in favor of MiTrade for trading.
There are no fees for deposits or withdrawals on the platform.
MiTrade accepts the following deposit methods and guarantees transaction security through timely transfers.
- Credit Card
Following that, we’ve outlined the various withdrawal alternatives available to users.
- Credit Card
- Wire Transfer
Depending on the account type, the amounts payable or deposited may differ. All of these ways are free of charge, and the user can use them as they see fit.
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MiTrade Investment Assets
|Total Tradable Assets||115|
|Number Of Currency Pairs||60|
|Number Of Cryptocurrencies||N/A|
|Number Of Stocks||35|
|Number Of Indices||11|
|Number Of Commodities||9|
|Number Of Futures||N/A|
|Number Of Options||N/A|
|Number Of Bonds||N/A|
|Number Of ETFs||N/A|
It can be advantageous to use MiTrade as a broker.
It offers a diverse range of assets to invest in. Among the alternatives are currency pairs, commodities, indices, and stocks.
It simply does not support bitcoin trading. Although it does support around 60 currency pairings and 30+ equities.
Before investing money, an investor might look into the fees connected with each of the assets.
The platform offers a huge list of financial assets, currency pairs, and other classes that are over 100 in number to choose from.
Customers of MiTrade have access to a large market. The stockbroker allows you to trade up to 60 currency pairings, as well as 35 major stocks, 11 indexes, and nine other types of commodities.
This compensates for the lack of bitcoin availability and gives the user an advantage in the trading marketplaces.
They obtain all of the services in one spot, which makes it easier for traders.
MiTrade Commission – Conclusion
So, we can say that MiTrade is a trading platform free of commission charges.
The main charges one might have to pay comes from the spread fees which are not fixed or predetermined. These vary as per the market situation of supply or demand.
In addition, depending on the direction of your trade (buy or sell) and the product you are trading, an overnight financing adjustment will be applied.
MiTrade promises no hidden costs and assures its clients all sorts of notifications in case an additional charge comes up.
There are no deposit or withdrawal costs and no minimum deposits required to start trading with a MiTrade account. It attracts traders due to its competitive leverage and no commissions.
In today’s time, having some information about online trading forums is crucial. We have tried to provide reliable information through the medium of this article.
Traders might want to stick to an investing strategy if they have clear knowledge about the prospective charges.
If you are looking for trading that is free of cost, you can register a demo account and trade for free.
This removes the risk element while yet providing the necessary exposure.
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MiTrade Charges or Fees – FAQs
Here is the list of FAQs related to the MiTrade Brokerage Charges or Fees:
Does MiTrade charge commission?
No, MiTrade does not levy any commissions.
This platform allows you to trade without having to pay a commission.
However, the traders must pay the spread charges that are applicable.
These fees vary by account type and start at as little as 0.8 pips.
How much does MiTrade charge brokerage?
The amount of brokerage charges you pay depends on the type of trading you choose for yourself.
Spread fees and overnight funding fees make up a significant portion of the fees.
There are no additional fees for deposits, withdrawals, or account balances.
What is the Minimum Deposit required in MiTrade?
In the case of a MiTrade account, there is no minimum deposit required in a Mi Trade account.
Both the standard and MiTrade pro types of accounts can function without any minimum balance.
Although to start trading you will have to deposit some amount at your convenience.
How much leverage does MiTrade provide?
MiTrade provides account holders with competitive leverage.
A basic account has a leverage of 1:200, whereas a MiTrade pro account has a leverage of 1:250. In the trading market, such leverage offers it an advantage over its competitors.
It ensures that its users get the most out of their various asset investments.
How much are Spreads at MiTrade?
The spread charges at MiTrade vary depending on the kind of account and the market scenario, therefore all types of accounts have floating spreads.
It starts at 0.8 pips and goes up from there.
What types of Commission plans are available in MiTrade?
MiTrade accounts do not charge any commission.
However, they do collect the spread charges and overnight funding fees.
The spreads are floating for all account types and start with as low as 0.8 pips.
Does MiTrade provide Cryptocurrency for Investment?
No, MiTrade does not provide the facility of cryptocurrency for investment.
It does provide other financial assets for trading such as stocks, indices, and commodities.
Is MiTrade a legit Forex Broker?
Yes, MiTrade is a reputable Forex broker.
ASIC and CIMA regulate the trading platform ensuring sufficient security and transparency. The deposit and withdrawal methods available are also among the most secure.
It follows all norms and regulations, and millions of users all over the world trust the broker.
Can I invest in MiTrade for $5?
Yes, MiTrade allows you to start trading on the markets at just $5. A user can open any sort of account and utilize it to begin trading on the site.
MiTrade allows trading with an initial amount, even as little as $5.
Are there any hidden charges available with MiTrade?
The MiTrade platform ensures that there are no hidden fees and keeps everything transparent.
If the client is subjected to any form of charge, they will get an advance warning or a supplement. At the time of account opening, the stockbroker provides all relevant information.
It maintains complete transparency with all of its clients and has made all costs public.
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