MiTrade Review – Trading Platforms, Commission, Leverage, Account Types, Features & more

MiTrade has managed to create a large customer base in the last decade with its strong regulated culture and multiple awards.

Its wide array of financial and educational services serves the purpose of every trader of today’s generation. Find out more about the broker in this MiTrade Review.

About MiTrade & Accepted Countries

MiTrade was founded in 2011 as a joint brand with MiTrade Holding Ltd.

The regulation of the companies falls under two main authoritative bodies, Cayman Island Monetary Authority (CIMA) and the Australian Securities and Investment Commission (ASIC).

The trading platform was founded by Laura Lin with its headquarters in Melbourne.

MiTrade accepts customers from most countries apart from a few major exceptions like the United States, Japan, Canada, and New Zealand.

However, one major point that investors must take into consideration before opening the account is what actions they can take if something goes wrong.

With MiTrade, clients who are not from Australia cannot file a complaint unless and until they fly to Australia to do so.

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MiTrade Trading Platforms

MiTrade does not offer its clients a variety in the category of trading platforms. The most used MetaTrader platforms are also not offered by the broker.

This serves as a major disadvantage as MetaTrader is one of the most easy-going trading platforms around the world.

However, on the positive side, the MiTrade WebTrader platform also offers trading tools that match up to the level of MetaTrader.

Traders do not need to download any extra software as the WebTrader works efficiently on almost all web browsers like Google Chrome, Safari, Edge, and Firefox.

Real-time updates and interactive charts can be accessed by traders as and when required. The forex broker also offers a mobile application which will be covered in detail further in the review.

MiTrade Mobile App

MiTrade offers its customers an intuitive interface mobile application that can be easily accessed by individuals who are usually in a hurry.

The MiTrade mobile application has the same features as the WebTrader of the broker.

It can be found on the Android Play Store and iOS App store. There is currently no version of the application for Windows or any other OS.

The trading platforms have multiple features which include real-time updates and notifications, multiple tools for chart analysis, and a secured network through SSL.

Risk management tools like stop loss or take profit also make it easier for traders to continue trading without worrying about losing extra money.

Check out Mobile Apps of more Forex Brokers

MiTrade Commission or Brokerage or Fees

MiTrade is exceptionally transparent when it comes to trading commissions and brokerages.

The only main charge that you have to experience while trading on MiTrade is the spreads.

MiTrade does not charge any commission for the trades executed on their platforms.

The spreads for popular shares like Microsoft are also as low as $0.70. Along with low spreads, there are no charges for inactivity in trader accounts either.

Other broking companies can charge you an inactivity fee as high as $120, but MiTrade does not charge a single penny.

MiTrade does not charge any such deposit or withdrawal fees either.

However, there are third-party fees that a trader might have to bear in cases of international transactions.

MiTrade Exposure or Leverage

Leverage plays a crucial role in terms of Forex trading.

MiTrade used to offer a leverage cap of 1:200 to all its standard account holders until 28th March 2021.

However, with the new regulations coming in, the maximum cap on the same has changed.

All standard account holders can only leverage funds to the maximum limit of 1:30.

On the other hand, Pro account holders still have the option of leverage up to a maximum limit of 1:250.

Although, this ratio also depends upon the asset that you wish to trade-in.

For example, the leverage cap on Stocks is only 1:5 for standard account holders and 1:20 for Pro account holders.

Payment Methods provided by MiTrade

The payment methods that MiTrade provides are comparatively fewer than the other leading broking companies in the industry.

Customers are limited to use their Credit/Debit cards, Wire Transfer, or Skrill for depositing and withdrawing money.

While there are other methods such as PCI, Worldpay, and Poli, they change depending upon the region that you are in.

MiTrade does not charge its customers any extra fees for depositing or withdrawing money using the above-mentioned payment methods.

However, they have stated that there could be fees that third parties would charge in case of international transactions.

Find out Payment Methods provided by other Forex Brokers

Investment in Asset Classes or Markets by MiTrade

With MiTrade, customers have access to four major investment classes.

They are Forex, Indices, Commodities, and Shares. In total, there are around 115 tradable assets on the platform.

There are approximately 60 currency pairs from which traders can trade, around 30-35 stock options, 11 indices, and 9 commodities.

The leverage cap for all of them differs depending upon the region that you are in.

MiTrade traders miss out on a couple of major asset classes like Cryptocurrencies, ETFs, and Bonds.

MiTrade Virtual Trading or Demo Account

MiTrade does offer its clients a free demo account.

With a virtual trading account, traders have the option of understanding the platform before they have to invest real money in the company. The MiTrade demo account is valid for 90 days.

Traders can execute all sorts of transactions just like they would on a WebTrader.

In this way, users do not have to worry about risking their funds on a platform that they do not understand.

If you choose to create a live account with them, the demo account also becomes permanent.

Thus, traders can try out different strategies on the demo account before they start implementing them on their live account with real money.

MiTrade Offers or Deals

One of the most prominent offers on MiTrade’s platform is the “Refer a Friend” reward.

MiTrade offers a bonus of up to $500 for you and your friend if you refer a friend for them and they accumulate enough trading points.

Another offer that MiTrade users have access to is a Free Demo Account. MiTrade users can have complete access to all the live account trading platform features without paying a single penny. Along with this, they can even choose to educate themselves through the multiple free learning courses that MiTrade has to offer.

All your questions regarding Forex trading can be cleared with the help of the education section on their page.

MiTrade Regulation or Licensing

MiTrade is regulated by two authorities. They are the Cayman Island Monetary Authority (CIMA) and the Australian Securities and Investment Commission (ASIC).

The license number of MiTrade under the ASIC is 398528. MiTrade even states its address on multiple occasions to prove its legitimacy.

The strong regulation on the company makes it a safer choice for traders.

Find out Regulations & Licensing of more Forex Brokers

MiTrade Features

Trading features play a crucial role while reviewing a particular trading company. Here are a few of the most important features that MiTrade offers its customers:

• Provides the feature of forecasting where traders can understand the market sentiments for a particular instrument.
• A special category assigned to just news for traders to stay updated and informed at all times.
• Several risk management techniques such as lock-in profit, stop loss, and limit losses for traders to minimize their losses.
• A dedicated section for the Economic Calendar where all important dates and days can be observed.
• Trading from a charting facility to execute quick transactions.
• Email alerts and educational services are available at all times.

MiTrade Account Types

Take a look at the types of accounts that the company is offering:

There are only two account types that MiTrade has to offer for its customers. They have a Standard account and a Pro Account.

The best part about the Standard account is the minimum deposit of only $1.

Post 29th March 2021, the leverage cap on the Standard account is restricted at 1:30 while MiTrade Pro account holders have a maximum limit of 1:250.

To create a MiTrade Pro account, traders must have a net asset of at least AU $2.5 million or a gross income of AU $250,000 for the last two financial years.

The spreads on both these accounts are floating and traders do not have to bear any commission for their trades.

MiTrade Trading Account Features

Check below all the trading account features under various account types:

MiTrade – Research & Advisory

Find below all the different reports and support provided by its Research & Advisory team:

MiTrade Benefits

The various benefits of using MiTrade can be summarised as follows:

• Regulated by two regulatory bodies.
• Negative balance protection so a trader will never lose more than the initial deposit in their account.
• Low threshold trading amount as the minimum lot size is only 0.01.
• Competitive trading spreads and no commission costs.
• Easy to use trading platform.
• Low minimum deposit requirements.
• Separate accounts for clients’ funds.
• No inactivity fees are charged by the broker.
• Free demo account along with educational content for traders.

MiTrade Cons or Drawbacks

The cons or drawbacks of using MiTrade as your broker are as below:

• Only two account types for customers.
• Does not accept clients from the US, Canada, New Zealand, and Japan.
• Limited asset classes in comparison to other leading broking companies in the industry.
• Customers outside Australia cannot do anything in case something goes wrong with their funds.
• Very few payment methods are accepted for depositing and withdrawing money.
• No MetaTrader platforms for any users.
• No customer support through the weekends.

MiTrade Trading Hours

The trading hours of MiTrade will depend on the region that you are in and on the asset that you wish to trade-in.

The trading time in GMT +0 for most Forex Majors in Summer is Sunday 21:00 – Friday 21:00. During winters the trading time changes to Sunday 22:00 – Friday 22:00.

MiTrade Customer Care or Contact Details

You can contact the MiTrade customer care by three methods, Email, Call, and Live chat.

Traders can call MiTrade on the number + 61 3 9606 0033 or email them at cs@mitrade.com.

If you want a quicker response to your query, you can choose to live chat with their customer support which is available 24 hours a day throughout the weekdays.

MiTrade Safety & Security

Customers’ funds are safe and secure with MiTrade as they are kept in a separate trust account. MiTrade does not use the clients’ funds for hedging or any other activity.

In addition to this, there are constant internal and external audits in place to ensure the security of all those who are connected with MiTrade.

MiTrade Rating & Reviews by Top10StockBroker

Based on different users and their experiences below are the company rating and reviews:

MiTrade Forex Trading – Conclusion or Verdict

The final verdict on MiTrade remains positive as the company has established several measures for its clients’ safety.

Even though the broker does not offer MetaTrader platforms, their own trading platforms have all the features and tools that a trader would require to undertake daily trading functions.

MiTrade Forex Trading FAQs

Here is the list of FAQs related to the MiTrade Forex Trading:

Is MiTrade Safe for Trading?

Yes. MiTrade is safe for trading. MiTrade is regulated by two regulatory bodies and has put in place several safety measures for its clients.

The funds of all traders are safe and kept in separate accounts. MiTrade does not use its clients’ funds for hedging or any other operational activities.

What is the Commission for MiTrade?

There is no commission for MiTrade. All trades that are executed on MiTrade are commission-free. Traders only have to pay for the wide spreads on all their trades.

The 0% commission decreases the costs of the traders and increases their profit margins.

How to open a Trading Account with MiTrade?

If you wish to open a trading account with MiTrade, you first need to head to their official website “mitrade.com”.

If you wish to create a demo account, you can do so by clicking on the words “Demo Account” on the right side.

However, if you wish to start a live account, click on “Create Account” and register your email with them.

Can I invest in Cryptocurrency with MiTrade?

No. MiTrade does not offer Cryptocurrencies as one of their asset classes to their clients. With MiTrade you can invest only in Stocks, Forex, Indices, and Commodities.

What leverage does MiTrade provide?

Until 28th March 2021, MiTrade used to provide leverage of 1:200 for Forex transactions in a Standard account.

However, from 29th March onwards, this has changed to a maximum cap of only 1:30.

Although, Pro account holders still have the option of leverage until 1:250.

Does MiTrade have a trading app?

Yes. MiTrade has a trading application that can be used on all Android and iOS devices. The MiTrade mobile app is a replica of their own WebTrader.

You have access to all the features of a WebTrader along with access to the educational content. A demo account holder can also access his account through the mobile app.

How to contact MiTrade customer care?

You can contact MiTrade customer care by either calling, emailing, or chatting with them. To call them, please do so at + 61 3 9606 0033.

For sending an email, send it at cs@mitrade.com.

Otherwise, you can choose to live chat with them by going onto the website and clicking on the blue box with three white dots on the extreme bottom right.

Is MiTrade Regulated?

Yes. MiTrade is regulated by two different bodies.

They are the Cayman Island Monetary Authority (CIMA) and the Australian Securities and Investment Commission (ASIC). The license number of MiTrade under the ASIC is 398528.

Is MiTrade good for Beginners?

Yes. As MiTrade does not have a large minimum balance requirement, it works perfectly well for beginners.

Since MiTrade also has its own trading platform, beginners do not have to worry about getting lost in complex platforms.

The free demo account also helps individuals understand the platform before they start putting their money in it.

Who founded MiTrade?

MiTrade was founded by Laura Lin.

The company currently works with less than 50 employees because even after being established in 2011, it started functioning fully only in 2020.

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