MiTrade Trading Account – Review, Types, Process, Benefits, Charges & more
Last Updated Date: Nov 18, 2022Find out everything about MiTrade Trading Account here.
MiTrade is a global proprietary limited company based in Melbourne, Australia. It is a retail broker that allows trading in contract for difference (CFDs).
It was founded in 2011 by Laura Lin (CEO) and now has a workforce of around 50 people. The company’s business operates under the regulations of AISC and CIMA.
The company went under a massive restructuring of its team in 2019.
This is when MiTrade, a proprietary trading platform came into existence to cater to global customers. MiTrade is a self-developed trading plan with a wide range of assets.
These assets include forex, commodities, and cryptocurrencies.
MiTrade Trading Account and Benefits
MiTrade trading account is a reliable and preferred trading platform.
It is feature-rich and meets the customer’s needs. It provides services suited to the trader’s needs. The proprietary platform brought by MiTrade Pty limited.
This has made CFD trading simpler for its users. It also offers efficient and optimized performance in the CFD markets.
The trading station furnishes the users with advanced analytics, charts, and functionality. Risk management and market data are some more features of the same.
The platform also provides forecasts for intelligent trading. The news and economic calendar make it more reliable.
These features make the trading account more independent than others. Also, interactive advisory and live market charts are an added advantage.
The users have the facility of using the MiTrade on desktop as well as app platforms. These platforms are compatible with both iOS and Android systems.
Only the app on Windows is not supported by the MiTrade accounts.
The proprietary trading platform supports Chinese, English, Indonesian, Korean, Malaysian, Thai, and Vietnamese.
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MiTrade Trading Account Charges
| Trading Account Charges | |||
| Account Type | STANDARD ACCOUNT (UNTIL 28TH MARCH 2021) | STANDARD ACCOUNT (FROM 29TH MARCH 2021 ONWARDS) | MITRADE PRO |
| Initial Deposit | NA | Not Required | NA |
| Spread | Floating | its Floating | Floating |
| Commission | No | Free | No |
| Leverage | 1:200 | 1:30 | 1:250 |
It is a big relief to the traders that the preferred trading account charges little to no fees.
This makes it workable for users who trade very or even daily.
Also, as a part of the enhanced customer experience, MiTrade provides a more cost-effective trading service.
MiTrade is committed to honesty and has no hidden fees or charges.
The cost of trading is just the spread and overnight funding fees.
It has a maximum leverage of 1;200. And we all know that 1;200 is the best forex leverage ratio for trading.
The trader can open an online account for as low as $50.
The types of charges are:
Buying and selling spread
A spread is a difference between the buying and the selling price. This cost is already included in the product quotation.
As the price difference is not fixed, that cost is available on the trading platforms.
Overnight funding
The potential overnight funding fees will be debited or credited depending on whether the position is held past 10 PM.
Deposits and withdrawal
To optimize customer’s experience and make the trading cost-effective there are no deposit or withdrawal fees.
However, there might be some third-party charges that are out of MiTrade’s control.
Other charges
Traders need not worry about any other hidden or extra charges. MiTrade ensures to inform in advance in case of any exception.
Types of MiTrade Trading Account
| Types of Trading Account | |
| Trading Desk Type | Market Maker |
| Min Deposit | $50 |
| Maximum Leverage | 200 |
| Mini Account | No |
| Premium Account | No |
| DEMO ACCOUNT | Yes |
| Islamic Account | No |
| Segregated Account | Yes |
| Managed Account | No |
| Institutional Account | No |
| Suitable for beginners | Yes |
| Suitable for professionals | Yes |
| Suitable for scalping | No |
| Suitable for daily trading | Yes |
| Suitable for Weekly trading | Yes |
| Suitable for swing trading | No |
MiTrade does not provide any Mini or premium account, but it provides options that suit customers globally. There is something for everybody.
The type of accounts provided is suitable for daily and weekly trading as there are no extra costs associated with it.
It also offers the facility of a demo account.
The demo accounts are helpful as they make it easier to learn in a risk-free manner.
It is free of cost and the user can create it with the help of an email or a mobile number and setting up a login password.
The demo account allows the investor to first review a trading platform before risking their capital.
It makes the user comfortable and well-versed with the features of such platforms.
The other types of accounts offered are standard accounts with a leverage of 1;200 until 28th March 2021 and 1;30 from 29th March onwards.
It also offers a Mitrade pro account with a leverage of 1;250.
MiTrade Account Opening and Trading Process
Opening a new trading account with Mitrading markets is as simple as it can get.
Let’s have a deeper understanding of the account opening and trading process of Mitrade. Also, before opening the account you must have some information ready with you.
This includes country of origin, name, contact info, and email address.
You also need to be careful while filling up the information and make sure to save your password in case you forget it in the future.
Three steps to start trading with MiTrade are
Register, Fund, and Trade.
Now, let’s see the process in a little bit of detail.
- Search on google and go to the official website of MiTrade.
- Review the different types of accounts available and choose the one as per your needs and trading frequency.
- Upon the completion of the application, you can access your registered account with the help of your ID and password.
- Now you can log into your trading portal.
- With the help of credit cards or Poli, deposit the funds in your trading account. The minimum balance must be $50 for an account.
- Once the account has enough money to invest, it is ready to start trading. At this point, you can check for any special details that your broker provides.
- Also, before actually playing with real money the user can take free lessons and courses provided. They can access the demo account to understand the platform better.
That is how you can start fresh with your trading account and learn as you move forward. The demo account makes it easier for the traders to experience trading without risking their money.
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MiTrade Trading Account – Features
| Trading Features | |
| Educational Services | Yes |
| Social Trading / Copy Trading | No |
| Trading Signals | No |
| Email Alerts | Yes |
| Guaranteed Stop Loss | No |
| Guaranteed Limit Orders | No |
| Guaranteed Fills / Liquidity | No |
| OCO Orders | No |
| Trailing SP/TP | Yes |
| Automated Trading | No |
| API Trading | No |
| VPS Services | No |
| Trading From Chart | Yes |
| Interest On Margin | Yes |
| Offers Hedging | No |
| Offers Promotions | No |
| One-Click Trading | No |
| Expert Advisors | No |
| Other Trading Features | No |
Given below are some of the features of the MiTrade account:
Spread Fee
MiTrade offers its users impressive spreads that begin at 0.8 pips at all major currencies. This is important as the company does not charge any commission on trades.
Leverage
MiTrade offers its clients maximum leverage of 1;250 with the MiTrade pro account. It also gives leverage of 1;200 with a standard account. This is the best leverage for trading.
Bonuses
MiTrade also offers bonuses depending upon the depositing amount within 7 days.
App and desktop
MiTrade offers trading on both the app and desktop platforms which are compatible with both iOS and Android systems.
Trading platform
MiTrade platform is simple to use with conveniently located information. It also provides regular data analysis and charts to understand the market better.
Payment methods
Traders may use credit cards, Poli for depositing money. Also, they can use credit cards or wire transfers for money withdrawal.
Customer support
MiTrade provides endless online trading. The customer support is active for 5 days a week (off on weekends). The clients can reach them via emails or telephonic medium any time of the day.
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MiTrade Trading Account – Conclusion
The MiTrade account offers a variety of trading instruments that include cryptocurrencies, 60 currency pairs, CFDs, 11 indices, and commodities.
The platform is being regulated by AISC and CIMA ensures the safety of its clients and reduces the risk factor.
The trading foreign exchange markets provider has many free trading tools, webinars, and tutorials.
They offer to help its investors understand the trading better. It functions in 7 base languages making it accessible for a wider audience.
Also, you can trade up to 60 currency pairs on standard accounts.
It attracts traders by providing competitive leverage and no commissions. It is also very easy to access and operate.
MiTrade has, for its users, many useful features that help it in standing out among other players.
To suit the requirements of new traders, it also has an option of a demo account.
This eliminates the risk factor and provides necessary exposure. This is why people choose this trading service all over the world.
MiTrade Online Trading – FAQs
Here is the list of FAQs related to the MiTrade online trading account:
Does MiTrade provide online trading?
Yes, it provides online trading. All you need is a stable internet connection and register online through their website.
After the complete account creation, once funded it will be ready for trading.
What are the commission charges in MiTrade?
There are no commission charges in MiTrade which is why traders choose it worldwide.
Does MiTrade provide a demo account for trading?
Yes, MiTrade provides a demo account. It is free of any charge allowing the investor to first review a trading platform before risking their capital.
It makes the user comfortable and well-versed with the features of such platforms.
Is trading free at MiTrade?
No, trading is not completely free. Even though the trading is commission-free, the spread and swap costs vary depending upon which instrument is being traded.
Most of MiTrade’s services are free.
Does MiTrade provide spot metal trading?
Yes, with MiTrade you may bet on the price movement of precious metals such as gold, silver, etc.
What are the spot metal trading charges at MiTrade?
There are no spot metal trading charges associated with MiTrade.
Yet, it is advisable to clarify this with the customer support that it has for its clients.
Do MiTrade markets provide stock trading?
Yes, MiTrade provides stock trading options.
It offers around 100+ financial instruments to trade-in. The website displays the stocks available for trading.
What are Spreads at MiTrade?
Spreads offered by MiTrade are the best in the entire market as they are perfect for online trading. It is usually wider than its competitors.
The higher the deposits, the better the spreads will be.
Is MiTrade safe for trading?
Yes, the MiTrade account is reliable and safe. Being regulated by the AISC and CIMA ensures high-end security to its users’ funds.
It builds its clients’ trust by ensuring total transparency. It secures all the transactions using encryption and firewalls.
Does MiTrade provide trading tips?
Yes, Mitrade provides many useful trading tips to its users. It also has educational resources as well. It provides tips and guidelines to ensure high profits, daily market updates as well.
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