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Mitrade Review - is it scam or safe?

Mitrade review - Is mitrade.com scam or good forex broker?

RATING: 3.6 / 0 REVIEWS Mitrade
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Mitrade is a forex and CFD broker regulated by the Australian Securities and Investments Commission (ASIC), offering a variety of trading instruments with competitive spreads and a leverage of up to 1:200. In the following paragraphs we will review their trading conditions in detail.

 

Trading account Min. deposit Max. leverage  Spread
Standard $1 1:200 0,8 pips

 

Mitrade Advantages:

 

Sound regulation

 

As we noted Mitrade holds a license by the Australian Securities and Investments Commission (ASIC) and that makes trading with the broker completely safe. 

 

 

For example, among the other benefits you get by trading with a properly regulated broker, under the ASIC Client Money Reporting Rules, a client's funds at Mitrade will be deposited separately in the client's trust account at an Australian authorized depository institution (ADI) to ensure that the client's account is completely segregated from the Mitrade house account. 

 

Also Mitrade provides negative balance protection to its clients, meaning that a trader can not lose more money then he or she has deposited.

 

Otherwise  Mitrade is owned by Mitrade Global Pty Limited, which is based in Australia, while all card processing services are provided by Mitrade Services Ltd, which is a wholly owned subsidiary of Mitrade Global Pty Ltd., based in the UK.

 

Tight spreads

 

When we tested the Mitrade trading platform with a demo account the benchmark EURUSD spread floated about 0,8 pips, which is attractive, if we take into account the fact that the broker does not take trading commissions. Still here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

60 forex pairs and a variety of crypto CFDs

 

Mitrade offers a selection of 60 currency pairs many of which exotic or minor like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDHUF, USDHKD, USDDKK, USDCZK and USDCNH. And the selection of CFDs is also reasonable, including assets like gold, silver, platinum, palladium, Brent and West Texas Intermediate, 11 indices and 5 major crypto coins – Bitcoin, Bitcoin Cash, Ethereum, Litecoinand and Ripple. Still, if you like the idea of trading crypto assets here you may also check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:200 

 

Currently Australia is the only major regulatory hub where higher leverage is still offered without restrictions, after the regulatory authorities in Europe the USA, Japan and Canada all caped the maximum leverage allowed with forex and CFD trade. Here you may check our list of brokers, regulated in Australia:

 

>>Brokers regulated in Australia<<

 

No minimum deposit requirement

 

There is no minimum amount for any deposits into a Mitrade account and that is good news as most brokers ask for an initial deposit of about 250 USD. With Mitrade you can chose to deposit your money in USD or AUD.

 

Skrill accepted as payment method

 

Mitrade accepts payments with major cards like VISA and MasterCard, wire transfers and Skrill. Wire transfer deposits or withdraws take between 2 and 5 business days, depending on how much time the bank needs to process the transaction, debit or credit card payments are either instant or take up to 1 business day, the same as with all e-wallet payments.

 

Cashback promotion

 

Mitrade offers what they call a welcoming bonus, which is basically a cash back promotion. Here you can take a look at the details:

 

 

Mitrade Disadvantages:

 

MetaTrader4 not supported

 

Mitrade offers a proprietary web based platform - the Mitrade Trading Platform, which has a user friendly interface and some in-build market indicators.

 

 

Still, we miss the advanced features, which come with MetaTrader4 – the most widely used trading solution on the market. For instance, with the Mitrade Trading Platform we do not see the option to run automated trading sessions and that is a disadvantage. And besides, here you may also check our list of brokers offering the MetaTrader4:

 

>>MT4 Brokers<<

 

Conclusion:

 

Mitrade offers attractive trading conditions, combined with all the benefits issuing from its ASIC license. And as we noted above, ASIC regulated brokers are the last that still offer unrestricted margin trading and this is surely another positive point for Mitrade. In any case, possibly the only week moment regarding the Mitrade offer is the absence of a trading platform like MetaTrader4.

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Traders` reviews for Mitrade

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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