Mitrade group includes 3 related companies.
Mitrade AU - located in Australia, regulated by the Australian Securities and Investments Commission (ASIC).
Mitrade KY - located in the Cayman Islands, regulated by the Cayman Island Monetary Authority (CIMA).
Mitrade MU - located in Mauritius, regulated by the Financial Services Commission (FSC).
Unfortunately, AU company has been imposed with trading leverage limitations by ASIC since the end of March 2021.
At the same time, KY and MU companies are free from such restrictions.
Mitrade group accepts clients from all over the world, excluding USA, Canada, Japan, New Zealand, Russia, Belarus and some other OFAC sanctioned countries.
Forex broker offers the following underlying assets for trading.
|60+ Currency Pairs||Based on major and minor world currencies.|
|13 Indice CFDs||Based on baskets of different blue-chip stocks.|
|6 Metal CFDs||Based on Gold, Silver, Platinum, Palladium, Copper, Aluminium.|
|5 Energy CFDs||Based on Crude Oil (WTI, Brent) and Natural Gas.|
|2 Soft CFDs||Based on Coffee and Sugar.|
|300+ Stock CFDs||Based on shares of AU and US companies.|
Mitrade is a forex broker based in Australia with additional corporate entities registered in the Cayman Islands and Mauritius. The broker is regulated in all three jurisdictions, but only the Australian branch is covered by what is typically known as robust regulations designed to protect retail traders.
Due to Mitrade’s status as a fully regulated forex broker in Australia, Australian clients are limited to trading leverage of just 1:30. Outside of Australia, however, Mitrade is able to offer leverage as high as 1:200.
Mitrade has received a large number of more or less prestigious awards in recent years. Among these was the Best Forex Trading Experience Asia award for 2022 from Global Forex Awards, the 2022 Most Trusted Forex Broker Asia award from International Business Magazine, and a 2022 award for the Best Forex Educational Resources Global from the same group. There are also a number of other awards listed on the broker’s website, some of which are seen as more prestigious than others.
Looking at the instruments that can be traded with Mitrade, it’s clear that this broker offers something for pretty much everyone. The offering includes some 60+ forex pairs, a handful of major stock indices, commodities like precious metals, oil, natural gas, coffee and sugar, as well as single stocks from more than 300 companies listed in the US and Australia.
All of the instruments offered can be traded on Mitrade’s own trading platform, which is available on web and as mobile apps for Apple and Android phones. The platform offers advanced charts with all of the most used technical analysis tools, special risk management tools such as a trailing stop loss function, and real-time notifications.
As many modern charting platforms, Mitrade’s platform is built in HTML5, which gives it superior user-friendliness compared to legacy platforms. This is the same technology as market-leading charting platforms like TradingView is built on.
Unlike many other forex brokers, Mitrade does not offer a whole range of different account types to choose from. Instead, this broker has one type of live trading account, in addition to a free demo account for those who want more practice. The trading account is based on tight and floating spreads, starting from 0.00069 pips for the popular EUR/USD currency pair.
Accounts can be funded with the e-wallet Skrill, WorldPay, the Australian payment system POLi, Visa, MasterCard, PCI, or local and international bank transfers. Unfortunately, crypto deposits and withdrawals are not available from this broker.
To reach Mitrade’s customer support, clients can use live chat via the broker’s website or send an email. Strangely, no phone number to the broker’s office has been provided, which we believe is a bit unfortunate. There is also no information available about the support team’s working hours. As usual, this makes us doubt whether 24-hour support is really available here.
In conclusion, we see Mitrade as a forex broker that is generally trusted, without any major incidents to report on. The broker has been in business since 2011, which is a respectable time period in the forex broker industry. As a local and fully regulated Australian company, Mitrade could also be seen as a safe option for Australians who prefer to trade with a local broker and still get access to a large range of trading instruments.
Great UI, easy to use. Friendly to beginner. The payment flow is smooth. Recommended.