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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Mitrade The CFD And Forex Broker Review In Depth

Mitrade The CFD And Forex Broker Review In Depth

January 15, 2020

Is Mitrade app reliable? This review will explore all those questions, and give details on all these topics and more.

Mitrade is forex and CFDs broker that offers trading services all over the world, except for the United States, Canada and Japan.

I became interested in the service after hearing that they don’t charge commissions and don’t require a minimum deposit. That’s good for me because it means there is literally no risk to setting up an account. On top of that they have competitive spreads, up to 200 times leverage with low minimum transaction values, and a platform that looks really easy to use.

Since the forex world is full of scams, it’s good to know that Mitrade holds a license by the Australian Securities and Investments Commission (ASIC), meaning that it follows strict regulations.

With all those things in place, it seems like Mitrade is a great option for beginners to place trades in a safe environment. But what about the details about the platform, investment instruments, accounts, deposit options and withdrawal times?

Mitrade Reliability -Is Mitrade Trustworthy?

To start, is Mitrade a legit broker? With so many illegal and untrustworthy brokers, new traders like myself are more suspicious than ever.

First off, Mitrade is owned by Mitrade Global Pty Limited, which is based in Australia. All card processing services are provided by Mitrade Services Ltd, which is a wholly-owned subsidiary of Mitrade Global Pty Ltd., which is based in the UK.

After making sure that a broker is registered in a country with strict investment laws, the next step is to make sure they are licensed.

Mitrade holds a license with the Australian Securities and Investments Commission (ASIC). This means that they must follow strict regulations and that your funds are kept safe.

According to ASIC, a client's funds at Mitrade must be deposited separately in a trust account at an Australian authorized depository institution (ADI). This ensures that the client's account is completely segregated from the Mitrade company account, preventing any possibility of theft.

Another important thing you should know is that Mitrade provides negative balance protection to its clients. This means that a trader will not lose more money beyond what they have deposited. This is very important, especially when it comes to leveraged trading that is very high risk, with a magnified potential for losses. 

Full Mitrade Review: Facts, Details, and What You Should Know

Now that we have the legalities out of the way, this section will give you some key details about the Mitrade platform, including available investment instruments, trading conditions, deposit/withdrawal methods, account types, minimum deposit amounts, leverage options, and customer service.

Trading Platfrom/Software

Mitrade uses a custom proprietary platform aimed at beginner traders. At first, I wondered why they would  chose to make their own software instead of using the standard “Metatrader” platform (also known as  “MT4” or “MT5” depending on the version). After all, it is much cheaper for someone to set up a brokerage and license this platform software, avoiding any capital costs associated development.

But then I figured out why as I learned more about the company.

Mitrade seems to be marketed towards investors looking to make simpler trades, whether its on-the-go using their mobile, or using the web application on their laptop at home. The platform is minimal-looking, intuitive, and much “cleaner” compared to Metatrader, which looks complex with a lot going on.

I’m not saying the Metatrader is “bad” in any way. It’s just really complex looking! I think it’s geared mostly towards day traders and professionals. When I saw it, there were so many things to look at, and it seemed really intimidating.

By contrast, the Mitrade platform looks a lot fresher, less cluttered, and more intuitive. That doesn’t mean it doesn’t have great features. Here is a screenshot showing where you can find the indicators:

mitradeindicators.jpg

All in all, if you are starting out or want something more straight-forward, I think you’ll prefer this platform to the Metatrader.

What Instruments does Mitrade offer?

As far as investment instruments, Mitrade offers more than I expected, including a selection of 60 currency pairs (including some I didn’t expect) like USD/ZAR, USD/TRY, USD/SGD, USD/SEK, USD/RUB, USD/PLN, USD/NOK, USD/MXN, USD/HUF, USD/HKD, USD/DKK, USD/CZK and USD/CNH.

But the first thing I looked for was cryptocurrency because it’s important to me that I have those options as well.

Mitrade offers the most popular coins: Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple. There are also CFDs for cryptos and other assets like gold, silver, platinum, palladium, Brent and West Texas Intermediate, and 11 indices.

All in all, for a broker aimed at simplifying trading, this selecton of instruments was much more than I expected to see.

What are the Trading Conditions?

Trading conditions at Mitrade make it very attractive. What drew me in was zero commissions and no minimum deposit, meaning I could set up the account without any risk. Forex traders will appreciate the competitive spreads and all risk-tolerant investors will like that they offer up to 200 times leverage (depending on the instrument).

During a test of the demo account the benchmark EUR/USD spread looked great, floating at about 0,8 pips.

Some traders will really appreciate Mitrade’s spreads when they take into account that there are no commission charges associated with trading. I’m sure there are tighter spreads elsewhere, but it seems that those brokers probably charge some kind of a commission.

Withdrawal Times/Procedures

Always of concern is getting my money out of the brokerage and into my account in a reasonable amount of time.

While I can be impatient at times, the truth is that wait times are highly dependant on the financial institutions. Mitrade itself processes all withdrawals within 1-2 banking days.

The total length of time depends on the method and financial institution. Here is an idea of some of the times:

1. Wire transfer/Bank transfer

a. Wire transfer: 2-5 banking days

b. Bank transfer: 1-2 banking days within Australia

2. Visa/Mastercard: 3-5 banking days

3. Ngan online banking (Vietnamese clients): 2-5 banking days

Deposit/Payment methods

Funding accounts at Mitrade is easy, and there are 5 methods to deposit funds. Here is some information from the website:

1. Wire transfer/bank transfer

Bank transfer (AU): 1-2 banking days

Wire transfer (Other countries): 2-5 banking days

2. Visa/ Mastercard: Instant processing

3. POLi (only applicable to Australian clients): Instant processing

4. E-wallet (Skrill/Neteller): Instant processing

5. ATM/Ngan online banking (only applicable to Vietnamese clients): Instant processing

These times are dependant on your bank and their processing times.

Account Types

Since Mitrade is aimed to simplify trading there is one type of account available, and as described above it features varying amounts of leverage (up to 200 times), tight spreads and no commission charges on trades.

Minimum Deposit & Leverage

There’s 5 ways to deposit money but you don’t need to make deposit when you open your account. Conversely, there is no limit to how much can be deposited should you choose to go big.

As mentioned above, leverage is offered at up to 1:200, and the amount depends on the trading instrument. All the information is available and up-to-date inside the application.

Mitrade Demo Account

Beginners should first try out the Mitrade demo account on the web-based platform or mobile app.

This ensures they get used to trading before risking their own money. That way they can become familiar with all the features, read the news service, and become acquainted with how it all works.

The demo account is almost exactly like the live account in terms of how it looks, the data provided, and how it works. It’s easy to set up, all you need to do is give them your email, choose a password, and then select the base currency you wish to use.

And part of what’s fun about it is that the demo starts you off with USD50,000 or AUD50,000 in virtual money. That let’s you try out some of the higher-risk instruments, like CFDs. Just remember, it’s only available for 90 days, and after that you have to open up a live account - no big deal though, you don’t need to deposit any money and can continue using the demo as long as you like.

Customer service

I don’t know about you, but I prefer online chat instead of having a call-in number. Isn’t it better to have it all right there on one screen instead of typing with one hand and holding a phone in the other?

Mitrade has a live chat application that is available 24 hours a day, 5 days per week. That’s better for me because it means there’s no phone charges, no firing up Skype, and I can send them screenshots in case I have an issue.

Final Thoughts

I never used a broker before, so for me Mitrade is the best option that I have researched so far. It’s really easy to open a demo account to try it out, and if I want a live account I can set it up with no minumum deposit using five different methods.

The spreads are competitive, and there’s no commission so I can do as many trades as I want. And if I want leverage, they offer 1:200 depending on the instrument.

And speaking of instruments, they offer a wide variety of forex pairs, CFDs and crypto, which covers my needs and a lot more.

The trading interface isn’t cluttered and complicated. While I appreciate the Metatrader, it’s just “too much” for me. The Mitrade interface is much cleaner and more intuitive for someone at my trading level.

So my final word on Mitrade is to give it a try if you are a new trader or want to execute simpler trades. As stated on their website their mission is to simplify trading, and after investigating them I can totally see why!

Click here to visit Mitrade Website.


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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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