Mitrade rating, features, and regulatory background in the detailed review
Mitrade Forex broker is offering cryptocurrency pairs and CFDs trading on its custom made web-trader. The broker is registered and regulated in Australia, by the Australian Securities and Investments Commission (ASIC). For many traders it is enough to trust the broker and start trading with it, however, one needs to be very careful when choosing the broker and needs to examine it carefully.
This Mitrade review goes into the details of the broker’s features and services to see how good the broker is and what kind of service does it provide. The broker offers registration without the minimum deposit requirements and offers a maximum of 1:200 leverage. There is not a big variety of trading accounts or payment methods that can be used while trading with Mitrade. But before we go into the details, let us see if the broker can be trusted even though it has a license from one of the most reputable and strict regulators.
Can Mitrade be trusted?
Mitrade is a trading name of the company Mitrade Global PTY Ltd which is regulated by the ASIC with the license number 398528. One can see the proof of license on the website of the broker, the document shows that Mitrade Global PTY Ltd was granted with the license in 2011. It might mislead website visitors into thinking that the broker is operating on the market for 8 years already, moreover, the broker does not provide information when it was founded.
However, from the license, we learn that the company Mitrade Global PTY Ltd has changed its name several times in the past. Here is the list of the names the company was known for in the past.
- IGlobal Pty Limited
- Imperium Forex Group Pty Limited
- Australian Foreign Exchange Services Pty Ltd
- Golden Sky Australia Pty Ltd
- You Trade Capital Markets Pty Ltd
- Forex Central Trading Pty Ltd
It means that the company was operating various brokerages with different names and some of them might still be active on the market. It can be a good indication of the Mitrade scam possibility. Many companies which operate scam brokerages often change its names to establish yet another scam broker.
Seems like Mitrade itself was not founded until 2019. The oldest content uploaded on the website dates back to February 2019, and social media accounts of the broker (Facebook, Instagram) was made in 2019 as well.
The website of the broker does not look exciting. It has a very poor design and seems somewhat sketchy. The good thing about the website is that it has an SSL certificate. Other than that, it creates a negative Mitrade opinion and leaves a bad first impression. The most concerning part of the website is the content. The broker has filled the front page of it with unnecessary information and there are no links that would redirect to the pages that are important for the traders. For example, there is no information about trading account types, web-trader that the broker is offering, or the withdrawal policy. This information can only be found on the page of frequently asked questions, but it is also very limited.
Mitrade Forex broker has accounts on Facebook, Instagram, and Youtube. Seemingly the broker is not very successful with it, as its Facebook page has 20 likes only, and on Instagram, the broker has 9 followers. The YouTube channel is empty and there are no videos.
Account types, minimum deposit, and leverage
The broker does not offer account types, there is simply one account for all kind of traders. It really reduces Mitrade Rating as the broker does not take the needs of the traders into consideration. There are different traders that differentiate based on their trading wants and needs and require different features. Even though there is one account only, the broker does not provide any information about it. What are the features of the broker, how does the spread look like, how much are the minimum and maximum amount of lots that can be traded – these can only be learned after opening an account with Mitrade.
The account can be opened in USD or AUD, there is no minimum deposit requirement and traders can open an account and decide how much they want to deposit. The maximum leverage one can use when trading with Mitrade is 1:200. Surely, the leverage is different for the various trading assets, however, the information about it is not provided on the website.
Mitrade withdrawal and payment methods
There are not many options for depositing and withdrawing funds from the trading account. Traders can use Wire transfer, Debit/credit card, and Skrill. Information about Mitrade withdrawal is also very limited. The minimum amount that can be withdrawn is 100 USD or AUD and as the broker claims there is no deposit fee. There is no information about how long does it take for the broker to process withdrawal requests. Mitrade only mentions that transactions (after the confirmation) might take from 3 to 15 business days depending on the payment method that is used.
Is Mitrade legit?
Mitrade has few advantages – it has an ASIC license, various trading instruments and the website has an SSL certificate. However, ASIC license does not cover traders outside Australia and at the same time, the history of the company that operates the broker is not very promising and indicates the possibility of Mitrade fraud. The broker has more disadvantages than advantages. The website is not well-designed and does not provide enough information.
Mitrade chooses not to provide details about the accounts and features, it says nothing about the trading platform, the withdrawal policy is not clear, the information about the leverage is not provided fully as well. Overall, it leaves the impression that the broker provides limited information that looks nice on the website to encourage customers to open an account. The fact that there are no opinions or Mitrade reviews made by the customers also indicate that the brokerage is newly established while tries to look more experienced. Based on it we can confidently say that Mitrade is not trustworthy and trading with it is not acceptable. If you were thinking to register with the broker it would be better to find a better broker that does not provide false information and has good service.