Mitrade Review 2024: Is Trading Safe?

Mitrade Overviews

Pros and Cons

Is Mitrade Safe? Broker Regulations

Mitrade broker is licensed and regulated by 3 financial institutions including:

• Mitrade International is authorized and regulated by the Mauritius Financial Services Commission ( FSC ) with License No. GB20025791. For more details, please visit https://www.fscmauritius.org (how to look up) to learn more.
• Mitrade Global is authorised and regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL number 398528). To find out more, please visit the ASIC website www.asic.gov.au (how to search) for more information.
• Mitrade Holding is authorized and regulated by the Cayman Islands Monetary Authority (CIMA) with SIB License No. 1612446. To learn more, please visit www.cima.ky (how to look it up) or click here for more information.

Through that, we can see that FSC and ASIC are 2 of the most prestigious financial institutions globally, so investors can be completely assured when choosing to trade with Mitrade. With a license from ASIC, investors will be protected with the following regulations:

• Strict Regulation: ASIC is the financial regulator in Australia and is responsible for ensuring compliance with regulations and laws relating to the securities and investment industry. When an exchange is licensed by ASIC, they must comply with strict regulations and financial regulatory standards, ensuring that user accounts and trading activities are protected.
• Deposit Protection: ASIC licensed exchanges must comply with rules on protecting customer deposits. This ensures that users’ funds are kept safe and properly managed.
• Complaint handling process: ASIC licensed exchanges must have an open and transparent complaint handling process. Users have the right to submit complaints and request review of disputes that occur with the exchange. ASIC regularly intervenes and monitors this process to ensure fairness and protection for users.
• Risk Management: ASIC licensed exchanges are required to comply with financial risk management rules and protect the interests of customers. This includes maintaining a robust financial and risk management system to ensure solvency and minimize financial risk to customers.

In addition, Mitrade has also received quite important awards over the years demonstrating the efforts that this broker has built, including:

• Best Mobile Trading Platform Asia Pacific 2023 from Global Brands Magazine
• Fastest Growing Fintech Forex Broker Globally 2023 from Global Brands Magazine
• Best Trading Platform 2023 from Forexing.com Award
• Best Forex Trading Experience Asia 2022 from Global Forex Awards
• …along with other awards

However, even though it is regulated by reputable and trustworthy financial institutions along with the awards as mentioned above, investors when deciding to choose to trade with this broker should also find out for themselves again. On Trust Pilot, a broker review site, Mitrade is rated 4.1/5 with about 33 reviews from customers. You can easily spot some negative reviews right from the front page with comments about promotions or customer support. Therefore, be careful to research and get opinions from investors who have traded in communities and forums before deciding to open an account with any broker.

What Can I Trade with Mitrade?

Mitrade offers 4 popular trading product categories including forex, commodities, indices and stocks.

• Forex: offers a wide range of major, minor and exotic currency pairs. Typical pairs are EURUSD, GBPUSD, USDJPY, GBPJPY, USDZAR,…
• Commodities: including gold, silver, oil and agricultural products
• Indices: Mitrade offers the most popular indices in the US, Europe, Asia and Australia markets, such as Australia 200, NAS100, Hong Kong 50, Germany 30, etc., providing various opportunities in global stock markets.
• Stocks: offers a wide range of stocks from the US and Australian markets including Microsoft, Apple, Amazon, Google, Walmart,…

How to Trade with Mitrade?

Unlike most other brokers who choose or supplement MetaTrader 4 or 5 as their primary choice of platform for traders, Mitrade only offers their own unique Mitrade platform. Mitrade’s trading platform is an important part of providing the best trading experience for users. Here is some information about the Mitrade trading platform:

• User Interface: Mitrade trading platform is designed with a user-friendly and easy to use interface. Intuitive and customizable interface allows users to easily navigate and perform trading operations.
• Multi-Platform: Mitrade offers multi-platform trading, including mobile apps for iOS and Android, allowing users to access and trade from any mobile device with an internet connection. Additionally, users can also access the online trading platform via a web browser on their desktop or laptop.
• Trading Tools and Features: Mitrade’s trading platform offers a range of tools and features to assist users in their trading process. This includes asset charts, technical indicators, flexible time frames, news alerts, and the ability to execute trading commands such as opening orders, placing stop loss and take profit orders.
• Security and safety: Mitrade takes the security and safety of user data quite seriously. The trading platform is protected by SSL encryption and uses advanced security measures to ensure that users’ personal information and accounts are kept safe.

How Can I Open Mitrade Account? A Simple Tutorial

To open a trading account at Mitrade exchange, you can follow these steps:

Visit Mitrade Official Website: First, visit Mitrade official website through your web browser. On the homepage, you will see two blue buttons “Open Live Account” and white “Try Demo Account” in the middle of the screen. We select “Open Live Account” to guide you through opening an account with the following steps.

Fill in personal information: On the registration page, you will be asked to fill in the necessary personal information, including your name, email address, phone number, and country. Make sure you provide accurate and complete information.

Confirm information: After filling in all the information, you may need to confirm your email address or phone number. Mitrade will send you a confirmation link or OTP code to complete the verification process.

Complete registration: After confirming the information, you will be asked to set a password for your trading account. Make sure your password is strong and not easily guessed. Once completed, you can log in to your trading account.

Identity Verification: For enhanced security and regulatory compliance, you may be required to verify your identity by providing documents such as a photo/scan of identification (such as a passport or national ID card) and proof of address (such as a utility bill). Identity verification processes may vary depending on country and local regulations.

Funding your account: After verifying your identity, you can fund your trading account through payment methods accepted by Mitrade. Common methods may include bank transfers, credit cards, e-wallets and other online payment methods.

Mitrade Charts and Analysis

Mitrade broker provides and supports a wide range of trading tools to bring the best experience, facilities and knowledge to users, including:

Trading strategy

Mitrade provides trading strategy suggestions on a variety of products including which products to buy/sell, at what price, along with technical advice. However, this resource comes from Trading Central and not from Mitrade’s own technical analysts.

Forecast

Forecast is an investor sentiment gauge that highlights industry experts’ near- and medium-term outlooks and forecasts for popular markets. Just like the Trading Strategy, this resource is sourced from FXStreet and updated every Friday at 15:00 (GMT), not from the Mitrade broker itself.

Economic calendar

The economic calendar provides information on important economic, political, and financial events around the world that affect the increase/decrease in prices of trading products in particular and the financial market in general. The economic calendar is built into the Mitrade website and is sourced from FXStreet.

News

News provides information about financial markets of countries around the world as well as trading products in real time.

Market data

Market data updates quotes, market sentiment and relevant news of popular financial markets in real time.

Sentiment index

The sentiment index shows the percentage (%) of investors choosing to buy or sell a financial product such as currency pairs, commodities and index pairs. Data will be updated every 15 minutes.

Risk Management

Mitrade offers risk management tools such as stop loss, take profit and trailing stop loss orders. Users can set target prices to automatically close orders and protect profits or minimize risks.

Quick Start Guide, In-Depth, Academy Classes

These sections of the training knowledge section are presented under different headings from quick guides that will go through the basics presented concisely and easily understood. The in-depth knowledge then leads you to a dedicated website that includes market news, investment classes, and a blog. Finally, the Academy offers free classes that allow investors to learn at their own pace.

In short, it can be seen that Mitrade broker provides quite good analytical resources, support tools and knowledge training that not every broker can build. How powerful and efficient the resources provided are proves that this exchange is reputable and trustworthy because of its desire to provide effective resources to help investors get the best trading results.

Mitrade Account Types

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Do I Have Negative Balance Protection with This Broker?

Mitrade broker offers negative balance protection mechanism to its clients. Your account will not lose more than the initial deposit under any market circumstances. Our negative balance protection mechanism ensures your account never goes below zero.

Most brokers offer this mechanism to their clients as a built-in feature and not as an added bonus. If any broker does not provide this mechanism, traders should consider carefully because there is a possibility that you will lose more than the amount of deposit you have made, even a lot that you may not have anticipated.

Mitrade Deposits and Withdrawals

Deposit

Mitrade offers a variety of deposit methods, including but not limited to the following:

• Visa/Mastercard – Regular: instant
• Internet Banking – within 1 business day
• E-wallets (eg Skrill, Momo, Zalo, Touch’n GO and Boost, etc) – Regular: instant
• ATM Card – Regular: Instant
• Pay by QR code – Usually: instant
• Bank Transfer – Regular: Instant

Please note that some deposit methods are only available in specific countries/regions. For more related information, you can log in to your Mitrade trading account.

Withdraw money

Based on your deposit history and Mitrade’s withdrawal policy, your funds can be withdrawn and sent back to you via the following methods:

1. Bank card: 3-5 business days
2. Bank Account: within 3 business days

Please note: Processing times may vary between different banks. For more related information, you can log in to your Mitrade trading account.

Support Service for Customer

Mitrade offers customer support through methods including Live Chat, email, and inquiry form submission. Also, before contacting customer service directly, you can check out our FAQ section to get your issues resolved immediately.

Additionally, you can see the chat button right at the bottom right corner of the screen so you can instantly contact the support staff. Customer support staff are rated as being quite enthusiastic and dedicated in guiding and answering customer questions.

Mitrade Customer Support Overview

Prohibited Countries: Where Can I Not Trade with this Broker?

Mitrade does not offer its services to residents of the United States, Canada, Japan, New Zealand or to any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

As you know, the reason for this is that some of the country’s regulations and laws do not support the broker to be able to provide services to clients there. Therefore, before you start digging deeper into the broker, its products, platforms or any information about the broker, check out if the broker is available in the country you live in, that is the first thing you need to consider.

Additionally, some other brokers will not even supply sanctioned countries. However, to know for sure whether the country you live in is on the list of prohibited transactions from Mitrade, you can know through the selection during the account registration process.

Special Offers for Customers

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Mitrade Review Conclusion: Reputable Broker with Easy-to-use Platform

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Summary and Key Takeaways

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FAQs

Is Mitrade a reliable broker?

We can say that this is a broker that can be trusted and safe to trade with. Regulated by reputable financial institutions such as the Mauritius Financial Services Commission (FSC) and the Australian Securities and Investments Commission (ASIC), along with the Cayman Islands Monetary Authority (CIMA), investors can rest assured to create an account and register to trade with them.

What are the fees for trading at Mitrade?

Trading products at Mitrade is commission-free. However, Mitrade applies floating spreads on all products, the lowest is the EURUSD pair, ranging from 0.6 pips, while the spreads of major forex pairs and gold (XAUUSD – 3.5 pips). However, when all fees are combined, Mitrade is still considered to have one of the lowest transaction fees.

Does the website support Vietnamese?

Yes, Mitrade has a customer service team that supports Vietnamese via Live Chat, email, and fill out a question submission form. Also, before contacting customer service directly, you can check out our FAQ section to get your issues resolved immediately.

Are there any deposit and withdrawal fees at Mitrade?

Mitrade broker will not charge any fees to clients. However, depending on the type of method a customer chooses to deposit or withdraw funds, the bank or third party payment may charge a service fee for your transaction. So, if you find that you are being charged fees when depositing or withdrawing money, please contact your bank for more details.

About Author

Linh Nguyen

Linh Nguyen is a financial expert deeply rooted in the heart of Vietnam. Linh's academic journey began at Hanoi National University, where he earned his Bachelor's degree in Economics. He then pursued an MBA at Ho Chi Minh City University of Economics, diving headfirst into the intricacies of finance and business. Linh's career took off when he joined Saigon Capital Advisors, a renowned financial institution in Ho Chi Minh City. Here, he played a vital role in guiding individual and institutional investors towards wise investment decisions, navigating the dynamic landscape of Vietnamese finance, from emerging startups in the bustling streets of ...

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