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Mitrade Review | Zero Commission and Competitive Spreads or a Scam?

by Kevin Berry
Rating: 
  2.1/5   Reviews: 3
Mitrade - logo

Looking for a new online broker? Mitrade claims to offer zero commission and competitive spreads. Before you jump in, consider this: how many times have you heard these promises before? Unfortunately, like many other brokers out there, this one falls short on its claims. In fact, many Mitrade reviews suggest that the broker is nothing but a scam. Let’s take a closer look at what’s really going on here.

Highlights

🏛️ Country Cayman Islands, Mauritius, Australia
⚠️ Regulation AFSL, FSC, CIMA
🖥️ Website https://www.mitrade.com/
🎲 Demo Account Yes
⏳ Start Time 2020
💲 Minimum Deposit
⚖️ Minimum and Maximum Leverage
⚙️ Trading Platform Mitrade
📨 E-mail cs@mitrade.com
📞 Phone

First Impression of Mitrade.com

After examining Mitrade’s official website, it’s hard to imagine that this broker claims to offer great trading conditions. The platform appears entirely unremarkable, with a plain white background and a simplistic design. We couldn’t find any noteworthy innovations on the site, and it’s worth noting that everything is as straightforward and standard as possible. While some may consider this a plus, it’s strange that a broker that has been in business for many years has such a lackluster official website.

Mitrade - website

Partnership and Bonuses

Mitrade offers two options for their affiliate program. The first is CPA, which stands for Cost per Acquisition. With this option, affiliates can earn up to $1,800 for each introduction that results in a successful deposit of at least $50. The program is open to traffic from multiple countries globally and earnings are accumulated daily.

The second option is Revenue Share, which allows affiliates to earn up to 40% of the revenue share of their referred clients. This option provides the opportunity to earn more without any limits, as long as the referred clients keep trading. It is also open to high-quality leads.

Account Opening on Mitrade.com

Registering on the platform is very quick and easy. You can do it either by email or phone. Additionally, you can use social media platforms such as Facebook or Google. It’s worth noting that the broker does not verify your contacts during the registration process, for some reason.

Registration

Finding the Client Portal on the Mitrade website can be quite challenging, as it is not immediately obvious where to access it. The portal is not prominently displayed on the homepage, and users may have to hunt around for it. However, if you click on the “Trade” button, you will be quickly directed to the portal, as well as the trading terminal.

Verification

Verification is mandatory at Mitrade and you will be prompted to complete it immediately after registration. You have to send to the broker copies of government-issued ID, such as a passport or driver’s license, and a proof of address, such as a utility bill or bank statement. You may also need to answer some additional questions about your trading experience and financial status. The verification process usually takes a few business days to complete, and you will be notified by email once your account has been verified.

Pros
  • You can browse as a guest without verification.
Cons
  • The exact timing of the review is not specified.

Trading Software

The broker offers its proprietary trading platform, also called Mitrade, for its clients to use. The platform is available for download on both Google Play Store and App Store. However, it should be noted that the platform has received mixed reviews. The platform itself is relatively user-friendly and provides access to a range of trading instruments, including forex, indices, and commodities. The charting and analysis tools are basic but adequate for simple trading strategies. One advantage of using the Mitrade platform is that it allows traders to place trades with one click, which can be useful for those who need to enter or exit positions quickly.

By the way, as a WebTrader Mitrade offers the usual Trading View.

WebTrader

Features Mitrade Sollari  TRXprotrade
Demo Account ✔️
Mobile App ✔️
Own Development ✔️

How Can I Trade With Mitrade?

Of course, it’s easy to call your trading conditions the best and most competitive, but the most important thing is to prove it in practice.

All Info About Accounts

Unfortunately, Mitrade does not have a clear account structure, and it’s unclear what the minimum deposit amount is. However, judging by the broker’s affiliate program, they want at least $50. Additionally, there is no information about spreads, swaps, or commissions anywhere on the site, only vague promises. The contract specification only lists the maximum size of orders and the stop-out level. Moreover, the leverage is not indicated for any of the branches, even though it should differ in different offices. In short, it is a complete disappointment. Why should clients have to extract information from the broker themselves?

Pros
  • Low minimum deposit.
Cons
  • Trading conditions are not described in detail.

Market Analysis and Education With Matrade.com

The broker provides education, market analysis, and forecasts. In the special section, you can see the sentiment of the asset, bullish, or bearish. We didn’t find anything particularly useful in the academy section. However, this information may be helpful for beginners.

Deposit, Withdrawal, and Fees

Mitrade offers a wide range of deposit methods, including but not limited to the following methods: credit cards, wire transfers, or e-wallets (Skrill, Momo, Zalo, Touch’n GO, Boost, etc.). Also, you can deposit with an ATM card and QR Code Payment. Note that the processing time may vary depending on the method and location of the user.

Features Mitrade Mysteel UK Limited  Trezo Capital
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️
Crypto Transfers ✔️
Deposit Fee
Withdrawal Fee ✔️

How Can I Contact It?

The company offers to contact it via email. In addition, they provide the addresses of three offices. However, it is unclear whether there are actual managers there. So, if you happen to be in the Cayman Islands, you can visit them. If not, you can send a request through the contact form, which is a more reliable option.

Pros
  • There are an email and addresses.
Cons
  • No phone number.

Is Mitrade Dangerous?

Of course, a broker with three licenses cannot be dangerous. However, don’t rush to conclusions. Perhaps there are a couple of flaws in their system.

How Long Does The Broker Work?

According to WHOIS data, the broker’s domain has been active since 2010. From the section «About us», we know that the broker was allegedly founded in Australia, but not in 2010. According to a web archive, Mitrade simply bought an old domain. In reality, it started its active operations around 2020.

How Is Mitrade Regulated?

As we have mentioned before, Mitrade has three licenses. However, there are a few nuances. Firstly, we cannot say that licenses from Mauritius and the Cayman Islands are particularly reliable. These offshore locations allow brokers to operate with a lot of freedom and with little regulatory oversight. Even worse, when you open an account, you do not have the ability to choose which branch will serve you. Your broker will make that decision for you.

Features Mitrade Nexon Groups  LTC FIN
European Zone
Asian Zone ✔️
American Zone
African Zone
Offshore ✔️

Frequently Asked Questions (FAQ)

How to Trade With Mitrade?

You need to register an account on their website and complete the verification process. Once your account is verified, you can deposit and start trading.

Is Mitrade Legit?

Yes, Mitrade is legit. The company is regulated by three regulatory bodies: ASIC in Australia, FSC in Mauritius, and CIMA in the Cayman Islands.

How Risky Is It?

Trading CFDs (Contracts for Difference) is a high-risk activity, and it is important to understand the risks involved before investing. According to industry statistics, approximately 75% of retail investor accounts lose money when trading CFDs.
Kevin Berry
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Expert Opinion

In my experience, it’s always important to carefully research and consider any broker before investing your hard-earned money. That being said, I found the lack of transparency and conflicting information surrounding Mitrade to be concerning. As an expert in the industry, I would advise traders to exercise caution and thoroughly weigh the risks before considering any partnership with this broker. Remember, it’s always better to err on the side of caution when it comes to investing.

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Mitrade rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

3 reviews about Mitrade

Nicky April 21, 2023 - 03:17
Want to change broker
The level of trust

Oh yeah, I wish I could trade with an Australian broker too. But they opened my account in the Cayman Islands. And they don’t want to reduce my leverage as per my request.

Reply
John April 26, 2023 - 18:49
I’m really disappointed
The level of trust
Quick withdrawal of funds
Efficiency of technical support

I used to be a client of Mitrade for a long time, but suddenly my account was forcibly closed. They said they no longer work with clients from my country. It wouldn’t be so bad, but I’ve been waiting for a money transfer for two weeks now.

Reply
Mike May 2, 2023 - 12:15
Mitrade is a typical CFD broker with standard trading conditions.
The level of trust
Quick withdrawal of funds
Efficiency of technical support

You won’t find anything groundbreaking here. Spreads are on par with the industry, and the rest is just advertising. Trading is smooth, but there have been problems with slow withdrawal times.

Reply

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