Mitrade Review 2024
Website: www.kcmtrade.com
Min. Deposit: US$ 500
Leverage: 1:400
Trading Platforms: MT4, MT5, KCM Trade WebTrader
Regulation: ASIC, FSA
Headquarters: Australia
Founded: 2016
Regulatory Licenses:
- Mitrade Global Pty Ltd - authorized by ASIC (Australia) license no AFSL 398528
- Mitrade Holding - authorized by CIMA (Cayman Islands) license no 1612446
- Mitrade International Ltd - authorized by FSC (Mauritius) license no GB20025791
Updated on April 1, 2024
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In our comprehensive review of Mitrade, we employ a meticulous and detailed approach. We compare Mitrade against over 1000 brokers to ensure a broad and thorough analysis. Our evaluation encompasses several critical factors including regulatory compliance, trading platforms, available financial instruments, fees, spreads, and customer support among others. This exhaustive method allows us to present a nuanced view of Mitrade’s offerings, helping potential traders make informed decisions.
Mitrade, a Forex and CFD trading entity, provides its clients access to over 400 financial products. These include Forex, Indices, Commodities, Shares, and more. Founded in Melbourne, Australia, Mitrade is regulated by the Australian ASIC, with additional licenses from CIMA (Cayman Islands) and FSC (Mauritius). The company extends its presence through supportive offices in seven countries. However, it’s important to note that Mitrade’s brokerage services are restricted for residents of the United States, Canada, Japan, or New Zealand.
Pros
Mitrade is regulated by toptier authorities including ASIC, ensuring a high level of safety.
Offers access to a wide range of financial instruments.
Provides a proprietary trading platform optimized for user experience.
Cons
Trading conditions may vary depending on the regulatory entity, affecting consistency.
Lack of 24/7 customer support might inconvenience some traders.
Mitrade is not a scam. It is a fully regulated and authorized broker by the reputable Australian ASIC. In our findings, the broker is also licensed by two other regulatory bodies in offshore zones, enhancing its credibility and reliability. Mitrade has established itself as a legitimate trading platform with robust regulatory oversight from multiple jurisdictions.
Is Mitrade Legit?
Yes, Mitrade stands as a legitimate and regulated broker. With authorization and regulation by the Australian Securities and Investments Commission, alongside licenses from the Cayman Islands Monetary Authority (CIMA) and the Mauritius Financial Services Commission (FSC), Mitrade showcases a strong regulatory framework. Our trust score for Mitrade is 8.9 out of 5, highlighting its reliability and good reputation in providing trading services under a top-tier ASIC license. However, international trading is facilitated through offshore entities.
How Are You Protected?
Mitrade ensures the safety of client funds by holding them in segregated trust accounts, separate from the company’s funds. This prevents the use of clients’ funds for any of the company’s financial activities. For clients under the ASIC-regulated entity, Mitrade offers negative balance protection with leverage up to 1:30, safeguarding clients from losing more than their initial investment. The Mitrade trading platform also features various risk management tools like stop loss and trailing stop to enhance trading safety.
Leverage trading can amplify both profits and losses and should be used with understanding. Mitrade offers leverage in alignment with regulations from ASIC, FSC, and CIMA:
Australian clients under ASIC can access up to 1:30 leverage.
FSC (Mauritius) clients are also entitled to a maximum leverage of 1:30.
For clients regulated by CIMA (Cayman Islands), leverage can go up to 1:200 for major currencies, providing a significant opportunity for profit but also increasing the risk.
Account Types
Mitrade offers two distinct account types for its users: the Personal Standard account and the Professional trading account, with a range of currencies including USD, AUD, EUR, GBP, and more available for trading purposes. For newcomers to the trading world, Mitrade also provides a complimentary Demo account, allowing for the practice of trading through trial trades without financial risk.
How to Open a Mitrade Live Account?
Setting up a live trading account with Mitrade is a straightforward process. Interested individuals are guided to follow these steps:
Navigate to and select the "Create Live Account" option on the website
Fill in the necessary personal information (such as Name, email, phone number, etc.)
Provide verification of personal data through document uploads (proof of residence, ID, etc.)
Complete an electronic questionnaire to confirm your trading experience
Following the activation and verification of your account, you can then proceed to deposit funds.
Trading Instruments
Mitrade's portfolio encompasses over 400 financial products, including Forex, Crypto CFDs, Commodities, Stocks, Indices, and Shares trading. It should be noted, however, that certain trading instruments might be accessible only through CFDs or derivatives. The platform features the popular Forex asset class for trading 24/5 with an average EUR/USD spread of 0.12 pips.
Mitrade's selection of market offerings has earned a score of 4.4 out of 5 for its broad range of trading instruments. Despite this, several sought-after asset classes such as futures, bonds, and options are unavailable for trading on the platform.
Mitrade Fees
Operating on a commission-free basis, Mitrade's fee structure primarily revolves around the spreads and the account type chosen by the trader. Our in-depth analysis, contrasting Mitrade against a pool of 1000 brokers, reveals that it offers competitive trading fees with no charges on deposits or withdrawals, and devoid of any concealed fees.
Noteworthy is the overnight fee levied on positions that are open for more than a day. Moreover, an inactivity fee of $10 applies to accounts that remain inactive for a period exceeding 180 days.
Given our research and comparison, Mitrade's fees are considered low or average, culminating in a rating of 4.35 out of 5.
Mitrade is known for its low floating spreads, offering this without any commission charges. Our evaluation found the average EUR/USD spread to be 0.12 pips for Forex Trading. For detailed information on the spreads of other products, refer to the comprehensive table provided below.
In our comparative analysis against other brokers, Mitrade's spreads are deemed low, securing an overall rating of 4.45 out of 5. We observed that the Forex spread aligns with the industry standard, and the spreads for additional instruments are equally competitive.
Mitrade provides a plethora of options for funding your account, including but not limited to Bank Wire, Credit/Debit cards, Skrill, ATM Card, Momo, Zalo, among others. It's essential to note that available funding methods may differ based on the banks and entities involved.
When evaluating Mitrade's funding methods, they received a commendable score of 4.3 out of 5. The platform is characterized by its low fees and supports various account-based currencies, making it financially accessible and versatile for traders globally.
Pros
Wide range of funding options
Low transaction fees
Supports multiple account currencies
Cons
Funding methods may vary by location
Deposit Options
Mitrade boasts an array of payment methods for account funding, including Bank Wire, Credit/Debit cards, Skrill, ATM Card, Momo, Zalo, etc. This diversity ensures that traders have the flexibility to choose the method that best suits their needs.
Mitrade Minimum Deposit
Interestingly, Mitrade does not enforce a minimum deposit requirement. However, it's worth mentioning that an initial deposit of $100 is commonly preferred among traders, which is considerably lower compared to the $500 minimum deposit that is standard with many other brokers.
Mitrade Withdrawals
Withdrawal requests at Mitrade are processed through methods such as Bank Wire and Credit/Debit Cards, with processing times ranging from 3 to 5 business days for Bank Cards and up to 3 business days for Bank Accounts.
How to Withdraw Money from Mitrade Step by Step:
1. Log in to your account
2. Select 'Withdraw Funds’ in the menu tab
3. Enter the amount to be withdrawn
4. Choose your preferred withdrawal method
5. Complete the electronic request with the necessary requirements
6. Confirm your withdrawal information and submit
7. Monitor the current status of your withdrawal through your Dashboard
Mitrade prides itself on its proprietary trading platform, accessible via web, mobile, and desktop versions without any commission fees. The platform is lauded for its simplicity and user-friendly interface, allowing traders seamless access from anywhere.
Trading Tools
Mitrade's trading platform is equipped with a variety of risk management tools, drawing tools, technical charts, price alerts, split charts, trading news, copy trading, and more. With an overall rating of 4.1 out of 5, Mitrade's platform stands out for providing a safe and comprehensive trading environment, despite the absence of MetaTrader trading platforms.
Mitrade's customer support is available 24/5 through Live Chat, Phone lines, and Email. The broker has offices in Mauritius and the Cayman Islands, in addition to its Melbourne headquarters. Based on our evaluation, Mitrade's customer support is rated 4.3 out of 5, attributed to the fast, knowledgeable responses and accessibility during working hours.
Mitrade offers an extensive range of educational and research materials, including trading basics, fundamental analysis, insights, and a trading academy. Despite the lack of seminars or webinars, the broker's education resources have been rated 4.3 out of 5, showcasing the high quality of its learning materials and research capabilities.
Conclusively, Mitrade stands as a reputable and trustworthy broker, known for its competitive trading conditions and transparency. The broker is distinguished by its low trading costs, spreads with 0 commissions, and a proprietary trading platform furnished with advanced trading tools and technical analysis features, catering to traders of all sizes.
Mitrade is highly recommended for:
Traders from Australia
International traders
Beginners and advanced traders
CFD and currency trading
Copy trading
NDD/STP execution
Competitive spreads and costs
Highquality learning materials
Supportive customer support
In light of our findings and financial expert opinions, Mitrade is highly regarded as a good choice for a wide range of traders, offering a supportive trading environment that fosters learning and development.
