Why I Trade With Mitrade Forex Broker?

2019 marks my 6th year as a forex trader. In my entire trading life, and out of the experience, I have always opted to use Australia-based brokers. This is one of the countries that give online trading the respect and regulation that it deserves.

Look around the web and you will realize that there are minimal if any complaints against forex brokers based and regulated in that country. The government there perceives forex trading as a career and rather than ban it as some countries do, they opted to regulate the business.

In March of this year (2019), I attended a forex trading fair where I caught eye of a new broker that stood out amongst tens of others in the expo. They introduced themselves as “Mitrade”, and, judging by what they were offering, I felt obliged to try out their services and decide whether they meant their words or were simply using aromatic words to lure clients.

In light of this, I will highlight my honest and unbiased review of everything that they offer, and which I have been using since March 2019. Being December, I feel that I have enough experience with the broker to judge them as either good or bad.

Regulation

Mitrade is an online forex and CFD broker based in Australia. They operate under a company known as Mitrade Global Pty Ltd. The broker is available in most countries where online trading is legal. As such, you will not find them accepting traders from nations where online forex and CFD trading is controversial such as Japan, the USA, New Zealand, and Canada.

Any experienced trader would support my sentiments that Australia is one of the best places to work as a trader. There are tons of reasons for this, but I will not go into details. The only reason that I can freely share is that the regulator of forex brokers in that country is very strict and takes a ton of requirements to become a recognized broker.

That said, Mitrade is one of the trading brokers recognized by the Australian Securities and Investment Commissions, popularly known as ASIC. Well, beyond telling us that they are regulated, the broker goes ahead to provide us with their operating license number, which is provided by the Australian Financial Services. Their license number is AFSL 398528. You can verify this information by visiting the ASIC website here.

Now, we all know that when scrutinizing an online broker, whether local or international, the first thing that we check is the regulation. As such, we can comfortably say that Mitrade is a legit broker that is recognized and allowed to operate its services in Australia and beyond. Therefore, you can rest assured that when dealing with them, you have an authority that you can report to in case of any suspicious activity.

If I have not said this enough times, let me repeat that ASIC is very strict and will respond to complains very fast. This is unlike other regulators who promise heaven but frustrate the traders whenever they have burning issues.

Support

One of the surest ways of identifying a scam broker is that they rarely have proper communication channels. They rely solely on email communication since they can easily ignore anything they want and can be hard to trace. They also give false addresses that might either be nonexistent or lead to very different locations.

Well, Mitrade is quite above this line. They provide all the support channels that match a trader’s urgency. For example, when I was signing up, I required some assistance with filling in my details, and to my reprieve, they had a Live Chat. I initiated a conversation, and, to say the least, I was engaged in less than 2 minutes. This feature remains to this day and operates throughout the working week (Monday to Friday).

If your matter is not very urgent, you can always reach them through their support email, [email protected]. Trust me, and you can try it yourself, they respond to all emails. It may take a day or two, but they will eventually get back to you. However, if your matter requires urgency, you can engage them via Live Chat.

In the event that you need to present yourself physically to their offices, you can visit them in Australia. Their address is Level 17, 350 Queen Street, Melbourne VIC 3000, Australia. This is one of the aspects considered by regulators before a broker is licensed to operate. Therefore, rest assured that the address is correct and will lead you to them.

Lastly, in case you feel like calling them, you just need to engage them via any of the above channels. From there, they will either provide you with their direct line or opt to call you themselves. Honestly, this is better than picking a number from a broker site, only to call it and find that it no longer works!

Trading Instruments

Once you are on this broker’s site, you will not need extra brokers to trade different instruments because they offer all the popular assets that traders love. Of course, the dominant instruments are Forex pairs, where you can trade on all types of currencies, ranging from the majors to the minors and even exotic combinations. They offer close to 100 tradable forex currencies, some of which are rare on most brokers’ platforms.

For the commodity traders, Mitrade has also considered them. They enable traders to choose from 6 of the most heavily-traded commodities in the world, namely Brent, Gold, Palladium, WTI, Silver, and Platinum.

As if that is not enough, they also have 11 popular indices for you to choose from. The supported indices include FR40, EU50, SPX500, AUS200, NAS100, GER30, ES35, JPN225, US30, HK50, and UK100. If you were to ask me, I would say that this is incredible, since most brokers that I have worked with either did not have indices available, or they only supported less than 5.

The last assets that they offer for trading are the interesting Cryptocurrencies. Despite being considered quite new assets, cryptos have gained popularity so fast and are traded worldwide like the other fiat currency. Mitrade could not ignore this fact, so they provided traders with 5 cryptos for trading: Litecoin, Ethereum, Ripple XRP, Bitcoin, and Bitcoin Cash.

Platforms

Apart from the regulation of a broker, the other important thing that we look for is the nature of the trading platform. You need to be able to place trades without cutting a sweat. Again, the platform should have the tools that you will require to analyze the market and base your decisions.

Now, in this aspect, Mitrade has gone the extra mile and improvised their own Web and Mobile trading platforms. Therefore, you can either trade from your PC (or anyone’s PC), or from your mobile device (both Android and iOS). You can tell the level of their seriousness and legitimacy by the extent that they have gone to make their traders comfortable.

The Web Trader

The Web platform is very simple and does not require you to download any files to your PC. This is an advantage since it means any computer, despite the specs, can be used to trade. In addition, the Web Trader does not use any additional computer resources such as space. You only need to log in to your online account and the web trader will be ready for use.

You will be surprised at just how much the web trader has to offer. Immediately you log in, the interface opens up. It is so simple, and that is how trading ought to be! To the left, you will find a drop-down menu that allows you to choose the assets that you need to trade. For instance, when you click on “Forex”, it will display the forex pairs below it. To select a pair and load it in the main chart, you just need to click on it.

The main window with the pair and all current market data as well as the “buy” and “sell” one-click buttons appear on the right. It has the typical candlestick bars where green candlesticks represent price increase while red candlesticks indicate a decline in price. A trader can also change the chart type to show bars instead of candlesticks by clicking on an icon placed at the top-right corner of the web platform. At the top of the window, the trader has the option to select any time frame ranging from 1 minute to the monthly.

The chart loads up with some essential and very useful technical indicators included. These are Smoothed Moving Averages of values 5, 10 and 20, as well as the MACD. For the trader that uses indicators, they understand the power of combining these two. However, if you don’t use them, there are multiple other indicators provided in the platform such as EMA, Bollinger Bands, ZigZag, RSI, CCI, ATR, WMA, and so on. In short, there is no limitation whatsoever. These indicators (and more) can be accessed by clicking a dedicated icon placed on the top-right corner of the web trader.

That is not all. Unlike some traditional platforms that scatter the important information across their layouts, the Mitrade web trader places all the info about the current chart and any open trades below the charts. Here, you find all the critical info such as the loaded pair, contract size, minimum and maximum trade volume per trade, leverage in use, margin ration, spread size, the current trading session, and so much more. This means that you do not have to click away from the chart to access the data. The trader is simple but very effective and convenient.

The final reason why I prefer the web trader to the downloaded platforms is that on the extreme left side, you can see everything about your account. There are active categories such as “Positions”, which shows you all the running trades, “Funds”, which shows you the current balance and also allows you to deposit and withdraw, “Notifications”, which gives you real-time alerts on important matters, and “More”, a section that displays your account info and allows you to request for account statements for any duration.

This is a first from Mitrade as I am yet to see so much information compressed in a single interface while enhancing the trader’s experience.

The Mobile App

You would be surprised that the mobile app contains as much information as the web trader. Immediately you log in, the first interface that you see displays an assets list of forex, crypto, indices, or commodities, depending on the last category that you were viewing. At the bottom of the window, you have similar sections found on the web trader such as “Positions”, “Funds”, “Messages”, and so on.

It becomes more interesting in that you can conduct chart analysis from the mobile platform. To do so, you need to click on the instrument that you need to trade. It will open up a market data window with candlesticks and three Smoothed Moving Averages.

You can add or remove indicators as you please by clicking on the “i” icon at the top of the chart. You can also execute trades from the app by clicking “Buy” or “Sell” at any time.

Honestly, these are just some of the features that you will find on the Mitrade platforms. You need to download them and explore all the tens of other functions that I could not fit into this opinion article.

Funds — Convince Me Mitrade is Legit

Before we talk much about funds, let me say something that further convinced me that Mitrade is legit. When signing up, I submitted my documents and waited for approval. As I waited, I decided to deposit a few dollars into my account and test their platform as I awaited approval. To my surprise (and disappointment at the time), they declined my request and asked me to wait for my verification before depositing!

This occurrence shows that the broker adheres to regulatory instructions that all client data must be recorded and approved before they can make any financial transactions. Scam brokers will lure unsuspecting clients using hooks like, “No verification required!” Unknown to the customers, such brokers are unregulated and will vanish the moment they have your money!

Anyway, I got verified after 24 hours. This time, my deposit went through.

Next came the most trying moment for me as a trader. Even as I traded, I had the thought as to whether Mitrade would allow me to withdraw. Fraudulent brokers are fast to accept deposits but they complicate the withdrawal process and frustrate the trader until they give up and lose their funds. Well, as for me, my first withdrawal was completed in 48 hours. This might be longer or shorter depending on the method that you use to withdraw. Personally, I use the online wallet known as Skrill Moneybookers.

Deposit and Withdrawal Methods

Mitrade supports 5 main deposit and withdrawal methods. These are Skrill Moneybookers, Poli, VISA, MasterCard, and Wire Transfer.

Well, we might perceive this as few methods, but I think they are fair for now. They have given us two online wallets (Skrill and Poli), two major card processors (VISA and MasterCard), as well as bank transfer. It is unlikely that someone would lack at least one of these five methods. Assuming that one lacked the cards and wallets, they could still use the bank transfer method.

Opening a Skrill and Poli account takes minutes. One can also transfer using Skrill immediately until they meet a limit where they must get verified to continue with the use. Similarly, nowadays, some bank cards are offered immediately. Therefore, this should not hinder any trader from testing the Mitrade experience.

All the same, we can hope that Mitrade will add more payment options. Let us excuse them for the time being as they are pretty new and some of the payment processing methods require some time to integrate into online platforms.

Minimum Deposit & Withdrawal

Traders can deposit as low as $1 (or 1 AUD) into their accounts. We can agree that this is yet another advantage in that one can deposit a little sum to test their services before adding more funds when they are satisfied.

When it comes to minimum withdrawal, each request must be at least $100 (or 100 AUD). This is also a reasonable amount since most popular brokers set the limit much higher, some from $250 upwards. As a trader, I prefer to have full control over my money. Therefore, the lower this limit is set, the better it is for me.

Client Money Protection

There are some interesting additions that Mitrade offers in terms of client funds. In summary, they are:

As per the Australian Law, they keep all clients’ money in a separate trust account where it cannot be interfered with or accessed without the client’s approval.

Second, whenever audits are required, Mitrade is evaluated by external auditors who are independent and credible.

Third, they never use clients’ money for hedging. Instead, when hedging is done, they use their own money.

Fourth, Mitrade is a non-dealing broker; meaning they do not conduct speculations on any of the markets that they provide.

Promotions

Promotions by brokers vary from time to time. Some may be seasonal while others may be timed. At the time of writing, Mitrade was offering two promotions: The Welcome Bonus and Trading Rebate (cashback).

The Welcome Bonus

This bonus is offered depending on the deposit amount and what they call the ‘notional trade amount per million AUD or USD within 60 days’. For example, if you deposit $500 and attain the notional trade amount within the 60 days, then you qualify to get a bonus amount of $100. The bonus is then converted into cash and added to the balance of your account.

Trading Rebate

This bonus depends on the notional trade amount accumulated per month. The amount is then used to determine how much rebate per million USD or AUD that the client is entitled to.

For example, if a trader makes a notional trade amount of 5 within a month, they qualify for a rebate of $6 per 1 million dollars of the notional trade amount. So, if they traded 3 million dollars worth of the notional trade amount, then their rebate will be ($6x3)= $18.

Signing Up

You have probably read enough about Mitrade and now wish to sign up and try their services for yourself. The good thing is that they offer a demo account that you can use for this purpose. On the other hand, if you are like me, you can get verified then deposit a few dollars for testing purposes. However, this is solely upon you to choose what you feel is best. You can click on this link to create a demo or live account.

They have a thorough sign-up process that requires the client to provide their legit details such as name and address, give a little information on their trading knowledge and finally upload supporting documents such as a driver’s license or identification card to complete the process. These are internationally-set standards to ensure the client and the brokers are familiar with each other.

My Verdict

Clearly, you can tell from my experience with Mitrade why I have been with them since March 2019. My experience with brokers taught me to conduct thorough research and testing before entrusting them with my money. That is why I took my time with Mitrade and scrutinized all their aspects.

Personally, I find them to be straight-forward and very friendly. They respond to all the issues raised and are always willing to offer any help. I also like their simple trading platforms. There are no unnecessary downloads or too much information on the interface that it turns to confusion. Last but not least, they are regulated by a no-nonsense ASIC, meaning I have nothing to fear. In a nutshell, I find nothing extraordinary with Mitrade and would recommend anyone to join them.

Try them out yourself to believe my words. Happy trading!