Mitrade is owned by Mitrade Global Pty Limited, which is headquartered in Australia and is authorised and regulated by the Australian Securities and Investments Commission (ASIC) with license number AFSL 398528. The company has collected a few awards, one of them for fastest growing broker in Australia in 2019. A quick research confirms the truth of these awards.
Trading instruments are classified into four types of assets: Currency Pairs, Indices, Commodities and Cryptocurrencies. There is a selection of 60 currency pairs including exotic ones. The selection of other CFDs includes assets like gold, silver, platinum, palladium, Brent and US Oil, 11 indices and the most traded crypto currencies – Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple. The average spread of the EUR/USD pair is just below 1 pip and the spreads of the cryptocurrencies are decent as well. Australian regulator allows more attractive leverage than the one imposed by the ESMA and here it is up to 1:200.
Customers can feed their accounts by Skrill, Poli (only applicable to Australian clients), credit cards and bank wire transfers. All card processing services are provided by Mitrade Services Ltd. All client’s deposits are kept in a segregated account as ASIC requires. Although MiTrade doesn’t charge any deposit fee, all third-party charges are covered by the client. In addition, MiTrade applies an Inactivity fee of USD10 monthly, if the client hasn’t logged into its account for more than 180 days and hasn’t opened any new positions. The good news here is there is no minimum required amount of deposits.
Customers can deal online through the web-based version of the company’s own platform. A mobile application is also available on AppStore or Google Play Store. Platforms use HTML5 and are compatible with major browsers and smartphones. Commonly used technical indicators and real-time charts are included, as well as market news and economic calendar. Despite the simplicity of the terminal, the most widely used platform in the world – MetaTrader is not supported here and the fans of Automated trading won’t be satisfied.
There is a Tools section on the website, where customers can find intraday technical analysis, a third-party economic calendar, forex news and other market data. Interesting things can be found in the Learn section as well.
According to documentation, Mitrade is a market maker, not a broker and is a principal of each client transaction. Market makers earn money from client’s losses as well and this is a potential conflict of interest. Moreover, stop loss orders are not guaranteed and can be fulfilled with slippage at the first available price. This applies to the market orders as well. There is negative balance protection, so you cannot lose more than initially invested. The stop out level is when the equities fall below 50% of the necessary margin.
In general, if you look for a decent ASIC regulated market maker with its own platform, Mitrade is a good choice. If you stick to the MetaTrader terminal, you should find another one.