Mitrade Review: Is Mi Trade a Scam Broker? - Topedgefx.com

Mitrade Review: Is Mi Trade a Scam Broker?

Welcome to Mitrade review.

Mitrade.com is the trading name of an Australian-registered company called MITRADE GLOBAL PTY LTD.

Mi Trade is actually a broker offering CFDs in Forex, Commodities and Indices.

MITRADE GLOBAL PTY LTD was incorporated on 28 January 2011 but their license was issued on June 16 of the same year.

MiTrade Global PTY Ltd controls a UK-based company called Mitrade Services Ltd. Actually they’re the same thing.

This company was incorporated on 4 February 2019 but does not appear to be regulated by any of the European financial watchdogs.

Activities on the domain Mitrade.com started as early as 1998. The previous domain owner was providing a different type of service before it was finally put up on sale in July 2012.

The domain bounced back and forth across various domain auction platforms

Topedgefx.com has had some rumors that this broker has been around since 2010. This is not true.

We seek to set the record straight by stating that the company was founded in 2011 and their website was established for offering trading services in September 2019, thanks to WayBack Machine.

Before you sign up, you need to read our Mi Trade review as we have conducted an extensive analysis of the broker’s operations, the companies and people involved.

MiTrade review

This broker claims to offer seamless trading experience across 100 leveraged instruments. They offer leverage of up to 1:200.

Mitrade review

They lure traders by providing welcome bonuses and trading rebates.

So in case you decide to trade with MiTrade, you must read the fine print very carefully since these offers often come with unforeseen consequences.

Aside from this, we have looked at this broker’s website in details and failed to find any mention of MT4 trading platform.

Instead of providing the popular MT4 or cTrader software, the broker is offering something that looks like an in-house trading software. They call it Mitrade trading platform.

We’ve never used this trading platform before, so we have no idea how it looks like, what the spreads look like, how the charting package and tools look like, etc.

But we’re familiar with MT4 and cTrader respectively. These two are the most popular and favorite trading platform on the internet right now.

Any broker who does not offer either of these is definitely looked down upon.

Nonetheless, MiTrader broker claims that their trading platform is simple, intuitive, and has excellent trading performance which meets the needs of both investment enthusiasts and professional traders.

In addition to this, they tout the following as features of their in-house trading software:

  • Professional chart analysis
  • Free risk management tools
  • Real time notification
  • One stop account management
  • Superior trading performance

We are yet to confirm whether these claims are true.

MiTrade review: Account types

Most brokers have come up with a solution for different types of traders who need different trading conditions.

Some traders find that trading on a fixed spread account is ideal while others prefer floating spreads.

Unfortunately, Mi Trade does not provide different types of accounts. This means that all traders are provided with one account are subject to the same trading conditions and environment.

This is a very huge disadvantage and we hope that the broker will add several account types in the near future.

Also, we realized that the broker’s website is not disclosing information about their trading conditions.

The furthest they could get is to tell us that the maximum leverage provided is 1:200.

Traders are not told whether spreads are fixed or floating. They never disclosed the minimum deposit or whether their trading environment is true ECN/STP.

In addition to this, there’s no disclosure on fees charged by MiTrade. We’d like this broker to publish all the fees associated with overnight holding of positions and other types of fees if applicable.

So far, we see that the main concern here is lack of transparency. We expect a broker who claims to be professional to take this matter seriously.

Regulatory status of Mi Trade

They’re regulated by AFSL under registration number 398528.

While regulatory status is a very important factor when considering the integrity of a broker, this is not always the case since some brokers have been found to break ethical rules despite having been licensed by financial watchdogs such as ASIC, FCA and so on.

It’s a good thing that indeed Mi trade is regulated but this shouldn’t be all we are looking for when reviewing a broker like this one.

Customer reviews

We’ve seen that their website was established just the other day. That means they’ve not been around for quite long.

We’ve also investigated them on the internet but failed to find real customer reviews of MiTrade.

This makes us believe that either this broker is not marketing their business sufficiently or they just don’t have customers.

Mi Trade reviews forex peace army

As they become popular, we hope this will change and MiTrade reviews will start to show up.

Currently there’s only one feedback from a forum called FPA.

Shockingly, FPA admins have sensationally claimed that MiTrade is using an IP from Hong Kong to publish reviews while pretending to be in Australia.

Consequently, they’ve reduced the 5 star rating to a mere one star rating.

It’s difficult to know the truth but considering that this industry is full of scammers and people who earn commission by promoting bogus brokers, we can’t entirely undermine these claims.

Conclusion

We’re seated on the fence and are actually not fully decided on whether or not to recommend them.

We consider their age (they’re a brand new broker), customer reviews (not many can be found online) and other things which we cannot mention here.

If you want a broker that we are sure of, please visit this page for our top recommendations. 

Thanks for reading MiTrade review. We look forward to your comments and feedback.

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