MiTrade Review – Pros, Cons and Customer Feedback

ByArnav Arora

MiTrade is an Australian forex and CFD broker that has been in operation since 2018. The company is regulated by the Australian Securities and Investments Commission (ASIC) and offers a range of trading instruments, including forex, CFDs, and cryptocurrencies. In this review, we will discuss the pros and cons of MiTrade, as well as customer reviews of the company.

Pros

  1. Easy account opening process: MiTrade’s account opening process is simple and straightforward, with no unnecessary delays or complications.
  2. Competitive spreads and fees: It offers quite competitive spreads and fees compared to other financial services companies, making it an attractive option for traders looking to keep their costs low.
  3. Wide range of trading instruments: It also offers a wide range of trading instruments, including forex, CFDs, and cryptocurrencies, giving traders more options to diversify their portfolios.
  4. Advanced trading platform: MiTrade’s trading platform is user-friendly and offers advanced charting tools, real-time market data, and customizable indicators, providing traders with the tools they need to make informed trading decisions.
  5. Excellent customer support: MiTrade’s customer support team is knowledgeable, responsive, and helpful, providing clients with support whenever they need it.

Cons

  1. Limited educational resources: MiTrade’s educational resources are limited, which could be a disadvantage for traders who are new to the market and need more guidance.
  2. Limited research and analysis tools: MiTrade’s research and analysis tools are limited compared to other financial services companies, making it more difficult for traders to make informed decisions based on market trends.
  3. No MetaTrader support: MiTrade does not currently support the popular MetaTrader trading platform, which could be a disadvantage for traders who are accustomed to using this platform.

MiTrade Reviews By Users and Customers

⭐⭐⭐

MiTrade reviews are generally positive, with many clients praising the company’s competitive fees, user-friendly trading platform, and excellent customer support. Some clients have reported issues with the deposit and withdrawal process, including longer than expected processing times and withdrawal fees. Other negative reviews have reported issues with the reliability of the trading platform, including frequent freezing or crashing.

On Trustpilot, Mitrade has an “Excellent” rating with an average score of 4.7 out of 5 based on over 1,000 reviews. Many customers praise the company’s user-friendly platform, fast execution speeds, and helpful customer support. Some negative reviews mention concerns over the verification process and occasional technical issues.

Forex Peace Army also has positive reviews for Mitrade. The company has a score of 3.8 out of 5 based on over 50 reviews. Many customers praise the company’s low spreads, fast and reliable execution speeds, as well as its range of trading instruments. Some negative reviews mention concerns over the lack of negative balance protection and the high swap rates.

Source

Overall, MiTrade is a competitive financial services company that offers a wide range of trading instruments and competitive fees. While the company’s educational and research resources are limited, its user-friendly trading platform and excellent customer support make it an attractive option for traders looking for a reliable broker.

However, traders should be aware of potential issues with the deposit and withdrawal process and the reliability of the trading platform. Visit ThinkMoneyTrader for more financial bytes like this.

CA, CFA and MBA from IIM Indore. I have strong domain knowledge of finance industry and years of experience in trading. Hence, you can trust my reviews and recommendations.

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