MiTrade FX broker Review and how does it work
Forex Trading becomes more and more and more popular activity as more and more people become involved. There are many brokers available in the market who offer great opportunities for the costumers. While the market is rich with the number of brokers, it is very difficult to choose the right one and especially it is hard to choose the suitable one for yourself.
The competition in the market is increasing year by year, thus many newcomer brokers adapt to the reality of the market, while some of them simply quite. There are a lot of brokers, and there are a lot of clients as well. In order to attract more costumers, it is essential for them to deliver the highest quality services, but unfortunately, it can not be observed most of the time.
There are definitely some of the leading brokers of the market, but there are some other brokers, who simply do not belong to be there, where they are. In this article, we will review the MiTrade forex broker, which would definitely make up better information and news website rather than a broker. There are multiple reasons for that.
Mitrade Forex Review
The first thing that you come across while visiting the page is the simple design and very plane white color. This gives you a lot of space, feeling of freedom, and does not overwhelm you with different colors and elements. This is very logical, as the main theme of the broker is exactly simplicity and easiness. The home page is very simple, it gives you brief information, and offer the menu bar.
On the bottom of the page, you will also find the legal information regarding the broker. Mitrade is authorized and regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL 398528). All transactions and operations are under the regulations of ASIC and comply with its regulations.
There are no issues with the legal side of the broker, as everything is under the regulation and control of the regulator and the MiTrdae license is not a topic of discussion. This means that you can keep calm for your funds and savings. There is one specification about the broker. While there are many things you can trade online, MiTrade specializes in Contracts for Differences (CFD). Financial industries and technologies is another aspect of their specialization. As they have mentioned in their own biography, the main moto of the broker is that trading should be affordable, easy, and user friendly.
According to their website, they have the full potential for being the most user-friendly trading new website. They have dedicated the whole section to the news part. There is all active news regarding the stock and generally changes of currencies and everything that is being traded on the platform. From one point of view, this is very logical and extra help for the trader. Once you are standing it is very important to take a close look at the tendencies and the major changes in the market. So, at this point, MiTrade is doing a great job of informing the clients. Though, they are definitely not doing equally great in trading.
There are many different brokers and all of them have their own preferences of the platform. This is something that no one can argue with and something that they feel more comfortable and relevant. The most common platform is still MT4. Though, MiTrade uses its own web-based platform. It can not be said that it is bad or it is good, but definitely it means that there can be a lot more personal issues to solve and pop up at some point.
The Mitrade trading platform is actually very user friendly and the broker has been awarded for being the most mobile-friendly trading platform. This deserves applause, but it also means that big fish are not set in those waters. This is more about small trades and small chances of becoming rich instantly. Indeed this can be very interesting, but still, this is not what you would want to spend quite some time in your life.
Leverage and Spreads
The broker promises that there are very competitive spreads, but it is never mentioned or named. It all depends and is relevant to the deposits. On the other hand, the maximum leverage with this broker can be up to 1:200. This is a very large amount. Almost every average type of broker has the same leverage and there is nothing to be surprised or to be happy for if seeing these numbers.
The broker also claims that there are no additional charges and hidden fees from their side, which can be considered as the MiTrade advantages. Well, this can very much be true, but as far as there is not enough information regarding spreads and the feeds and charges, no one can say it for sure. The fees and charges are the things that are usually noticed while actually paying the fees. Not until that moment.
The broker has not indicated the minimum amount of deposit either. This means that the minimum deposit can be as little as $1. This is actually very good for the beginners and newcomers, but you should not expect something big to come with $1 on the other side.
This is a very important part. Every trader needs to choose the right account. While there are usually several types of accounts and customer Asia able to choose the most suitable, MiTrade offers only two options. One of them is the Demo Account and the other is Live account.
The existence of a Mitrade account as a Demo Account is very good, though the inexistence of different types of accounts with different packages and advantages is not something to be proud of. The great benefit of the Demo Account is the possibility of not paying anything, while still gaining a lot of experience. This means that costumers do not have to pay anything, they do not have to pay any deposits, but instead can have the almost live account, with the virtual fund. This is an excellent opportunity to observe the market, the changes, and to keep an eye on tendencies. With the demo account, not every data is up today, but at least it can give a very good example of how everything looks like. Once you are done you can switch to the live account and make your own deposit, with your own money.
Demo Account is very good to start for your career as a trader, so if you have that chance we would definitely recommend you to use it. On the other hand, we have a Live Account. As far as it seems, it is a very usual account, where you register, make a deposit and start trading. There is nothing special, no special requests or liabilities.
Deposits and Withdrawals
It is very important that the client is free in choice and has several options, especially when it is all about making deposits and withdrawing money. Usually, most of the platforms and brokers try to support all kinds of payment methods in order to be extremely user friendly and to make the journey to costumers more comfortable.
Mitrade withdrawal offers several options for payment methods. Those are the most basic and common ones. The costumers can pay with Visa, Bank Wire, e-wallet Skrill, and POLI. Indeed, this list is very few out of all the possible options. Not all of the costumers should be very happy about the payment options and the very poor amount of them.
The minimum deposit amount is not mentioned anywhere nearby, though the minimum amount of withdrawal is $100 or A$100. This is not much, but this is also a very common and very basic amount. The re is no indication for the maximum amount either. The withdrawal process does not take much usually, but it might take several hours in some cases.
The very good and inspiring gesture from every broker is the promotion and different bonuses. They use this technique of bonuses and promotions in order to attract more costumers and maintain loyal ones. In the case of MiTrade FX, there is only one constant promotion, which is available for the beginner only. This is the No Deposit Bonus.
YOu can consider that the No Deposit Bonus ACcount is the more upgraded version of your Demo Account. With this promotion, once you sign up and register your account, you instantly get the bonus fund on your account. This is called a $50 Trial Bonus. You get $50 to trade with your first-time account. Do not stress on this too much, this is your first chance, so it is okay to fail and not to be able to trade enough to withdraw, instead you will be more prepared for your real live account.
Another promotion, which is also available, is the Bonus Programme. If you want to participate, you have to collect cumulative trading points. The one with the most amount of points will receive the prize of $3000. This is a great opportunity for the ones who are looking for fun next to the work and to the ones who are ready to spend even more time observing the market. The final context of this promotion is yet unclear, as it looks like the gambling competition.
This is the first tab on the menu bar. There is information regarding the markets, such as Forex, Commodities, Indices, and Cryptocurrencies. Everything this is very interesting and it does not matter what you choose, all of them will be changing is the market very rapidly, which means that you will have to be very attentive to catch up with the tendencies.
While trading with MiTrade, you can access one of the biggest markets. Forex is the largest and most liquid market in the world. Participants in the forex market include payment providers, dealers, hedgers, speculators, Central Banks, and retail traders.
A stock index is a statistical value representing a certain type of stock of a particular exchange and is an indicator reflecting the overall price level and change of a certain type of stock in the market. Trading stock indices, which reflect the overall market or industry investment opportunities, can reduce the risk of investing in individual stocks. The most popular indices in the US, Europe, Asia, and Australia, such as the Australia 200, NAS100, Hong Kong 50, Germany 30, etc., offer different opportunities in global stock markets.
Commodities such as precious metals and energy are viewed both as safe haven against inflation and as opportunities to increase investment value—an important part of diversified investment. Global commodity products such as gold, silver, and oil offer open, transparent prices, and is widely popular among investors.
Digital cryptocurrencies can only be generated by computer operations, but can also be traded like physical currencies. Bitcoin, Bitcoin Cash, Ripple, Litecoin, and Ethereum are the most-watched cryptocurrencies. Cryptocurrencies are a relatively new investment vehicle for the trading market and are more volatile and risky than other assets.
Ther is the education section, which is one of the best sections on the MiTrdae platform. This is actually the main reason why we would deliberately name the broker as a news and information website rather than a broker. In this section, you can find some valuable information regarding online trading. It should be pretty similar to the things you have read before, but it is never extra to recall some of the well-forgotten things.
The Learn section is divided into three parts. There is the Basic Section, the Education section, and the Insights section. In the first division, you will find the information regarding the CFDs and how they work. Ther is also the brief but very clear description of how the leverage works and what does trading looks like on the scales.
The Education part is one of the biggest sections. There is basically one course regarding trading online. So if you have not learned anything yet, this is your chance. This is where all of the information is written in a very laconic though comprehensive way. In the education section, you will find the information reading Forex, regarding commodities, cryptos, basics, and many more. There are several paragraphs dedicated to risk management and analysis of the market as well. While the information written here is definitely not enough to become an expert, it is enough to have a general outlook on the industry and market performance.
One more tab, which is in the menu bar is the Tools. This involves all kind of information, tools, analysis, and statistics which should help you in trading successfully. The trading analysis will assist you in creating up to date picture of the market, with all of the changes in the currencies and assets. There is the Calendar option available. At this point, you can check all important events that have already taken place or are yet to come.
The most important fields with MiTrade Forex are Risk Management and the Forecast. This is all about statistics and the existing market data. With this information, it is very easy to make the correct forecast, if you have been observing the market for some time of course. All in all, trading online is all about risks and risk management.
The team behind every company and organization is a very important factor. It tells a lot about the company and it tells a lot about the true vision and attitude of the company. The team is like a mirror of the inner kitchen.
As for the customer, one of the most important things is that the support team and the service team is always on point and are always ready to help. This is when the insecure costumers feel cared about and feel truly happy about the service. This is essential. People trade 24/7, meaning that some of the new traders and the expert traders especially are always very attentive and observe the market constantly. This means that the simple issue can cause a lot of trouble and it is logical that everyone wants to have someone to rely on 24/7. The support team is, unfortunately, available 24/5, which makes the waiting process longer and some urgent issues might cause quite some problems.
Overall, MiTrade legit broker is one of the best information websites definitely. There is a lot of information available and all of the information is very simple to find and very easy to understand. This can be considered as a huge advantage and a huge benefit. Though from the other side, it is far from being the same quality broker.
There are some major flows and one of them is that it is more focused on teaching and providing with all possible information and guidance rather than focusing on the trading process itself and offering different opportunities for that. You can learn a lot here, and the demo account is definitely worth it, but this is all that we can recommend. According to the Mitrade forex brokers review, you must be thinking about your next stop already.