You are in the right place if you want to invest with Mitrade and you are wanting to do so right now. In the following Mitrade review, we will discuss the trading conditions, as well as the various complaints that have been filed against this broker by its customers.
It would appear that the broker has a lousy reputation when it comes to processing withdrawal requests and does not permit victims to get their money back.
There have been an excessive number of allegations made against the broker, alleging that they stole money from their customers.
Mitrade promotes itself as a multiple award-winning worldwide financial derivatives broker who specializes in online brokering, contracts for differences, and foreign exchange. Mitrade also has won many awards for its work.
This company went into business in 2011, and while its headquarters are located in Melbourne, Australia, it has locations all over the world. The trading platform has developed a consistent following of devoted users. Additionally, the corporation has earned international prominence from the business sector of finance.
In addition to this, the company operates under the umbrella brand name of Mitrade, which is used by subsidiaries such as Mitrade Holding Ltd., which is authorized and regulated by the Cayman Island Monetary Authority; Mitrade Globa; Pty Ltd., which is authorized and regulated and authorized by the Australian Securities and Investments Commission; and Mitrade Internation Ltd., which is managed by the Mauritius Financial Services Commission.
Mitrade Reviews: Scam Exposed By Clients and Victims
Sadly, there are too many Mitrade reviews highlighting that the forex broker doesn’t process withdrawals properly.
It is getting infamous for stealing from its customers.
The following section will shed more light on the shady broker.
The Claims Made Regarding Mitrade
It would appear that the broker’s proprietary trading platform has won a number of international honors, including “Best Mobile Trading Platform,” “Most Transparent Forex Broker,” and “Most Innovative Brokerage Firm” for the years 2020 and 2021, respectively. These accolades are indicative of the widespread acclaim that the platform has received.
However, if you choose this broker, you won’t have access to the well-known MetaTrader 4 or 5 trading platforms. This is a significant shortcoming of this broker.
In addition to this, it was granted its Australian Financial Services Licence (AFSL 398528) in the year 2011, and in the year 2019, the organization underwent a rebuilding of its resources and personnel. During the same year, they launched a proprietary trading platform known as Mitrade with the intention of catering to the needs of investors and traders all around the world.
During that time period, the organization has seen consistent growth, as evidenced by the acquisition of its second license from the FSC (GB20025791) in the year 2020 and, subsequently, from CIMA (SIB 1612446) in the year 2021.
The broker asserts that they have amassed thousands of clients in less than two years and are aggressively expanding their business.
In the year 2022, the foreign exchange broker introduced more than one hundred products that could be traded onto the market.
Their proprietary platform makes an effort to simplify the process of trading CFDs as much as is humanly possible, and it is available for use on both Android and iOS devices.
In addition, the broker asserts that they provide a comprehensive selection of services and products, in addition to educational programs and in-depth market analysis, that are appropriate for customers of all skill levels, whether they are novices, intermediates, or advanced traders. The following are some of the products that it sells:
- Commodities, including Metals, Oil & Gas, Raw Resources
Questions That Are Typically Asked Regarding Mitrade
In this part of my review of Mitrade, I will go over some of the fundamental aspects of the forex broker, including the following:
What exactly is the Mitrade?
It is a well-known foreign exchange broker that asserts that it complies with stringent regulatory requirements and is committed to providing traders in Contracts for Difference (CFDs) with an experience that is user-friendly and straightforward.
It has been accused of stealing from its customers and stopping them from making withdrawals in a number of complaints that have been filed.
Where can I find the Mitrade App?
You can access the global financial market on the Mitrade app whenever you want, regardless of where you are or what device you’re using, whether it’s your mobile phone or a desktop computer. This will allow you to get constant price updates, the most recent news and financial information, a week-by-week outlook, as well as market insights for investment decisions and chart analysis.
Complaints have been reported regarding the app’s inability to handle withdrawal requests as well.
What is the minimum deposit required for Mitrade?
To open a position in this account, you do not need to make a minimum deposit of any kind. Aside from this, the user of the account is not required to pay any fees associated with making deposits or withdrawals when trading. On the other hand, accounts that have been inactive for a period of 180 days in a row are subject to the inactive charge, which results in a monthly fee of $10 and is charged to those accounts.
How to Withdraw Money from Mitrade Account?
The following are the steps to withdraw from Mitrade:
- Your trading account and your Demat account are linked, thus the first thing you need to do is log in to your trading account.
- Second, navigate to the section labeled “funds” or “accounts,” and then select the appropriate choice from the drop-down menu that appears there.
- You will now have the option to either add funds or withdraw monies from your account.
- Last but not least, you will need to select the “withdraw funds” option in order to initiate the process of moving money from your Demat account to your bank account.
- Nevertheless, a number of evaluations of Mitrade point out that the corporation does not reply to requests for withdrawals. Because of this, a great number of people have seen their hard-earned money go to waste.
Mitrade Review 2023: Conclusion
After going through the above points, I can’t recommend trading with this forex broker. It has too many red flags and doesn’t have a very positive reputation.
The clients have experienced different issues and given their reviews about this broker. According to the users, Mitrade has a low score and has no serious regulation.
They had started confronting the invalid liquidation issue. The website showed some issues and the account got quickly wiped out after innumerable times loading.
Apart from this, the account got liquidated, the client initially deposited a $3,500 amount and unfortunately, only $350 was processed. Also, the broker has a weak license and has suspicious scope of business.