Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information

MiTRADE, based in Australia and regulated by ASIC, offers a range of features and services to its clients. The broker provides a proprietary trading platform that allows traders to access the financial markets with competitive spreads starting from 0.0 pips. Tradable assets include forex, indices, shares, and commodities, providing opportunities for diversification. MiTRADE offers both demo and live accounts, catering to traders of all levels. For those seeking an Islamic account, MiTRADE provides that option as well. Customer support is available 24/5 through various channels, including email, live chat, telephone, and social media platforms. Payment methods are diverse, including Visa/Mastercard, online banking, e-wallets, ATM cards, QR code payment, and bank transfer. Additionally, MiTRADE offers a rich selection of educational tools, encompassing trading knowledge, risk management, real-time strategies, and analysis.

Here is the home page of this brokers official site:

Is MiTRADE legit or a scam？

MiTRADE is a broker that operates under the regulation of the Australian Securities and Investments Commission (ASIC). This regulatory body ensures that MiTRADE complies with the necessary standards and guidelines to provide a safe and transparent trading environment for its clients. The ASIC regulation helps to protect the interests of traders and promotes fair practices in the financial industry. By being regulated by ASIC, MiTRADE demonstrates its commitment to maintaining high standards of professionalism and adhering to regulatory requirements.

Pros and Cons

MiTRADE offers several advantages, including regulation by ASIC and a wide range of tradable assets and services. They also provide a demo account for traders to practice their strategies. Additionally, the broker offers diverse payment methods, allowing for convenient transactions. However, there are some drawbacks to consider. The trading platform provided by MiTRADE is considered weak, which may impact the overall trading experience. Moreover, there is limited information available regarding leverage and minimum deposit requirements. Traders should be aware that overnight fees are charged, which can affect their trading costs. Additionally, it's important to note that MiTRADE does not offer 24/7 customer support, which may be inconvenient for traders seeking immediate assistance outside of regular business hours.

Market Instruments

MiTRADE offers a wide range of products and services for traders. They provide access to various financial markets, including forex, indices, shares, and commodities. Traders can engage in forex trading, speculating on the price movements of different currency pairs. Additionally, they can trade popular indices, giving them exposure to the performance of a basket of stocks from specific markets. MiTRADE also offers the opportunity to trade shares, allowing clients to invest in individual company stocks. Moreover, traders can participate in commodity trading, taking positions on the price fluctuations of commodities such as gold, oil, and agricultural products.

In addition to these market offerings, MiTRADE provides valuable services to enhance traders' knowledge and skills. They offer educational resources, providing trading knowledge to help traders understand the markets better. This includes information on risk management, which is crucial for effective trading. Traders can access real-time strategies and analysis, enabling them to make informed trading decisions based on market trends and insights. With these products and services, MiTRADE aims to empower traders with the tools and knowledge they need to navigate the financial markets effectively.

Account Types

MiTRADE offers two types of accounts for traders: a live account and a demo account. The live account is designed for real trading with actual funds, allowing traders to participate in the financial markets and execute trades using their own capital. The minimum deposit for opening a live account with MiTRADE is undisclosed. For specific information regarding the minimum deposit requirement, it is advisable to contact MiTRADE or visit their website. This broker offers USD or AUD as a base currency for their trading accounts.

On the other hand, the demo account is a simulated trading environment that provides users with virtual money to practice trading strategies and explore the platform's features. Each demo account is initialized with a generous amount of USD50,000 or AUD50,000 virtual money, enabling traders to gain hands-on experience without any financial risk. By offering both types of accounts, MiTRADE caters to both novice traders who want to learn and experienced traders who seek to execute live trades in the global markets.

How to open an account？

To open an account with MiTRADE, you can follow a simple process:

1. Visit the MiTRADE website: Go to the official MiTRADE website using a web browser. Click on “Open Account” or “Register”: Look for the “Open Account” or “Register” button on the homepage or the main navigation menu.

2. Fill in the Registration Form: Provide the required information in the registration form. This usually includes personal details such as your name, email address, phone number, and country of residence. You may also need to create a username and password for your account.

3. Complete the Verification Process: MiTRADE may require you to verify your identity and address by submitting supporting documents. This could include a copy of your identification document (such as a passport or driver's license) and proof of address (such as a utility bill or bank statement).

4. Review and Agree to Terms and Conditions: Read through the terms and conditions of MiTRADE's services carefully. Make sure you understand and agree to the terms before proceeding.

5. Fund Your Account: Once your account is successfully registered and verified, you can proceed to fund your trading account. MiTRADE typically offers various deposit methods such as bank transfer, credit/debit card, or online payment systems. Choose the method that is most convenient for you and follow the instructions provided.

6. Start Trading: After your account is funded, you can access the MiTRADE trading platform using your login credentials. Explore the platform, familiarize yourself with its features, and start trading the available financial instruments, such as forex, indices, commodities, or cryptocurrencies.

Leverage

MiTRADE offers trading leverage of up to 1:200. It is crucial to understand that high leverage can amplify both potential profits and risks. While it may be appealing to experienced traders who are familiar with managing leverage effectively, inexperienced traders are advised to exercise caution and carefully consider their risk tolerance. It is important to thoroughly educate oneself about the implications of trading with high leverage and implement appropriate risk management strategies to protect capital.

Spreads & Commissions

MiTRADE offers floating spreads for various trading instruments. The spread on the popular EURUSD currency pair starts from 1 pip, providing traders with a competitive option for trading this major pair. The EURGBP pair has a spread starting from 1.4 pips, while UKOIL and USOIL (Crude Oil) have spreads of approximately 0.06 pips, offering traders a tight spread option for energy commodities. For precious metals, the XAUUSD (Gold) pair has a spread starting from 0.44 pips, and the XAGUSD (Silver) pair has a spread starting from 0.3 pips. Notably, MiTRADE does not charge any commissions on trades, which can be advantageous for traders seeking cost-effective trading options. Traders should consider these spread details when evaluating trading costs and potential profitability on different instruments offered by MiTRADE.

Non-Trading Fees

MiTRADE does not charge any additional fees apart from overnight fees. Overnight fees, also known as swap fees or rollover fees, are charges applied when a position is held open overnight. These fees are associated with the cost of keeping positions open beyond the trading day and vary depending on the financial instrument and prevailing interest rates. It is important to note that MiTRADE does not charge any other fees such as deposit fees, withdrawal fees, or inactivity fees.

Trading Platform

MiTRADE offers its own proprietary trading platform for clients, but it does not provide the popular MetaTrader 4 (MT4) or MetaTrader 5 (MT5) trading platforms. The proprietary platform is designed to meet the specific needs and preferences of MiTRADE's traders. The platform offers a user-friendly interface, providing access to real-time market data, charting tools, and a range of order types. It caters to the needs of both novice and experienced traders, offering a seamless trading experience across different devices.

Deposit & Withdrawal

Traders can fund MiTRADE via Visa/MasterCard, Online Banking, e-Wallets (Skrill, Momo, Zalo, Touch'n GO and Boost etc.), ATM Cards, QR Code Payments, and Bank Transfers. Online Banking deposits can be processed within 1 business day, while other deposits are generally instant. Please note that some deposit methods are only available in selected countries/regions.

MiTRADE accepts withdrawals with Bank Cards (3-5 business days) and Bank Accounts (within 3 business days). Please note that the processing time could vary among individual banks.

Customer Support

MiTRADE offers 24/5 customer support service with a team of dedicated professionals. They can be reached via email: cs@mitrade.com. You can also fill out the ‘contact us’ form on the brokers website, and a customer support specialist will attend to you as soon as possible. Mitrade is also available on social media: Instagram, Facebook, Twitter, YouTube and LinkedIn.

Traders can also visit the team at their offices:

• Mitrade Holding Ltd: 215-245 N Church Street, 2nd Floor, White Hall House, George Town, Grand Cayman, Cayman Islands;

• Mitrade Global Pty Ltd: Level 13, 350 Queen Street, Melbourne, VIC 3000, Australia;

• Mitrade International LtdSuite 707 & 708, 7th Floor, St James Court, St Dennis Street, Port Louis, Mauritius.

Educational Resources

MiTRADE provides a range of educational resources to enhance traders' knowledge and skills. Their learning materials cover the basics of trading, offering educational content to help traders understand the fundamental concepts and strategies. MiTRADE also offers insightful market analysis and commentary to keep traders informed about the latest market trends and developments. Additionally, they have an academy section dedicated to providing comprehensive trading courses and tutorials, allowing traders to deepen their understanding of various trading techniques and tools.

Besides, MiTRADE also provides a blog section where traders can access a wealth of informative articles and blog posts. The blog covers a wide range of topics related to trading, including market analysis, trading strategies, risk management, and trading psychology

Conclusion

In conclusion, MiTRADE has both positive and negative aspects to consider. On the positive side, the broker is regulated by ASIC, ensuring a level of trust and security for traders. They offer a wide range of tradable assets and services, including forex, indices, shares, and commodities, catering to diverse trading preferences. The availability of a demo account allows users to practice and refine their trading strategies without risking real funds.

However, there are some negative aspects to be aware of. The trading platform offered by MiTRADE is considered weak, potentially limiting the advanced features and tools available for traders. Moreover, there is limited information provided regarding leverage and minimum deposit requirements, which may cause uncertainty for potential clients. Traders should also consider the overnight fees charged by the broker, as this can affect the overall trading costs. Lastly, the absence of 24/7 customer support may be a drawback for traders who require immediate assistance outside of regular business hours.

Frequently Asked Questions (FAQs)

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland. The bank specializes in providing cutting-edge internet-based and mobile trading services, with a strong focus on foreign exchange, CFDs, and binary options. Additionally, the bank offers a wide range of banking and financial services, all supported by their in-house technological solutions.

Dukascopy Bank was established on November 2, 2004, in Geneva by Andre and Veronika Duka, both Swiss nationals residing in Geneva who continue to maintain a 99% ownership stake in the company. Dukascopy Bank is regulated by the Swiss Financial Market Supervisory Authority FINMA both as a bank and a securities firm.

Dukascopy Bank fully owns Dukascopy Europe IBS AS, a European licensed brokerage company based in Riga and Dukascopy Japan, a Type-1 licensed broker located in Tokyo. In addition to its Geneva Headquarters, Dukascopy Bank has offices in Riga, Tokyo and Hong Kong. Currently, Dukascopy Group employs over 300 staff.

The Dukascopy Group primarily offers online and mobile trading services through the SWFX - Swiss FX Marketplace, which is Dukascopy's proprietary ECN (Electronic Communication Network) technological solution and a registered trademark.

What you will get

Dukascopy offers an exceptional trading experience that is worth every trader's attention. With a client-first approach, Dukascopy provides numerous advantages, making them a standout choice for anyone looking to enter the financial markets. Dukascopy's commitment to cost-efficiency is evident through their low spreads, allowing for savings on trading costs. Swift execution ensures obtaining the best possible prices, providing a competitive advantage in trades. Additionally, with deposit protection of up to CHF 100,000, you can trade with peace of mind.

The unique trading platform, JForex4, Dukascopy's proprietary solution, is user-friendly, making trading accessible even for beginners. JForex4 presents over 200 technical indicators and trading widgets to help in staying informed about potential opportunities. With support for minute timeframes like ticks and seconds, it is perfect for scalping. Dukascopy's 19 years of experience and Swiss banking license instill trust and security. With over 1200 instruments, leverage up to 1:200, and 24/7 live trading support, Dukascopy stands as a trusted partner to guide traders through their trading journey. 

Moreover, Dukascopy offers a great feature – detailed historical price feed data makes it easier to develop and test trading strategies. This data covers various financial instruments, helping traders make informed decisions and reducing the risk of price manipulation. Dukascopy's extensive data archive is a useful resource for creating trading strategies, especially for high-frequency trading, and provides practical insights.

With such a comprehensive offering, Dukascopy is the go-to choice for transparent and professional trading services. Make a smart move and open an account today!

Dukascopy regulations 

Dukascopy is strictly supervised and regulated by esteemed regulatory bodies. The regulatory authorities play a pivotal role in ensuring Dukascopy’s compliance with the highest standards of financial and securities industry practices.

Dukascopy's international presence is underlined by its licenses and oversight by regulatory authorities in different parts of the world:

• Dukascopy Bank SA is licensed and regulated as a bank and as a securities firm by the Swiss Financial Market Supervisory Authority (FINMA), which is classified as a Tier-1 regulator.

• Dukascopy Europe IBS AS is licensed and regulated by the Bank of Latvia, also recognized as a Tier-1 regulator. 

• Dukascopy Japan K.K. is licensed and regulated by the Financial Services Agency of Japan (JFSA), known as a Tier-1 regulator.

These regulatory bodies set specific requirements for Dukascopy, and the company has diligently complied with them since 2004. It is important to note that failure to comply with these requirements could result in the withdrawal of the bank's license. Regular audits are conducted to ensure adherence to Swiss laws. Dukascopy also ensures client security by providing deposit protection for amounts up to CHF 100,000, in line with Swiss financial service provider requirements.

Dukascopy is widely regarded as one of the safest brokerage firms. They maintain strict safety standards and hold official licenses from respected financial regulators. Routine audits by PKF for internal affairs and KPMG for financial records further solidify their commitment to safety and financial integrity.

In summary, Dukascopy's reputation as a trusted and stable entity is due to its adherence to three top-tier regulations, regular audits, stringent safety standards, and a strong commitment to transparency. These qualities make Dukascopy a reputable choice for investors around the world.

Trading terms for Dukascopy clients

Traders opt for Dukascopy due to its well-established reputation for providing a secure trading environment. Dukascopy Bank SA, headquartered in Switzerland, operates under the regulation of the Swiss Financial Market Supervisory Authority (FINMA). This regulatory oversight ensures strict adherence to financial standards and secures client accounts up to CHF 100,000.

Dukascopy takes pride in delivering favorable trading terms to its clients. By offering narrow spreads, cost-effective commissions, and access to abundant liquidity from numerous providers, Dukascopy enables traders to execute trades at competitive rates, ultimately increasing their profitability.

Dukascopy also permits traders to select from a range of trading accounts, including Standard, ECN, and Islamic accounts, to suit various trading styles and preferences.

Furthermore, in addition to the widely-used MT4 platform, Dukascopy presents its proprietary JForex4 trading platform, available for both desktop and mobile devices. This platform grants traders the flexibility to monitor and participate in the markets from anywhere, ensuring they never miss a trading opportunity. Dukascopy's JForex4 mobile platform offers real-time quotes, comprehensive order management features, and full account accessibility.

With Dukascopy, you can transfer funds directly from the JForex platform to a multi-currency banking account (MCA), without any associated fees. The MCA account supports various payment methods, including card and cryptocurrency transactions.