What is MiTrade?

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, and ETFs. MiTRADE offers both demo and live accounts. For those seeking an Islamic account, MiTRADE provides that option as well. Customer support is available 24/5 through various channels, including live chat, contact form and email.

Pros & Cons

Is MiTRADE legit?

MiTRADE is a broker that operates under the regulation of the Australia Securities & Investment Commission (ASIC), with an Market Making (MM) license under license no. 398528; and the Cyprus Securities and Exchange Commission (CySEC), with an Market Making (MM) license under license no. 438/23.

Market Instruments

MiTRADE offers access to various financial markets, including forex, indices, shares, commodities and ETFs.

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.

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. 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.

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.

1. 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).
2. 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.
3. 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.
4. 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.

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.

Non-Trading Fees

• Product Quotes, Technical Indicators, Market Analysis: Free
• Bid-Ask Spread: Charged as service compensation, not fixed.
• Deposit and Withdrawal Fees: No charges from Mitrade, but third-party fees may apply (e.g., bank or currency conversion fees).
• Overnight Holding Costs: Applied if positions are held past 10:00 PM GMT.
• Other Expenses: No hidden fees.

Trading Platform

MiTRADE offers its own proprietary trading platform for clients, with desktop and app version, as well as WebTrader. 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.

Deposit & Withdrawal

The broker does not charge any fees for deposits and withdrawals in most cases. However, there are other third-party charges for deposit and withdrawals that are outside of Mitrades control such as intermediary bank fees, etc.

Note that not all deposit methods are available in all countries. Please log in to your Mitrade account to view what payment options are available to you.

Customer Support

MiTRADE offers 24/5 live chat 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, LinkedIn, TikTok and Telegram.

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 Ltd: Suite 707 & 708, 7th Floor, St James Court, St Dennis Street, Port Louis, Mauritius.

FAQs

Is MiTRADE regulated?

Yes. MiTRADE is regulated by ASIC under regulatory license number 398528.

At MiTRADE, are there any regional restrictions for traders?

Yes. The information on MiTRADEs site is not intended for residents of the United States, Canada, Japan, New Zealand or used by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Which live trading accounts does MiTRADE offer?

MiTRADE offers one live account and a demo account to choose from.

Are there any fees for using the trading platform?

MiTRADE is a commission-free trading platform. The main cost of trading comes from the low spreads it charges, which vary among different markets.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital.

Let's start here：

TMGM appears to a respected forex broker, presenting access to 12,000 tradbale instruments spanning forex, CFDs and cryptocurrencies. Traders can enjoy competitive spreads across various instruments, exemplified by the EUR/USD currency pair with an average spread of around 0.1 pips. Besides, TMGM extends a diverse set of trading platforms, notably including MetaTrader 4 and MetaTrader 5. Morever, TMGM enriches the trading journey with rich educational resources and trading tools. Lastly, 24/7 multilingual customer support stands ready. However, the question remains: Does TMGM truly live up to its claims? Let's explore more.

TMGM Information

Founded in 2013 and headquartered in Sydney, Australia, TMGM is an online ECN/STP broker. Notably, in 2016, TMGM introduced its MetaTrader 5 platform. Subsequently, the company achieved FCA membership in the UK during 2017. The year 2019 witnessed the launch of TMGM's mobile trading app, further enhancing accessibility. By 2021, TMGM's reach expanded to encompass over 200 countries worldwide.

Offering a diverse array of 12,000 trading instruments spanning forex, indices, metals, energies, shares, and cryptos, TMGM caters to traders through popular platforms including MT4 and MT5.

Pros & Cons

Is TMGM Legit?

TMGM, a regulated broker, holds authorization from the tier-one regulator ASIC. Additionally, TMGM's international operations are overseen by the VFSC in Vanuatu offshore. Now, let's quickly delve into TMGM's regulations and licenses, which will shed light on how the broker ensures compliance with industry standards and protects clients.

Regulated Country	Regulated Authority	Current Status	Regulated Entity	License Type	License Number
	ASIC	Regulated	TRADEMAX AUSTRALIA LIMITED	Market Making(MM)	436416
	VFSC	Offshore Regulated	Trademax Global Limited	Retail Forex License	40356

Under the oversight of ASIC, a prominent tier-1 regulatory authority, TMGM's Australian branch known as TRADEMAX AUSTRALIA LIMITED operates with regulatory number 436416. This entity is licensed for Market Making (MM). As per the stringent rules set by ASIC, which is globally recognized, brokers must ensure the safety of clients' funds.

Since TMGM claims to obtain the ASIC license, an investigation team from WikiFX visited the company's registered address in Australia. This visit, conducted in person, revealed that the company is operating smoothly and on a large scale. This direct observation by the investigator enhances our confidence in TMGM's legitimacy and highlights its strong and credible operations under ASIC's regulation.

TMGM's international branch, Trademax Global Limited, operates under the offshore regulation and authorization ofVFSC, holding a license for retail forex activities.

Market Instruments

TMGM goes above and beyond by offering an impressive collection of 12,000 trading instruments, setting it apart as a broker with an exceptional range of options, covering 60+ currency pairs, indices, and stocks sourced from major global exchanges. Moreover, TMGM extends its offerings to include energies, as well as sought-after precious metals like gold and silver. Adding to the mix are energies such as oil and natural gas, not to mention a selection of 10 cryptocurrencies like Bitcoin, Ethereum, and Litecoin.

Account Type

TMGM offers three account types, including Standard, Pro, and ECN, with minimum deposit requirement of 100 USD. Islamic account and demo account are both avaiable for these three live account types.

Leverage

TMGM offers quite a high trading leverage up to 1:1000 on all account types.

Here's a table comparing leverage provided by major industry players. Notably, TMGM offers relatively higher leverage, though it appears somewhat more cautious compared to the other three competitors. However, users should remember that high leverage is a two-edged tool with potential risks.

Broker	Max Leverage
	1:1000
	1:Unlimited
	1:2000
	1:500

Spreads & Commissions

TMGM offers competitive spreads and commissions on their trading instruments. The exact spreads and commissions vary depending on the account type. Found detailed info in the table below:

Generally, TMGM offers tight spreads on major forex pairs such as EUR/USD, with spreads as low as 0.0 pips. Commissions may be charged on some trading instruments, such as shares and futures. However, these commissions are generally competitive compared to other brokers in the industry.

Trading Platforms

TMGM offers popular trading platforms for their clients: MetaTrader4 (MT4), MetaTrader5 (MT5), and TMGM App.

Deposits & Withdrawals

TMGM minimum deposit vs other brokers

The minimum deposit and withdrawal amount is both $100. Depositing doesn't cost anything, but the time it takes and the currency options depend on your chosen payment method. Be aware, though, that some deposit methods like Union Pay, FasaPay, Visa, and MasterCard can't be used for withdrawals.

Payment Options	Currencies	Min Deposit	Min Withdrawal	Fees	Deposit Time	Withdrawal Time
	NZD, USD, AUD, EUR, CAD	$100	$100	❌	1-3 Working Day	1 Working Day
	USD				Instant
	NZD		/		1 Working Day	/
	USD		$100		Instant	1 Working Day
	USD, EUR, GBP, AUD, NZD, CAD				1 Working Day
	CNY		/		Instant	/
			$100			1 Working Day
	USD		/			/
	USD, EUR, GBP, AUD, NZD, CAD				3 Working Days
	MYR, THB, IDR, VND		$100		Instant
	USD, EUR, GBP, AUD, NZD, CAD		/

Customer Support

TMGM offers 24/7 customer support through multiple channels including live chat, phone, email, and social media (YouTube, Twitter, Facebook, Instagram and LinkedIn).

Contact Channels	Details
	24/7 live chat
	Tel: +612 8036 8388
	Email: support@tmgm.com
	Sydney office, Melbourne Office, Adelaide Office, Canberra Office, Auckland Office
	https://www.facebook.com/TMGMgroup
	https://www.instagram.com/tmgmgroup/
	https://www.youtube.com/tmgmgroup
	https://x.com/TMGMgroup
	https://www.linkedin.com/company/tmgmgroup

Frequently Asked Questions (FAQs)

Is TMGM regulated?

Yes. It is regulated by ASIC and VFSC (offshore).

At TMGM, are there any regional restrictions for traders?

Yes. Products and Services offered on their website are not intended for residents of the United States.

Does TMGM offer demo accounts?

Yes.

Does TMGM offer the industry-standard MT4 & MT5?

Yes. Both MT4 and MT5 are available.

What is the minimum deposit for TMGM?

The minimum initial deposit at TMGM to open an account is $100.