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The WikiFX Score of this broker is reduced because of too many complaints!


Australia|10-15 years|
Regulated in Australia|Market Making(MM)|Suspicious Scope of Business|High potential risk|


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The WikiFX Score of this broker is reduced because of too many complaints!


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Broker Information


Company Name

Mitrade Global Pty Ltd

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Pyramid scheme complaint


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WikiFX Risk Alerts 2
Previous Detection : 2023-11-29
  • The number of the complaints received by WikiFX have reached 18 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The current information shows that this broker does not have a trading software. Please be aware!

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Pyramid scheme complaint
Unable to withdraw

Unable to withdraw from March 3

A friend asked me to invest 12,000 US dollars in mitrade, and the withdrawal was made on the March 3. Now it is July 25 and no account has been received. It says that it is in processing, but is delayed due to epidemic or supervision transfer. What about you? Am I deceived?

2021-07-26 00:02

Taiwan people should not sign up to Mitrade

As an employee of this company, I have been working for more than 3 years and I am really fed up with it. In the past, the company's biggest markets were Vietnam and Thailand, followed by Taiwan, but since last year's decline in Vietnam and Thailand, the company has been forcing us to increase the number of Taiwanese clients. I can't bear to continue doing this because the average life expectancy of our clients is less than 2 days, and I'm being chastised by my conscience at work every day. I started out in Vietnam, but later on I had to take care of Taiwan as well. I was really out of breath because Vietnam is getting harder and harder to do this year. The company's clients come from two simple sources, one for advertising and one for Google SEO, and I'm mainly responsible for Google SEO, which is why I know so much about it. I am mainly responsible for Google SEO acquisition, which is why I know so much about it. The biggest incremental revenue of the company now comes from Taiwan. In fact, last year we have been suppressed by Google because of the problem of harvesting users, we have gone from a peak of 75,000 users a month (in 21 years there were still 100,000+), to only 20,000+ users a month by Google. I feel more and more uncomfortable, I feel like I have become a scythe. The company has no customer service, no office and no licence in Taiwan. The clients in Taiwan will not be placed under the supervision of ASIC because the supervision of ASIC is very strict. If placed under ASIC regulation, even the minimum deposit threshold may have to be raised above US$1000. I really hope that Taiwanese clients will not register to deposit again, the deposit is no longer relevant to me, I have seen many colleagues leave, I also do not want to do it although now it is difficult to find a job.

2023-06-01 16:28

    MiTRADE · Company Summary

    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.

    Feature Information
    Registered Country/Region Australia
    Regulation ASIC
    Market Instrument Forex, Commodities, Major Indices, Shares
    Account Type demo account and live account
    Demo Account yes
    Maximum Leverage 1:200
    Spread (EURUSD) From 1 pip
    Commission $0
    Trading Platform WebTrader and Mitrade Mobile App
    Minimum Deposit N/A
    Deposit & Withdrawal Method Visa/MasterCard, Online Banking, e-Wallets, ATM Cards, QR Code Payments, and Bank Transfers

    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:

    home page

    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.

    Pros Cons
    Regulation by ASIC Weak trading platform
    Wide range of tradable assets and services Limited information on leverage and minimum deposit
    Availability of demo account Leverage not specific
    Diverse payment methods Overnight fees charged
    No 24/7 customer support

    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.


    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.

    Deposit & Withdrawal logos

    Customer Support

    MiTRADE offers 24/5 customer support service with a team of dedicated professionals. They can be reached via email: 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



    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)

    Q 1: Is MiTRADE regulated?
    A 1: Yes. MiTRADE is regulated by the ASIC under regulatory license number 398528.
    Q 2: At MiTRADE, are there any regional restrictions for traders?
    A 2: Yes. The information on MiTRADEs site is not intended for residents of the United States, Canada, Japan, New Zealand or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
    Q 3: Which live trading accounts does MiTRADE offer?
    A 3: MiTRADE offers one live account and a demo account to choose from.
    Q 4: Are there any fees for using the trading platform?
    A 4: MiTRADE is a commission-free trading platform. The main cost of trading comes from the low spreads it charges, which vary among different markets.
    Q 5: Is MiTRADE a good broker for beginners?
    A 5: Yes. MiTRADE is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions. Also, it offers demo accounts that allow traders to practice trading without risking any real money.


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    User Reviews

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    Rita S
    It’s just a black platform, it only has an Australian brand, and it behaves well in Australia. You can’t deposit less than 1,000 U.S. dollars, and you don’t dare not give it to you when you withdraw it, but in Taiwan, you won’t give it if you don’t. Raise the gold withdrawal threshold for Taiwan customers, fearing that customers will lose. Since the customers in Vietnam and Thailand can’t be harvested, this company now only has a big market in Taiwan to harvest. The internal management is very poor. The boss’s surname is Chen, and his name is Stephen Chan. Those who went to Singapore cannot return to the mainland now. Whether it is Shenzhen, Beijing, or Australian companies, they are all acting as corporate legal persons for dead ghosts. Boss Chen hides in Singapore and gives all kinds of advice. Think about it, how can there be a company that wants to do business for a long time and dare not use the name of the boss. After all, it wants to make quick money, but is afraid of being arrested. After all, Boss Chen has probably been arrested several times before. I advise everyone not to look at the registration, and those who make deposits should run away as soon as possible. It is estimated that they will speed up their harvest this year. ——The voice of an employee who is about to be driven out
    2023-06-04 14:49
    more than one year
    I am stuck in opening a live account on 01/19/2023, and they say some of my documents does not qualify their rules. I decided to give up. What the hell? I will find another broker better than you, MiTrade!
    2023-02-15 10:14
    more than one year
    The trading tools provided are quite practical, and the spread of foreign exchange is also quite low, but I think the one thing that is more difficult is that their trading platform is really not easy to use, the execution of orders is often delayed, and the technical indicators cannot be customized. None of them are as easy to use as mt4 or mt5.
    2022-12-14 15:41
    more than one year
    A broker that is not recommended to trade with. Although its boasts that it provides competitive spreads, high slippage is frequently encountered. Sometimes you can’t login for the collapse, and the leverage is not 1:500.
    2022-11-18 18:38
    more than one year
    When I was in my demo account everything was fine but when I started depositing money and really working with Mitrade everything changed! The slippages are high and NEGATIVE, and they started deducting my account balance with thousands and thousands of reasons, and the withdrawals took so long to come.... I have lost all my patience. Bad platform!
    2022-11-17 18:40
    more than one year
    Havent trade with MiTRADE, but i have some words to say. Although it offers wide range of tradable instruments, and the trading condition is also not bad, it lacks mt4 and mt5. Personally, i will prefer to choose the brokers who offers these two industry-standard platforms.
    2022-11-16 18:33
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