Mitrade Review

Company background

Mitrade is a CFD and foreign exchange broker headquartered in Melbourne, Australia. The company entity dates to 2011, but the current retail brand and proprietary trading platform launched in 2019 following a full restructure of the business. Mitrade is a brand used jointly by multiple licensed entities, including Mitrade Global Pty Ltd (ASIC), Mitrade EU Limited (CySEC), Mitrade Holding Ltd (CIMA) and Mitrade International Ltd (FSC Mauritius). The broker offers CFDs on forex, stocks, indices, commodities, ETFs and cryptocurrencies, with a reported instrument count of over 800.

Mitrade positions itself as a beginner-friendly platform, emphasising a clean interface, educational resources and a no-commission fee model. The broker has received recognition including a Fastest Growing Broker Australia award in 2019. Mitrade does not offer copy trading, social investing or algorithmic trading tools.

Fees and pricing

Mitrade charges no commission on any trade. All trading costs are built into the spread. The EUR/USD average spread is approximately 1.3 pips under normal market conditions, though live tests show spreads can be tighter than this average during peak liquidity hours. Typical spreads are wider than ECN-style brokers but broadly in line with other commission-free CFD platforms. Overnight funding fees apply to positions held past the daily settlement time and vary by instrument.

Mitrade does not charge fees for deposits or withdrawals, though third-party payment providers may apply their own charges such as intermediary bank fees or currency conversion costs. A dormancy fee of $10 per month applies to accounts that have no trading activity for 6 months or more; this fee does not apply to accounts under the EEA (CySEC) entity. The minimum deposit is $50.

Regulation and safety

Mitrade holds six regulatory licences: ASIC (AFSL 398528), CySEC (438/23), CIMA (SIB 1612446), FSC Mauritius (GB20025791), FSCA South Africa (FSP 54842) and CMA UAE (20200000397). ASIC and CySEC are Tier-1 regulators. Client funds are held in segregated accounts separate from company funds. Mitrade has arranged discretionary insolvency insurance through Lloyd's of London, stated to cover up to 1,000,000 AUD, EUR or USD. Negative balance protection applies to retail clients.

Platform experience

Mitrade offers a proprietary trading platform available as a web-based application, desktop download (Windows and Mac) and mobile apps for iOS and Android. The platform does not support MetaTrader 4, MetaTrader 5 or cTrader. The charting environment includes over 150 technical indicators and 74 drawing tools. A free demo account is available with $50,000 in virtual funds, though it expires after 90 days. Mitrade reports that 97% of trades are executed in under 50 milliseconds. Customer support is available 24 hours a day, 5 days a week.

Pros and cons

Mitrade's main advantages are its zero-commission model, Tier-1 regulation under ASIC and CySEC alongside four additional licences (CIMA, FSC, FSCA and CMA), a broad instrument range of 800+ CFDs, negative balance protection and a low minimum deposit. The platform is accessible for beginners and available across all major device types. Key drawbacks include the absence of MetaTrader platforms, no copy or social trading, a $10 monthly inactivity fee for non-EEA accounts after 6 months, a 90-day demo account expiry, and the fact that all positions are CFDs rather than direct ownership of underlying assets.