In this article
WikiFX provides inquiry services in the forex field.
Based on the facts, WikiFX evaluates the reliability of MiTRADE .
What is WikiFX？
| WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. |
| WikiFX is able to evaluate the safety and reliability of more than 31,000 global forex brokers. |
| WikiFX gives you a huge advantage while seeking the best forex brokers. For more information, such as the review and exposure of brokers, please visit our website (https://www.WikiFX.com/en) |
To explore whether MiTRADE is a scammer or not, we evaluated MiTRADE from different aspects, such as regulatory status, exposure, etc.
1. Evaluate the reliability of MiTRADE based on its general information and regulatory status
To understand MiTRADE better, we explore MiTRADE by analyzing three main perspectives:
A. General Info of MiTRADE
B. Regulatory Status
C. Fund Security
A. General Info of MiTRADE
MiTRADE s general info has been shown below:
(source: WikiFX)
(source: WikiFX)
-
MiTRADE is an online forex and CFDs broker offering clients trading instruments across different asset classes, including currency pairs, indices, commodities, stocks, cryptocurrencies, etc.
-
MiTRADE is an award-winning broker. For more than fifteen years, MiTRADEs reputation has been proved by its high-quality services.
-
MiTRADE supports seven languages, including English, Chinese and Korean.
Leverage
As an Australia-based broker, MiTRADE offers a leverage of up to 200, which is considered high. Since high leverage can amplify the benefits as well as losses, inexperienced traders are encouraged to stay away from high leverage.
Spreads & Commissions
MiTRADE offers transparent spreads. The spread on EURUSD starts from 1 pip, spread on EURGBP from 1.4 pips, spread on UKOIL and USOIL around 0.06 pips, spread on XAUUSD from 0.44 pips, XAGUSD spread from 0.3 pips.
Trading Platform
MiTRADE doesnt use MT4 or MT5 trading platforms, instead, MiTRADE offers traders its own trading platform.
Deposit and Withdrawal
MiTRADE supports traders to deposit and withdraw funds via wire transfer, bank transfer, VISA, MasterCard, Skrill, POLi.
Customer Support
According to its website, MiTRADE offers customer support service with a professional team. They can be reached via email. You can also fill out the ‘contact us’ form on its website in order to get in touch with MiTRADE. Besides, MiTRADE can be reached through social media platforms, such as Instagram, Facebook, Twitter, and LinkedIn. Unfortunately, we didn‘t see any contact phone number on the broker’s website.
Accepted Regions
MiTRADE allows traders from different parts of the world to open an account with them. But they specifically claimed that they do not offer their online trading services to residents of certain countries, such as the United States, Canada, Japan, New Zealand, or any country where its use would be contrary to local laws or regulations.
(source: WikiFX)
B. Regulatory Status
The legitimate license of MiTRADE
MiTRADE is a regulated broker. It was regulated by ASIC with license number:398528.
(source: WikiFX)
C. Fund Security
According to its website, MiTRADE has one specific section to describe its clients‘ money protection policy. It says: “Retail client deposits are kept in a segregated trust account when required under regulation and law.” Account segregation is imperative since it allows traders to have access to their funds all the time. Even if the broker is bankrupt, traders will still be capable of getting their money back. However, it didn’t mention which financial institution these segregated accounts hold in.
2. The feedback from Twitter
To figure out whether MiTRADE is a scammer or not, we made a survey about MiTRADE on Twitter.
Reviews on Twitter:
(Source:Twitter)
It seems that MiTRADE has an official Twitter account, which was registered in May 2019. It follows 187 accounts and has 1,651 followers. As of March 4th, 2022, MiTRADE has posted 1,567 Tweets.
It is hard to find investors' comments related to MiTRADE on Twitter.
3. Exposure related to MiTRADE on WikiFX
On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and reminds you of the risks before it starts.
(source:WikiFX)
As of March 4th 2022, the number of complaints received by WikiFX against this broker reached 14 in the past 3 months. The complaints mainly focus on three aspects: unable to withdraw, unable to log in, and several slippages. It seems MiTRADE blocked traders to get access to the accounts, so the accounts are frozen and investors can not withdraw money from the MiTRADE. And the price is suspiciously manipulated.
4. Special survey about MiTRADE from WikiFX
A. Scoring Criteria
WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.
| The Scoring Criteria of Brokers on WikiFX |
| License index: reliability and value of licenses |
| Regulatory index: license regulatory strength |
| Business index: enterprise stability and operational capability |
| Software index: trading platform, instruments etc |
| Risk Management index: the degree of asset security |
According to WikiFX, MiTRADE has been given a decent rating of 7.01/10.
(source:WikiFX)
According to the above, it seems that MiTRADE is very poor at risk management. Risk management includes the measurement, assessment, and contingency strategy of risk. Ideally, risk management is a series of prioritized events. MiTRADE may not have enough capital or good strategies to secure clients assets in the unstable market.
MiTRADE does have a particular page for risk management. It mainly emphasizes how to use powerful tools, such as Trailing Stop Loss, to prevent risks.
B. Field Investigation
-
To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.
-
On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.
-
WikiFX did make an On-Site survey on MiTRADE in January 2020. WikiFX confirms that the real address of MiTRADE existed and this broker was running business normally.
(source:WikiFX)
C. WikiFX Alerts
| The number of complaints received by WikiFX against this broker reached 14 in the past 3 months. |
| Current data shows that this broker is using Non MT4/5 Software. |
(source: WikiFX)
5. Conclusion:
As an award-winning, regulated broker, MiTRADE has a great reputation in the forex market. However, recently too many complaints against MiTRADE made people rethink their trust in MiTRADE. We recommend that you think carefully and make sure you fully understand the potential risks before you make the right decision. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link (https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers that you are curious about.
