Mitrade Review – Forex Scam You Should Avoid (Latest Update 2023)

If you’re looking to invest with Mitrade, you’ve come to the right place. The following Mitrade review explains the trading conditions and the numerous complaints this broker has received from its victims.

The broker doesn’t let victims get their money back and has a poor reputation when it comes to processing withdrawal requests.

There are too many complaints against the broker for stealing from its users.

Mitrade is a forex broker notorious for blocking withdrawal requests and stealing from its customers.

Facts

• The most traded currencies in Forex are EUR/USD, USD/JPY, GBP/USD and USD/CHF.
• Forex Trading is open 5 days a week for 24 hours, (excluding public holidays)
• Forex Trading is known for its huge leverage.

Mitrade markets itself as a multiple award-winning worldwide financial derivatives broker specializing in foreign exchange, online brokering, and contracts for differences.

This firm was established in 2011 and its headquarters is in Melbourne, Australia which has offices globally. The trading platform has established a steady base of faithful users. The company has also gained international recognition from the finance industry. 

Along with this, the business works under a joint brand name, Mitrade, through companies like; Mitrade Holding Ltd, a firm authorized and regulated by the Cayman Island Monetary Authority, Mitrade Globa; Pty Ltd, authorized regulated and authorized by Australian Securities and Investments Commission, and Mitrade Internation Ltd, managed by Mauritius Financial Services Commission. 

Mitrade Reviews: Scam Exposed By Clients and Victims 

Sadly, there are too many Mitrade reviews highlighting that the forex broker doesn’t process withdrawals properly.

It is becoming infamous for stealing from its customers.

The following section will shed more light on the shady nature of this broker:

“The Broker Wiped Out My Account”

In the above screenshot, you can see that I confronted a website-related issue. The account got rubbed out after many times loading. I was not at all pleased with it. It has no flexible trading experience. The support team was not at all helpful in addressing the issue. Thus, I  would not recommend Mitrade. 

30/12/2023 Update

As of now, Mitrade has not responded, nor has it apologized for its misdeeds. They have ignored our efforts to highlight the problems faced by their victims. Furthermore, they have only focused on propagating their fake PR.

“Mitrade App Doesn’t Let Me Withdraw”

My friend suggested I get connected with Mitrade Trading. I had deposited a few amounts in my account and later on, was unable to withdraw it due to scam issues. Well, I am not at all happy with this platform. My problem didn’t get solved and I faced issues at every stage. I am disappointed. 

“This Broker is a Scam”

I am not at all happy with the Mitrade platform. I was in urgent need of money and couldn’t take it out because of a cam issue. Being a user of Mitrade, I am not at all satisfied with the service provided by the policy bazaar company. The services provided by a financial technology company are not at all good. I would not recommend it to anyone for the same. 

“They Stole More Than $3,000 From Me” – Another Mitrade Review

Unfortunately! My account got liquidated. You can see this in the above screenshot. I was looking for a satisfactory and trustworthy trading experience, but unluckily it didn’t happen. 

About Mitrade: What They Claim to Be

The broker’s proprietary trading platform has acquired tremendous acclaim and also won various international awards, comprising Best Mobile Trading Platform, most Transparent Forex Broker, and The Most Innovative Brokerage Firm in the years 2020 and 2021 respectively. 

However, you wouldn’t get access to the famous MetaTrader 4 or 5 with this broker. This is a huge drawback of this broker.

Furthermore, it was permitted its Australian Monetary Administration Permit (AFSL 398528) in the year 2011, and the organization went through a rebuilding of its resources and team in 2019. During that year, they introduced a proprietary trading platform named  Mitrade, taking care of investors and traders worldwide. Within that time, the organization has had constant development, procuring its second license from FSC (GB20025791) in the year 2020 and consequently from CIMA (SIB 1612446) in 2021.

The broker claims to have accumulated thousands of clients in under two years and is rapidly growing.

In the year 2022, the forex broker had launched more than 100 tradeable items on the market.

Their proprietary platform endeavors to make CFD exchanging as straightforward as could be expected and the platform is accessible through Android and iOS. 

Furthermore, the broker claims to offer a great range of services and products, alongside learning programs and market analysis that are suitable for all capability levels, be it beginner, intermediate, or high-level clients. Some of the products it offers:

• Forex
• Commodities, including Metals, Oil & Gas, Raw Resources
• Cryptocurrencies
• Stocks
• Indices

Frequently Asked Questions About Mitrade

In this section of my Mitrade review, I have shared some basic information about the forex broker:

What is Mitrade?

It is a notorious forex broker that claims to stick to stern regulatory standards, devoted to offering investors a convenient and simple trading experience in Contracts for Difference (CFDs).

It has received many complaints for stealing from its customers and preventing them from making withdrawals.

What is the Mitrade App?

Regardless of when and where you are, whether you are on your phone or utilizing a desktop, you can access the worldwide monetary market on the Mitrade app to get constant cost updates, the most recent news and financial information, week-by-week outlook, and market insights for investment decisions and chart analysis. 

The app has received complaints for not processing withdrawal requests as well.

What is Mitrade Minimum Deposit?

The account doesn’t need any minimum deposit to begin trading. Apart from this, the account user doesn’t need to pay any deposit or withdrawal charges during trading. On the other hand, the accounts that are not in use for 180 consecutive days have to pay the charges of inactive charges which cost $10 per month.

How to Make Mitrade Withdrawal?

Steps to make Mitrade withdrawal:

1. Firstly, you need to log into your trading account, which is linked to your Demat account
2. Secondly, you have to go to the section that says “funds” or “accounts”, you need to click on the required option.
3. Now, you will see two choices: to add funds or to withdraw funds
4. Finally, you need to click ‘withdraw funds’ to begin transferring money from your Demat account to your bank account. 

However, various Mitrade reviews indicate that the company doesn’t respond to withdrawal requests. Many people have lost their hard-earned money because of this.

Mitrade Review 2024: Conclusion

After going through the above points, I can’t recommend trading with this forex broker. It has too many red flags and doesn’t have a very positive reputation.

The clients have experienced different issues and given their reviews about this broker. According to the users, Mitrade has a low score and has no serious regulation.

They had started confronting invalid liquidation issues. The website showed some issues and the account got quickly wiped out after innumerable times loading.

Apart from this, the account got liquidated, the client initially deposited a $3,500 amount and unfortunately, only $350 was processed. Also, the broker has a weak license and has suspicious scope of business.