Fraud Allegations on Mitrade? (2024)

Originally Syndicated on February 21, 2024 @ 12:12 pm

Introduction 

Mitrade is a multi-award-winning global financial derivatives broker that specializes in foreign exchange, online brokerage, and contracts for differences. This company was founded in 2011, and its headquarters are in Melbourne, Australia, with offices throughout the world. The trading platform maintains a consistent base of loyal users. The company has also received international attention from the financial industry.

In addition, the business operates under a joint brand name, Mitrade, through companies such as Mitrade Holding Ltd, which is authorized and regulated by the Cayman Islands Monetary Authority, Mitrade Globa; Pty Ltd, which is authorized, regulated, and authorized by the Australian Securities and Investments Commission, and Mitrade Internation Ltd, which is managed by the Mauritius Financial Services Commission.

About Mitrade: What They Claim

Mitrade’s unique trading platform has received widespread recognition and has won numerous international awards, including the best mobile trading platform, the most transparent forex broker, and the most innovative brokerage firm in 2020 and 2021.

Mitrade obtained its Australian Monetary Administration Permit (AFSL 398528) in 2011, and the company rebuilt its finances and workforce in 2019. During the same year, they launched Mitrade, a proprietary trading platform that serves investors and traders throughout the world. During this time, the organization has grown steadily, obtaining its second license from FSC (GB20025791) in 2020 and, later, from CIMA (SIB 1612446) in 2021.

Mitrade has over 1,100,000 clients in less than two years and continues to develop significantly. Mitrade will have over 100 convertible items available on the market by 2022. Mitrade’s proprietary platform aims to make CFD trading as simple as possible, and it is available for Android and iOS.

Mitrade provides an extensive selection of services and products, as well as learning programs and analysis of the market, for clients at all skill levels, whether new, intermediate, or advanced. Mitrade’s product portfolio includes the following: 

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

Mitrade Review: Fraud Revealed by Clients 

Review 1:

The screenshot above shows that I encountered a website-related issue. After several loading attempts, the account was rubbed out. I was not happy with it. It has no flexible trading experience. The support team was completely unhelpful in resolving the issue. As a result, I do not suggest Mitrade.  

Review 2:

My friend suggested I get in touch with Mitrade Trading. I deposited a small amount of money into my account and was later unable to withdraw it due to scam difficulties. Well, I’m not particularly pleased with this platform. My problem was not solved, and I had problems at every point. I’m disappointed. 

Review 3:

I am really dissatisfied with the Mitrade platform. I was in desperate need of money and was unable to withdraw it due to a camera problem. As a Mitrade user, I am dissatisfied with the service given by the policy bazaar. A financial technology company’s services are of poor quality. I wouldn’t suggest it to anyone.  

Review 4: 

Unfortunately! My savings account was liquidated. As shown in the screenshot above. I was hoping for a satisfying and trustworthy trade experience, but that didn’t happen.  

Frequently Asked Questions on Mitrade

1. What is Mitrade?

Mitrade is a well-known financial technology business that adheres to strict regulatory standards and is committed to providing investors with a convenient and straightforward trading experience in Contracts for Difference (CFDs). 

2. What is the Mitrade App?

Regardless of when and where you are, whether on your phone or on a desktop, you can access the global financial market on Mitrade to get constant price updates, the most recent news and financial information, a weekly outlook, market insights for investment decisions, and chart analysis.  

3. What is Mitrade’s Minimum Deposit?

There is no minimum deposit required to start trading for the account. Aside from that, the account holder does not have to pay any deposit or withdrawal fees while trading. Accounts that have not been used for 180 consecutive days must pay an inactive penalty of $10 per month.

4. How to Make Mitrade Withdrawal?

Steps for trade withdrawal:

• First, you must log into your trading account, which is linked to your Demat account.
• Second, navigate to the area labeled “funds” or “accounts” and select the appropriate choice.
• Now, you will see two choices: add funds or withdraw cash.
• Finally, click ‘withdraw funds’ to start transferring money from your Demat account to your bank account.

Conclusion

Clients have reported various difficulties and given their feedback on Mitrade. According to the users, Mitrade has a bad rating and no valid regulations. They had begun dealing with invalid liquidation issues. The website had some troubles, and the account was promptly deleted after numerous loading attempts. Apart from that, the account was liquidated; the client initially deposited $3,500, but only $350 was withdrawn. Miitrade operates without a license and has a dubious scope of activity.