Mitrade Fraud Allegations Fact-checked (2024)
Introduction
Mitrade is a well-known financial derivatives broker in the world, having won numerous awards. It specializes in online brokerage, foreign exchange, and contracts for differences. Founded in 2011, the main office of this firm is located in Melbourne, Australia, with additional sites across the globe. User fidelity to the trading platform is now a solid base. The company has also received international recognition in the financial industry.
Furthermore, the organization operates under the collective brand name Mitrade via subsidiaries such as Mitrade Holding Ltd, which is overseen by the Mauritius Financial Services Commission; Mitrade Globa; Pty Ltd, which is authorized and regulated by the Cayman Island Monetary Authority; and Mitrade Internation Ltd, which is managed by the Australian Securities and Investments Commission.
About Mitrade: What They Claim to Be
Numerous international awards have been bestowed upon Mitrade’s proprietary trading platform, including the most transparent forex broker, the best mobile trading platform, and the most innovative brokerage firm for the years 2020 and 2021, respectively.
In 2011, Mitrade obtained its Australian Monetary Administrations Permit (AFSL 398528). In 2019, the organization underwent a comprehensive restructuring of its personnel and assets. In the same year, they introduced Mitrade, a proprietary trading platform designed to serve investors and traders around the globe. Since then, the organization has experienced consistent growth, obtaining its second license (GB20025791) from FSC in 2020 and then another (SIB 1612446) from CIMA in 2021.
Having amassed more than one hundred thousand clients in less than two years, Mitrade is expanding rapidly. Mitrade introduced over one hundred tradable items to the marketplace in 2022. The proprietary platform developed by Mitrade aims to simplify CFD trading to the greatest extent possible; it is compatible with both iOS and Android.
In addition to a vast selection of products and services, Mitrade provides market research and educational programs that cater to clients of varying proficiency levels, including novice, intermediate, and advanced. An assortment of Mitrade’s products includes:
- Raw Resources
- Forex Commodities, Including Metals, Oil, and Gas
- Indices of cryptocurrencies in stocks
Mitrade Reviews: Scam Exposed By Clients and Victims
Review 1:
As shown in the screenshot above, I encountered an issue with the website. The account was blotted out following multiple loads. It did not satisfy me in the least. It lacks experience in flexible transactions. Regarding the problem, the support staff was completely unhelpful. MiTrade is therefore not recommended.
Review 2:
I was advised by a friend to establish an affiliation with Mitrade Trading. I made a small deposit into my account but was subsequently unable to withdraw it as a result of fraudulent activities. I am completely dissatisfied with this platform. My problem remained unresolved, and I encountered obstacles at each stage. I am incredibly disheartened.
Review 3:
I am completely dissatisfied with the Mitrade platform. I was in critical financial need but was unable to withdraw it due to a malfunctioning camera. As an end-user of Mitrade, I must express my utmost dissatisfaction with the service rendered by the policy bazaar organization. The services rendered by a financial technology firm are dreadful. I would not advise anyone to recommend the same.
Review 4:
Sadly, but… My account was dissolved. As seen in the screenshot above. Regrettably, the satisfactory and reliable trading experience that I had hoped for did not materialize.
Mitrade: Frequently Asked Questions
- About Mitrade?
Mitrade is a reputable financial technology firm committed to providing clients with a streamlined as well as uncomplicated Contracts for Difference (CFD) trading experience while adhering to stringent regulatory requirements.
- About Mitrade App?
Access the global financial market on Mitrade from any location and at any time, including a desktop computer or mobile device, to obtain real-time price updates, the latest financial news and information, a weekly outlook, along market insights for investment decision-making or chart analysis.
- What is Mitrade’s Minimum Deposit?
No minimum deposit is required to initiate trading on the account. Aside from this, there are no other fees associated with deposits or withdrawals during trading. Conversely, accounts that remain dormant for a continuous period of 180 days are subject to a monthly inactive charge of $10.
- How to Make Mitrade Withdrawal?
Procedures for mitigating a withdrawal:
- You must initially access your trading account, which is associated with your Demat account.
- Additionally, proceed to the section labeled “Accounts” or “Funds” and select the corresponding option.
- You are now presented with two options: to withdraw funds or to contribute funds.
- Ultimately, to initiate the transfer of funds from your Demat account to your bank account, you must select “Withdraw Funds.”
Conclusion
The consumers have provided feedback regarding Mitrade in response to various issues they have encountered. Mitrade, as reported by its consumers, has a low score and no valid regulations. They had begun to face the issue of invalid liquidation. The website exhibited complications, and the account was promptly terminated following numerous attempts to load. In addition to this, the account was liquidated; the client initially deposited $3,500, but regrettably, the withdrawal amount was only $35,000. Miitrade operates without a license and maintains a dubious business scope.
