The short answer
Mitrade appears to be a real, operating broker, but our review found meaningful caveats (see the red flags below). It is not an outright scam signal, but do your own checks first.
Regulation & legitimacy signals
Operates through separate entities per region: Mitrade Global Pty Ltd (Australia) under ASIC; MiTrade EU Limited (Cyprus) under CySEC (licence 438/23, since 9 October 2023); a Financial Sector Conduct Authority (FSCA) entity in South Africa via the 2025 acquisition of Fridah Asset Managers (to be renamed Mitrade Markets Pty Ltd); plus a 2026 UAE Capital Markets Authority Category 5 licence limited to introduction/promotion only (NOT brokerage). Which entity serves you — and its protections — depends on your country. Verify directly with the relevant regulator before signing up.
Green flags & red flags
- Multi-jurisdiction licensing (ASIC Australia, CySEC Cyprus, FSCA South Africa) with an easy, beginner-friendly proprietary platform
- Commission-free spread-only pricing; Australian platform reportedly carries a Lloyd's of London excess-of-loss insurance policy (capped at AUD 1,000,000 for qualifying claims on insolvency)
- Wide CFD coverage (forex, indices, commodities, crypto, ETFs, shares) on web + mobile, with demo accounts and modern payment options (Apple Pay/Google Pay in AU)
- Regulatory history includes a 2023 ASIC interim stop order (later revoked) and a 2024 Philippines SEC advisory — worth reading before depositing
- Own platform only — no MetaTrader 4/5 or cTrader for advanced/algorithmic traders
- Leveraged CFDs are high-risk, and the UAE licence covers promotion only, not brokerage — entity coverage varies a lot by country
Risk & regulation note
Public regulatory history worth knowing before signing up: in 2023 the Australian regulator ASIC issued an interim stop order against Mitrade Global Pty Ltd over design-and-distribution-obligation concerns (including a retail-investor questionnaire that allowed unlimited attempts to pass and inadequate target-market assessment), preventing it from opening accounts or dealing CFDs/margin FX with retail investors — ASIC revoked the order on 26 July 2023 after Mitrade addressed the concerns. Separately, in March 2024 the Philippines SEC issued an advisory that the platform lacked the necessary local permissions to offer instruments to the public there. Neither is a finding of guilt, but both are relevant public facts. As always, regulatory status reduces institutional risk, not the market risk of leveraged CFD trading (most retail CFD accounts lose money).
How to verify Mitrade yourself
- 1Check the regulator's database
Look up Mitrade's license number directly on the regulator's official website (e.g. FCA, ASIC, CySEC, CFTC). A real license appears in the regulator's public register.
- 2Confirm the entity that serves your country
Many brokers use different legal entities per region — a tier-1 license in one country may not cover you. Check which entity you're signing up with.
- 3Search for withdrawal complaints
Look for consistent, credible reports of withdrawal problems (not one-off angry posts). Test with a small deposit and a withdrawal before committing more.
- 4Verify the official domain
Only use the official site (mitrade.com). Scammers clone broker sites — check the exact URL and avoid links from unsolicited messages.
Other Mitrade guides
Update history
- 2026-08-01
Assessment based on our latest editorial review.