Mitrade Review for Crypto Traders: Fees, Spreads & Available Coins

 1. Overview and Market Position

Mitrade is a multi-asset trading platform focused on the Australian financial landscape, enabling retail investors to speculate on markets using Contracts for Difference (CFDs). Unlike traditional cryptocurrency exchanges where users purchase and store digital assets, Mitrade provides seamless exposure to price movements. This approach is highly beneficial for active, short-term traders seeking to capitalize solely on price action, as it eliminates technical hurdles like managing private crypto wallets, paying blockchain transfer fees, or waiting for network confirmations.

2. Regulatory Compliance and Security

Mitrade operates under stringent regulatory oversight, assuring security and trust for traders. The broker is fully compliant with the Australian Corporations Act and is regulated by the Australian Securities and Investments Commission (ASIC), holding the Australian Financial Services Licence (AFSL) number 398528.

Buy bitcoin and stocks. Signup to Coinbase today

Key security measures include:

• Segregated Trust Accounts: Retail client deposits are kept separate from Mitrade’s operational and hedging capital, ensuring funds are protected by law, even in the unlikely event of broker insolvency.
• Negative Balance Protection: A robust risk management tool that guarantees a client’s losses can never exceed their initial investment; if equity drops significantly due to extreme market volatility, the balance is cleared to zero.

3. Tradable Assets: CFDs vs. Spot Trading

Mitrade provides cryptocurrency exposure through CFDs, which offers distinct advantages compared to buying the underlying asset directly.

Advantages of Trading Bitcoin CFDs on Mitrade:

• No Expiry Date: Positions can be held for as long as necessary, unlike futures contracts.
• Flexibility with Trade Sizes: The minimum contract size for Bitcoin CFDs is low, starting at 0.01, aiding beginners in managing exposure.
• Profit in All Markets: Traders can profit in both bull and bear markets by choosing to go long (buy) or go short (sell).

Comparison with Bitcoin Spot:

• CFDs use a contract asset with a very low entry threshold (as little as 100 AUD) and offer leverage (varying by asset, up to 100 times or higher). Profit can be achieved when the currency price rises, falls, or fluctuates.
• Spot Bitcoin involves owning the real cryptocurrency, offers no leverage, and only allows profit when the asset price rises and is then sold. While Spot has lower risk, CFDs, though carrying higher risk, are mitigated by the Negative Balance Protection, which caps the maximum loss.

4. Fee Structure Breakdown

Mitrade employs a transparent, zero-commission model for opening and closing trades. The broker is compensated through the spread—the difference between the Buy (Ask) and Sell (Bid) price.

• Spreads: Mitrade offers floating spreads that widen or tighten in real-time based on underlying market liquidity and volatility. Prices are formulated using the issuer’s data sources to ensure competitive, real-time reflection of market conditions.
• Overnight Funding: An overnight funding fee (swap rate) applies if a leveraged CFD position is held open past the daily market cut-off, covering the cost of borrowing capital.
• Other Fees: Mitrade does not charge deposit or withdrawal fees, though traders may incur currency conversion or processing fees from intermediary banks or card providers.

5. Trading on Mitrade: Step-by-Step Guide

1. Open and Verify Your Account: Instantly create a Demo account with an email or mobile number. To transition to a Live account, complete the identity verification process (required by Australian Anti-Money Laundering laws) by uploading a government-issued photo ID and Proof of Address; verification is usually completed within one business day.
2. Fund Your Account: Navigate to the “Hub” and click “Deposit”. The minimum deposit is 100 AUD, and funds can be deposited in AUD, USD, or EUR.
3. Execute Your Trade: Use the “Trade” tab to search for Bitcoin (BTC). Select your trade size (starting from 0.01 contracts), set Stop-Loss or Take-Profit levels for risk management, and click “Buy” (go long) or “Sell” (go short). Leverage, such as 2:1, is available for Bitcoin CFD trading.

6. Platform Usability and Account Funding Details

Mitrade offers a proprietary trading platform via web browsers and mobile applications (iOS and Android), featuring a minimalist user interface designed for efficiency. The platform supports Mac users and provides powerful charting tools. Traders can seamlessly toggle between demo and live accounts and configure customisable alerts to receive updates via email, SMS, or push notifications.

Account Funding Policies:

• Deposits: Minimum deposit is 100 AUD. Third-party deposits are strictly prohibited; all bank cards or accounts used must be registered in the same name as the Mitrade account holder.
• Withdrawals: The minimum withdrawal amount is 20 AUD. Mitrade typically processes requests within 24 hours, but it may take 1 to 5 business days for funds to reflect in the bank account. New deposits are temporarily blocked if a withdrawal request is pending.

7. Conclusion

Mitrade serves as an exceptional, secure, and cost-effective alternative for Australian investors to access the cryptocurrency market through CFDs. By eliminating the complexities of digital wallets and exchange order books, and backed by stringent ASIC regulation, segregated accounts, and a responsive platform, Mitrade is suitable for a wide range of traders, from beginners to advanced short-term investors.