Note: MIT's official website: https://mit-ic.com/ is currently inaccessible normally.
MIT Information
MIT, short for Market Intelligence Team, is a Switzerland-based brokerage company offering trading services in forex, indices, commodities and cryptos. It claims to offer the world-recognized MT5 trading platform, but the accessed interface is shabby with limited functions. Furthermore, the broker does not maintain accessible website so far. Worst of all, it is not regulated by any regulatory authorities.
Is MIT Legit?
The broker operates without any valid supervision from any regulatory authorities. It raises a question about its legitimacy and credibility because regulated brokers usually adhere to strict industry standards to protect customer funds.
Downsides of MIT
Unavailable website: MIT's website cannot be opened currently.
Regulatory concerns: The company operates without any regulations, meanig that it does not comply to rules from any regulatory authorities. This heightens trading risks with them.
High minimum deposit: MIT's minimum deposit is set at $250, relatively high comparing to reputable brokers who usually requre below $100.
Limited transparency: The broker does not disclose ample information about its trading conditions such as leverage, account details or commissions.
Invalid MT5 platform: Though the broker claims to offer MT5 platform, the link direct to another simplistic and rough interface which is definitely not the advanced MT5 platform, bringing potential hidden risks of viruses and money stealing.
What Can I Trade on MIT?
MIT provides trading services to several trading instruments, mainly in 3 asset classes.
Forex: A global decentralized marketplace for trading national currencies against one another.
Indices: Statistical measures that represent the performance of a group of stocks, helping investors gauge market trends and economic health.
Commodities: Raw materials or primary agricultural products that can be bought and sold, typically traded on exchanges, such as oil, gold, and wheat.
Cryptos: Digital or virtual currencies that use cryptography for security and operate on decentralized networks based on blockchain technology.
It's always suggested to scatter risks with investment in different products instead of a single one because there's never 100% promise of gains in any products.
Accounts
MIT does not disclose any information about its account details, but it's mentioned on Internet that its minimum deposit requirement is $250, a little high comparing to reputable brokers who usually set the barrier below $100.
The spread for major currency EURUSD is around 1 pip.
Trading Platform
The broker claims to offer the web version of the market dominating platform- MetaTrader5, for trading.
However, when the tester registered an account and tried to access the platform, they only got a shabby interface with only limited basic functions such as open and close positions. More advanced and robust functions such as automated trade execution are not available, indicating that the broker might pretend to offer MT5 but it's just advertising only.
Deposit & Withdrawal
MIT accepts deposits and withdrawals via VISA and MasterCard, bank wire and cryptocurrency by USD Tethers.
