There are a lot of real brokers out there who would be happy to give you the best service possible. The one we’re talking about in this review, called MIT Broker, is not one of them, though. Instead, it is a pretty risky offshore company that can’t be counted on to give you reliable trading. The only thing you can be sure of if you put money into it is that it will hurt your bottom line. The company might have a good range of asset classes, such as Forex, Crypto, Indices, and Commodity pairs, but there is no reliable trading platform or trading conditions to use them on.
Also, and this is much worse, MIT Broker lies about its rules and address. It doesn’t give any of its clients the Terms and Conditions that will govern their relationship with the MIT broker, which is another huge red flag. In the current market, which is full of scammers of all kinds, this means that you shouldn’t trust any such brokerage.
Given all of this, we can’t recommend that you trade with MIT. Instead, we suggest you read the full review we wrote about it to find out more about the broker’s flaws:
MIT Broker license and regulation
First of all, here is the website’s false claim that the company is based in Switzerland:
A strict governing body keeps an eye on the market in the Swiss Federation. This group is called FINMA, and MIT says it is also regulated by it. It doesn’t give us a license number that we can look up in the FINMA register, and searching by name doesn’t turn up anything.
So, we can only say that this is another offshore MIT broker that pretends to work from a country with strict licensing but actually offers its services from a country that has no control over its Forex markets. Trading with them is very risky because of the following:
The main risks of trading with brokers who aren’t licensed
The MIT broker is not safe. MIT Broker is not licensed in any way, and most of the time, scammers run businesses like this. Because there isn’t much oversight, the criminals who run brokers like the one we’re looking at can just take your money, keep asking for more and more, and then cut you off and walk away with it when you stop depositing or run out of money. We’ve found that nine out of ten brokers are scams, and trading with them can only lead to your money being stolen. And the few times that offshore brokers actually care about giving their traders a legitimate service, the MIT broker usually end up going bankrupt. This is because most of the time, MIT broker aren’t well-equipped to deal with how competitive the markets are, so they fail and take their clients’ money with them. It’s clear that you need to trade with trustworthy Forex brokers. Here are India’s best companies like this:
India’s forex market
As for India, the country’s governing body put a stop to Forex trading in 2000. Even so, it is perfectly legal for clients to trade Forex on Indian stock exchanges like the Bombai Stock Exchange. India’s laws aren’t clear on whether or not Forex trading is allowed, which makes it hard to find a broker. Still, there are businesses that work in the country, have offices there, and even take cash deposits. Forex trading in India is hard to understand, and there isn’t an online database of licensed MIT broker. This makes it easy for scammers to take advantage of Indian clients.
For example, the most recent of these scams was caught in June 2022, and the two people behind it were able to get away with 30,000,000 rupees before they were caught. They told people they could invest in a Forex trading company, and 37 of them gave them their money. The number of scam victims is still unknown, and as the case goes on, more scam victims and losses may be found.
The dirty tricks of offshore brokers
Most offshore MIT broker do at least one of the following things. They are used to keep customers from getting their money out, which is a bad thing. Watch out for the following signs:
Bonuses, but you have to trade a lot to get them
MIT gives out a nice “Welcome bonus.” Since we didn’t have access to its legal information, we don’t know if there are any other rules that go along with the bonus. But unlicensed businesses often have a clause that makes their promotions work against the trader. There is a high trading volume that must be reached before it is possible to withdraw. The size of that volume is completely ridiculous—sometimes it’s as much as a few thousand times the number of bonus issues. So, it becomes almost impossible to get to one’s money. Be careful about who you accept deposit incentives from!
Fake profits and 20% fees to get money out
Offshore MIT broker have come up with two more ways to limit withdrawals, which they use a very scary amount of the time. These are fake profits and high fees to get your money back. On the first point, these kinds of brokers usually make it look like not only is your money being traded, but you are also making huge and unbelievable profits. Of course, that’s just a way for them to try to get you to deposit more money so they can make more money off of your wins. They also use psychological tricks to get you to do what they want. For example, they play on your fear of missing out on these profits. But when you try to take out these “profits,” your request will be turned down. That’s because they don’t exist. As soon as you put your money in, it was stolen.
And to discourage withdrawals in a more direct way, MIT broker charge high fees every time you try to get your money out. These fees can be more than 20% of what you take out. Please keep in mind that MIT brokers no longer charge any fees to withdraw money. Withdrawal fees are seen as something from the past. When you make a withdrawal, the only fees you’ll have to pay with a legitimate MIT broker are either very small or paid by a third party, like a payment processor.
MIT Broker software for trading
It has some simple features, and clients can keep track of their open and closed positions. choose from different time frames, etc. With MT5, you could do more advanced things like trades that are done automatically, but these are not available. Even though many unlicensed brokers have good platforms, that doesn’t mean it’s smart to trade with them.
That’s because they are very easy to manipulate. It might look like your money is being traded, but nothing of the sort is happening. In reality, the MIT broker usually keeps the money you deposit as soon as he or she gets it, and the trading activity shown on the platform is made up.
Metatrader 5, or MT5, is the most popular PC trading platform these days. This is true for a number of reasons, including the fact that the platform has many cutting-edge features and is at the forefront of innovation in the field. But it has the benefit of being very easy to use and having a complete and user-friendly interface. MetaQuotes, the company that made it, is also very committed to making it better by adding new features and improving the ones that are already there. This makes it the best software you could hope for.
MetaQuotes has already given the world a great trading platform: Metatrader 4, which is the platform that came before MT5 and for which updates are no longer being made. MetaQuotes says that the old software is a product of its time and that its 32-bit architecture makes it too limited. On the other hand, MT5 has a 64-bit architecture that is up-to-date. Because of this, the platform’s creators have been able to add more features. There are now more than twice as many timeframes as on the older platform. MT5 has 21 tools, while Metatrader 4 only has 9.
Of course, the thing that made both platforms stand out from their competitors in the first place was the addition of automated trading through “expert advisers.” These are trading bots that Metatrader users create and sell in-platform. Because of this, MT4 has a tight-knit community that still uses the software to this day. MT5 also comes with automated trading, which is better than ever.
MetaQuotes regularly releases updates that add useful features to the platform, so the list of things it can do is always growing. At the time this was written, the most recent one improved the experience for new users by showing a tutorial when the platform was first opened. This tutorial goes into a lot of detail. It has seven chapters that walk a new user through the charting tools, community services, and much more that the platform has to offer.
If you don’t have a PC or don’t want to install anything, you can still use the platform easily with one of its many other versions. There is, for example, the platform’s web version, which is free and works with all browsers. And if you want to trade while you’re on the go, there are two mobile Metatrader 5 distributions that can give you a great trading experience on your Android or IOS phone. At the time this was written, Google Play said that over 10 million people had downloaded apps for the Android platform, with more than 374,000 ratings and an impressive average score of 4.5 stars. Metatrader 5 for IOS has a rating of 4.7/5 stars on the AppStore, out of more than 16,700 ratings.
Conditions for trading with MIT Broker
The terms of doing business with MIT are not very good. First of all, we don’t know how much leverage the MIT broker offers because it’s not on the site or in the platform. Spreads start at 1 pip for major FX pairs like EURUSD. That’s a bit more than the average, but it’s still less than that.
MIT Broker’s methods and fees for making deposits and withdrawals
MIT takes deposits from credit cards through a company called Trust Pay, as well as from wire transfers and cryptocurrency. It’s important to note that the minimum deposit for all of them is $250. That’s not really acceptable these days, when a micro account at a legitimate company costs about $10. Offshore businesses like this one usually charge more because they want to take as much of your money as possible, so a high entry fee could be a sign that you’re being scammed.
The most common ways to pay in India
We have talked more about the Indian market and how the country regulates Forex brokers in the past. This shows how Indian Forex traders make deposits. Indian banks can’t handle wire transfers that go to Forex brokers. Also, Indian merchants cannot accept credit card payments. Most of the time, they use PayPal, Skrill, or Neteller to get around the rules. Out of the three wallets, PayPal is by far the most popular.
MPSA and UPI are two other tools that Indians often use to pay for things.
INR accounts at forex brokers
Based on what we said about how India regulates its markets, you might think that there are no brokers that use the INR as their base account currency. But there are some companies that give clients access to accounts in INR, which is helpful for people who don’t want to deal with changing their money.
MIT Broker pros and cons
Pros:
- MIT doesn’t have any.
Cons:
- Unlicensed broker
- Lies that MT5 is available.
- Extreme entry cost
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