MultiBank General Information
| ๐ค Broker Name : | MultiBank |
|---|---|
| ๐ฃ Company Name : | MEX Group Worldwide Limited |
| ๐ Foundation Year : | 2005 |
| โ Regulated by : | ASIC, BAFIN, CIMA, FMA, TFG, HKCE, MAS, AUSTRAC, BVI, VFSC |
| ๐ข Headquarters : | Hong Kong |
| ๐ Broker Type : | STP/ECN |
๐ต MultiBank Minimum Deposit : | 50 USD |
| ๐น Maximum Leverage : | 1:500 |
| ๐ฑ Base Currency : | USD, AUD, GBP, EUR, CAD, CHF |
| ๐บ๐ธ US Traders : |
Our MultiBank Review
Multibank Group prides itself as one of the worldโs largest online financial derivatives providers. Founded in California, USA in 2005, MultiBank is headquartered in Hong Kong but has offices in 25 countries across Asia, Europe, Africa, Australia, and North America. The broker boasts of over 280,000 clients from about 90 countries worldwide.
MultiBank gives its clients access to raw spreads starting from 0.0 pips via its proprietary Electronic trading network (ECN). Clientsโ trades are executed within fractions of a second. The brand owns and operates the โMEX exchangeโ; which allows institutions and clients to trade forex and other financial derivatives.
The MetaTrader platforms (MT4 and MT5) are the only platforms offered by MultiBank to all its clients. All trading styles are allowed; you can create, rent, buy and install your expert advisors (EAs) on any of the platforms. With over 40 industry awards to its credit, MultiBank review stands tall as a global broker.
Pros
Table of Contents
- Regulated in up to 9 jurisdictions; by the ASIC, BAFIN, CIMA, FMA, TFG, HKCE, MAS, AUSTRAC, BVI, VFSC
- Social trading and MAMM/PAMM accounts are available.
- VPS is provided for all clients at no extra cost.
- ECN trading with spreads starting from 0.0pips and leverage up to 1:500
Nano-second executions with no requote and no rejections.
Cons
- US clients are not allowed.
- An inactivity fee of $60 is charged from dormant accounts.
- No training resources are provided.
- High opening deposit for ECN Pro account.
MultiBank Security and Regulation
MultiBank Group and its subsidiaries are regulated in the following jurisdictions:
- Australian Securities and Investment Commission (ASIC).
- Financial Market Authority (FMA) of Austria.
- Federal Financial Supervisory Authority (BaFin) of Germany.
- National Securities Market Commission (CNMV) of Spain.
- Cayman Islands Monetary Authority (CIMA)
- And more.
Clientsโ funds are maintained in segregated accounts which are kept differently from the brokerโs operating funds. This keeps all deposits safe as it is only used to fund clientsโ trade positions.
Furthermore, MultiBank Review has a paid-up capital of $322 million, so, it is a financially stable company. It has also implemented a secured socket layer (SSL) on its website to protect its clients from cyber attacks.
Trading Instruments
MultiBank states that it offers its clients over 1,000 trading instruments on its platforms. They are as follows
- More than 55 currency pairs.
- Over 20,000 share CFDs
- 5 spot and futures commodities
- 6 indices
- 2 Precious metals
- 5 cryptocurrencies
MultiBank Review Account opening
You need to create an account with MultiBank before can begin trading. To do that, click on โopen accountโ from the websiteโs homepage. You can also navigate to โlive accountโ under โaccountsโ on the menu bar. Fill the 2-page form that displays. Enter your name, phone number, and email. Phone verification is required before the form can be submitted. A 6-digit code will be sent to your phone number, enter it immediately and your phone will be verified, then, you can submit the form to continue.
Choose your account type, platform, and leverage; also input your source of funds and employment status. Then, upload your KYC documents and submit them. You will be prompted to verify your email after which you will be sent another mail containing your login details to the trading platform as well as the clientsโ area known as โMy MultiBankโ. From there, you can make a deposit, download the platform, and start trading.
Deposits and Withdrawals
MultiBank accepts various methods of payment. The option available to you depends on your country of residence and regulatory authority. Below are the payment options:
Bank transfer
This is available in up to 8 currencies. The major problem with bank transfers is that it takes a lot of time before it is completed; typically 2-7 days.
Credit/Debit cards
Deposits made with cards issued by Visa and MasterCard can be used for deposits as well as withdrawals.
E-payments
Neteller, Skrill, Perfect Money, PayTrust, PaymentAsia, POLi, GlobePay, ThunderX pay, and AwePay are the online payment options available. Payment is fast and completed within 24 hours.
Cryptocurrencies
The accepted cryptos are Bitcoin and Tether.
Fees and account types
MultiBank offers up to 8 account currencies; USD, GBP, EUR, JPY, CHF, AUD, NZD, and CAD. There are no fees for deposits; withdrawals are processed within a working day. The broker did not state the withdrawal charges for each method. For all accounts, the maximum leverage is 1:500 and clients can trade on either the MT4 or MT5 trading platform. MultiBank offers the following account types:
Standard
Only $50 is required to open the Standard account. The EURUSD spreads is 1.5 pips and no commissions are charged.
MultiBank Pro
The EURUSD spread starts from 0.8 pips. A minimum of $1,000 is required to open this account. There are no commissions because the trading fees are incorporated into the spread.
ECN Pro
This is the premium account designed for professionals who need direct market access. The minimum balance required is $5,000 and the EURUSD spread starts from 0.1 pips. The commission is $3 per lot and it is charged on forex pairs.
Demo accounts
Creating a demo account is free and easy. It comes with up to $100,000 in virtual currency. All account types are available on the demo account. It is available on both MT4 and MT5.
Islamic accounts
Swap-free Islamic accounts are available on request. The request can be made by filling the form available on the website.
MultiBank will charge $60 every month from accounts that have no activity for 3 consecutive months.
Trading platform
MultiBank offers its clients the MetaTrader platforms; MT4 and MT5. Both platforms were developed by โMetaQuotes Software Corpโ. The MT4 was launched in 2005 while the MT5 was released in 2010. The platforms are sophisticated and come with excellent tools for trading, order management, and technical analysis. The MT4 is currently the most widely used trading platform among forex and CFD traders worldwide.
In terms of the physical interface, both platforms look exactly the same and perform similar functions except that the MT5 has more features. For instance, the MT4 comes with 30 technical indicators while the MT5 comes with 38. MT4 charts can be viewed on 9 timeframes while MT5 has 21 timeframes. MT5 comes with up to 6 pending orders and incorporates an economic calendar.
Both platforms support automated trading through Expert Advisors (EAs) but they are not compatible. EAs that run on the MT4 will not run on the MT5; perhaps that is why the MT5 cannot replace the MT4. Both platforms run parallel on a system as an MT5 installation does not upgrade an already existing MT4 installation.
MultiBank clients can access each of the platforms as WebTrader, windows desktop application, and mobile apps that are downloadable on iOS and Android devices.
Tools
VPS
Courtesy of its hosting partners, MultiBank provides free VPS services to all its clients on request. VPS is necessary for expert traders, social traders, EA users, and other traders who deploy complex trading systems. It ensures a 24/7 uninterrupted connection to the trading servers so that clients can trade from anywhere with negligible latency. Interested clients can complete and submit the โVPS requestโ form available on the website.
MAM and PAMM accounts
MultiBank provides Multi-account managers (MAM) software which is used by experts to control and trade several accounts at the same time. The interface is friendly and trade positions can be opened and closed in several accounts at the same time.
FIX API
This is a powerful solution for institutions and individuals who trade large volumes and so, desires direct access to the markets. Start the process by completing the form provided on the website.
Social trading
MultiBank offers social trading for both investors and signal providers. If you are a seasoned trader and wish to make money by allowing newbies to copy your trades, then, register as a signal provider. Investors will search the leader board, select traders to copy, and watch the system automatically replicate the trades of the signal providers in their own accounts. The signal providers are compensated from profit percentages deducted from their copierโs accounts.
Customer care
Multibank Group has a large customer support team drawn from different nations. The team can be reached on phone on a 24/7 basis and speaks over 10 languages. There are over 45 customer service phone numbers from different countries. To reach the team on phone, just choose the phone number closest to your country. You can also schedule a โcall backโ by filling the online form and submitting your phone number and email. A support representative will get back to you as soon as possible. On the website, chat attendants are available 24/7 to answer any question or resolve any issues that you may have. A WhatsApp number is also available for chatting. You can also get support by filling the โemail usโ form.
On social media, MultiBank is on Facebook, Twitter, YouTube, Instagram, and LinkedIn. Retail or institutional traders can fill a form to request for video conference. The medium is โMicrosoft Teamsโ or โZoomโ; each of the apps can be downloaded from the โsupportโ page.
Bonus and Promotions
Here are the bonuses available:
- 20% bonus: Maximus and MultiBank Pro account holders are encouraged to deposit at least $1,000 to be eligible. The maximum bonus for each client is capped at $40,000.
- Imperial bonus: All new accounts are eligible for this bonus capped at $5,000. It is only for first-time deposits and is given according to the deposit made. For instance, a deposit of $200-$999 deposit gets $40 bonus, $50,000+ gets $5,000. The bonus can be lost if it is not used within 3 months and if the trader does not meet the trading requirements. For example; $40 bonus is expected to trade 40 lots while a $5,000 bonus recipient should trade at least 1,520 lots.
- Loyalty bonus: This is designed for faithful long-term clients. The bonus ranges from $40 to $3,500 and it is not given on initial deposits. It must be used within 3 months by trading the required lots.
Refer a friend bonus: Refer a friend to signup with MultiBank and both of you could win up to $400. Your friend must deposit at least $1,000 and both of you will win $100 each but if he deposits up to $10,000 or more, you will both win $400.
Summary
MultiBank is a multi-award-winning global forex and CFD broker that also operates a forex and derivatives exchange (MEX). The brokerage has been in operation for over 15 years and has expanded to multiple countries across the world. Regulated in several jurisdictions, the broker ensures that the client’s funds are safe and it has deployed modern technology in all its operations.
Through its ECN network, MultiBank is able to offer deep liquidity, tight spreads, and lightning-speed trade executions. You can pay with the most common payment methods in up to 8 popular currencies.
But, MultiBank has no training resources to teach beginner traders and no comprehensive market insights or analysis from experts. Even the available social trading is lacking signal providers. The inactivity fees charged is high when compared to other brokers. The minimum deposit required for the ECN Pro account is very high, though only $50 is required for the Maximus account.
In conclusion, MultiBank is a global broker that has a large client base, is well regulated, and reliable.
Trading Preference
| ๐ฎ Demo Account : | |
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| ๐ Mini Account : | |
| ๐ Standard Account : | |
| โจ VIP Account : | |
| ๐ Segregated Account : | |
| โช๏ธ Islamic Account : | |
| ๐ Managed Account : |
Payment Options
| ๐ณ Deposit Methods : | Wire Transfer, Credit card, Debit card, Neteller, Skrill, Union Pay, PayTrust, SEPA, Bitcoin, AwePay, GlobePay, Thunder X Pay, Poli Payment |
|---|---|
| ๐ณ Withdrawal Methods : | Wire Transfer, Credit card, Debit card, Neteller, Skrill, Union Pay, PayTrust, SEPA, Bitcoin, AwePay, GlobePay, Thunder X Pay, Poli Payment |
Trading Features
| ๐ Trading Platforms : | MetaTrader, Proprietary platform |
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| ๐ Hedging : | |
| ๐ Scalping : | |
| ๐ฑ Mobile Trading : | |
| ๐ป Web Trading : | |
| ๐ฐ Trading News : |
Trading Instruments
| ๐ ETFs : | |
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| ๐ Crypto Currency : |
Promotion
| ๐ No Deposit Bonus : | |
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| ๐ Deposit Bonus : | |
| ๐ Other's Promotion : |
Support
| ๐ฅ 24-Hours Support : | |
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| ๐ฅ Support During Weekends : | |
| ๐ฌ Live Chat : |
Contact Information
| ๐ Website : | |
|---|---|
| ๐ง E-mail : | [email protected] |
| โ๏ธ Telephone : | +44 20 3953 8381 |
| ๐ Fax : | +1 213 992 4748 |
| ๐ฎ Address : | Hong Kong |
Best customer service!!! I can really say that they don’t leave their clients hanging whenever there’s a problem regarding my account
They said they have guaranteed negative balance protection, which is not true if you look at their terms and conditions.
So good customer service
One of the worst broker i ever traded with.
A lot of manipulation have been done during nights to take out some stops only to make more money. This broker openly manipulates cotations to reach out some levels to take out some orders. I have compared it with others brokers and they do not display the same prices at the same moment, especially during nights. I do not recommend this broker. If liteclaim.com. expertise was found wanting at the point i found out about this broker scam schemes,
scammed