MultiBank Review 2019 | Is MultiBank a Scam or Legit Forex Broker?
Rating breakdown
MultiBank Overview
Multibank Group is a broker that offers trading of FX, Share CFDs, Metals and Cryptocurrencies, across a range of proprietary platforms that bridge to the MT4 platform.
| # | Broker's Features | MULTIBANK Availability |
|---|---|---|
| # | Commissions | ❌ |
| # | Hedging | ❌ |
| # | PAMM | ❌ |
| # | Scalping | ❌ |
| # | Accepts US traders | ❌ |
| # | 24 hour trading | ✔ |
| # | Swaps | ✔ |
| # | Demo account | ✔ |
| # | Daily analysis | ❌ |
| # | Automated trading | ✔ |
| # | Mobile trading | ✔ |
| # | Trading by phone | ❌ |
| # | 1st deposit bonus | ❌ |
| # | Forex contests competitions | ❌ |
| # | Bonuses Promotions | ✔ |
| # | Interest charges on the balance | ❌ |
| # | Free education | ❌ |
| # | Expert advisors | ❌ |
| # | Partnership programs | ❌ |
| # | Trust management | ❌ |
| # | 24 hour support | ✔ |
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review MultiBank.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. MultiBank offers Online Financial Trading and Investment Services Such as Forex, Metals, Shares, Indices, Commodities, Crypt.
Tradable Products: MultiBank Grouppresents hundreds of trading instruments from across different global exchanges including 27 currencies, 2 metals, 6 indices, 4 commodities and 1000+ share CFD’s (with option to demand shares the company don’t automatically offer).
Broker Type: Many types of brokers can be found in the most dynamic market in the world. MultiBank is ECN Broker.
Features: Unique trading features are made possible by some great trading tools including expert advisors for automated trading, VPS which speeds up trading and money managed accounts.
MultiBank allows you to execute a minimum trade of 0.01. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument.
Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. MultiBank recommended minimum capital is $50.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. MultiBank is regulated by ASIC, BaFin, FMA, CNMV, FSC, CIMA, RAK. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Investor Protection & Regulations: Multibank is regulated in multiple jurisdictions, giving it a stamp of authenticity and giving its traders a deep sense of assurance. Security of trading accounts and user data on MultiBank is achieved in several ways, through encryption technology, Know your customer protocol, segregation of client funds and the broker being well capitalized.
Account currencies: Next lets consider the Account currencies each broker offers. MultiBank offers USD, GBP, EUR, JPY, CHF, AUD, NZD, CAD different account currencies for each account types.
Account Openning: Trade from a single type of live account, or choose the Sharia-compliant account. Live account conditions depend on the chosen platform. Demo account is also available for practice trading
MultiBank offers a demo account for practicing trading skills and get familiar with the broker’s trading platform.
Languages Available: Next lets have a look at each broker's different Language options. MultiBank offers English, Spanish, Italian, French, German, Portugu.
Payment methods: Next lets have a look at each broker's payment options. MultiBank offers Credit/Debit Cards, bank wire, Skrill, Neteller, Pay Trus different payment methods for each account types.
Deposit and withdrawal: Choose from multiple deposit/withdrawal options including bank wires, credit cards and e-wallets. Transactions are processed in 24 hours.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, MultiBank makes MT4, MT5, WebTrader available to clients.
Web & Desktop Trading Platforms: Choose from three proprietary platforms with MultiBank which bridge with the MT4 platform. Note – the platform you choose will dictate the account conditions.
Mobile Trading Platforms: A generic mobile trader can be downloaded from the Mql5 Community website or from the respective app stores
Trader Education
Multibank offers very limited trader education resources.
Promotions
Multibank features low spreads starting from just 0.1 on the benchmark EUR/USD pair on the ECN Pro platform. This goes up for the Maximus platform which is the equivalent to a standard account.
Support
MultiBank’s customer support can be accessed using live chat, email, phone and social media 24 hours a day in 10 different languages. Live chat may be fastest way to get a response, although the support rep wasn’t extremely helpful.
Recup
MultiBank has been at the forefront of pushing its MT4-ECN bridge software to enable traders participate directly at the interbank market without the excruciating cost requirements that go with this activity. Regulation is at the very heart of consumer protection in the FX market. By being regulated in multiple jurisdictions, MultiBank is committed to providing a safe and regulated environment so its traders can trade with peace of mind.
Final Thoughts
MultiBank lack of a comprehensive trader education suite. There is a need to enhance this aspect of its product offering so as to make it easier for new traders to kick-start their trading careers effectively.
Trading Experience
Traders have a good experience with MultiBank’s platforms. The company has won a variety of awards and due to its highly regulated status can be trusted to provide transparent trading services.