Read this Multibank FX broker review before opening your account. Is Multibank FX (Multibank Group) a Scam or Reliable Forex Broker? What are the benefits of trading with this broker? Unbiased trader review about this international CFDs provider.
MultiBank Group which started off in the US in 2005, has now its headquarters in Hong-Kong. Following changes to the FX brokerage industry in the US, the company diversified its operations into Europe, the MENA region, Australia and the British Virgin Islands. Multibank Group is a broker that offers multiple currencies, shares, metals, CFDs, metals, cryptocurrencies, etc. across a range of proprietary platforms that bridge to the MT4 platform.
The company currently operates in 15 jurisdictions, helping to deliver forex brokerage services to the target market in these areas.
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For the above mentioned, we stand on our toes checking all the ins and outs in a broker’s business history, biography and reputation. The very same standards apply in the case of this Multibank FX broker review. Please see the following article on how we conduct our broker reviews.
In this review, we look into the MultiBank Group.
MultiBank was established in California, USA, in 2005. Currently, the company has its headquarters in Hong Kong. Combining prime liquidity, cutting edge technology and first-class customer service, MultiBank delivers advanced trading platforms and tight pricing in online ﬁnancial products, including Forex, Metals, Shares, Commodities, and Indices. MultiBank Group boasts a daily trading volume in excess of $6.2 billion and provides services to over 320,000 clients across 90 countries worldwide.
MultiBank comprises a number of companies that are licensed and regulated worldwide through relevant authorities including ASIC in Australia, BaFin in Germany, FMA in Austria, CNMV in Spain, FSC in the BVI, CIMA in the Caymans and RAK in the UAE.
We asked MultiBank FX what makes you different? What is the mission of Multibank FX?
"Our mission is to provide exceptional products and services to their clients and to continue heavy investments into technology and regulations to benefit the customers and the forex industry as a whole." the company representative told AtoZMarkets.
Furthermore, the company is keen on its client fund protection. Therefore, they offer negative fund protection.
The company has a long history and originates from one of the toughest markets, the CFTC guided US Market.
Traders can use two trading platforms from MultiBank FX:
- Multibank FX Exchange
MT4 - like many others
Like many Forex brokers, MultiBank FX offers MetaTrader4 platform to its customers. The MetaTrader 4 is an independent trading platform, developed for trading FX, commodities and other products and is one of the most advanced and easy platforms to use. However, MultiBank FX does not provide the MetaTrader5 trading platform yet, which is still common in the FX market these days.
In addition to the wide range of markets available to trade, the MultiBank FX trading platform provides traders with a multilingual interface, instant execution. The company also offers built-in help guides for MT4 and MetaQuotes Language 4, a complete technical analysis package including a wide range of in-built indicators and charting tools, various custom indicators and time periods and more.
There is no restriction for EA trading. Traders can create and test their automated trading strategies by using the MetaEditor, Strategy Tester and Compiler tools within the MT4 platform. Alternatively, you can also see some of the available trading strategies on our trading tools directory.
With the MetaEditor automated trading system, clients may create Expert Advisors, software programs enabling traders to constantly monitor the markets. Custom Indicators help traders to predict future price movements by analyzing past and current price information.
Like most of the MT4 brokers, you can use the Multibank FX platform on iPhones, iPads, Multi-Terminal, and all Android devices.
Multibank Exchange Platform
On the other hand, the firm provides the Multibank Exchange Platform which is a new state-of-the-art cutting edge Exchange being a powerful trading system that creates a new era in online trading.
MultiBank Group provides three different types of accounts to its clients.
1. ECN Pro: The ECN Pro account allows trading with floating spreads starting at a minimum of 0.1 pips under typical market conditions, as well as commission. As its name suggests, the account is of the no dealing desk ECN type. This account is available through the MetaTrader 4 platform.
2. MultiBank Pro: The MultiBank Pro account allows trading with floating spreads starting at a minimum of 0.8 pips under typical market conditions, without commission.
3. Maximus: The Maximus account allows trading with spreads starting at a minimum of 1.4 pips under typical market conditions, without commission. The account is fully STP and is available through the Metatrader4 platform.
MultiBank's clients can trade popular cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin.
Conditions in detail:
- Trading model: Hybrid Type (STP and market maker)
- Decimal Pricing: Five digits
- Scalping: No
- Hedging: Yes
- Minimum deposit: $50 USD
- Type of execution: Market
- Deposit & withdrawal methods: Bank Wire, Credit/Debit Card, PayPal, Skrill, Neteller, Cryptocurrencies(Bitcoin), Webmoney
- Spread type: variable
- Leverage: up to 1:500
- Expert advisor: Allowed and enabled
- Account Currency Base: USD.
Depositing funds into a MultiBank Group account is an easy and secure process. Funding can be done using a wide range of methods, including credit cards, debit cards, Neteller, Skrill, FasaPay, UnionPay and wire transfers. Withdrawals can be made over the website. Also, MultiBank Group does not impose any minimums requirements on deposits or withdrawals
MultiBank Group is available to contact 24/5 using several methods, including telephonic support, e-mail, direct live chat, and video conference. Support is localized to the different offices located around the world, with dedicated phone consultants for 41 different countries ensuring that someone is available to resolve the query in a native language. However, this service can only be available during the business hours of that particular country.
MultiBank Group has licenses and regulations across 4 continents and works with financial regulators across various jurisdictions to provide investor protection.
MultiBank Group is licensed and regulated by ASIC, BaFin, FMA, CNMV, FSC, CIMA, RAK.
As per our research, MultiBank is secure, reliable and regulated and provide a professional trading environment for clients who are new or professional in Forex or CFD trading, however, we always recommend to do your own research before opening an account with MultiBank Group.