MultiBank Group

MultiBank Group Overview

MultiBank Group was established in California, USA, in 2005. It offers online trading services in forex, metals, shares, indices, commodities, and cryptocurrencies. MultiBank Group claims to have a strong presence in the Asia-Pacific region, with offices in China, the Philippines, and Malaysia, among others. The broker also emphasizes its commitment to providing clients with competitive pricing, advanced trading tools, and a high level of customer support .

Pros & Cons

On the one hand, MultiBank Group offers competitive spreads and low minimum deposit requirement, which can be great for beginner traders or those on a budget. They also have a variety of account types to choose from, including demo accounts and Islamic accounts for those who follow Sharia law.

On the other hand, the minimum deposit requirement on the Pro and ECN accounts is extremely high.

Is MultiBank Group Legit？

MultiBank Group (operated by MEX Global Financial Services LLC) is a legitimate broker:

MEX AUSTRALIA PTY LTD is authorized and regulated by the Australia Securities & Investment Commission (ASIC), with regulatory license number: 416279.

MEX Europe Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CYSEC), with regulatory license number: 430/23.

MEX GLOBAL MARKETS PTE. LTD is authorized and regulated by the Monetary Authority of Singapore (MAS), with the regulatory license number: CMS101174.

MEX GLOBAL FINANCIAL SERVICES L.L.C, its entity in the United Arab Emirates, is regulated by the Securities and Commodities Authority (SCA), , holding a Retail Forex License under license no.20200000045.

These regulatory bodies have set guidelines and rules that brokers must comply with to ensure the safety and security of their clients' funds.

Additionally, MultiBank Group has several measures in place that indicate it operates legitimately. The provision of a $1 million excess loss insurance per account, coupled with negative balance protection and segregated client accounts, are all signs of a broker that takes the safety and protection of its clients' funds seriously. The significant paid-up capital and a respectable “B” rating with Standard & Poor's further emphasize the broker's financial strength and stability. Also, it's noteworthy that the broker holds its funds with Tier 1 banks, which are deemed to be the safest and most reliable in the banking industry.

Always ensure to do sufficient due diligence and research the broker's status, read reviews and fully understand the terms and conditions before deciding to trade with any broker. Remember, regardless of these protective measures, trading always involves significant risks.

Market Instruments

MultiBank Group offers six classes of tradable assests to its traders, covering forex, metals, shares, indices, commodities, and cryptocurrencies. Traders can access more than 20,000 trading instruments across different markets, allowing them to diversify their portfolios and take advantage of different market conditions.

With the availability of multiple asset classes, MultiBank Group targets a broader client base, from beginners to experienced professionals, who have different risk appetites and trading strategies.

Account Types

MultiBank Group has made investors covered with its multiple trading account types, namely the Standard account, the Pro account, and the ECN account.

The Standard account is designed for novice traders who want to start trading with an average deposit amount of $50. This account offers spreads from 1.5 pips, and the minimum deposit requirement is relatively low, making it accessible to traders with different budget levels.

The Pro account is designed for more experienced traders who want access to more advanced trading tools and features, with a minimum deposit of $1,000. This account offers lower spreads than the Standard account, and traders can choose from either fixed or variable spreads depending on their preferences. The minimum deposit requirement is higher than the Standard account, but traders can benefit from more advanced features such as access to the MultiBank Pro platform, VPS services, and a dedicated account manager.

The ECN account targets professional traders who require direct access to the markets and require faster execution speeds. This account offers variable spreads and is connected directly to liquidity providers, resulting in tighter spreads and lower trading costs. The minimum deposit requirement is higher than the other two accounts, starting from $10,000, but traders can benefit from faster execution speeds, no requotes, and access to the MultiBank Pro platform, VPS services, and a dedicated account manager.

DBG Markets providing the option for demo accounts is a very beneficial feature for traders, especially beginners. A demo account allows users to practice trading with virtual funds, which can help traders understand the platform, test trading strategies and become comfortable with the process before trading with real money.

Additionally, DBG Markets offering Islamic, or swap-free, accounts is an important service for accommodating traders who must comply with Sharia law.

These accounts do not incur or reward overnight interest on the positions held, ensuring the trading practices align with Islamic principles. It's advisable for traders to understand the specifics of these diverse account types and choose the one that fits their requirements and values best.

How to Open an Account？

To start trading with MultiBank Group, the first step is to open an account. Fortunately, this process is simple and straightforward.

Step 1: Fill in the account registration form on their homepage. You will be required to provide some personal information such as your full name, mail address, nationality, account currency and password.

Step 2: After filling out the required fields, you will be asked to choose the type of account you wish to open. MultiBank Group offers three types of accounts - Standard, Pro, and ECN - each tailored to meet the varying needs of traders.

Step 3: The final step in the account opening process is to verify your identity and address. This is a regulatory requirement and is necessary to ensure the security of your account. To do this, you will need to upload a copy of your government-issued ID and a recent utility bill or bank statement showing your name and address.

Once your account has been approved and funded, you can begin trading a wide range of instruments with MultiBank Group.

Leverage

MultiBank Group offers flexible leverage ranging from 20:1 - 500:1. The exact amount of leverage depends on the trading instrument being used.

While leverage can magnify potential profits, it also amplifies potential losses. Traders should carefully consider their risk tolerance and use leverage responsibly. MultiBank Group also offers negative balance protection to help prevent traders from incurring losses greater than their account balance.

Spreads & Commissions

One important aspect of trading that all traders must consider is the cost involved in executing trades, and obviously, MultiBank Group understands this.

The spreads on offer depending on the type of trading account.

The spreads for its Standard account start from as low as 1.5 pips for major currency pairs. The Pro account has spreads from 0.8 pips, while the ECN account offers the tightest spreads from 0.0 pips. All charging no commissions.

Trading Platforms

MultiBank Group offers a robust selection of trading platforms that includes both MT4 and MT5 platforms, along with Web Trader versions for each, as well as MultiBank-Plus, available on mobile and web devices.

MultiBank-Plus:

MultiBank-Plus, from MultiBank Group, is an advanced trading platform that provides stable, real-time trading through a user-friendly interface on both web and mobile apps, enabling traders to experience next-generation trading anytime, anywhere.

Multibank MT4 Trading Platform:

Multibank's MT4 Trading Platform is favored by traders for its depth in analysis and robust trading features, providing access to forex, metals, shares, indices, commodities, and cryptocurrencies. The platform enables market order executions and provides over 80 technical indicators. Features like one-click trading and algorithmic trading with MQL5 enhance its functionality. Additionally, it supports social trading and integrates economic calendars and real-time financial news. Multibank's MT4 can be available on web and window devices and it can also be downloaded in Google Play and App Store.

Multibank MT5 Trading Platform:

Multibank's MT5 Trading Platform enhances its predecessor, MT4, by offering advanced functionalities and greater scripting flexibility for custom indicators and expert advisors. It supports trading on various assets covering forex, metals, and cryptocurrencies, and features market order execution, over 80 technical tools, and one-click trading. Key features include powerful algorithmic trading with MQL5, social trading capabilities, and integrated fundamental analysis tools. Similar to MT5, Multibank MT5 Trading Platform is also available on web and window devices, downloaded in Google Play and App Store.

Multibank WebTrader MT4

Multibank WebTrader MT4 provides a user-friendly, web-based trading platform that allows for direct access from any browser, combining the robust features of MT4 with the convenience of online accessibility without the need for any downloads.

Multibank WebTrader MT5

Multibank WebTrader MT5, similar to webtrader MT4, also provides a user-friendly, web-based trading platform that allows for direct access from any browser, combining the robust features of MT4 with the convenience of online accessibility without the need for any downloads.

Social Trading

Social trading is a popular feature offered by MultiBank Group, allowing traders to automatically copy the trades of experienced and successful traders. This can be a helpful tool for those who are new to trading or do not have the time or knowledge to make their own trading decisions.

However, it's important to remember that all trading involves risk, and past success doesn't guarantee future profits. Make sure to do your own research and understand the risks before you start trading.

Trading Tools

MultiBank Group offers a range of advanced trading tools to its clients, allowing them to enhance their trading experience and make informed decisions.

One of these trading tools is free VPS hosting, which allows traders to install their trading platforms on a virtual server, ensuring continuous operations even when their personal computers are switched off.

The provision of Expert Advisors, software that conducts automated trading following the strategies set by the trader, can be a significant advantage, especially for those who can't constantly monitor the markets.

For those managing multiple accounts, the broker provides MAM/PAMM (Multi-Account Manager/Percentage Allocation Management Module), a service that allows the simultaneous management of multiple trading accounts.

FIX API, which offers a direct connection with the interbank market for high-frequency trading, is another beneficial tool for professional traders offered by MultiBank Group.

Moreover, the broker offers numerous handy calculators including a Currency Converter, Fibonacci Calculator, Pivot Point Calculator, Stop Loss/Take Profit Levels Calculator, Margin Calculator, and Pip Value Calculator. These calculators can assist traders in making informed decisions by providing valuable insights into potential profits, losses, and various other trade parameters.

To top it all, the broker also provides an economic calendar, an indispensable tool for any trader that shows scheduled economic events which can have significant effects on the market.

All these services put together offer a comprehensive toolset to aid traders in navigating the trading arena more effectively. As always, it is advised to understand the functionalities and benefits of these tools and use them responsibly.

Deposits & Withdrawals

MultiBank Group offers limited options for both deposits and withdrawals, including credit/debit cards, bank transfer, Swift, and SEPA.

Deposits are typically processed within 24 hours, although bank wire transfers may take longer due to processing times at the bank's end. MultiBank Group does not charge any fees for deposits, but it is important to note that the payment provider may charge a fee depending on the payment method used.

For withdrawals, MultiBank Group aims to process requests within 24 hours, although it may take longer depending on the payment provider and method used. MultiBank Group does not charge any withdrawal fees, but it is important to note that the payment provider may charge a fee depending on the payment method used.

Bonus

MultiBank Group does indeed offer a deposit bonus of 20%, allowing for a maximum accumulation of up to $40,000. This bonus can constitute a significant benefit for traders as it provides additional capital to trade with. However, as you correctly mentioned, it's important to note that this bonus applies only to Pro and Standard accounts and does not extend to the ECN account.

Bear in mind that such bonuses often come with certain conditions and are usually not withdrawable until specific trading volume requirements are met. Therefore, prospective traders should thoroughly read and understand the terms and conditions of the bonus offer before opting to participate. As always, it's crucial that traders approach trading with a balanced mindset, understanding that profits are not guaranteed, and trading always involves risk.

Educational Resources

MultiBank Group does offer educational resources for traders. The educational resources provided by MultiBank Group include Introduction Courses, In-Depth Courses, and EBooks. The broker also offers demo accounts for traders to practice their trading skills without risking real money.

The Introduction Courses are likely designed for new traders, providing fundamental information about trading, financial markets and how to use the trading platform.

The In-Depth Courses probably provide more advanced knowledge, covering strategies, market analysis and risk management. This could be invaluable to intermediate and advanced traders looking to refine their trading skills and knowledge.

Lastly, the EBooks are likely comprehensive guides covering a broad spectrum of relevant trading topics. EBooks are an excellent resource as they allow you to learn at your own pace and refer back to the material as needed.

However, while these educational resources can be very useful, it's important to remember that trading involves significant risk, and no educational material can guarantee profitable trades. It's critical to make informed decisions and only risk capital that you can afford to lose.

Customer Support

MultiBank Group provides customer support to its clients through various channels, including phone (vary on the region), email: cs@multibankfx.com, live chat, online messaging, and social media (Facebook, Instagram, LinkedIn, YouTube, etc). The customer support team is available 24/7 and can assist with any account-related queries, technical issues, or general inquiries.

Furthermore, MultiBank Group offers multilingual support to cater to the needs of its diverse global clientele. The customer support team is knowledgeable and responsive, providing quick and efficient solutions to any problems or concerns raised by clients.

Conclusion

In conclusion, MultiBank Group is a well-established online forex and CFD broker that offers a range of trading instruments and account types. Its regulated status and wide range of trading platforms provide traders with a sense of security and a variety of options to suit their trading needs. The broker's competitive spreads and low fees make it an attractive option for traders of all levels.

MultiBank Group's customer support team is readily available to provide assistance to clients via multiple channels, and their response time is generally quick.

Frequently Asked Questions (FAQs)

Is MultiBank Group regulated well？

Yes. It is regulated by ASIC, CYSEC, and MAS.

Does MultiBank Group offer industry leading MT4 & MT5？

Yes. It supports MT4/5, MultiBank Trader 4/5, and Web Trader MT4/5.

Does MultiBank Group offer copy trading？

Yes. MultiBank Group offers a copy trading service that allows traders to automatically copy the trades of experienced traders. This can be a useful tool for those who are new to trading or want to diversify their portfolio.

What is the minimum deposit for MultiBank Group？

$50 for the Standard account, while much higher for the other account types.

Is MultiBank Group a good broker for beginners？

Being highly regulated and offering access to small-budget trading, Multibank appears to be a good option for beginners. Not to mention its rich educational content and user-friendly trading tools it offers.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.