MultiBank Review

Author By Jeffrey Cammack
Updated: March 4, 2021
Overall Rating
3.93 3.93 / 5
Rated #27 of 49 Recommended Brokers
Min. Deposit
USD 50
Regulators
Trading Desk
Trading Cost
USD 14
Website Language
English
Support Language
English
AlertAccepts South African Clients. Average spread on the EUR/USD is 1.40 pips on trading account with the lowest minimum deposit of 50 USD. Max leverage 500:1. Islamic account available. MT4/MT5 platform supported. MultiBank is regulated by ASIC, BaFIN, FMA, CNMV & DFSA .

Summary

Founded in 2005, MultiBank is a trustworthy global CFD and Forex broker. An STP, MultiBank is well-regulated and offers trading on a wide range of assets including forex, metals, shares, indices, commodities, and cryptocurrencies. MultiBank boasts competitive trading conditions, with two live commission-free accounts, and an ECN account with tight spreads. MultiBank also offers full support for the MT4 and MT5 platforms and allows hedging, scalping, and copy trading.

A drawback for beginner traders considering MultiBank is its lack of educational and market analysis materials. However, it offers a time-limited demo account, and customer service is responsive and available in eight different languages.

Reviews

Regulation
111104/ 5
Trading Conditions
111104/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
11110.54.5/ 5
Education & Research
10.50001.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
111104/ 5
Beginner Friendly
Standard
Bonuses
Up to 100% welcome bonus

Account Information

Base Currencies
USD, EUR, GBP, AUD, CAD
Number of FX Pairs
45
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
0.10 pips
Commission
3 USD/ lot
EUR/USD
0.1 pips
GBP/USD
0.3 pips
USD/JPY
0.2 pips
Max. Leverage
500:1

Company Details

Company Name
MEX Group Worldwide Limited
Founded
2005
Office Locations
China, and 24 more locations

Is MultiBank Safe?

Founded in 2005, and headquartered in Hong Kong, MultiBank is regulated by numerous top-tier authorities worldwide, including the Australian Securities and investments Commission (ASIC), the German Federal Financial Supervisory Authority (BaFin), the National Securities Market Commission (CNMV), and the Dubai Financial Services Authority (RAK).  See the following list of MultiBank Group registered companies:

  • ASIC MEX Exchange (Australia): Australian company number (ACN) 155084058, authorised and regulated by the Australian Securities & Investments Commission with AFSL number 416279.
  • BaFin Mex Asset Management (Germany): Authorised and regulated by the German Federal Financial Supervisory Authority with license number HRB 73406.
  • FMA MEX Asset management (Austria): The Austrian branch of the German management company, with license number 491129z.
  • CNMV Mex (Spain): MEX Spain is MultiBank’s Spanish branch based out of Barcelona, Spain, and is regulated by the National Securities Market Commission.
  • MultiBank FX International (British Islands): Authorised and regulated by the Financial Commission of the British Islands (FSC) with license number SIBA/L/14/1068.
  • Mex Australia Pty Ltd-DIFC (Dubai): Authorised and regulated by the Dubai Financial Services Authority with registration number F004403.
  • CIMA Mex Wealth Management (Dormant): Mex Wealth Management (Dormant) is a subsidiary in the Cayman Islands, and is regulated by the Cayman Islands Monetary Authority.

In addition to being well-regulated, MultiBank deposits all client funds in a segregated bank account and uses tier-1 banks (the safest and most secure) for this purpose. MultiBank also offers negative balance protection, which means that clients can lose all, but not more than the balance of their Trading Account.

Trading Accounts

MultiBank offers trading on three live accounts and a limited demo account. Variable spreads start at 1.40 pips, and commissions are charged on two of the accounts, however, the fee structure is not transparent. On the website, one can find only the spreads for each account type, but there is no information about the commissions. We had to collect this information by contacting the customer service, and discovered that a commission of 3 USD per lot per trade is charged on the ECN account.

Maximum leverage of 500:1 is available for Forex trading on over 55 FX pairs.  The minimum deposit is 50 USD on the Maximus account but is significantly higher on the ECN Pro and MultiBank Pro accounts at 5000 USD and 1000 USD respectively.  MultiBank also offers scalping, hedging, and copy-trading on all accounts. 

MultiBank offers Islamic Swap-free accounts and charges a quarterly dormancy fee of 60 USD, applicable after 3 consecutive months of inactivity.

MultiBank Accounts

ECN Pro

As the name implies, the account is an ECN type without a dealing desk.  ECN Pro accounts are professional trading accounts with floating spreads starting at 1.40 pips on the EUR/USD. The minimum deposit is 5000 USD, leverage is 500:1 and a commission of 3 USD is charged per lot.  The minimum transaction level is at 0.01 lots and Stop Out levels are at 50%.

MultiBank Pro Account

This account is ideal for MultiBank traders looking for an ECN experience on the MT4 platform with a lower minimum deposit of 1000 USD.  A commission-free account, fees are included in the spreads, which start at 0.80 pips.  Leverage is 500:1 and according to the MultiBank website, it guarantees no price slippage and no requotes.

Maximus Account

Maximus accounts are commission-free accounts, offering the lowest minimum deposit, at 50 USD. However, spreads are much wider, starting at 1.4 pips on the EUR/USD.  The minimum transaction level is at 0.01 lots, Stop Out levels are at 50%, and trading is available on over 45 FX pairs.

Demo Account

Those afraid to risk real money on trading will be glad to learn that MultiBank Group does indeed offer a Demo Account. The Demo account comes preloaded with $100,000 in virtual funds, and it provides access to all the above-listed platforms and financial products. Demo accounts expire after 90 days. 

Scroll for more detailsPreviousNext
Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
ECN
USD 5000
500:1
0.10
3 USD/ lot
Account Details
Maximus
USD 50
500:1
1.40
None
Account Details
MultibankPro
USD 1000
500:1
0.80
None
Account Details

Spreads and Commissions

Spreads are tight, starting at around 1.40 pips on the ECN account, 0.8 pips on the MultiBank Pro account, and 1.4 pips on the Maximus account.  A commission of 3 USD/lot per trade is charged on the ECN account, and fees are included in the spreads for the MultiBank Pro and Maximus accounts.

Deposits and Withdrawals

As a well-regulated broker, MultiBank ensures that all anti-Money Laundering rules and regulations are followed.  Deposits and withdrawals are free, and deposits are processed within 24 hours. In order to withdraw funds from an account, one has to submit a withdrawal request online using the MyMultiBank account area.  Accounts are denominated in USD, GBP, EUR, JPY, CHF, AUD, NZD, and CAD.  See the following list of methods for withdrawals and deposits:

  • Swift
  • Visa/Mastercard
  • Skrill
  • Neteller
  • PayTrust
  • Perfect Money
  • Payment Asia
  • ThunderX

MultiBank Deposits and withdrawals

Bonus Structure

MultiBank has a diverse range of active deals and promotions, including on-deposit bonuses, imperial bonuses, loyalty bonuses, and ‘refer a friend’ bonuses.  See the MultiBank website for more details.

MultiBank Bonuses

MultiBank for Beginners

Education and market analysis materials are lacking, making it a poor choice for beginner traders. However, it offers a limited demo account (which expires after 90 days), and customer service support is available 24/5 for all client-related and technical queries.    

Educational material

There is no educational content available on the MultiBank platform.  According to the support team, MultiBank does not provide these materials because it is against regulation. As many brokers with the same regulation as MultiBank offer excellent educational services, it is hard to understand this argument.

Market analysis Materials

Market analysis materials are limited to one blog with a helpful news section, but no up-to-date research sections.

Customer Support

MultiBank offers support in eight different languages, and help is available 24/5 via telephone, email, WhatsApp, and live chat. 

For the purposes of this review, we found the customer support to be responsive, but uninformed.

Trading Platforms

MultiBank offers forex trading on both MetaTrader4 (MT4) and MetaTrader5 (MT5), two of the industry’s leading platforms.   Both provide automated trading systems with expert advisors (EAs), and are simple to navigate yet offer a powerful range of features, charts, and analysis tools.

MultiBank Platforms

MetaTrader 4

MT4 was developed in 2005 and is still considered one of the best trading platforms on the Forex market.  It is simple and easy to use and allows traders to customise the interface to their trading needs.  Price tracking is made easy and accurate, with over 50 technical tools, 30 built-in indicators, plus multiple chart types and 9 timeframes.

MetaTrader 5

Developed in 2010, the MT5 platform offers all the features provided by MT4, in addition to improved trading functionalities and enhanced scripting tools for custom indicators.  It offers 80+ technical analysis indicators and analytical tools and powerful algorithmic trading with built-in MQL5 development.  In addition, users can access an economic calendar, Depth of Market view, and trading robots.

Mobile Apps

Users can download and access MT4 and MT5 on Windows PC, Webtrader, Android, and iOS.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of how we review MultiBank’s product offering. Central to that process is the evaluation of the broker’s reliability, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Risk Warning

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. MultiBank would like you to know that:  Trading foreign exchange and/or contracts for differences on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss in excess of your deposited funds. Please refer to specific risk warnings for each regulated entity during the account opening process.

Overview

MultiBank Group is one of the leading Forex & CFD brokers worldwide, having won the “Best FX & CFD Broker (Europe & Asia) Award” 2019 by the International Investor Magazine.  With an extensive global presence and excellent regulation, clients can trade with full confidence that their funds are secure.  MultiBank also boasts favourable trading conditions with tight spreads and high leverage.

One major drawback for beginner traders considering MultiBank is its lack of educational and market analysis materials and time-limited demo account. 

AlertAccepts South African Clients. Average spread on the EUR/USD is 1.40 pips on trading account with the lowest minimum deposit of 50 USD. Max leverage 500:1. Islamic account available. MT4/MT5 platform supported. MultiBank is regulated by ASIC, BaFIN, FMA, CNMV & DFSA .
Scroll for more detailsPreviousNext
Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
1110.503.93/ 5
USD 50
STP
Forex
Indicies
Commodities
Metals
Equities
Cryptocurrencies
45
3
  • Great platform choice
  • Tight spreads
  • #REF!
111104/ 5
111104/ 5
11110.54.5/ 5
11110.54.5/ 5
10.50001.5/ 5
11110.54.5/ 5
111104/ 5
0 of retail investor accounts lose money when trading CFDs with this provider
500:1
0.10 pips
ECN
Maximus
MultibankPro
Bank Transfer
Visa
Mastercard
Skrill
Neteller
PerfectMoney
3 USD/ lot
1110.503.47/ 5
USD 100
STP
Commodities
Forex
32
0
  • ZAR Accounts
  • Fast and free withdrawals
  • Local regulation only
  • No swap-free account option
111003/ 5
111003/ 5
111104/ 5
11110.54.5/ 5
1110.503.5/ 5
1110.503.5/ 5
1110.503.5/ 5
0 of retail investor accounts lose money when trading CFDs with this provider
30:1
0.60 pips
Basic
Premier
Standard
VIP
Bank Transfer
Visa
Mastercard
Fees Included in Spread
1110.503.52/ 5
USD 500
STP
Forex
Equities
Cryptocurrencies
Commodities
40
5
  • Well regulated
  • Great platform choice
  • Innovative trading tools
  • High minimum deposit
  • Expensive withdrawals
  • Limited account options
111104/ 5
111104/ 5
11110.54.5/ 5
100001/ 5
110002/ 5
111104/ 5
1110.503.5/ 5
76% of retail investor accounts lose money when trading CFDs with this provider
30:1
0.20 pips
live account
Visa
Bank Transfer
Skrill
€/$5 per 1 lot
Visit Broker
AlertMost retail CFD accounts lose money. Your capital is at risk.

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