MultiBank Exchange Group Review 2024

Quick Links

• Our Review Method

• What is MultiBank Exchange Group

• MultiBank Exchange Group Pros and Cons

• Awards

• Is MultiBank Exchange Group safe or a scam?

• Leverage

• Accounts

• Fees

• Spreads

• Trading Instruments

• Deposits and Withdrawals

• Trading Platform

• Customer Support

• Education

• Conclusion

Our Review Method ▲

At Broker Insight, our review methodology for evaluating brokers is comprehensive and multi-faceted, ensuring a well-rounded analysis. We start by examining the broker's regulatory compliance and background, assessing the security and reliability of their operations. This is followed by a thorough evaluation of the range and diversity of trading instruments and markets offered, as well as the variety and suitability of account types available for different trader profiles. We delve into the trading platforms and tools provided, focusing on user experience, functionality, and technological robustness. Fees, spreads, and overall cost structure are scrutinized for transparency and competitiveness. A key component of our review involves testing the effectiveness and responsiveness of customer support. Additionally, we consider the ease and efficiency of the deposit and withdrawal processes. Finally, we incorporate real user feedback and the broker’s community reputation into our assessment to present a holistic and unbiased review that serves as a valuable resource for traders seeking reliable and insightful broker evaluations.

What is MultiBank Exchange Group? ▲

MultiBank, a leading force in the Forex Trading Brokerage sector, was established in California in 2005. Since then, it has evolved into a significant financial institution, offering its clients direct trading access to banks and exchanges through state-of-the-art trading platforms. The MultiBank Exchange Group extends its services to over 280,000 retail and institutional clients across more than 90 countries, boasting offices in Sydney, Los Angeles, Vienna, Frankfurt, Madrid, Cyprus, and the UAE. Additionally, the group encompasses various branches, each with specific roles, such as MEXFintech in Hong Kong, and MEX Group Worldwide, which operates offices in Hong Kong, MEX Asset Management (Austria) GmbH, Beijing, Tianjin, Hangzhou, and Ho Chi Minh City.

MultiBank Exchange Group Pros and Cons ▲

Pros

• Globally recognized for stringent adherence to regulations

• Offers a broad spectrum of Forex and CFDs trading

• Provides advanced Forex trading capabilities with industrystandard platforms

• Features No commission deposits and withdrawal options

• Offers some institutional trading features to retail traders

Cons

• Trading offerings limited to FX and CFDs

• Lacks comprehensive educational resources

• Limited range of research tools

MultiBank Exchange Group Review Summary in 12 Points

• Headquarters: Australia, Germany, US, UAE, Hong King, and Cyprus

• Regulation: ASIC, BaFin, CIMA, SCA, etc.

• Platforms: MT5, Maximus, MultiBank Pro Platform, ECN PRO

• Instruments: Forex, Indices, Currencies, and commodities

• EUR/USD Spread: 0.5 pips

• Demo Account: Available

• Minimum Deposit: $50

• Base Currencies: Various currencies

• Education: Trading tools, research material, and social trading

• Customer Support: 24/7

Overall MultiBank Ranking

After extensive testing and comparison with over 1000 other brokers, MultiBank emerges as a trustworthy broker with some of the finest trading conditions available for the DMA environment in Forex and CFD markets. It is an exceptional choice for various trading strategies, offering a wide array of trading instruments and the chance to leverage high leverage for international trading. The Overall MultiBank Ranking stands at 9.0 out of 10.

Awards ▲

MultiBank Exchange Group is distinguished for its award-winning trading technology, liquidity provision, and brokerage services. As a multi-awarded financial institution, it consistently enhances its offerings, gaining significant recognition and awards for its advancements.

Is MultiBank Exchange Group safe or a scam? ▲

Regarded as one of the premier financial institutions, MultiBank Exchange Group adheres to the highest standards of practice, holding full regulation and registration in each jurisdiction it operates, thus it is not a scam. It possesses top-tier licenses from ASIC and BaFin, marking it as a low-risk option for Forex and CFD trading.

Is MultiBank regulated in UAE?

Indeed, MultiBank is authorized and regulated by the Securities and Commodities Authority of UAE as a Category 1 Broker for OTC Derivatives Contracts and Foreign Exchange Spot Markets, under an ESMA license with the trade name MEX Global Financial Services LLC.

How are traders protected?

MultiBank ensures the highest level of fund security through regulated companies within the MultiBank Exchange Group, offering worldwide protection of up to $10 million per account with segregated accounts at top-tier banks. Furthermore, the company implements negative balance protection, safeguarding clients from losses beyond their investment, a practice not mandated by every regulation. Additionally, some regulatory frameworks provide a compensation scheme in the event of trader insolvency.

Leverage ▲

Leverage is a significant feature offered by the MultiBank Exchange Group, allowing traders to amplify their trading outcomes with a relatively small initial capital. This is achieved through the use of borrowed funds. The level of leverage available to you depends on the regulatory obligations of the particular entity of the MultiBank Exchange Group you are dealing with. It's important to note that while leverage can significantly increase your gains, it also has the potential to magnify losses.

Different jurisdictions impose varying restrictions on leverage. For example, European entities are restricted to a maximum leverage of 1:30 for major currency pairs, while Australian clients are also limited to 1:30. International traders have access to higher leverage up to 1:500. In Dubai, under RAK UAE regulation, clients may use leverage up to 1:200. Professional clients may be entitled to use leverage up to 1:500. It is crucial to understand how to use leverage wisely to avoid undue risk in your trading activities.

Accounts ▲

MultiBank offers a selection of three account types to cater to every trader's needs, including Standard, Pro, and ECN accounts. The Standard account allows for commission-free trading with a minimum initial deposit of $50 and instant execution, with spreads starting from 1.5 pips. The Pro account provides more competitive spreads for a higher initial deposit. The ECN account, which utilizes an electronic communication network, is ideal for traders seeking raw spread trading.

The broker also provides a demo account for newcomers to practice trading without risking real money. Additionally, there is an option for an Islamic Account, which adheres to Sharia law by not incurring swap or rollover interest on overnight positions.

Fees ▲

MultiBank Exchange Group maintains a competitive edge with its cost structure, primarily utilizing a spread-only strategy for its Standard account. The ECN Account, aimed at professional traders with a minimum balance of $5,000, offers spreads from 0.1 pips and a commission of $3 per lot for a trading volume of 20,000$, with a reduced commission of $2 per lot for higher volumes. This pricing is highly competitive and provides a viable option for serious traders.

Overall, the fees associated with trading through MultiBank Exchange Group are considered low compared to industry averages, with further details available on their website. Based on our extensive comparison to over 1000 other brokers, MultiBank's fees are ranked as Good, with an overall score of 4.3 out of 5.

Spreads ▲

The spreads offered by MultiBank vary depending on the account type chosen. For those trading through the Standard Account, the average spread rounds to about 1.4 pips. The Pro Account, designed for more experienced traders and requiring a $1,000 initial deposit, typically offers lower costs, around 0.5 pips on average. Upon review, MultiBank's spreads are considered average to low, receiving an overall rating of 4.1 out of 5 in our comparison to other brokers. The Forex spread for EURUSD, for example, is lower than the industry average of 1.2 pips, which is a significant advantage for traders.

Trading Instruments ▲

The MultiBank trading account offers prime liquidity within a rigorously regulated framework, ensuring the safety of your funds. With the opportunity to trade a variety of instruments, including foreign exchange, metals, and CFDs with competitive pricing, it stands out in the market. The exchange technology provides full transparency, featuring quotes from 20 Top Tier Banks, 12 Exchanges, and 6 ECNs. Additionally, MultiBank has embraced the rise of blockchain technology by including cryptocurrencies in its CFD trading offerings. The MultiBank Markets Range Score is a solid 4.0 out of 5, reflecting a good selection of trading instruments. However, it's worth noting that the offering mainly revolves around CFDs and Forex Instruments, and the availability of these offerings can vary depending on the entity with which you choose to trade.

Deposits and Withdrawals ▲

MultiBank offers a selection of instant, simple, and secure payment options for both deposits and withdrawals, subject to regulatory restrictions from different jurisdictions. Therefore, traders associated with various Group entities may encounter differences in the availability of payment methods and any applicable charges. MultiBank's Funding Methods are rated as Excellent, with an overall rating of 4.5 out of 5. The broker requires a relatively low minimum deposit and supports multiple funding methods without significant fees. However, traders should verify the range of supported methods based on their country of residency.

• Deposit Options

• Bank Wire transfers

• Credit Card

• Neteller

• Skrill

• fasapay

• Onlinepayments

The minimum deposit at MultiBank is $50, offering a great opportunity for traders of all sizes and strategies. It is, however, crucial to check applicable margins for the instrument you wish to trade, as well as the specific requirements of various technology platforms, which may necessitate higher deposits.

• Withdrawal

MultiBank Exchange Group generally does not charge commissions for deposits or withdrawals. However, charges may be applied by payment providers in various jurisdictions, so it's essential to verify any fees with both the payment provider and the broker's customer service.

Trading Platform ▲

The MultiBank platform, based on MetaTrader's proven capabilities, offers technology installed to both MT4 and MT5 platforms, enabling partial fill with bridge technology without any requotes, rejections, or slippage. With an Excellent rating of 4.5 out of 5, MultiBank's Platform Selection stands out compared to over 1000 other brokers. The technology might be particularly suitable for a variety of trading strategies, including day trading, long or short trading, copy trading, Robot Trading, and EAs, all with quality execution.

Web Platform

MultiBank platforms cater to various client needs through the Maximus Platform, ECN PRO Platform, and MultiBank Pro Platform, making them an ideal choice for any trader type, including scalpers, algorithmic or automatic traders, and those using advanced offerings for money managers through PAMM and MAM accounts.

Desktop Trading Platform

All platforms are available in desktop versions, featuring the necessary tools for position management and advanced analysis. Additionally, various order types are available to maximize strategy and manage risk.

Mobile Platform

Each platform features its own mobile app, which is easy to use while being packed with a wide range of tools. MultiBank is renowned for its award-winning platform capabilities, which include a diversified portfolio with free VPS and APIs use, with no restrictions on EAs. Additionally, there is an opportunity to participate in the Demo Contest and win valuable prizes without any monetary risk.

Customer Support ▲

MultiBank provides its customers with diverse and comprehensive support. The 24-hour customer service is available in over 10 languages, covering a wide range of services from service desk support to onboarding, configuration, and cash management. Accessible through Live Chat, email, contact form, and a considerable number of international phone lines, MultiBank's Customer Support is rated Good, with an overall rating of 4.5 out of 5 based on our testing and traders' reviews.

Education ▲

Compared to other 1000 brokers, MultiBank's educational offerings are limited, with a focus primarily on providing a demo account and some research tools like the economic calendar. The Education rating stands at 3.5 out of 5, reflecting the broker's limited range of educational resources.

Conclusion ▲

The MultiBank Exchange Group review highlights a company with a diverse and expansive trading portfolio, established across numerous countries and regulatory frameworks. MultiBank is a reliable option for traders worldwide, offering comprehensive trading proposals and excellent support. With account options suitable for both beginning traders and seasoned investors, as well as competitive trading conditions through STP processing of orders, MultiBank caters to a wide audience. Based on our findings and expert opinions, MultiBank is recommended for:

• Beginning Traders

• Professional Traders

• Traders who prefer MT4 and MT5 platforms

• CFD and Currency Trading

• DMA access to Markets

• Various Trading Strategies

• API Traders

• EAs trading

• MAM/PAMM Trading

• Free VPS Trading