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?
Yes. MultiBank Group is regulated by ASIC in Australia, CySEC in Cyprus, SCA in UAE, and MAS in Singapore.
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 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.
MEX GLOBAL MARKETS PTE. LTD is authorized and regulated by the Monetary Authority of Singapore (MAS), with the regulatory license number: CMS101174.
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.
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.
MultiBank Group 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, MultiBank Group offering Islamic (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.
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.
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.
MT4 Trading Platform
MT4 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.
MT5 Trading Platform
MT5 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.
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.
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.
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.
Deposits & Withdrawals
MultiBank Group support multiple payment methods, including Visa, MasterCard, Swift, Neteller, Skrill, pagsmile, my Fatoorah, Plus Wallets, Thai QR Payment, PayTrust, Pay Retailers, karapay, PaymentAsia, Boleto, Pix, SPE, Praxis, GCash, dragonpay, and Globepay.
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.
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.
The EBooks are 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.
Customer Support
MultiBank Group provides 24/7 customer support via live chat, contact form, phone: +1 646-568-9702 (US), and WhatsApp. You can also follow MultiBank Group on some social media platforms, including Facebook, Instagram, LinkedIn, and YouTube.
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, SCA and MAS.
Does MultiBank Group offer industry leading MT4 & MT5?
Yes. It supports MT4/5, Web Trader, and MultiBank-Plus.
Does MultiBank Group offer copy trading?
Yes. MultiBank Group offers a copyl 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 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.
2024 SkyLine Thailand
2025 SkyLine Malaysia
lily 02
Thailand
Scam, won't let you withdraw, so many annoying issues. Minimum deposit is insanely high, minimum withdrawal is insanely high. Cheating is blatantly obvious.
Exposure
Three days ago
FX2417072952
Thailand
The minimum deposit and withdrawal amounts are higher than usual, and withdrawals are not allowed. The process involves creating profiles of handsome men and beautiful women to lure people into investing, but when it's time to withdraw, they play many tricks to prevent withdrawals. It's extremely deceitful.
Exposure
Three days ago
权利
Hong Kong
Why can't I access the official website?
Exposure
07-29
Exactly Example
Indonesia
Please transfer instantly and automatically to my e-wallet OVO
Exposure
07-12
FX3426501027
Hong Kong
A platform that has gone bust before is back scamming in China. The trading account 89018019 has made over 700 transactions, each one lasting 2-60 minutes. They rigidly stick to the company's CPA rules (they make the rules). The first month's cashback from transactions was given, but in the second month, they couldn't even handle $900. They're back in China to scam and take bets. This company is a trap - don't listen to the customer manager's nonsense.
Exposure
06-17
FX3838336129
Hong Kong
They have been deceiving me all along, not allowing me to withdraw funds for over a month. Everyone, please be vigilant and do not trust this platform.
Exposure
05-27
扬帆起航4453
Hong Kong
The official website is not accessible and the account manager can't be reached.
Exposure
05-22
Arden
Hong Kong
Repeated withdrawal requests denied, with no response to emails. Neither IB account nor trading account allows withdrawal.
Exposure
05-08
Arden
Hong Kong
Multiple withdrawal requests denied, no response to emails.Unable to withdraw from IB account and trading account.
Exposure
05-07
小明。
Hong Kong
Scam company, I registered an IB account with them and the commission was over 3000 dollars. After my withdrawal was rejected, my account was put into dormancy. I requested to have the dormancy lifted but they replied that it couldn't be restored, and claimed there were funds inside but there is no record of it. I provided withdrawal emails and emails confirming the funds being returned to the account, but they simply said there are no funds.
Exposure
01-07
SayidIsmailaldjufri
Indonesia
Dear Sir/Madam, REASONS FOR UNABLE TO PERFORM TRANSACTIONS AT THE BANK
Exposure
2024-12-02
FX2039518002
Hong Kong
After depositing funds, I only received a related email, but the funds were not available for withdrawal in my account, and there are no available withdrawal channels. Customer service has not responded.
Exposure
2024-11-15
MOHAMMED511
United Arab Emirates
Here is my 2nd TIME Lost all invest with Multi bank group in Dubai, I got a bad experience 2nd time from them so i must explore it here in front if everyone's, My 1st deposited amount full of washed-out within 4 days and i make negative review in this platform then i got a call directly the Manager of Multibank one Mr.Sarfraz Khan (Mob: +971585786776) who insist me to deposit another amount and he promised to recover all my losses done by his Broker, and he give me a words that if he couldn't recover or if any losses happened to my account that is his responsibility and hi will return all my money i trusted his words, its been 3 more months now my deposited money is about to washed out and no single profit he can make , he just keep on holding on hedge position in order to avoid washedout my account, recently he asked me to deposit any silly amount , i said i will not invest single penny as you guys loos all my invested money and if invest anything that is al
Exposure
2024-09-24
一 念
Hong Kong
I want to know that have you received your money from MultiBank Group? I haven't received any news for the past two years.
Exposure
2024-08-30
Hamza Najam
Pakistan
Hello, I am writting to report the scam by multibankfx, I was working as affiliate with the company, and company was supposed to pay my commission of USD 4200 in the month of Feb-2024 but company has terminated the contract without any email
Exposure
2024-08-27
Arden
Hong Kong
Unable to withdraw funds! Multiple withdrawal requests have been made with no results, and customer service has not responded.
Exposure
2024-08-06
Adi457
Indonesia
Please help me, sir. I cannot withdraw my funds, even though I have already made a withdrawal, but it did not go through to my account.
Exposure
2024-07-15
FX4922435852
Hong Kong
It has been more than two years, and I have not been able to withdraw money. The website cannot be opened, and emails are rarely replied. If they reply, they just find excuses to delay, which is shameless.
Exposure
2024-07-15
Ronald14
Hong Kong
I hope all foreign exchange traders will read the following warning information carefully: Multibank sent an email on June 12 to notify that the order would be closed (position closed) on June 26. I immediately asked IB how to deal with it. IB told me that he would handle it, and then I was told that Multibank wanted to close the Malaysian market! The original statement was to change the original KYC to a Singapore address, and it was also updated before June 26 as instructed. But I woke up early on June 27 and found that my position was forced to close! I have always been a long-term trader. Although I also have short-term trades, I mainly focus on long-term trading. Multibank only gave less than 14 days to force customers to close their positions. This is undoubtedly an attempt to swallow up customers' funds under the pretext of terms! (I encountered the same situation at ZFX before, but ZFX notified me 6 months in advance so that I had enough time to close my positions) After that, I reflected my demands through a video conference with Philippine executives, but there was no clear response. Even the person in charge of Multibank who had been in contact with us did not respond at all! Originally, my investment was only 10,000 USD. Later, because I knew Multibank was strong, I opened another account with 50,000 USD, and then invested about 15,000 USD! I never expected that Multibank would rob customers’ funds openly! ! ! What does it matter if the company’s background is strong? What does it matter if it has a license? ! It turns out that any large foreign exchange platform can take away customers’ funds under the pretext of withdrawing from a certain country’s market. You may say: The platform has already notified you, why don’t you close the position? If I want to close the position, why should I wait until it drops so much before closing? I am a long-term layout and I treat it as savings and don’t care about floating losses, but what I care about is why the platform only gives customers 14 days to close the position? It was originally promised that the address can be updated without closing the position, but how can I know that after providing the information, it is still forced to close the position! Isn’t this equivalent to robbery? Imagine that I personally lost $30,000, and another friend lost $80,000 (he originally wanted to add another $5 million). What about other Malaysian customers? How much money did Multibank take away from investors in the Malaysian market? If they are not punished, every platform will follow their example in the future. Is this a good thing for the forex industry? Who will dare to trade forex in the future? I will be the first to quit the forex market forever. It is really unscrupulous! Don’t think that the platform holding many licenses can guarantee the safety of your funds.
Exposure
2024-07-06
tunsiyah
Indonesia
I was a victim of part-time job fraud on June 19 2024. Initially I was only told to like and follow the TikTok account to get a daily bonus of 10,000 rupiah. I followed the instructions and directions from the mentor and was given the task of buying goods and was promised money back along with bonuses. Initially I transferred 198,000 and it was returned along with a bonus of 39,000. To continue being a part-time employee, you have to complete several more tasks, namely I reached the 14th task and had to deposit 2,600,000 and I have transferred. It turned out that in task 14 there was another task that had to transfer 7,258,000 with the reason that if it was not completed then the money that had been transferred could not be returned. Finally I transferred money worth 7,258,000. and it turns out there is still another task of having to transfer more money, around 12 million rupiah. From there I realized this was a scam and I didn't continue because I no longer had any money. Please help return my money that has been cheated.
Exposure
2024-06-30
Hamza Najam
Pakistan
I was working as affiliate to them, earned commission of USD 4200, but they have denied to pay without any reason, check the attachment and message from their manager, where he accepted company is doing wrong for no reason.
Exposure
2024-05-14
Jeh
Taiwan
Using the SUPER AI OPTIONS 7 software, searching for multibank group, conducting foreign exchange transactions. When withdrawing funds, the customer service said that income tax needs to be paid. After payment, there is a suspected risk of money laundering and additional verification fees need to be paid. Is the above a scam?
Exposure
2024-06-30
Jaylex Musico
Spain
Good morning, my case is that in a telegram group, they told me to make some deposits and as a reward, I would be returned plus a commission for doing so, it turns out that on the third deposit, they told me that I should make one more deposit to get my money back more the benefits, I have done it as is and then they have asked me to pay more, and I did not want to pay more, and until now they have my money, and they say that to recover it I must pay €480 and I do not have that money, in fact they have €150 taken away from work and effort. Thank you I hope you can help me.
Exposure
2024-04-23