MultiBank Group Review 2023: Is It Legit or Scam?

Overall, MultiBank is a solid choice for anyone who wants a broker with longevity in the industry, multiple account options, and VPS hosting. MultiBank has over twenty-five global locations, and it is one of the largest, most-regulated derivatives companies in the world. Though this broker is not cut out for total newbies, traders of most other experience levels will find MultiBank to be top-notch. With MultiBank, you can trade products like Forex, metals, shares, indices, and commodities on a wide range of platforms.

Read our full explanation and accounting of our research and testing process to learn more about how we test. Though MultiBank does host a YouTube channel, most of its videos are promotional in nature and fail to engage in actual market analysis (and the channel itself is not very active). The longer the track record a broker has, the more proof we have that it has successfully survived previous financial crises. However, there are a few notable exceptions; for example, you can’t open an account if you are from the US or Hong Kong. MultiBank does not charge account maintenance and withdrawal fees. However, a $60 quarterly fee is charged after 3 consecutive months of inactivity, which is considered quite high.

  • This broker provides four trading objectives that are all set for customers to use.
  • To provide the utmost security of client funds, all MEX clients are covered with an insurance policy under Lloyd’s of London that protects and guarantees funds up to $1 million per trading account.
  • The motive of depositing money in MultiBank can be accomplished by using several payment gateways like credit cards, Neteller, online transfers, Skrill, FasaPay, and International Bank wires.
  • Together with its MAM/PAMM accounts, it presents an excellent choice for asset managers, especially those geared towards equity portfolios.

Another useful tool offered by MultiBank is the Economic Calendar which covers main economic events, news, and announcements, taking place worldwide that substantially impact the financial markets. All events and news are updated in real-time as soon as any information is released. The Economic Calendar provides general information and is intended for informative purposes only.

Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. Earlier in our MultiBank Group review, we talked about how the company had multiple regulators.

That forces some traders to go for unregulated companies as they have no better option. Naturally, that’s a huge gamble, especially if you intend to trade on a higher-than-casual level. Luckily, MultiBank Group doesn’t fall into that category, as it limefx review has multiple strong regulators ensuring user safety. Social trading is a relatively new online trading feature that can meaningfully contribute to your trading experience. It can be a way to both earn money and learn how to become a better trader.

With the MT4 app, traders can effectively analyze financial markets, execute advanced trading operations, and even copy deals from other traders, among many other capabilities. MultiBank Group offers 8 base currencies for withdrawals and deposits. Moreover, you can pick USD, GBP, EUR, JPY, CHF, AUD, NZD, CAD as your preferred base currency. Their advanced trading tools, such as the MT4 platform, have enhanced my trading strategies. This alleged brokerage and their staff are nothing but scammers and devious people. Do not trust them as it is impossible to get a withdrawal from them.

News on Rio Tinto: Production and Guidance Update

For the most part, the broker’s research offering is limited to a weekly newsletter and news headlines from FXStreet within the cTrader platform. Changing leverage is a very useful feature when you want to lower the risk of your trade. Be careful with forex and CFD trading, as the preset leverage levels may be too high.

No matter where you look, the broker’s safety protocols are airtight, preventing any sort of foul play. Even when you look at the less objective descriptors, the broker still doesn’t let up. In this part of our MultiBank Group review, we’ll explain why we’re so confident in its security. MultiBank Group is an award-winning forex broker operated by the MEX Group worldwide. Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the MultiBank Group Pro and ECN accounts.

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We advise you to read the review of brokers before trading with them. Many review websites warn “MultiBank Group” with the website, as the broker is offering investment services to individuals and pretends to be regulated, which is not true. Trading and investment with an unregulated broker imply a risk of loss as they do not have a control of any administrative body. As we said earlier in our MultiBank Group review, the broker is versatile and can fit various users.

How to open your account

If that wasn’t enough, you can use the MQL programming interface to develop your own trading tools or hire a freelancer to do it for you. Whatever trading strategy idea you have, chances are that it can be brought to life in the MetaTrader platforms. That being said, it is good to see that the broker has provided some additional trading tools to help enhance your overall trading experience. MultiBank provides a handy platform that helps the traders in deciding whether they shall function with their desktops or by utilizing mobile trading devices.

I like the choice of trading instruments at MultiBank Group, ideal for all types of traders. It offers MAM/PAMM managers the necessary tools to provide effective asset management. Social traders also have access to the broadest market exposure, granting signal providers the diversity they need to stand out from the crowd, an invaluable asset. And besides having an excellent live account setup, the broker also has a demo account. That can be an invaluable tool for newbies, who can use the demo to practice for a while.

Is this broker good for beginners?

Besides the phones, you can also reach the broker via email or live chat. MultiBank Group has two platforms for users to chose from, both being market leaders. MetaTrader4 and MetaTrader5 are available to MultiBank Group customers, with their intuitive interface and broad functionality. The two are favorites among users everywhere, and most have already used one of the two at least. The platforms also come in web and mobile forms, allowing users to trade while they’re moving. Safety is a primary concern when choosing a brokerage, as unsafe brokers can steal tons of money from you.

MultiBank had a turnover of more than $5 trillion in 2020 which shows the platform’s record-breaking financial performance, instilling confidence and trust in many traders. MultiBank offers a 20% deposit bonus capped at $40,000, subject to trading conditions. I also like the transparency concerning the paid-up capital at MultiBank Group, which stands at $322 million. Traders get negative balance protection, which I find paramount for leveraged trading, and all client deposits remain segregated from corporate funds. Furthermore, we should also talk about the firm’s experience and how that works towards its trustworthiness.

Ratings On Other Platforms

The former supports algorithmic trading, which accounts for 80% of all trades at this broker. The latter allows for the connection of advanced trading solutions to the competitive MultiBank Group trading environment. MultiBank Group offer a choice of 55+ currency pairs, 5 cryptocurrency pairs, 6 commodities, 6 index CFDs, 15,000+ equity CFDs, and 13 index futures.