MultiBank Exchange Group Review [year] : Pros & Cons Revealed
Mục Lục
MultiBank Group Editor’s Verdict
MultiBank Group offers traders an excellent choice of assets from the MT4/MT5 trading platforms. With a minimum deposit of $50, maximum leverage of 1:500, and as one of the most regulated brokers, I reviewed MultiBank Group to determine if you should trade at this broker. Is their claim of being the number one financial derivative broker accurate?
Overall
Fees
Deposit and withdrawal
Asset selection
Ease of account opening
Regulation and security
Pros
-
20,000 assets offering broad coverage of financial markets
-
Raw spreads from 0 pips and maximum leverage of 1:500
-
MAM/PAMM accounts and proprietary copy trading platform
-
ECN trading with deep liquidity and no requotes
-
Very
wide selection of asset classes -
Competitive Spreads
Cons
-
Access to raw spreads requires a $5,000 minimum deposit
Overview
A Broad Asset Selection from a Pure ECN Environment
HeadquartersUnited Arab EmiratesRegulatedBaFin, ASIC, FSC Mauritius, FMA, VFSC, CIMA, MASYear Established2005Execution TypeECN/STPMinimum Deposit$50Trading Platforms(s)MetaTrader 4, MetaTrader 5, cTraderSignals
US Persons Accepted?
Islamic Account
Segregated Account
Managed Accounts
Institutional Accounts
Support HoursBusiness HoursCustomer Support
Demo Account
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.
MultiBank Group Main Features
Retail Loss Rate
Undisclosed
Regulation
Yes
Minimum Raw Spreads
0.0 pips
Minimum Standard Spreads
0.8 pips
Minimum Commission for Forex
$3.00 per 1.0 lot
Commission for CFDs/DMA
Commission-free
Commission Rebates
Yes
Minimum Deposit
$50
Demo Account
Yes
Managed Account
Yes
Islamic Account
Text
Inactivity Fee
$60 monthly after three months
Deposit Fee
No
Withdrawal Fee
Third-party
Funding Methods
12
Regulation and Security
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. MultiBank Group presents clients with six well-regulated entities.
MultiBank Group is comprised of several entities which are regulated by over 10 financial regulators. The Group’s subsidiaries include:
Country of the Regulator
Name of the Regulator
Regulatory License Number
Australia
Australian Securities & Investments Commission
License Number 416279
Australia
Corporate Authorised Representive
License Number 100724469
Germany
German Federal Financial Supervisory Authority
License Number HRB 73406
Cayman IslandsCaymen Islands AuthorityLicense Number 1811316
Austria
Financial Market Supervision
License Number 491129z
Spain
National Securities Market Commission
License Number 120
Dubai
Dubai Financial Services Authority
License Number F004403
The British Virgin Islands
Financial Services Commission
License Number SIBA/L/14/1068
SingaporeMontery Authority Of SingaporeLicense Number CMS101174TianjinTianjin Financial GovermentLicense Number 120000400121019VanuatuVanuatu Financial Services CommissionLicense Number 700443
The overall regulatory environment is superb, and MultiBank Group maintains a secure and trustworthy trading environment.
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.
Fees
Commissions/SpreadsBothWithdrawal options
Deposit options
MultiBank Group offers commission-free Forex mark-ups as low as 0.8 pips or $8.00 per round lot in the Pro account, but the Standard one lists them at 1.5 pips or $15.00. The former is within the upper range of competitive trading costs, but the latter is expensive. The best offer is available in the commission-based ECN account, where traders enjoy raw spreads of 0 pips for a commission of $3.00 per round trip. The cost also applies to commodities, but index and equity CFD trading are commission-free.
Here is the minimum spread for the EUR/USD and the trading costs per 1.0 standard in all three pricing tiers.
Minimum Forex
Commission per Round Lot
Cost per 1.0 Standard Lot
1.5 pips (Standard)
$0.00
$15.00
0.8 pips (Pro)
$0.00
$8.00
0.0 pips (ECN)
$3.00
$3.00
Unfortunately, MultiBank Group does not list commissions for the ECN account on its website, but I obtained them from their live chat customer support function.
One of the most widely ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.
MT4/MT5 traders can easily access swap rates from their platform by following these steps:
1. Right-click on the desired symbol in the Market Watch window and select Specification.
2. Scroll down until you see Swap Long and Swap Short.
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.
Taking a 1 standard lot buy/sell position in the EUR/USD at the tightest spread and holding it for one night will cost the following:
Minimum Spread
Commission per Round Lot
Swap Long
Swap Short
Total Trading Costs
0.8 pips (Pro) 0.0 pips (ECN)
$0.00 $3.00
-$5.3895 -$5.3895
X X
$13.3895 $8.3895
0.8 pips (Pro) 0.0 pips (ECN)
Text
X X
-$1.0996 -$1.0996
$9.0996 $4.0996
Taking a 1 standard lot buy/sell position in the EUR/USD at the tightest spread and holding it for seven nights will cost the following:
Minimum Spread
Commission per Round Lot
Swap Long
Swap Short
Total Trading Costs
0.8 pips (Pro) 0.0 pips (ECN)
$0.00 $3.00
-$37.7265 -$37.7265
X X
$45.7265 $40.7265
0.8 pips (Pro) 0.0 pips (ECN)
$0.00 $3.00
X X
-$7.6972 -$7.6972
-$15.6972 -$10.6972
I like the low swap rates at MultiBank Group, and together with other trading costs, this broker offers traders one of the lowest overall trading costs.
MultiBank Group levies a $60 monthly inactive fee after three months, which active traders will never face. I find it a bit too much and too early compared to the industry average, but it should not be a deal breaker as almost any trader is going to make at least one trade in three months.
What Can I Trade
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. Forex traders get an averagely ranged choice of trading instruments, while equity traders get one of the best in the industry.
Asset List and Leverage Overview
Commodities
Metals:
Indices
Stocks
CFDs
Oil
Gold
ETFs
MultiBank Group Leverage
Traders at MultiBank Group get maximum leverage of 1:500 together with negative balance protection, a necessity for leveraged traders. Since MultiBank Group operates numerous subsidiaries in various regulatory environments, maximum leverage will differ. For active traders, I highly recommend flexible trading terms.
MultiBank Group Trading Hours (GMT+3)
Asset Class
From
To
Cryptocurrencies
Monday 00:05
Friday 22:55
Forex
Monday 00:00
Friday 23:55
Commodities
Monday 0:00
Friday 23:55
European CFDs
Monday 10:00
Friday 18:30
US CFDs
Monday 16:30
Friday 23:00
Please note that equity markets open and close each trading and are not operational continuously like Forex and cryptocurrencies
MultiBank Group does not offer 24/7 cryptocurrency trading, per its MT4 specifications, making trading that asset unsuitable for traders.
I recommend the following step for MT4/MT5 traders to access trading hours:
1. Right-click on the desired symbol in the Market Watch window and select Specification.
2. Scroll down until you see Sessions.
Account Types
MultiBank Group offers its Standard account for a minimum deposit of only $50. Pro is available from $1,000, a high demand, but it cuts trading fees by almost 50%. The best trading conditions exist in the ECN option, but traders must commit $5,000, which may be high for some.
Other than trading costs, the rest of the trading conditions are identical. Maximum leverage is 1:500, multilingual customer support is available 24/7, and MultiBank Group offers MAM/PAMM accounts plus its proprietary copy trading platform.
MultiBank Group Demo Account
There is a free offering of MT4/MT5 demo accounts for all three account types, with no time limit listed. The demo account is ideal for testing trading strategies and algorithmic trading solutions/EAs. The flexibility of the MT4/MT5 demo account option can create trading conditions as close as possible to live accounts, but no demo can substitute the experience and emotions of live trading.
Trading Platforms
Traders may choose between the out-of-the-box MT4 or MT5. They are available as a desktop client, with full support for EAs, where MT4 remains a market leader. A lightweight web-based option and mobile app are equally available. I would really like it if MultiBank Group would offer in the future some of the third-party platform plugins to ensure that short time frame traders can get a more competitive analytical edge, matching its excellent trading costs.
I appreciate that MultiBank Group invested in the development of a proprietary copy trading platform. Together with its MAM/PAMM accounts, it presents an excellent choice for asset managers, especially those geared towards equity portfolios.
Overview of Trading Platforms
Platform Languages
-
-
English
-
Spanish
-
Arabic
-
French
-
Turkish
-
German
-
Japanese
-
Chinese
-
Russian
-
Dutch
-
Greek
-
Malay
-
OS Compatibility
-
Mac
Windows
Linux- Mobile
- Web
iPhone- iPad
Charting Package
Scalping
Hedging
Mobile Alerts
E-mail Alerts
Guaranteed Limit Orders
Guaranteed Execution
One-click Execution
OCO Orders
Interest on Margin
Web-based Trading
Mobile Trading
MT4
MT5
cTrader
Proprietary Platform
Automated Trading
Guaranteed Stop Loss
Unique Features
Two unique features I want to note are free VPS hosting and FIX API trading. 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.
Research and Education
MultiBank Group neither offers research nor educational content. Both are readily available online from trusted sources, but MultiBank Group does cater to beginner traders, and it would be nice to see some educational offerings. However, this should not be a deal breaker for anyone as there is plenty of good free educational material available widely on the internet, MultiBank also offers newsletters weekly.
Customer Support
Support HoursBusiness HoursCustomer Support Website Languages
-
-
Spanish
-
Arabic
-
Italian
-
German
-
Japanese
-
Chinese
-
Russian
-
Malay
-
Polish
-
Multilingual customer support is available 24/7. MultiBank Group lists 23 phone numbers, provides live chat, video conferencing via Zoom and Microsoft Teams,WhatsApp and e-mail support. The overall customer support options at MultiBank Group are excellent.
Bonuses and Promotions
MultiBank offers a 20% deposit bonus capped at $40,000, subject to trading conditions.
A cashback program, which gives rebates on trading in volume in Forex currency pairs and metals, is also offered.
Opening an Account
Opening an account at MultiBank Group takes only a few seconds and requires a name, e-mail, and valid mobile phone number. MultiBank will send an OTP via SMS, which is necessary to complete the process. Traders must also select their desired trading platform and account tier. Traders must also select their desired trading platform and account tier. Within less than a minute, a MultiBank Group representative will call. This was an extra thing compared to many brokers, but on the other hand it is always reassuring to see your broker taking extra care over security and this is what MultiBank Group is doing here.
Account verification is a mandatory final step. Most traders will be able to satisfy this step by sending a copy of their ID and one proof of residency document. Then the new account is opened immediately.
Minimum Deposit
The minimum deposit for the MultiBank Group Standard account is $50 or a currency equivalent. Pro requires $1,000 and ECN $5,000. I strongly recommend the ECN account despite its high deposit requirement. Traders will get the most benefits from it due to excellent trading costs.
Payment Methods
MultiBank offers bank wires, credit/debit cards, SEPA, Skrill, Neteller, PayTrust, Payment Asia, Globe Pay, ThunderX, Help2Pay, POLi, and cryptocurrencies (Bitcoin and USDT). I like the choice and flexibility concerning financial transactions at MultiBank Group.
Deposits and Withdrawals
There are no internal deposit or withdrawal fees, but third-part charges apply, which is why I recommend traders check costs. The secure MyMultiBank account area handles all financial transactions, and MultiBank Group claims instant processing. It can take several business days for clients to receive funds, dependent on their payment processor.
Bottom Line
I like the trading environment at MultiBank Group for equity traders and asset managers, as it presents a distinct competitive edge with MAM/PAMM accounts and the proprietary copy trading platform. I rank the trading costs among the best in the industry.
Despite the high minimum deposit for the ECN account, I can recommend it to active traders, as the cost savings for long-term portfolios remain priceless. Commission-rebates also exist, making MultiBank Group ideal for traders with $5,000+ accounts, maximum leverage of 1:500, and fast trade execution.
A generous bonus offering adds to the benefits available at MultiBank Group, which is one of the best overall brokers for committed traders.
FAQs
Is Mex Exchange regulated?
Mex Exchange, a division of MultiBank Group, remains regulated by the ASIC.
What does MultiBank do?
MultiBank is primarily a multi-asset broker with a global client base. It also maintains a software and technology consulting division and a prime liquidity service for institutional clients.
How can I withdraw money from MultiBank?
The MyMultiBank account area processes all withdrawal requests. Traders select the amount and desired payment processor, and MultiBank Group processes requests instantly.
About the Author
DailyForex.com Team
The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.
