MultiBank Group Review 2023, Safety, Platforms and Fees | FX Empire
In our trust category, we place most importance on how a broker is regulated. In this section we’ll take a look at how the different entities of MultiBank Group across the globe are regulated and how this impacts you as a trader. We rate regulators on a scale of 1 to 3, with 1 reflecting the highest level of trust.
Why is it important to know where your broker subsidiary (entity) is regulated?
Different regulators provide different levels of protection. Not all regulators guarantee negative balance protection, segregated funds and a compensation scheme.
In the case of MultiBank Group, clients of all global entities have negative balance protection and segregated funds. The offshore MEX Atlantic Corporation clients have account insurance for up to $1 million per account from Lloyd’s of London.
In the table below we break down the protections and benefits for each entity.
Entity
MEX Atlantic Corporation
MEX Australia Pty Ltd
MEX Asset Management
MultiBank FX International
Country/Region
Cayman Islands/Global
Australia
Germany
British Virgin Islands
Regulation
CIMA
ASIC
BaFin
FSC
Segregated Funds
Yes
Yes
Yes
Yes
Negative Balance Protection
Yes
Yes
Yes
Yes
Compensation Scheme
Yes
No
Yes
No
Entity
MEX Austria
MEX Fintech
MEX Global Markets Pte Ltd
Ikon Financial Services Corporation
MEX Pacific
Country/Region
Austria
Hong Kong
Singapore
China
Vanuatu
Regulation
FMA
HKCE
MAS
TFG
VFSC
Segregated Funds
Yes
Yes
Yes
Yes
Yes
Negative Balance Protection
Yes
Yes
Yes
Yes
Yes
Compensation Scheme
Yes
No
No
No
No
Regulatory requirements are subject to change. The data listed above was gathered in March 2022.
Stability and Transparency
In our tests for the Trust category we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, the size of the company and how transparent they are in terms of information being readily available.
MultiBank Group has a lengthy operating history of 17 years. According to their LinkedIn page, the company is headquartered in Dubai, United Arab Emirates, and has 501-1,000 employees.
In our research, MultiBank Group showed a good level of transparency in their regulatory status, with a listing of all their entities and their regulators on their Regulations page.
Costs of trading via spreads, commission and swaps are explained on the Contract Specifications page. MultiBank Group has a detailed section covering the history of the company, its management and company news. The Client Agreement can be found on the Account Forms page. Overall, we judged that this broker has a high level of transparency.
