MultiBank Review 2023 – Pros and Cons Uncovered

Pros

Cons

•

Low forex fees

•

Inactivity fee

•

No withdrawal fee

•

inactivity fee

MultiBank fees snapshot

Assets
Fee level
Fee terms

S&P 500 CFD
Low
The fees are built into the spread, 0.8 points is the average spread cost during peak trading hours.

Europe 50 CFD
Low
The fees are built into the spread, 2.1 points is the average spread cost during peak trading hours.

EURUSD
Low
ECN account: $3.00 commission per lot per trade plus spread cost. 0.1 pips is the average spread cost during peak trading hours.

Inactivity fee
High
$10 per calendar month after 13 consecutive months of inactivity

 

 

 

 

How we ranked fees

We ranked MultiBank’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let’s go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.

In the sections below, you will find the most relevant fees of MultiBank for each asset class. For example, in the case of forex and stock index trading, spreads, commissions and financing rates are the most important fees.

We also compared MultiBank’s fees with those of two similar brokers we selected, XM and XTB. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of MultiBank alternatives.

To have a clear overview of MultiBank, let’s start with its trading fees.

MultiBank trading fees

MultiBank trading fees are low.

The fee structure differs among various account types. MultiBank offers three account types:

• ECN Pro
• MultiBank Pro
• Maximus

In this review, we analyzed the fees of the ECN Pro account. ECN Pro charges a commission, but the spreads are tighter. If you opt for MultiBank Pro or Maximus, you will be charged only spread costs, but spreads will be generally wider, especially for the Maximus account.

The fee structure is not transparent at all. On the website, you can find only the spreads for each account type, but there is no information about commissions. We had to collect this information by contacting customer service.

We know it’s hard to compare trading fees for CFD brokers. So how did we approach the problem of making their fees clear and comparable? What we did was we compared brokers by calculating all the fees of a typical trade for selected products.

We have chosen popular instruments within each asset class:

• Stock index CFDs: SPX and EUSTX50
• Stock CFDs: Apple and Vodafone
• Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP

A typical trade means buying a leveraged position, holding it for one week and then selling. As for volume, we chose a $2,000 position for stock index and stock CFDs and $20,000 for forex transactions. The leverage we used was:

• 20:1 for stock index CFDs
• 5:1 for stock CFDs
• 30:1 for forex

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let’s see the verdict for MultiBank fees.

CFD fees

MultiBank has low stock index CFD abd stock CFD fees.

MultiBank CFD fees for a $2,000 long position held for one week

 
MultiBank
Admirals (Admiral Markets)
AvaTrade

S&P 500 index CFD fee

$1.5

$2.3

$2.6

Europe 50 index CFD fee

$1.9

$1.6

$2.0

Apple CFD fee

$1.5

$4.6

$6.6

Vodafone CFD fee

$2.6

$12.1

$8.3

The commission for ECN Pro account holders is $3 per lot per trade.

Forex fees

MultiBank forex fees are low.

The commission charged for ECN Pro account users is $3 per lot per trade in the case of forex trades.

Multibank beats its nearest competitors when it comes to trading costs for EURUSD and EURCHF pairs. Fees for other popular pairs such as GBPUSD or AUDUSD are closer to the market average but still competitive.

MultiBank forex benchmark fees of a $20,000 30:1 long position held for one week

 
MultiBank
Admirals (Admiral Markets)
AvaTrade

EURUSD benchmark fee

$13.6

$15.1

$16.4

GBPUSD benchmark fee

$9.7

$7.8

$11.3

AUDUSD benchmark fee

$9.2

$8.5

$15.3

EURCHF benchmark fee

$4.5

$8.9

$4.4

EURGBP benchmark fee

$11.0

$15.7

$15.5

Non-trading fees

MultiBank has mixed non-trading fees.

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.

MultiBank non-trading fees

 
MultiBank
Admirals (Admiral Markets)
AvaTrade

Account fee

No

No

No

Inactivity fee

Yes

Yes

Yes

Deposit fee

$0

$0

$0

Withdrawal fee

$0

$0

$0