MultiBank Review Updated year : Pros & Cons Revealed

Multibank offers more than 20 different payment methods for the convenience of its clients. Payments are accepted via bank wire, credit or debit cards, cryptocurrencies, or e-wallets. The broker does not charge any internal fees for deposits or withdrawals.

1. Any questions I raised were never answered and I was sent numerous contradictory messages regarding refunds.
2. My tests indicate that Multibank’s Standard account is the most accessible one, but it also features trading fees that exceed the industry average.
3. Traders will get the most benefits from it due to excellent trading costs.
4. I consider Multibank an appealing option for beginners and day traders seeking a wealth of educational resources and trading opportunities.

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. A commission-free account that is perfect for new traders looking to start investing. At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions. It allows newbie traders to learn the ABCs of trading, both in theory and practice. I appreciated the availability of video content and written articles so traders could learn from multiple angles.

The broker impressed me with the wide variety of tools and services it offers its clients, including VPS hosting, FIX API, and Trading Central. Moreover, its trading fees are generally better than the industry average. 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. Multibank offers demo accounts that introduce traders to the broker’s services and allow them to tweak their strategies in a risk-free environment.

Account Types and Terms

In my opinion, MultiBank’s Standard account is best avoided unless you are a complete novice. The Pro account requires a $1,000 minimum deposit but features lower spreads than the Standard account. The lowest spreads available at MultiBank are featured on its ECN account offering, which requires a $10,000 minimum deposit and charges a small round-trip commission of $3 per trade. MultiBank offers a 20% deposit bonus capped at $40,000, subject to trading conditions. 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.

Traders select the amount and desired payment processor, and MultiBank Group processes requests instantly. The ebooks also have a heavy emphasis on the study of technical analysis but also focus on the psychology of trading. There are a total of 10 educational courses with free access to everybody, available from the website. The lessons cover a wide range of topics pertaining to the basics of trading, essential trading terms and concepts, CFDs trading, and more. You can also use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades. The table demonstrates how much you would have to pay to trade 1 full lot (100,000 units) in EUR/USD with a pip value of $10 for each account.

My tests indicate that Multibank charges average-to-high overnight charges. This combination is not ideal for longer-term position trading, though it does not restrict day limefx courses scam trading. The Client Agreement is pretty extensive and includes all essential information. Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection.

Asset List and Leverage Overview

I experienced a very unprofessional and unacceptable situation with Multibank. From the outset, I was continually pressured into investing more, being advised of all the wonderful benefits. When I did invest more, the service was exactly the same and none of the advantages that were promised. During all of this time, I was dealing with Customer Services and it would appear other departments. Any questions I raised were never answered and I was sent numerous contradictory messages regarding refunds. I have now closed all communication with Multibank, but remain at a loss of full refund through the incompetancy of the organization.

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Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA). Select one or more of these brokers to compare against MultiBank.

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. Within less than a minute, a MultiBank Group representative will call.

Bonuses and Promotions

The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself alongside your live CFD account. There are no internal deposit or withdrawal fees, but third-part charges apply, which is why I recommend traders check costs.

Your commissions will vary based on the type of account you choose, but the fees are reasonable. For example, you’ll find fees of $3 per limefx scam lot when you trade Forex. The main accounts at MultiBank include ECN Pro, MultiBank Pro, Maximus, and MT5.

Read our full explanation and accounting of our research and testing process to learn more about how we test. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. The overall regulatory environment is superb, and MultiBank Group maintains a secure and trustworthy trading environment. MultiBank Group maintains 25+ offices worldwide catering to an international client base and partners with affiliates in major financial hubs around the world. Another great advantage is the availability of futures contracts, which can be used to hedge market exposure by locking into medium-term and longer-term trades.