Many brokers offer services and apps for trading online. There are pros and cons to these platforms. Here we will discuss the pros and cons that Multibank Group offers traders.
What is MultiBank?
MultiBank Group, an ECN broker multi-regulated by the Financial Conduct Authority (FINCEN), allows you to trade more than 1,000 forex & CFDs on the MT4 trading platforms. It is available for desktop, mobile and web devices. You can also use their social trading platforms, MAM accounts and get a free VPS. The broker does not offer any educational materials and charges extra fees.
What is MultiBank Opening?
MultiBank Group, a Forex & CFD broker based in Hong Kong, was founded in 2005. It is one of the leading names in online trading, with offices in Australia, Germany, and the United States. The trading platform offers a broad range of assets to help you achieve your trading goals. They trade indices and spot metals, Cryptocurrencies as well as individual stocks, commodities, and Forex pairs. BMW M Motorsport is proud to be a sponsor. The company also has jurisdictions in several developed countries, such as the Virgin Islands, Germany, Cayman Islands, and the Cayman Islands.
It is a global brand made up of CFD and FX brokers. MultiBank Group, a global financial company, owns companies that fall under the umbrella of resource management. The brokerage service is under the control of legal bodies, which are overseen by Australian ASIC and other financial regulators. MultiBank is the name we used for brokerage purposes in this review. Website is considered safe because it is regulated by ASIC, a top-class organization, and has a rich history that dates back to 2005.
Regulation and Safety
MultiBank has been authorized by six regulators and continues to comply with all of them. Multibank FX (trade name of Multibank FX International Corporation) appears to be the principal entity that serves international clients. This subsidiary is regulated by the British Virgin Islands Financial Services Commission, FSC.
The Australian Securities and Investments Commission for MEX Exchange, Germany (BaFin), Austrian (FMA), for MEX Asset Management Austria (Austria), and the Spanish National Securities Market Commission for MEX Spain (CNMV), provide additional regulations.
Pros And Cons Of Multibank Broker
|Social Trading Offered||No US customers.|
|Low commission fee.||Fixed spread accounts not offered.|
|Free VPS to All Merchants||Inactivity Fee of $60 on Inactive Accounts.|
|International regulated broker||Tight Spread.|
|Separate client funds.||Limited range of instruments.|
|Excellent deposit and withdrawal methods.||The 45 currency pairs are insufficient.|
Multibank Exchange Group Pros
- Many regulatory bodies have regulated it well.
- Offers Social Trading
- Conditions for competitive trading
- Commission fee low
- Available MAM and PAMM accounts
- All Merchants Get a Free VPS
- Available as a Demo Account or Islamic Account.
- Internationally regulated broker.
- Forex and CFD commissions are low
- Four continents regulate the most popular MT4 trading platforms and MT5 trading platforms.
- It can be traded on more than 1000+ exchanges.
- MetaTrader 4 and MetaTrader 5 are available.
- Commission-free trading is possible
- ECN Trading Accounts Available
- Separate client funds
- Hosting on a VPS is free and account management via MAM modules is possible.
- To attract new accounts, a generous bonus program is offered.
- Hybrid market maker/ECN model depending on account type.
- Great withdrawal and deposit methods
Cons of Multibank Group
- There are no US customers.
- $60 Inactivity Fee on Inactive Accounts
- Fixed spread accounts are not available
- A tight spread.
- Different jurisdictions have different trading conditions.
- There is limited educational and research material.
- Instruments limited in number
- They don’t offer cryptocurrencies.
- They are not recognized brokers, but they do not have any educational material.
- These 45 currency pairs are not sufficient.
Confusion among Account Types
MultiBank has a confusing account structure. This is primarily because MultiBank refers to platforms as accounts. Maximus, MultiBank Pro, and ECN Pro are the three types of accounts. The trading environment for traders is the same regardless of account type. The most notable difference is that traders have more competitive spreads in return for a lower minimum deposit.
Maximus is a good option for retail traders who have smaller deposits and are looking for a generous deposit Bonus. However, the Pro version offers a superior cost structure making it an ideal ECN Pro account to high-frequency traders.
MultiBank offers a variety of bonds to clients, but only to people residing outside of the EU. These are the bonus offers available at the time this review was written:
New customers only receive a 100% bonus up to $ 20,000 on MultiBank Pro and MT4 Maximus platforms. It is not possible to lose it but can’t be used again and can only be used for trading gold and Forex.
The bonus cannot be lost and must be used within three months of opening the account. It can also be withdrawn at a rate of $ 200 per 80 lots (rounding).
The volume-based imperial bonus applies to clients who make an initial deposit. Traders must trade a certain number of lots in order to be eligible for the bonus. The bonus is $ 40 for 40 traded lots, and $ 5,000 for 1,520 traded lots.
Refer a friend to earn a bonus. The friend must have traded with at least 25 lots.