MultiBank FX Review and Tutorial 2021
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|MultiBank FX Facts & Figures|
MultiBank FX is a regulated forex and CFD broker offering sign-up deposit bonuses, tight spreads and MT4 trading.
• Best FX Service Provider 2020 - International Business Magazine
• Best FX Customer Service 2020 - Forex Awards
• Best Apac Region Broker 2020 - International Financial Awards
• Best Forex & CFD Broker 2019 - Jordan Forex & Expo Awards
• Financial Services Provider of the Year Asia 2019 - Global Brands Magazine
• Best Forex Trading Platform Hong Kong 2018 - International Finance Magazine
|Bonus||20% deposit bonus|
|Instruments||Forex, CFDs, indices, shares, commodities, cryptocurrencies|
|Pay Methods||Credit Card, Mastercard, Neteller, Perfect Money, Skrill, Swift, Visa, Wire Transfer|
|Min. Trade||0.1 lots|
|Regulated By||ASIC, BaFin, FMA, CNMV, DFSA, FSC, CIMA|
|Auto Trading||Yes (APIs)|
|Trade contracts for difference across markets with up to 1:500 leverage.|
|FTSE Spread||Not offered|
MultiBank FX offers investing in leading major, minor and exotic currency pairs.
Trade a selection of the top cryptos against the US Dollar with 50% margin.
|Coins||BTC, LTC, ETH, XRP|
MultiBank FX is an award-winning forex and CFD broker. Our review covers everything from the group’s products and spreads to leverage and deposit options. We also examine the user experience, including the login process and the broker’s customisable trading platforms. Find out whether to open an account with MultiBank FX.
MultiBank FX was established in California, USA, in 2005. The group is now an international corporation headquartered in Hong Kong with 25 locations worldwide, including in Dubai, Malaysia, London, Marbella, Germany, Australia, and more. The brokerage caters for over 320,000 customers in 90+ countries across its offices.
MultiBank FX holds licenses with financial regulators across four continents, including with the ASIC, BaFin, FMA, BVI, CNMV, DFSA, FSC, and CIMA.
MultiBank FX offers the industry-favourite MetaTrader 4 and MetaTrader 5 platforms. Both can be installed via the download centre on the group’s website. Alternatively, the broker’s web trader solution enables investing from any browser and operating system.
Widely regarded as the leading forex trading platform, the terminal is suitable for traders of all skill levels. The platform was released in 2005. Whilst the interface’s design is outdated, the platform boasts key features including:
- Trading history
- Automated trading via APIs
- Advanced interactive charting
- Sophisticated analytical functions
- 30 customisable technical indicators
- 9 timeframes, from one minute to a month
- Instant execution and multiple alternative execution modes
MetaQuotes Software designed MetaTrader 5 as a multi-asset platform for the more experienced trader. Launched in 2010, the solution offers trading in forex, stocks and futures. MT5 promises more advanced trading tools than its predecessor making it a powerful all-round investing solution.
- DOM Data
- 21 timeframes
- MQL5 language
- Technical support
- Economic calendar
- Additional graphical objects and technical indicators
The MultiBank Group is primarily a CFD and forex broker with over 1,000 tradable instruments available to traders:
- Metals such as gold and silver
- Forex including majors and minors
- Cryptocurrencies such as Bitcoin and Litecoin
- Shares on major global companies and indexes
- Commodities including oil and wheat
It’s worth noting the group doesn’t offer as many forex pairs or crypto coins as other providers. Also, users can’t trade in binary options or spread betting products.
Spreads & Commission
The MultiBank Exchange Group offers competitive trading fees. Zero-pip spreads are available on the ECN Pro solution while spreads start from 0.8 pips on MultiBank Pro and 1.4 pips on Maximus Pro. Commission fees are reasonable at $3 per lot for forex. Typical spreads across major FX pairs:
- EUR/USD – 0.1
- USD/JPY – 0.2
- AUD/USD – 0.2
- GBP/USD – 0.3
- EUR/USD – 0.8
- USD/JPY – 1.0
- AUD/USD – 1.0
- GBP/USD – 1.1
- EUR/USD – 1.5
- USD/JPY – 1.6
- AUD/USD – 1.6
- GBP/USD – 1.7
MultiBank FX offers leverage up to 1:500 on currencies, 1:200 on commodities and indices, while shares are offered up to 1:20. These are high leverage rates compared to EU-regulated brokers, for example, that cap ratios at 1:30. Traders should always be wary of the risks associated with leveraged trading.
Each account is available on the MT4 and MT5 mobile platforms. The apps are easy to use and well-designed. Users benefit from a long list of indicators, expert advisors for automated trading, built-in customer support and customisable charts. Traders can also make deposits and withdrawals through the mobile apps. Head to the respective app store to download the mobile applications free of charge.
The MultiBank Group offers secure deposits processed within 24 hours. The minimum deposit requirement is $50 and traders aren’t charged any fees. The name of the bank account and trading account must match for the deposit to clear. Available deposit methods include:
- Bank Transfer
- Perfect Money
- Payment Asia
- ThunderX Pay
Withdrawals are also free of charge and available via the same methods as depositing funds: Head to the MyMultiBank area to request a payment. Alternatively reach out to firstname.lastname@example.org. Withdrawal times vary depending on the chosen method and size of revenue but may take several working days.
A demo account is offered by MultiBank FX, offering a $100,000 virtual opening balance. The practice account is a great opportunity to trial strategies across multiple markets with zero risk. A short and straightforward registration form is available from the broker’s website. The group’s CEO and chairman have ensured that once signed up, users get demo access to both the MT4 and MT5 platforms.
MultiBank FX Bonuses
When opening a trading account with MultiBank FX, users can choose between various bonuses. A 20% deposit bonus is offered which is 100% withdrawable. An Imperial bonus is available for first-time deposits up to $5,000 once trading targets are met. Additionally, a 100% deposit bonus is available, though requirements are fairly restrictive. For long-term customers, a loyalty bonus up to $3,500 is available.
The MultiBank Group is regulated by multiple providers including the ASIC, BaFin, FMA, CNMV, DFSA, FSC and CIMA. These are reputable regulators that provide strong safety and security for traders. The broker’s licensing status is a good sign that market prices won’t be manipulated and withdrawals will be respected. The broker is licensed to operate in the Philippines, Mena (UAE) and Vietnam, along with China, Panama and others.
Other features which protect trader funds include negative balance protection, segregated client accounts and a trade line of credit which records all activity associated with an account. Paid-up capital of $320 million and custodial bank facilities further reinforce the reliability of the MultiBank Group. Overall, we’re comfortable the brokerage isn’t running a scam.
Note, the broker is not regulated by the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities & Exchange Commission (CySEC).
MultiBank FX offers a reasonable range of educational materials on their website which will appeal to beginners. There are also market insights and a host of tutorial videos with trading tips on the broker’s YouTube, Facebook, Twitter and Instagram channels.
The firm also offers an attractive copy trading services. Clients can subscribe to signals from experienced investors and manually or automatically copy positions into their own accounts. Fees are low and there is a long list of signal providers to choose from. For those wishing to sell signals, there is a simple three step process to follow.
The MultiBank Group have several account options to suit a variety of needs. It is easy to open a live account and the broker offers negative balance protection and attractive leverage and bonuses across the board.
- ECN Pro – The ECN Pro is an MT4 FX account which uses an electronic communication network to match buyers to sellers. The account boasts tight spreads, from zero pips on major forex pairs. The minimum account size is $5,000 with access to the refer a friend scheme and the Imperial Bonus.
- MultiBank Pro – MultiBank Pro is the group’s second MT4 account, with a $1,000 minimum deposit. With spreads from 0.8 pips and a 20% promotional bonus, it is another strong account option.
- Maximus – The Maximus account has a low minimum deposit of just $50, all the bonuses offered on the MultiBank Pro account, and an additional 100% bonus making it an appealing option; however, the spreads are consequently higher starting at 1.4.
An Islamic, swap-free account is also available. The account doesn’t swap or rollover interest on overnight positions; thus, operating in accordance with the Islamic faith.
Note, clients who trade CFDs on MultiBank FX are eligible for free VPS MAM and PAMM accounts.
- Demo contests
- Competitive spreads
- Copy trading solution
- Good customer service
- $500 minimum deposit
- VPS, NAM and PAMM accounts
- No deposit or withdrawal charges
- Scalping not permitted
- Limited trading instruments
- $60 monthly inactivity fee following three months of zero activity
MultiBank Group follow standard trading hours, usually Monday – Friday, though they vary slightly depending on the instrument. For more details and regularly updated holiday hours, visit the broker’s website.
Customer support is a strength of the MultiBank Group, with 24/5 multilingual assistance available through several channels:
- Email address – email@example.com
- Live chat – Bottom right of the MultiBank FX website
- Phone number – Contact us page. Call back form also available
- Video conference – Zoom and Microsoft Teams request form available on the website contact page
Further details can be found in the contact area of MultiBank Group website. It’s worth highlighting that we found support staff responsive and knowledgable about the broker’s products.
The website is reliable, however, there is no 2-step login process on the web trading platform. It also lacks touch ID and face ID functionality. Still, the MetaTrader platforms do offer industry-standard security protocols and keep data relatively secure.
MultiBank FX Verdict
Tight spreads and low minimum deposits are enticing features of MultiBank FX. This combined with ease of navigation and good customer service make opening a live account attractive. With that said, the limited instruments, lack of educational tools and high inactivity fees may deter some prospective traders.
Overall, the MultiBank Group are a reliable, established brokerage with a strong track record. Utilising top-tier MT4 and MT5 platforms, the company provide a good all-round trading experience.
MultiBank FX accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use MultiBank FX from United States, Hong Kong.
Alternatives to MultiBank FX
If you are looking for alternatives to MultiBank FX we have compiled a list of the top 5 brokers that are similar to MultiBank FX below. This list of brokers like MultiBank FX is in order of similarity and only includes companies that accept traders from your location.
- EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- ZuluTrade – Zulutrade provide multiple automation and copy trading options across forex, indices, stocks, cryptocurrency and commodities markets
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
What trading platforms does MultiBank FX use?
MultiBank FX work with MetaQuotes to provide MT4 and MT5 trading platforms. Both are also available as downloadable mobile apps.
How much capital do I need to trade at MultiBank FX?
MultiBank FX minimum deposits are low, starting from just $50 on their Maximus account. This makes it a good option for beginners starting out.
Does MultiBank FX offer a demo account?
MultiBank FX offers a demo account with a $100,000 virtual opening balance and simulated real-time trading. Head to the broker’s website to sign up for the practice account.
Is MultiBank FX regulated?
MultiBank FX is regulated across four continents by the Australian Securities and Investment Commission (ASIC), Federal Financial Supervisory Authority (BaFin), Financial Management Agency (FMA), National Securities Market Commission (CNMV), Dubai Financial Services Authority (DFSA), British Virgin Islands Financial Services Commission (FSC), and Cayman Islands Monetary Authority (CIMA).
Does MultiBank FX offer mobile trading?
MultiBank FX does offer a mobile trading app available via iOS and Android. The app is easy to navigate making trading on the move simple.
Is MultiBank FX a good broker?
MultiBank FX is a reliable broker. The group are regulated worldwide and offer competitive spreads, appealing bonuses and low deposits across a range of instruments.
|MultiBank FX is a regulated forex and CFD broker offering sign-up deposit bonuses, tight spreads and MT4 trading.|
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