You find Multibank Group to be a large trading platform from the United States, and you want to learn more about this platform. Let’s read our review of the Multibank Group below to get more details about this trading platform and whether Multibank Group is a scam or a reputable place to invest.
What Is Multibank Group?
Multibank Group is one of the largest forex and CFD brokers, established in 2005 in the United States. It was one of the first banks to introduce a Forex and financial derivatives trading platform. Today, Multibank Group has become a global brand with a strong capital base and numerous branches worldwide.
The main headquarters are in Hong Kong, with additional offices in 15 locations around the world. The broker proudly serves over 320,000 clients from more than 90 countries worldwide. Multibank offers over 1,000 trading instruments on advanced trading platforms.
Since its inception, Multibank Group has received positive reviews from industry experts and reputable organizations. The broker has won over 40 awards and continues to earn recognition. In 2019 alone, Multibank received 10 awards, including:
- Best Forex & CFD Broker in Europe and Asia by International Investor Magazine.
- Best Forex Broker 2019 by Forex Expo Dubai.
Review of Multibank Group Through Certifications and Licenses
When evaluating Multibank Group, the regulatory oversight of the broker is crucial. Brokers operating without proper regulation can pose risks to investors’ funds.
Multibank Group is monitored and regulated by several reputable organizations worldwide. Some of these regulatory bodies include the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Federal Financial Supervisory Authority (BaFin) in Germany, and others.
Regulated brokers are less likely to engage in fraudulent activities or market manipulation. When you request a withdrawal from Multibank Group, it will be processed. If Multibank Group violates any regulations, their regulatory status can be revoked.
Review of Multibank Group Through Account Types
Multibank Group offers three account types, all designed for the MT4 trading platform. All Multibank accounts come with a maximum leverage of 1:500.
- Maximus: This account is specially designed for traders using EAs or large-scale trading strategies. The minimum deposit for this account is $50, with a starting spread of 1.4 pips.
- MultiBank Pro: Traders who want to use ECN trading but have a smaller capital can use this account. The minimum required deposit for this account is $1,000, with spreads starting from 0.8 pips.
- ECN Pro: This is the premier account for ECN trading. The minimum deposit to own this account is $5,000, with an average spread of 0.1 pips.
Multibank Group provides a free demo account. This account carries no risk and comes with a virtual balance of $50,000.
Islamic accounts are also offered by Multibank Group, allowing traders to avoid swap fees on overnight positions, and there is no time limit on open positions.
A non-activity fee of $60 is charged monthly for accounts that have not traded for three consecutive months.
Review of Multibank Group Through Trading Platforms
Multibank Group does not have its own proprietary trading platform; instead, the broker uses MetaTrader 4 (MT4) and MetaTrader 5 (MT5), third-party trading platforms.
MetaTrader 4 (MT4)
MT4 is a powerful and widely used trading platform in forex and CFD trading. Initially developed in 2005, MT4 has gained global popularity due to its sophisticated trading tools and advanced trading capabilities.
There are thousands of plugin applications built to enhance or extend MT4’s features. Multibank provides MT4 in the form of WebTrader, mobile apps, and desktop Windows applications. Here are some key features of the MT4 trading platform:
- Real-time quotes for over 1,000 assets.
- Real-time charts for all assets in various chart types: line, bar, or candlestick.
- Charts for assets can be displayed on 9 timeframes.
- Comes with 30 technical indicators that can be expanded to thousands through custom apps.
- Includes 24 analytical tools for technical chart analysis.
- Supports various order types, including market orders and pending orders.
- Risk management tools like “Stop Loss” and “Take Profit.”
- Push notifications for price alerts.
Mex Mobile Trading App
The Mex Mobile Trader app is a mobile trading application for MT4, available for both iOS and Android devices. This app can be downloaded from Google Play or the Apple Store, depending on your device.
The mobile app is intuitive and customizable, making it useful for traders who need to access their trading accounts easily and manage their trades on the go. Here are some core features of the mobile trading app:
- The “Quotes” tab displays all tradable assets with real-time bid and ask prices.
- You can place orders using market orders or up to 4 types of pending orders.
- It provides real-time charts in 3 chart types: line, bar, and candlestick.
- Features 30 technical indicators and 24 analytical objects.
- Price alerts through push notifications.
Social Trading and MAM/PAMM Accounts
Traders can become signal providers by allowing other traders (investors) to automatically copy their trades and earn commissions on profitable trades.
Multibank provides a list of signal providers and their performance statistics. This allows investors to choose a provider to copy trades from. Signal providers set their subscription fees and commissions for their services. However, there are no guarantees regarding the results of copying trading signals from a social trading platform.
MAM/PAMM Accounts
The Multi Account Manager (MAM) software provided by Multibank allows asset managers to manage multiple accounts simultaneously. The user-friendly software supports various trading technologies, including the use of Expert Advisors (EAs). Managers can trade multiple accounts from a master account and set up accounts quickly and easily.
Autochartist
This is a continuous market scanning tool designed to provide traders with high-quality trading signals. MultiBank offers the Autochartist MT4 plugin application to all customers at no additional cost.
Autochartist notifies traders when chart patterns are identified. This tool also performs volatility analysis and comes with a risk calculator.
VPS
MultiBank provides a free Virtual Private Server (VPS) to all interested customers by filling out a VPS request form. VPS offers low latency with stable and reliable connections to trading servers. VPS is commonly used by professional traders who use EAs (Expert Advisors) or other complex trading systems that need to run 24/7. VPS allows you to run your trading platform continuously without the need to keep your computer turned on.
Review of Multibank Group Through Payment Methods
Traders are offered various payment methods when trading with MultiBank. The available options depend on their selected regulatory authority and country of residence. MultiBank does not charge deposit or withdrawal commissions. However, there may be fees from third-party payment providers. Some of the available payment options include:
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- ank Transfer: Transaction processing time within 24 working hours.
- Debit/Credit Cards: Major cards like Visa and MasterCard are accepted. Deposits via cards are processed instantly or within 24 hours at most. Withdrawal transaction processing may take longer.
- Online Payments: Skrill, Neteller, PayTrust, Perfect Money, NganLuong.vn, help2pay, and Payment Asia. All deposits into accounts are processed within 24 hours.
Review of Multibank Group Through Customer Service
MultiBank’s multilingual customer support team operates 24/5 via email, live chat, and phone. There are over 40 customer support phone lines listed for different countries. If you prefer to receive a callback, you can simply fill out the “Request a Callback” form available on the website.
Vietnamese traders can contact MultiBank Vietnam at +1 213 992 4748.
Traders can also reach out to the support team for inquiries through social media platforms such as Facebook, Twitter, YouTube, LinkedIn, and Instagram.
On the downside, the service is not available 24/7, and the service hours and time zones are not clearly displayed.
Review of Multibank Group Through Education Center
MultiBank does not provide any educational materials on its website. There is no trading academy, training videos, or any useful learning resources offered to traders. Most brokers typically offer some educational materials to assist traders, so this is a drawback when evaluating Multibank Group.
Pros and Cons of Multibank
MultiBank is a forex and CFD broker regulated by several financial authorities globally, including the top-tier ASIC.
Among its positive features, the account opening process is seamless and trouble-free. Forex fees are competitive, and there are many free options for depositing and withdrawing funds.
However, MultiBank has a dormant fee that is charged after 13 consecutive months of inactivity, amounting to $10 per month as per the schedule. Its product range is limited to FX, CFDs, and cryptocurrencies. Research and education tools are quite basic, with limitations on charting tools and news.
Conclusion
In general, the review of Multibank Group suggests it is a reliable choice for traders. MultiBank Group is tightly regulated by reputable organizations, providing a safe trading environment. However, the educational tools are very light, so complete beginners might find it slightly challenging and perhaps not suitable to start with.
If you still have doubts and want to explore other trading platforms, you can follow the latest updated reviews of FX brokers here.
