MultiBank Group

Overview of MultiBank Group

MultiBank Group is a global financial service provider with its headquarters located in Hong Kong. The company, which operates under the name MEX Global Financial Services LLC, is registered in the United Arab Emirates and offers online trading services in forex, metals, indices, commodities, and cryptocurrencies. MultiBank Group claims to have a strong presence in the Asia-Pacific region, with offices in China, the Philippines, and Malaysia, among others. The broker also emphasizes its commitment to providing clients with competitive pricing, advanced trading tools, and a high level of customer support.

Pros & Cons of MultiBank Group

On the one hand, MultiBank Group offers competitive spreads and low minimum deposit requirements, which can be great for beginner traders or those on a budget. They also have a variety of account types to choose from, including Islamic accounts for those who follow Sharia law.

On the other hand, some traders have reported issues with MultiBank Group's customer support, which can be frustrating if you run into any problems while trading. Additionally, their regulatory status may be a concern for some traders, as they are not currently regulated by any major financial authorities.

Is MultiBank Group legit or a scam？

MultiBank Group (operated by MEX Global Financial Services LLC) is a legtmate broker:

MEX AUSTRALIA PTY LTD is authorized and regulated by the Australia Securities & Investment Commission (ASIC), with regulatory license number: 416279.

MEX GLOBAL MARKETS PTE. LTD is authorized and regulated by the Monetary Authority of Singapore (MAS), with the regulatory license number: CMS101174.

These regulatory bodies have set guidelines and rules that brokers must comply with to ensure the safety and security of their clients' funds. However, it is still important to conduct thorough research and due diligence before trading with any broker.

Market Instruments

MultiBank Group offers a variety of market instruments to its traders, including forex, commodities, indices, metals, and cryptocurrencies. Traders can access more than 1,000 trading instruments across different markets, allowing them to diversify their portfolios and take advantage of different market conditions. With the availability of multiple asset classes, MultiBank Group caters to a diverse range of traders, from beginners to experienced professionals, who have different risk appetites and trading strategies.

Account Types

MultiBank Group has made investors covered with its variety of trading account types that are designed to suit the specific needs and preferences of traders. They offer three different types of trading accounts, each with its own unique features and benefits, ensuring that traders can find an account that aligns with their trading goals and strategies.

The Standard account is designed for novice traders who want to start trading with an average deposit amount of $200. This account offers fixed spreads, and the minimum deposit requirement is relatively low, making it accessible to traders with different budget levels.

The Professional account is designed for more experienced traders who want access to more advanced trading tools and features, with a minimum deposit of $1,000. This account offers lower spreads than the Standard account, and traders can choose from either fixed or variable spreads depending on their preferences. The minimum deposit requirement is higher than the Standard account, but traders can benefit from more advanced features such as access to the MultiBank Pro platform, VPS services, and a dedicated account manager.

The ECN account is designed for professional traders who require direct access to the markets and require faster execution speeds. This account offers variable spreads and is connected directly to liquidity providers, resulting in tighter spreads and lower trading costs. The minimum deposit requirement is higher than the other two accounts, starting from $5,000, but traders can benefit from faster execution speeds, no requotes, and access to the MultiBank Pro platform, VPS services, and a dedicated account manager.

How to open an account with MultiBank Group？

To embark on your trading journey with MultiBank Group, the first step is to open an account. Fortunately, this process is simple and straightforward.

1. First, head over to the MultiBank Group website and click on the “Register Account” button.

2. 

1. Next up, you will be taken to the account registration page where you will be required to provide some personal information such as your full name, date of birth, email address, and phone number.

1. After filling out the required fields, you will be asked to choose the type of account you wish to open. MultiBank Group offers three types of accounts - Standard, Professional, and ECN - each tailored to meet the varying needs of traders. Once you have selected your preferred account type, you will be asked to provide additional information such as your country of residence, preferred base currency, and trading experience.

2. The final step in the account opening process is to verify your identity and address. This is a regulatory requirement and is necessary to ensure the security of your account. To do this, you will need to upload a copy of your government-issued ID and a recent utility bill or bank statement showing your name and address.

3. Once your account has been approved and funded, you can begin trading a wide range of instruments with MultiBank Group.

MultiBank Group Leverage

MultiBank Group offers leverage up to 500:1 for forex trading. The exact amount of leverage depends on the type of account and the trading instrument being used. For example, the leverage for trading precious metals and indices is generally lower than for trading forex.

It's important to note that while leverage can magnify potential profits, it also amplifies potential losses. Traders should carefully consider their risk tolerance and use leverage responsibly. MultiBank Group also offers negative balance protection to help prevent traders from incurring losses greater than their account balance.

Spreads and Commissions (Trading Fees)

One important aspect of trading that all traders must consider is the cost involved in executing trades, and obviously, MultiBank Group understands this.

The spreads on offer depending on the type of trading account. The spreads for its Standard account start from as low as 1.5 pips for major currency pairs, while the ECN account offers the tightest spreads. As for commissions, they are charged on a per-lot basis, with the amount varying depending on the instrument being traded and the type of account being used. However, the Standard account does not have commission-based pricing.

Non Trading Fees

MultiBank Group imposes some non-trading fees on its clients, which are fees not directly related to trading activities. These fees may include deposit and withdrawal fees, account inactivity fees, and overnight swap fees. It is important to understand these fees before opening an account with MultiBank Group to avoid any unexpected charges.

Deposit and withdrawal fees at MultiBank Group vary depending on the payment method used. Bank transfers are usually free, while credit card deposits may incur a fee of up to 3.5% of the transaction amount. Withdrawal fees also vary by payment method and currency, and some methods may have minimum withdrawal amounts.

MultiBank Group does charge an account inactivity fee. Clients should note that after a period of inactivity, a dormant account fee may be charged. The amount and duration of inactivity required to trigger the fee may vary depending on the account type and location.

Overnight swap fees are charged on positions held overnight and are based on the interest rate differential between the two currencies in the currency pair being traded. These fees can be either positive or negative depending on the direction of trade.

Trading Platforms

MultiBank Group offers its clients two of the most popular trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms provide traders with advanced tools and features, making it easier for them to make informed trading decisions.

The MT4 platform is well-known for its user-friendly interface, comprehensive charting package, and vast range of custom indicators and automated trading tools. It also supports multiple order types and execution modes, making it an ideal platform for both novice and experienced traders.

On the other hand, the MT5 platform offers even more advanced features such as a larger number of technical indicators, additional charting tools, and improved order execution. It also supports more asset classes, making it a great platform for traders looking to diversify their portfolio.

Both platforms are available in desktop, web, and mobile versions, allowing traders to access their accounts and trade on-the-go from anywhere in the world. Overall, MultiBank Group's trading platforms provide a robust and user-friendly trading environment for traders of all levels.

Copy trading is a popular feature offered by MultiBank Group, allowing traders to automatically copy the trades of experienced and successful traders. This can be a helpful tool for those who are new to trading or do not have the time or knowledge to make their own trading decisions.

Here's a detailed comparison of MultiBank Group's trading platforms against another popular forex broker FXCM:

Trading Tools

MultiBank Group offers a range of advanced trading tools to its clients, allowing them to enhance their trading experience and make informed decisions.

1. MultiBank Pro Platform: A proprietary trading platform designed by MultiBank Group, which provides advanced charting, technical analysis tools, and customizable indicators.

2. VPS: A Virtual Private Server that allows traders to execute trades automatically and continuously even when their computers are turned off.

3. Economic Calendar: A tool that displays upcoming economic events and their impact on the financial markets.

4. Autochartist: A tool that automatically identifies trading opportunities based on technical analysis.

5. Trading Central: A tool that provides traders with technical analysis and trading signals.

Deposits and Withdrawals

Overall, MultiBank Group offers limited options for both deposits and withdrawals, including bank wire transfer, credit/debit cards, and online payment methods such as Skrill, Neteller.

Deposits are typically processed within 24 hours, although bank wire transfers may take longer due to processing times at the bank's end. MultiBank Group does not charge any fees for deposits, but it is important to note that the payment provider may charge a fee depending on the payment method used.

For withdrawals, MultiBank Group aims to process requests within 24 hours, although it may take longer depending on the payment provider and method used. MultiBank Group does not charge any withdrawal fees, but it is important to note that the payment provider may charge a fee depending on the payment method used.

Customer Support

MultiBank Group provides customer support to its clients through various channels, including phone, email, live chat, and social media. The customer support team is available 24/5 and can assist with any account-related queries, technical issues, or general inquiries.

Furthermore, MultiBank Group offers multilingual support to cater to the needs of its diverse global clientele. The customer support team is knowledgeable and responsive, providing quick and efficient solutions to any problems or concerns raised by clients.

However, some clients have reported long wait times on the phone and delayed responses to emails, which may indicate room for improvement in the customer support department.

Educational Resources

MultiBank Group does offer educational resources for traders. The educational resources provided by MultiBank Group include webinars, trading courses, video tutorials, e-books, and market analysis. The broker also offers a demo account for traders to practice their trading skills without risking real money.

Here is a table showing the pros and cons of MultiBank Group's educational resources:

Conclusion

In conclusion, MultiBank Group is a well-established online forex and CFD broker that offers a range of trading instruments and account types. Its regulated status and wide range of trading platforms provide traders with a sense of security and a variety of options to suit their trading needs. The broker's competitive spreads and low fees make it an attractive option for traders of all levels.

MultiBank Group's customer support team is readily available to provide assistance to clients via multiple channels, and their response time is generally quick. However, their educational resources are limited, which may be a downside for new traders who require guidance and support to improve their trading skills.

FAQs

• Q: What trading platforms does MultiBank Group offer？

A: MultiBank Group offers the popular trading platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both of which are highly customizable and user-friendly.

• Q: What types of trading accounts does MultiBank Group offer？

A: MultiBank Group offers three types of trading accounts: Standard, Professional, and ECN. Each account type has its own unique features and benefits, allowing traders to choose the one that best suits their needs and trading style.

• Q: What are the spreads and commissions at MultiBank Group？

A: The spreads and commissions at MultiBank Group vary depending on the account type and market conditions. However, overall, they are considered to be competitive compared to other brokers in the industry.

• Q: How can I deposit and withdraw funds with MultiBank Group？

A: MultiBank Group offers a variety of payment methods for deposits and withdrawals, including bank transfers, credit/debit cards, and e-wallets such as Skrill and Neteller.

• Q: Does MultiBank Group offer copy trading？

A: Yes, MultiBank Group offers a copy trading service that allows traders to automatically copy the trades of experienced traders. This can be a useful tool for those who are new to trading or want to diversify their portfolio.

• Q: What is MultiBank Group's customer support like？

A: MultiBank Group's customer support is available 24/5 and can be reached via phone, email, live chat, and social media. The support team is known for being responsive and helpful.

• Q: Does MultiBank Group offer educational resources？

A: Unfortunately, MultiBank Group does not offer many educational resources, which could be a downside for beginner traders who are looking to learn more about trading. However, they do provide market analysis and trading signals to help traders make informed decisions.