Got fast and accurate help from Ben at MultiBank when I had problems connecting MT5 to my trading account.Ben solved it quickly while we were still in the chat. Company block your withdrawal and create some rules to make trade more and end up loosing your money very bad broker! Always making sure that I understand everything and I am comfortable with the decisions I make. He is very patient in answering all my questions and he/she guide me in every step, provided me what is needed to resolve my problem. He phoned, talked me through the process with ease, explaining everything perfectly.
Where is MultiBank Group based?
The leverage multiplies the profits a trader generates from winning positions and the losses incurred from failed trades. When we test a broker’s customer support, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are. Compared to the industry average, Multibank offers an average amount of currency pairs and a high number of commodities, share CFDs, indices, and cryptocurrencies. The chart screen is a platform’s key feature, crucial for technical analysis through price action overview. It offers numerous analytical tools and configuration options for comprehensive examination.
However, due to its elevated swap charges, I determined that Multibank’s trading fees are more suitable for day trading, which does not require holding positions open overnight. Multibank does not charge deposits or withdrawals with a handling fee, though third-party banking fees may apply. Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid.
The broker clearly has a lot of longevity in the industry, as well as a solid reputation. MultiBank Group’s best feature is its relatively high Trust Score; the broker holds multiple regulatory licenses, including Tier-1 licenses in Singapore and Australia. Also worth noting is its license to operate as a cryptocurrency exchange. Educational content at MultiBank is limited to a series of basic videos and ebooks powered by MTE Media, which are available on a new dedicated education section on the broker’s website. I was pleased to see this new educational portal, and I’m looking forward to seeing more content from MultiBank. That said, this broker still has a long way to go if it wants to compete with the best brokers for education.
- One of the most widely ignored trading costs is swap rates on leveraged overnight positions.
- In the Forex market, margin needs are determined using MultiBank Group’s leverage rate, which can be adjusted based on the current exchange rate.
- Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
- Here is the minimum spread for the EUR/USD and the trading costs per 1.0 standard in all three pricing tiers.
Standard Account
MultiBank Group offers commission-free Forex mark-ups as low as 0.8 pips or $8.00 per round lot in the Pro account, but the Standard one lists them at 1.5 pips or $15.00. The former is within the upper range of competitive trading costs, but the latter is expensive. The best offer is available in the commission-based ECN account, where traders enjoy raw spreads of 0 pips for a commission of $3.00 per round trip. The cost also applies to commodities, but index and equity CFD trading are commission-free.
Great service
The overall customer support options at MultiBank Group are excellent. Both are readily available online scammed by limefx from trusted sources, but MultiBank Group does cater to beginner traders, and it would be nice to see some educational offerings. However, this should not be a deal breaker for anyone as there is plenty of good free educational material available widely on the internet, MultiBank also offers newsletters weekly.
This platform has been exceptional
An industry veteran, Joey obtains and verifies data, conducts research, and analyzes limefx and validates our content. MultiBank Group emphasizes reducing currency conversion costs for traders operating in multiple currencies. Use MultiBank Group’s training resources and tutorials to improve your trading knowledge and abilities before joining real markets.