I compared the data with the spread rates quoted on the platform and observed no discrepancies. The broker offers live quotes on its website, with free access to registered and non-registered traders. Fourthly, the MT5 account, as you might have guessed from the name, allows you to trade with MetaTrader 5, which is an even more advanced version of MT4.
Multibank Deposit Methods
In our Trust category assessments, we evaluate factors tied to stability and transparency, including the broker’s longevity, company size, and the transparency of information provided. In our reviews, we examine the licenses and regulations of each entity operated by a broker. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation. Third is the Maximus account, which requires a minimum account size of $50. MultiBank Pro bills this as its “no frills” account, and the Maximus also uses the MT4 platform.
Multibank Non-Trading Fees
Most traders will be able to satisfy this step by sending a copy of their ID and one proof of residency document. A cashback program, which gives rebates on trading in volume in Forex currency pairs and metals, is limefx reviews also offered. Over the past decade, MultiBank Group’s achievements have been recognized by the global forex industry, including awards from distinguished financial institutions, media organizations, and publications.
Mutltibank is also suitable for copy trading and automated trading. While the spread rate on the Standard account exceeds the industry average, the Pro and ECN accounts offer trading conditions that are more favorable compared to the industry average. I performed my tests on a Pro trading account using the desktop and mobile app versions of MetaTrader 5. The account was opened with the MEX Atlantic Corporation entity of the broker.
MultiBank Minimum Deposit
However, it also features a combination of spreads and commissions that exceeds the industry average. In contrast, the ECN account offers some of the lowest trading fees in the industry, but its barrier to entry is rather high (at $10,000). Multibank is a forex and CFD broker founded in 2005 in California, USA. Since then, the company established itself as one of the most regulated and trusted brokers in the online trading industry. It offers more than 20,000 tradable instruments across six asset classes, including forex, metals, indices, shares, and cryptocurrencies, on three account types with competitive pricing. Platforms like MetaTrader 4 and MetaTrader 5 have become industry standards for a positive user experience, so that bodes well for MultiBank.
How long does it take to withdraw money from an account at MultiBank Group?
- Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the MultiBank Group Pro and ECN accounts.
- In this review, I tested MetaTrader 5, which features multiple essential tools, such as one-click trading, an alarm setting option, and a market depth tool.
- I have compiled the table below to help you better understand the difference between the trading fees of Mutlibank’s three account types and the industry average.
- The former supports algorithmic trading, which accounts for 80% of all trades at this broker.
- The spread you’d end up paying to trade eight million units of currency will end up being greater than the deposit bonus.
- At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.
The bonus can be converted to cash once a month, and clients must complete the trading requirements within 90 calendar days. This offering is generally geared towards high-volume scalpers and day traders. Multibank offers professional-grade customer support available 24/7. Help is available via live chat, email, and over the phone in English, Spanish, French, Arabic, and other languages. The agents are generally knowledgeable and respond to queries fairly quickly.
The broker also offers Islamic accounts for swap-free trading, as mandated under Shariah law. Traders who want to open an Islamic account need to contact Multibank’s customer support and request the service from there. I determined that the Pro account strikes a fine balance between affordability and competitive prices. It features a combination of commission-free trading and floating spreads starting from 0.8 pips, with a minimum deposit requirement of $1000. Multibank operates through 10 entities, including five regulated by Tier-1 authorities and several offshore ones.
Tradable products include crypto, commodities, shares, indices, metals, and Forex. There is an expert adviser, over eighty technical analytics tools, one-click trading, VPS hosting, and a stop out level of 50%. Keep in mind that the minimum deposit requirement might vary depending on your country of residence and the MultiBank Group entity that holds your account. MultiBank Group does not rank highly in this category, due to the lack of any significant in-house or third-party research content. For the most part, the broker’s research offering is limited to a weekly newsletter and news headlines within its platforms.
The videos introduce beginners to price trends and how to spot them, trade them, apply risk management, and discern market noise from real price movements. I like that after covering each topic, you can practice what you have learned by taking a quiz. Most videos are dedicated to the study of technical analysis and are available from the client area. Hosted limefx by market expert Martin Pring, the videos cover a wide range of topics pertaining to price action examination. Please note that while the broker does not charge a handling fee for deposits or withdrawals, third-party banking fees may apply, subject to the chosen payment method.
Customer service is very prompt and proactive in dealing with client concerns and immediately address the issue. MultiBank offers bank wires, credit/debit cards, SEPA, Skrill, Neteller, PayTrust, Payment Asia, Globe Pay, ThunderX, Help2Pay, POLi, and cryptocurrencies (Bitcoin and USDT). I like the choice and flexibility concerning financial transactions at MultiBank Group. MultiBank Group levies a $60 monthly inactive fee after three months, which active traders will never face.
Resources and applications for opening an account can be found within the client portal on the MultiBank Group website under the My MultiBank section. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. He phoned, talked me through the process with ease, explaining everything perfectly. We lost signal and he phoned me back quickly to ensure that we finished the process correctly.
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. ForexBrokers.com has been reviewing online forex brokers for over eight years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research.
Use our country selector tool to view available brokers in your country.