Multibank Group

MultiBank Group is legal and regulated worldwide, including world-renowned financial authorities such as ASIC (Australia), BaFin (Germany), FMA (Austria), CNMV (Spain) and DFSA (UAE). In addition, there is offshore registration with the FSC (British Virgin Islands) and CIMA (Cayman Islands). There are also authorized branches such as MultiBank Group Philippines, the UAE, Vietnam, MultiBank Group Malaysia, MultiBank Group Hong Kong, as well as China, Panama, etc. 

They guarantee stable operation and allow you to make transactions in real-time. You can choose how to use the platform at your discretion: download it to your PC or smartphone, or open it in any browser. The official website of MEX MultiBank Group is quite good. It is concise and informative at the same time. Therefore, even beginners on it feel confident and easy. Registration is in two clicks: the user must enter personal information about himself and confirm the phone number. For verification, you will need to provide proof of identity and proof of address. Usually, 6 months’ worth of utility bills/ 6 months’ bank statements/ valid residence permit, etc. are accepted.

Trading platforms and applications

MultiBank Group offers MT4 and MT5 platforms. In addition, MAM accounts are available. For those who prefer to trust a professional, there is the option of social trading. You can join a community, choose an experienced trader and follow his trading strategies. However, copying trades does not guarantee a successful result. Here the probability of errors is high. Newbies may simply not have enough money to repeat the strategy.

You can also choose to trade with a MultiBank Group app. The company’s app is an MT4 mobile trading application available for iOS and Android devices. It can be downloaded from Google Play or the Apple store depending on your device. It can be useful for traders who need access to their trading accounts to place and manage trades on the go. 

Demo account

MultiBank FX offers a demo account with a virtual opening balance of $100,000. A demo account is an exceptional opportunity to practice techniques in many areas of business without any danger. Once you have strengthened your skills on the demo account, you can move on to real trading. For this purpose, it is necessary to submit a special application on the broker’s website. Only after passing the verification and approval procedure, the user can open his personal account and start trading activities. 

Deposit methods

MEX MultiBank Group assures that any trader, depositing his funds through the Multibank Exchange, is fully insured against trouble.

It is possible to deposit money using the available systems:

• Visa/MasterCard;
• Bank transfer;
• Electronic wallets;
• Cryptocurrencies.

Payments are processed within 24 hours. Multibank Group does not charge for deposits and withdrawals.

Investment products

Users can trade on more than 20,000 markets, including: 

• Precious Metals such as gold and silver;
• Multibank group forex;
• Cryptocurrencies such as Bitcoin and Litecoin ;
• Indices;
• Stocks;
• Commodities, including oil and wheat.

Account types

The broker offers three types of accounts

Standard account: minimum deposit is $200, the average spread for EUR/USD is 1.5, and the average spread for gold – 0.25, 100% deposit bonus, a bonus for inviting a friend.

Pro account: minimum deposit is 1000, the average spread for EUR/USD is 0.8, and the average spread for gold is 0.15, 100% deposit bonus, bonus for inviting a friend, bonus for a friend’s deposit.

ECN account: minimum deposit is 5,000, the average spread for EUR/USD is 0.1, and the average spread for gold is 0.07, a bonus for inviting a friend

What kind of leverage does the company offer?

Jurisdictional regulations apply different rules regarding leverage:

European traders can apply the maximum allowable leverage up to 1:30 for major currency pairs;

Australian clients can still use high leverage ratios of up to 1:500;

Clients from Dubai can use leverage up to 1:200;

Professional clients and international traders are entitled to 1:500 leverage.

Spreads

As for spreads, MEX MultiBank Group has some of the lowest – in fact, they start from 0 points. For those traders who trade stocks, the broker seems to provide protection against a negative balance, although the negative reviews we found on cooperation with MultiBank Group show a different state of affairs.

In the process of preparing a MultiBank Group review, we found a lot of negative feedbacks on the web from indignant customers of the company, which eloquently gives us the understanding that we are in front of another broker-fraudster. 

Clients often complain about the freezing of accounts and unlimited waiting for withdrawal of funds ( some people could not withdraw funds since October 2021), there are also complaints related to the freezing of the trading platform and the server at peak hours. Other complaints include unresponsive customer service and misleading information on their website. In some responses, they used the coronavirus as an excuse for the poor performance of their platform, namely payment problems. Most withdrawal problems occur among residents of China. But there are also cases all over the world. People also complain about hidden commissions. 

With people who leave feedback on widely read forums about having their accounts blocked for no reason, the company tries to resolve the conflict and get money back in exchange for removing the negative feedback. Most likely this is done to clean up the reputation and prevent complaints to the financial authorities. Below are some negative MultiBank Group reviews the themes of which are often repeated:

‘I noticed that they impose a lot of hidden fees and always change their swap fee (specifically when it is for a long time)!! Their servers are always freezing when you are in a critical time to trade!’

‘I didn’t lose this money trading, the broker simply has removed the money from my account’

‘I have achieved a good profits and without reasons Mex sent an email accusing me of advantage and manipulations of prices…’

‘I would never recommend a broker whose servers are prone to freezing during peak trading hours because this can lead to losses especially if you are a scalper.’