The broker also serves high-risk/yield traders via its huge cryptocurrency offering. Few brokers offer as many crypto CFDs, though it should also be stated that Multibank charges above-average spreads on instruments from the same asset class. Multibank offers commission-free trading and spreads that vary greatly from one account type to another. The broker’s swaps are elevated, but swap-free trading is available via its Islamic accounts.
MultiBank Group pros & cons
Multibank, a tightly regulated derivatives broker, stands out for its limefx commitment to trader safety, boasting licenses from five Tier 1 financial regulators. Multibank offers demo accounts that introduce traders to the broker’s services and allow them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself alongside your live CFD account. 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. It illustrates the spreads and commissions I have recorded for the EUR/USD pair and compares them against the typical costs for ECN and STP accounts in the industry at large.
Clients can get a 20% or 30% trading bonus subject to terms and conditions. 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. 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 Commission & Fees
- Read our full explanation and accounting of our research and testing process to learn more about how we test.
- That said, this broker still has a long way to go if it wants to compete with the best brokers for education.
- 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 Pro account requires a $1,000 minimum deposit but features lower spreads than the Standard account.
- The minimum deposit requirement for opening a Standard Account at MultiBank Group is $50, whereas the Pro account requires $1,000, and you’ll need to deposit $10,000 to get started with the broker’s ECN account.
Compared to the industry average, Multibank offers an average amount of currency pairs and a high number of commodities, share CFDs, indices, and cryptocurrencies. Multibank stands out with its impressive range of more than 20,000 tradable instruments. The bulk of the offering is comprised of share CFDs and a fairly large selection of cryptocurrencies. With respect to contract types, Multibank’s instruments can be traded on the spot market or through futures contracts.
In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight. The Client limefx website Agreement is pretty extensive and includes all essential information. MultiBank Group maintains 25+ offices worldwide catering to an international client base and partners with affiliates in major financial hubs around the world. Steven Hatzakis is the Global Director of Research for ForexBrokers.com.
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. 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.
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. As with the other accounts, you can trade on mobile, web, or desktop. MultiBank Group has 80,000 clients and places millions of trades per year.
Since then, we have evolved into one of the largest financial derivatives companies worldwide, with a current paid-up capital of over $322 million. 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. The account opening process at MultiBank Group is relatively straightforward. Resources and applications for opening an account can be found within the client portal on the MultiBank Group website under the My MultiBank section.
About MultiBank Group
An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content. At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. 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). MultiBank Group, in operation since 2005, is home to numerous global brands and is regulated in jurisdictions all over the world. A multi-asset broker, MultiBank offers forex and CFDs through the MetaTrader platform suite (though not all markets are readily available) as well as underlying crypto assets via its regulated crypto exchange.
MultiBank Group Reviews
The minimum deposit for the MultiBank Group Standard account is $50 or a currency equivalent. I strongly recommend the ECN account despite its high deposit requirement. Traders will get the most benefits from it due to excellent trading costs.
This is especially important given Multibank’s competitive trading fees on share CFDs. My tests indicate that Multibank’s Standard account is the most accessible one, but it also features trading fees that exceed the industry average. In comparison, the ECN account features the most competitive prices but also has a rather high minimum deposit requirement. The Pro account strikes the perfect balance between affordability and competitive prices. The broker impressed me with the wide variety of tools and services it offers its clients, including VPS hosting, FIX API, and Trading Central.
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. Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.
