MultiBank Exchange Group one way: Forex.
To open a live account, you’ll need a minimum deposit of at least $300. Alternatively, MultiBank Exchange Group offer a demo account that you can use to practice and familiarise yourself with their platform.
Regulated by the Financial Conduct Authority, UK (FRN: 481068 ), and ASiC (AFSL #416279 ). MultiBank Exchange Group puts all client funds in a segregated bank account and uses tier-1 banks for this. MultiBank Exchange Group have been established since 2005, and have a head office in .
Before we dive into some of the more detailed aspects of MultiBank Exchange Group’s spreads, fees, platforms and trading features, you may want to open MultiBank Exchange Group‘s website in a new tab by clicking the button below in order to see the latest information directly from MultiBank Exchange Group.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
Your capital is at risk.
PROS
- Segeregates client funds
- Established in 2005
- Regulated by Financial Conduct Authority and ASiC
- Min. deposit from $300
CONS
- Not CySEC Regulated ( See alternatives )
What are MultiBank Exchange Group's spreads & fees?
Like most brokers, MultiBank Exchange Group take a fee from the spread, which is the difference between the buy and sell price of an instrument.
The spreads displayed below are based on the minimum spreads listed on MultiBank Exchange Group’s website. The colour bars show how competitive MultiBank Exchange Group’s spreads are in comparison to other popular brokers featured on BrokerNotes.
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EUR/USD
1.4 PIPS $6.00 per lotThe average spread for EUR/USD across all brokers on BrokerNotes is 0.82 pips. See popular brokers for trading EUR/USD
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USD/JPY
Not offered $6.00 per lotThe average spread for USD/JPY across all brokers on BrokerNotes is 0.91 pips. See popular brokers for trading USD/JPY
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GBP/USD
Not offered $6.00 per lotThe average spread for GBP/USD across all brokers on BrokerNotes is 1.18 pips. See popular brokers for trading GBP/USD
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Bitcoin
Not offeredThe average spread for Bitcoin across all brokers on BrokerNotes is 41.15 pips. See popular brokers for trading Bitcoin
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Gold
Not offeredThe average spread for gold across all brokers on BrokerNotes is 8.62 pips. See popular brokers for trading gold
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DAX30
Not offeredThe average spread for DAX30 across all brokers on BrokerNotes is 14.95 pips. See popular brokers for trading DAX30
Speads are dynamic and are for informational purposes only. Last updated: June 06, 2018.
As you can see, MultiBank Exchange Group's
minimum spread for trading EUR/USD is 1.4 pips - which is relatively high compared to average EUR/USD spread of 0.82 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with MultiBank Exchange Group vs. similar brokers.
How much does MultiBank Exchange Group charge to trade 1 lot of EUR/USD?
If you were to buy one standard lot of EUR/USD (100k units) with MultiBank Exchange Group at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $70. Here’s a rough breakdown of the fees and how this compares against Plus500 & AvaTrade.
| MultiBank Exchange Group | Plus500 | AvaTrade | |
|---|---|---|---|
| Spread from: | $1.00 | $6.00 | $7.00 |
| Typical overnight fee: | $69.00 | $9.40 | $5.00 |
| Commission: | $6.00 | $0.00 | $0.00 |
| Total cost of a 100k trade: | $70 | $15.4 | $12 |
| $54.6 less | $58 less | ||
| Visit MEX | Visit Plus500 | Visit AvaTrade |
All fees/prices are for informational purposes and are subject to change. Last updated: 09/03/2018. Your capital is at risk.
What can you trade with MultiBank Exchange Group?
| FX / Currencies | MEX | Plus500 | AvaTrade |
|---|---|---|---|
| # of forex pairs offered | 55 | 61 | 59 |
| Major forex pairs | Yes | Yes | Yes |
| Minor forex pairs | Yes | Yes | Yes |
| Exotic forex pairs | Yes | Yes | Yes |
| Cryptocurrencies | No | Yes | Yes |
| Commodity CFDs | MultiBank Exchange Group | Plus500 | AvaTrade |
|---|---|---|---|
| # of commodities offered | 0 | 17 | 16 |
| Metals | Yes | Yes | Yes |
| Energies | Yes | Yes | Yes |
| Agricultural | Yes | Yes | Yes |
| Indiced & Stock CFDs | MultiBank Exchange Group | Plus500 | AvaTrade |
|---|---|---|---|
| # of Stocks offered | 0 | 1816 | 99 |
| UK Shares | Yes | Yes | Yes |
| US Shares | Yes | Yes | Yes |
| German Shares | Yes | Yes | Yes |
| Japanese Shares | No | Yes | Yes |
| See MEX's Instruments | See Plus500's Instruments | See AvaTrade's Instruments |
What’s the MultiBank Exchange Group trading experience like?
1) Platforms and apps
MultiBank Exchange Group offer the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. MultiBank Exchange Group also offer their custom Pure ECN PRO platform.
See MEX's Platforms
MultiBank Exchange Group also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.
See MEX's platforms Your capital is at risk.2) Executing Trades
MultiBank Exchange Group allow you to execute a minimum of trade of 0.01 Lot. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument.
As a market maker MultiBank Exchange Group may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically have larger capital and minimum trade requirements. Market makers typically have lower minimum deposit, smaller minimum trades requirements and no commission on trades.
As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.
Finally, we’ve listed some of the popular funding methods that MultiBank Exchange Group offers its traders on the right.
3) Client support
MultiBank Exchange Group support a wide range of languages including English, Russian, Spanish, Arabic, Chinese, Italian, and Polish
MultiBank Exchange Group have a BrokerNotes triple AAA support rating because they offer a wide range of languages, live chat, phone and email support.
4) What you’ll need to open an account with MultiBank Exchange Group
As MultiBank Exchange Group is regulated by Financial Conduct Authority and ASiC, every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:
- A scanned colour copy of your passport, driving license or national ID
- A utility bill or bank statement from the past three months showing your address
You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.
While you might be able to explore MultiBank Exchange Group’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.
To start the process of opening an account with MultiBank Exchange Group you can visit their website here.
CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.mexgroup.com/ on March 21, 2018.