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MultiBank Group Review

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MultiBank Exchange Group is a forex trading services broker. They give traders access to major markets like currencies, indices, commodities and shares.

Pros

  • Segregates client funds
  • Established in 2005
  • Regulated by ASIC, FSC, BaFin, CNMV, FMA
  • Min. deposit from $50

Cons

To open a live account, you’ll need a minimum deposit of at least $50. Alternatively, MultiBank Group offers 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 Group puts all client funds in a segregated bank account and uses tier-1 banks for this. MultiBank Group has been established since 2005, and have a head office in HK.

Before we dive into some of the more detailed aspects of MultiBank Group ’s spreads, fees, platforms and trading features, you may want to open MultiBank Group ’s website in a new tab by clicking the button below in order to see the latest information directly from MultiBank Group.

Visit Multibank

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

MultiBank Group screenshot Open a demo account

Losses can exceed deposits

What are MultiBank Group's spreads & fees?

Like most brokers, MultiBank Group takes 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 Group’s website. The colour bars show how competitive MultiBank Group' spreads are in comparison to other popular brokers featured on BrokerNotes.

MultiBank Group
EUR/USD (Average: 0.7 pips) 0.8 pips 0.7 pips 0.1 pips
GBP/USD (Average: 1.1 pips) 1.0 pips 1.7 pips 0.1 pips
USD/JPY (Average: 1.1 pips) 0.9 pips 0.6 pips 0.1 pips
AUD/USD (Average: 0.8 pips) 0.9 pips 0.6 pips 0.2 pips
USD/CHF (Average: 2.3 pips) 1.0 pips 2.3 pips 0.2 pips
USD/CAD (Average: 2.9 pips) 1.3 pips 0.5 pips 0.3 pips
NZD/USD (Average: 3.6 pips) 2.3 pips 2.8 pips 0.3 pips
EUR/GBP (Average: 2.4 pips) 1.5 pips 0.5 pips 0.1 pips

Spreads are dynamic and are for informational purposes only.

As you can see, MultiBank Group’s minimum spread for trading EUR/USD is 0.8 pips - which is relatively high compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with MultiBank Group vs. similar brokers.

See all Spreads

How much does MultiBank Group charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with MultiBank Group at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $15.1. Here’s a rough breakdown of the fees and how this compares against Forex.com & Plus500 .

IG Forex.com Plus500
Spread from: $ 6.00 $ 10.00 $ 6.00
Commission: $0.00 $0.00 $0.00
Total cost of a 100k trade: $ 6.00 $ 10.00 $ 6.00
$4 more $0 more
Visit IG Visit Forex.com Visit Plus500

All fees/prices are for informational purposes and are subject to change.

General Fees

  • MultiBank Group doesn’t charge inactivity fees*
  • MultiBank Group doesn’t charge withdrawal fees*

Commissions

  • MultiBank Group doesn’t charge commission on CFD shares

What can you trade with MultiBank Group?

MultiBank Group offers over 10,000 different instruments to trade, including over 90 currency pairs. We’ve summarised all of the different types of instruments offered by MultiBank Group below, along with the instruments offered by Forex.com and Plus500 for comparison.

FX / Currencies IG Forex.com Plus500
# of forex pairs offered 90 80 61
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes Yes
Exotic forex pairs Yes Yes Yes
Cryptocurrencies Yes Yes Yes
Commodity CFDs IG Forex.com Plus500
# of commodities offered 34 12 17
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural Yes Yes Yes
Index & Stock CFDs IG Forex.com Plus500
# of Stocks offered 8000 220 1816
UK Shares Yes Yes Yes
US Shares Yes Yes Yes
German Shares Yes Yes Yes
Japanese Shares Yes Yes Yes
See IG's InstrumentsSee Forex.com's InstrumentsSee Plus500's Instruments

What’s the MultiBank Group trading experience like?

1) Platforms and apps

MultiBank Group offers the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. MultiBank Group also offer their custom Pure ECN PRO platform.

MultiBank Group Screenshot

MultiBank 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 Multibank 's platforms

Trading Features:

  • Allows scalping
  • Allows hedging
  • Low min deposit

Accounts offered:

  • Demo account
  • Micro account
  • Standard account
  • ECN account
  • Managed account
  • Islamic account

Still not sure?

Open a practice account & learn to trade

2) Executing Trades

MultiBank Group allows you to execute a minimum 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 MultiBank Group offer ECN execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades. ECN accounts will come with a commission and are more favoured by traders who implement high volume strategies, for example scalpers and automated trading.

As a market maker, MultiBank Group may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade 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 Group offers its traders on the right.

Funding methods:

  • Credit cards
  • Bank Transfer
  • Skrill
  • Neteller

3) Client support

MultiBank Group support a wide range of languages including English,Russian,Spanish,Arabic,Chinese,Italian,andPolish,German.

MultiBank Group has a BrokerNotes triple AAA support rating because they offer a wide range of languages and support options.

4) What you’ll need to open an account with MultiBank Group

As MultiBank Group is regulated by ASIC, FSC, BaFin, CNMV, FMA , 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 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 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 01/08/2019.

Losses can exceed deposits