MultiBank Review 2024
Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. All trading involves risk. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
MultiBank offers a solid range of forex and CFD trading services, making it an average choice for traders. With an overall rating that indicates satisfactory performance, it provides a reliable trading experience but may lack some advanced features found in other brokers.
Overall Rating
Minimum Deposit
Trust Score
Pros and Cons
Pros
- Comprehensive Regulation: Authorized by ASIC, MiFID, and the FCA, ensuring robust regulatory oversight.
- MetaTrader Availability: Supports both MetaTrader 4 and MetaTrader 5, offering popular trading platforms.
- Adequate Tradeable Symbols: Offers 1,042 tradeable symbols, providing diverse investment options.
Cons
- Limited Educational Resources: Does not offer advanced or beginner educational videos, which can be a drawback for new traders.
- No Proprietary Platform: Lacks a proprietary trading platform, relying solely on third-party platforms.
- No Trading Signals: Does not offer trading signals, limiting tools for strategic decision-making.
Ratings Summary
- Investment Types - 7.5/10
- Commissions & Fees - 7.5/10
- Trading platforms - 7.5/10
- Research - 6.5/10
- Mobile Apps - 7.5/10
- Education - 6.5/10
- Overall - 7.5/10
Can I trust MultiBank?
MultiBank is authorized by ASIC, MiFID, and the FCA, which are highly respected regulatory bodies. While it is not a publicly traded company, its robust regulatory framework ensures a high level of trust. ForexBrokers.com rates its trust score at 84, which classifies MultiBank as a "Trusted" broker.
MultiBank is currently licensed and/or authorised by the following regulatory bodies:
- Tier-1 Regulators - Australian Securities & Investment Commission (ASIC), Monetary Authority of Singapore (MAS), and regulated in the European Union via the MiFID passporting system
- Tier-2 Regulators - Dubai Financial Services Authority (DFSA)
- Tier-3 Regulators - None
- Tier-4 Regulators - BVI Financial Services Commission (FSC) , Cayman Islands Monetary Authority (CIMA), and the Vanuatu Financial Services Commission (VFSC)
Is MultiBank good for beginners?
MultiBank may not be the best choice for beginners due to its lack of educational resources, including advanced and beginner education videos. The broker's rating for education and beginners is below average, indicating that other brokers may provide better support for new traders.
| Feature |
MultiBank
|
|---|---|
| Education (Forex or CFDs) | Yes |
| Client Webinars | No |
| Videos - Beginner Trading Videos | Yes |
| Videos - Advanced Trading Videos | No |
| Investor Dictionary (Glossary) | No |
MultiBank commissions and fees summary
MultiBank charges an inactivity fee and requires a high minimum deposit of $10,000 for its lower-cost ECN account, which potential investors should consider. The average spread cost for the EUR/USD pair isn't provided, making it difficult to assess cost competitiveness directly. With average ratings for commissions and fees, MultiBank is an acceptable choice, but not outstanding.
| Feature |
MultiBank
|
|---|---|
| Minimum Deposit | $50 |
| Average Spread EUR/USD - Mini | N/A |
| Average Spread EUR/USD - Standard | N/A |
| All-in Cost EUR/USD - Active | N/A |
| Active Trader or VIP Discounts | No |
MultiBank trading platforms and tools
Did you know? Trading platforms comparison
Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.
MultiBank offers MetaTrader 4 and MetaTrader 5, but lacks a proprietary platform. Its tools and platforms are rated as average, indicating they are reliable but not exceptional.
Trading platforms offered: MetaTrader 4 and MetaTrader 5.
Trading tools: Basic tools without trading signals.
Copy trading: Available.
| Feature |
MultiBank
|
|---|---|
| Virtual Trading (Demo) | Yes |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| DupliTrade | No |
MultiBank trading platform screenshots
Mobile trading apps at MultiBank
MultiBank offers mobile trading apps that are rated as average, providing a satisfactory experience for traders who need to manage their investments on the go.
| Feature |
MultiBank
|
|---|---|
| Android App | Yes |
| Apple iOS App | Yes |
| Mobile Economic Calendar | Yes |
| Mobile Alerts - Basic Fields | Yes |
| Mobile Charting - Draw Trendlines | Yes |
| Mobile Watchlist | Yes |
MultiBank mobile app screenshots
How do I open an account with MultiBank?
- Visit the MultiBank website.
- Click on the "Open Account" button.
- Fill out the registration form with your personal details.
- Submit the required identification documents for verification.
- Fund your account using the available funding methods.
- Start trading once your account is verified and funded.
What can I trade at MultiBank?
MultiBank offers 41 forex pairs and 1042 tradeable symbols, which is a bit below the industry average of 3,623 tradeable symbols. This extensive range of assets makes it a strong choice for traders looking for diverse investment opportunities.
| Feature |
MultiBank
|
|---|---|
| Tradeable Symbols (Total) | 1042 |
| Forex Pairs (Total) | 40 |
| Social Trading / Copy Trading | Yes |
| Cryptocurrency (Physical) | Yes |
| Cryptocurrency (Derivative) | Yes |
| Spread Betting | No |
MultiBank research screenshots
Account funding at MultiBank
MultiBank supports various funding methods, including bank wires, Neteller, PayPal, credit cards, and Skrill.
| Feature |
MultiBank
|
|---|---|
| Visa/Mastercard (Credit/Debit) | Yes |
| Bank Wire (Deposit/Withdraw) | Yes |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Neteller (Deposit/Withdraw) | Yes |
About MultiBank
MultiBank, founded in 2005, is a well-regulated broker authorized by ASIC, MiFID, and the FCA. It maintains a solid reputation in the forex and CFD trading industry, although has room for improvement in areas like market research and education. The broker offers a wide range of tradeable symbols and supports popular trading platforms like MetaTrader 4 and MetaTrader 5.
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
About the Editorial Team
BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.
Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.