MultiBank FX is a multi-asset CFD broker established in 2005. MultiBank Group was founded in California, USA, and is currently headquartered in Hong Kong. However, the broker has offices all over the globe. Subsidiaries of MultiBank Group are supervised by top-tier regulatory authorities, including ASIC, BaFin, FMA, TFG, HKCE, AUSTRAC, VFSC, CIMA, BVI, and MAS.
MultiBank provides its clients with one of the biggest product portfolios that I have come across, covering over 20,000 financial instruments. These trading instruments are from various asset classes such as forex, CFDs, commodities, shares, indices, and cryptocurrencies. If you think that is a good selection, Freedom Finance have over 1,000,000!
In addition, MultiBank offers tight spreads and a competitive commission fee for trading online. Moreover, the broker provides the popular and robust MetaTrader 4 and 5 platforms so you can get convenient access to trade and invest across all of your web, desktop and mobile devices.
MultiBank offers social trading and copy trading services, including PAMM accounts, VPS hosting, and FIX API. On the downside, MultiBank has little to no educational resources. However, there is the option of a free demo account for beginners who want to practice trading online or if you want to get a feel for what MultiBank has to offer before making a financial commitment.
MultBank Fx is a multi-award-winning broker that has been in business for many years. It is regulated in up to seven countries and provides ECN trading using cutting-edge technology. Clients’ money is protected by a variety of procedures put in place by authorities and must be rigorously adhered to by MultiBank FX.
MultiBank is a regulated broker and has expertise in providing trading services for many years. The broker has a low minimum deposit requirement and offers demo trading and Islamic accounts with swap-free trading. In addition, the broker offers multiple payment options and charges no deposit or withdrawal fee. Moreover, MultiBank offers copy trading and social trading for investors looking to invest in portfolios. MultiBank also offers free VPS hosting for all clients who want to automate their trading.
On the other hand, MultiBank is not a public company and does not hold a banking licence. Plus, there is a hefty $60 inactivity fee. Educational and research resources are minimal to none, which can be challenging for beginners. There is no market news or market data service provided.
- Regulated in multiple jurisdictions
- Low minimum deposit
- Social trading
- MAM/PAMM accounts
- Multiple account types
- 20,000+ trading instruments
- Free VPS
- No deposit/withdrawal fees
- Islamic accounts
- Demo accounts
- MT4 and MT5 trading platforms
- FIX API for institutional clients
- Not listed on a stock exchange
- No banking licence
- $60 inactivity fee
- $50 minimum deposit
- No educational materials
- No daily market news & expert analysis
- No fixed spread accounts
MultiBank offers a very impressive range of around 20,000 trading instruments from various asset classes such as forex, commodities, cryptocurrencies, shares, and indices. The broker offers 55+ forex pairs, 4 precious metals, 20,000 shares, 27 indices, 16 commodities, and 11 cryptocurrencies. However, the broker does not provide other securities, including options, bonds, and ETFs. If you are looking to trade in those asset classes then you could consider AvaTrade as an alternative broker.
MultiBank Instruments Summary
Commission and Spread Fees
Multibank offers minimal trading costs once you have accounted for spreads and commission fees. In addition, Multibank divides its traders into three account tiers that have different trading conditions. You can choose from accounts without commission fees if you do not mind a spread mark-up to compensate for this. Otherwise, you can trade with spreads from just 0.1 pips and pay a reasonable commission fee of $6 per lot per round turn. This commission fee is slightly below the industry average but I feel that the 0.1 pip spread cancels out any saving. You can get zero pip spreads and a lower commission fee of $2 per side from other brokers including RoboForex, who also have an impressive selection of over 12,000 instruments for you to trade. Here is a summary of the account types and their specifications:
ECN: Spreads from 0.1 pip and commission from $3 per side per lot.
Pro: Spreads from 0.8 pip and $0 commission fee.
Standard: Spreads from 1.5 Pip and $0 commission fee.
|Commission (per standard lot per side)||$3||$0||$0|
Deposit and Withdrawal Fees
MultiBank does not charge any fees for funding or withdrawing from its clients. However, it’s worth noting that the service provider may have charges for a transaction. So, one should be clear before processing any transaction.
MultiBank charges a hefty $60 as an inactivity fee from the accounts that haven’t conducted a trading activity in three months. If you plan on going a while without trading and want to avoid any possible inactivity fees, then you could consider Blueberry Markets as they do not charge any.
MultiBank Group provides its traders with some of the best trading platforms in MetaTrader 4 and MetaTrader 5. You can also get free access to some helpful trading tools to assist you with your daily trading activities. In addition, the broker offers MAM/PAMM accounts for copy trading and social trading services for those of you who may not have the time or skills required to trade but still want to participate in the markets.
MetaTrader 4 (MT4)
MT4 is a very effective trading platform that is extensively used in forex and CFD trading. The MT4 platform was created in 2005 and has since received global acclaim for its sophisticated trading tools and superior trading capabilities. Thousands of plugin programmes have already been created to enhance its functionality. You will find plenty of tools in the MQL marketplace and can even develop your own or hire a freelancer to do it for you. MultiBank makes MT4 available as a WebTrader, mobile trading applications, and a Windows desktop programme.
Here are some of the most important aspects of the MT4 trading platform:
- Real-time quotes on over 1,000 assets.
- All assets’ live charts are updated in real-time. There are three sorts of charts: bar, line, and candlestick.
- The charts for the assets may be seen across 9 periods.
- It comes with 30 technical indicators that may be expanded to thousands by using plug programmes.
- It includes 24 analytical tools for technical chart analysis.
- Order executions include both market and pending orders.
- Risk management features such as ‘Stop Loss’ and ‘Take Profit’ are available.
- Allows for one-click trading.
- Helps in the creation, testing, and deployment of Expert Advisors (EAs), which are used to automate techniques.
- Set alert alerts to be sent by email, SMS, or platform pop-ups.
MetaTrader 5 (MT5)
MetaTrader 5 is a multi-asset, multi-functional trading platform used by professional traders, investors and institutions. Though it hasn’t acquired as much popularity as MetaTrader 4, MetaTrader 5 allows for more powerful stock and commodity trading, as opposed to MetaTrader 4, which is primarily focused on the FX market. It also includes built-in trading robots, a freelance database of strategy creators, copy trading, and virtual hosting service. The platform interface has been translated into 31 different languages and is available for free through the broker.
MetaTrader 5 is available in desktop, online, and mobile versions. The desktop version includes enhanced capabilities for in-depth price research, algorithmic trading applications via trading robots or expert advisors (EAs), and copy trading. The mobile trading app is ideal for those of you who want quick and easy access to your trading account from the comfort of your mobile device.
The MetaTrader 5 platform employs the MQL5 programming language, which is used by automated trading software that runs on your computer and executes orders for you. It can follow financial symbols 24 hours a day, replicate trades, compile and transmit reports, evaluate news, and even give a specialised bespoke graphical interface.
The MT5 platform includes an inclusive development environment for creating and improving your own EA, and you can automate your successful trading approach. Alternatively, you may select from a number of ready-to-use EAs that can be downloaded for free from CodeBase or purchased or rented from “MetaTrader Market,” the world’s largest shop of ready-to-use trading apps. Using the freelancing service, you can also purchase bespoke programmes from skilled programmers.
The copy trading tool allows you to subscribe to probably successful trader signals, allowing you to automatically replicate all positions on your account. MetaQuotes Marketplace has hundreds of free and premium signals accessible for demo and live accounts.
The MT5 platform chains both the standard netting system for markets such as the stock market and the options market, as well as the FX market’s hedging option system. It enables two market orders, six pending orders, and two stop orders and supports four execution modes: immediate, request, market, and exchange execution.
The tool lets you open up to 100 currency or stock charts at once, and the 21 periods allow for extensive and detailed study of even slight price fluctuations. It also includes 80 technical indicators and 44 analytical items, such as Gann, Fibonacci tools, geometric forms, and other channels.
Overall, I feel that it is the complete platform for all types of trading strategy and traders of all experience levels. You will also find that the MT4/5 platforms are available through many CFD brokers such as Eightcap, which can make any potential switch down the line seamless.
MultiBank Group’s FIX API is a comprehensive solution for institutional and high-volume clients seeking direct market access at the best pricing and terms. If you are looking for an API solution, you might want to take a look at Oanda.
The Multi-Account Managers (MAM) programme provides a user-friendly interface for professional traders and asset managers, allows them to handle many trading accounts at the same time, and offers adaptable platforms with a wide range of cutting-edge technology. Here are the features of MAM/PAMM accounts:
- Expert Advisor (EA) trading
- Overview of several accounts
- Manage and trade multiple accounts simultaneously
- Unlimited accounts
- Market watch window within MAM
- STP on the master account
- Live order management monitoring within MAM, including P&L
- Trade station signals to be traded on the MT4 platform
- “Group Order”
- Partial close of orders
Through reputable third-party hosting suppliers, MultiBank Group provides free Virtual Private Servers (VPS) to all of its clients. Customers may use the VPS to operate their trading terminals nonstop 24 hours a day, seven days a week, and experience the most stable and dependable trading conditions while easily trading remotely from any place. You can also get a free VPS from some other brokers including Eurotrader.
Traders that allow other traders (investors) to automatically duplicate their trades while earning a commission on winning trades might want to become signal providers. Multibank includes a list of signal sources as well as performance data for each. This is where investors may select a signal provider or manager to duplicate trades from. The payment intervals and commissions charged for their services are determined by the signal suppliers. Whilst this can be a solution for those of you with limited time to allocate to trading, there are no assurances that utilising copied trading signals from a social trading platform will provide positive outcomes. It’s worth noting that past performance cannot be a promise for future results, so you should take extensive care and do your own due diligence.
MultiBank Platforms Summary
|MetaTrader 4 (MT4)||✓|
|MetaTrader 5 (MT5)||✓|
MultiBank has very limited educational resources. The broker has a blog and an economic calendar only. Moreover, the broker provides support for the excellent Autochartist plugin for MetaTrader. It might be challenging for beginners as the broker has little to no educational and research resources. It would be nice to see trading guides, tutorials, webinars, seminars, and podcasts by the broker, as they all collectively help traders in improving their skills. If you are a beginner and looking for lots of educational resources, FXTM have an excellent selection including comprehensive guides and videos.
MultiBank’s blog covers basic trading guides and information about concepts of trading different asset classes.
MultiBank offers a lucrative Economic Calendar. The traders may know about the past data and forecasts about upcoming macroeconomic events that can shape global markets. This way, traders can create an investment thesis with a fundamental approach.
I am a huge fan of this market analysis software which can save you from hours of studying charts. This is a technology that constantly searches the markets on your behalf in order to provide traders with high-quality trading signals. All clients receive the ‘Autochartist MT4 plugin app’ at no additional cost from MultiBank. When chart patterns are discovered, Autochartist can inform you so that you may act accordingly. It also analyses volatility and includes a risk calculator. I think this is a brilliant tool for analysing charts and would always check to see if it is provided by a broker as not many offer it, Tickmill being another reputable broker that do.
MultiBank Research and Education Summary
MultiBank offers and accepts payments through bank (wire) transfers, debit/credit cards, cryptocurrencies, and electronic payment services. The broker allows clients to choose from 10 base currencies (it may also depend on the jurisdiction they fall under, as some clients may only be offered 2 base currencies), which helps clients to avoid currency conversion charges if they process the transaction in local currencies.
MultiBank Funding Summary
MultiBank Group is authorised and regulated by multiple government regulatory bodies. Here are the regulations that the broker has achieved to this date:
- MEX Digital Pty Ltd: ASIC (Australian Securities & Investments Commission)
- MEX Asset Management (Germany): BaFin (German Federal Financial Supervisory Authority)
- MEX Atlantic: CIMA (Cayman Island Monetary Authority)
- MultiBank FX International: The Financial Services Commission of the British Virgin Islands (FSC)
- MEX Austria: The Financial Markets Authority (FMA)
- Red Rock Pay Ltd: Hong Kong Customs and Excise (HKCE)
- MEX Global Markets PTE. LTD.: The Monetary Authority of Singapore (MAS)
- Ikon Financial Services Corporation Ltd.: The Tianjin Financial Government (TFG)
- MEX Pacific (V) Ltd: The Vantau Financial Services Commission (VFSC)
MultiBank Regulation Summary
|SFC (Hong Kong)||x|
|Other (BaFin, FMA, TFG, HKCE, AUSTRAC, VFSC, CIMA, BVI)||✓|
Client funds should be kept completely separate from broker accounts. This is a regulatory requirement, and MultiBank must adhere to it entirely. Client deposits are segregated, which implies that they are not utilised for the broker’s internal operations; rather, they are used exclusively for the purpose for which they were intended, namely, to fund clients’ trading activity.
MultiBank offers 24/7 client support through phone, email, and live chat. It is great to see that support is available on weekend as this is not something you see with many brokers, Plus500 being another top broker with 24/7 support.
MultiBank is a forex and CFD broker that is authorised by a number of financial regulators throughout the world, including the top-tier ASIC. Among its many advantages is the ease with which an account may be opened. There is a great selection of trading instruments and user-friendly platforms for manual trading, automated strategies and copy trading. Forex costs are competitive, and there are several free deposit and withdrawal alternatives available. Customer support is excellent – prompt, friendly, and multilingual. However, there are several disadvantages to using MultiBank. The research and teaching resources are rather minimal, consisting just of some charting tools and a newsletter. I also did not find them to have the cheapest fees overall but there is a good selection of convenient funding options. Overall, I consider them to be a decent broker with competitive conditions. They do have free demo accounts if you want to give them a try without taking any risk to see if they can meet your needs.