Richard Montana | August 2, 2022
MultiBank Group is a multi-regulated ECN broker that provides convenient access for you to trade a great selection of over 1,000 financial instruments across various asset classes. You can trade online via the popular and powerful MetaTrader platforms for desktop, web and mobile devices. There are plenty of tools available for you to conduct in-depth market analysis so that you can make informed trading decisions. This includes the excellent Autochartist software for automatically discovering customised trading signals. You can choose from a decent variety of accounts with quick payment options. The broker also supports social trading and has managed accounts for those of you who do not have the time or skills to trade manually. The minimum deposit is reasonably low at just $50 and eligible clients can get a handy free virtual private server (VPS). Despite the many positives, they are lacking in educational content for beginners but you could always open a free demo account to practice trading online before making a financial commitment.
Pros & Cons
- Trade over 20,000 instruments including forex, metals, shares, indices, commodities and cryptocurrencies
- Award winning MT4 and MT5 desktop and mobile platforms with instant execution
- Pure Non-Dealing Desk ECN processing with direct access to over 20 interbank trading prices
- Tightest spreads starting from just 0.0 pips on FX and 2 cents on Gold
- Professional market analysis powered by Autochartist
- Quick account funding with various payment systems
- Social trading for copying other traders and strategy providers
- Free MAM, PAMM, EA, VPS and API connectivity
- Free demo practice accounts
- Swap-free accounts for Muslim traders
- Dedicated multilingual 24/7 customer service
- Cannot accept clients from some countries due to regulators
- No educational materials are provided for beginners
- No in-house team that provides daily market news and insights
- An inactivity fee is charged from dormant accounts
MultiBank is one of the largest forex and CFD brokers. Founded in California, USA in 2005, MultiBank Group has become a global brand with a large capital base and multiple branches across the globe. Along the way, they have helped to pioneer and shape the foreign exchange industry and continue to create industry leading products and services. The headquarters are in Hong Kong while other offices are in 15 locations across the world. The broker boasts of clients from more than 90 countries worldwide and a trading volume into the billions every day. Since inception, MultiBank has been recognized on numerous occasions for its brokerage services by industry experts and reputable organizations. They have won plenty of awards which I feel is a testament to the quality of the services that they provide.
MultiBank offers ECN trading on a generous range of over 1,000 instruments via easy to use platforms that are loaded with all the tools that you need for a comfortable trading experience. You can trade Forex, Metals, Commodities, Shares, Indices, and Cryptos. They follow a pure Non-Dealing Desk ECN trading structure with direct access to over 20 interbank trading prices without any conflict of interest. The various liquidity providers (LPs) are pooled together which means that you can get your trades executed at the best possible prices at all times, with quick execution speeds and minimal slippage. I found the trading conditions to be very good, with tight spreads and competitive fees. I would always prefer to use a broker without a dealing desk as I don’t want them to interfere with my trades.
When it comes to choosing a trading broker, regulation is one of the first things that I look for. This is because a regulated brokerage firm can provide certain protection that an unregulated broker cannot. I would always prefer to trade using a broker that is regulated as it gives me peace of mind that they should operate in an honest manner. I am therefore pleased to see that the MultiBank Group is comprised of several entities that are heavily regulated across 5 continents by 9 financial regulators. Since the companies are heavily regulated, they are expected to uphold strict rules and obligations, allowing clients the highest level of funds security. It is important to keep in mind that protection and products can vary depending on the entity that you open a trading account with.
- MEX Australia Pty Ltd (MEX Exchange) is regulated by the Australian Securities and Investments Commission (ASIC)
- MEX Digital Pty Ltd is registered as a Digital Currency Exchange with AUSTRAC
- MEX Asset Management GmbH is regulated the German Federal Financial Supervisory Authority (BaFin)
- MEX Wealth Management is regulated by the Cayman Islands Monetary Authority (CIMA)
- Multibank FX International Corporation is regulated by the Financial Services Commission of the British Virgin Islands (FSC)
- MEX Austria is regulated by the Financial Market Authority (FMA) in New Zealand
- MEX Global Markets PTE. LTD. is authorised and regulated by the Monetary Authority of Singapore (MAS)
- Ikon Financial Services Corporation Ltd is regulated by the Tianjin Financial Government (TFG)
- MEX Pacific (V) Ltd is authorised and regulated by the Vanuatu Financial Services Commission (VFSC)
Clients’ funds should be fully segregated from broker’s accounts. This is a regulatory stipulation and MultiBank must be completely compliant with this directive. Funds segregation means that clients’ deposits are not used by the broker for its own internal operations; rather it is only used for the purpose for which it was meant, that is, to fund clients’ trading activities.
MultiBank does not accept clients from USA or other areas where its services contravene the local laws. If you discover that you cannot open an account with the broker for whatever reason, please feel free to browse our broker ratings for an alternative option.
You can choose from a great selection of state-of-the-art trading platforms that are designed and developed to provide stability and enable real-time trading. There are both the MetaTrader platforms in MetaTrader 4 and MetaTrader 5. These are really user-friendly platforms which make them suitable for beginners whilst they also pack a big enough punch to meet the needs of the most demanding traders. I have used these platforms for many years and never felt the need to switch to anything else. They are ideal for manual and automated trading with minimal hassle. you can load charts of your favourite instruments, conduct market analysis, place and manage trades, all with relative ease. One of the best things about these platforms is that they are freely available through many online brokers. Thus, it could make the switch to another broker down the line seamless. It could be quite frustrating needing to learn how to use a new platform from scratch!
MetaTrader 4 (MT4)
MT4 is a powerful trading platform widely used in forex and CFD trading. The MT4 platform was originally developed in 2005 and has since gained worldwide fame due to its sophisticated trading tools and advanced trading capabilities. There are thousands of plugin apps which have been built to enhance and expand its features. MultiBank offers MT4 as WebTrader, mobile trading apps and Windows desktop application. I personally use the desktop version of the platform for conducting complex chart analysis using my trading strategy templates. It has the full functionality and also supports automated trading. The MT4 app is perfect for when I need to check my positions and the latest market news from the comfort of my mobile phone. I don’t feel the need to use the web version of the platform that much, but it can come in handy if you need to access your account directly in the web browser without installing any software.
Here are some key features of the MT4 trading platform:
- Live quotes of over 1,000 assets in real time
- Live charts of all the assets in real time. The chart types are bar, line or candlesticks
- The assets’ charts can be displayed over 9 timeframes from 1 minute to 1 month
- Comes with 30 technical indicators which can be extended to thousands through the use of plug apps
- Comes with 24 analytical tools used for technical analysis of charts
- Multiple order executions including market and pending orders
- Risk management tools including ‘Stop Loss’ and ‘Take Profit’
- Supports one-click trading
- Supports the development, testing and deployment of Expert Advisors (EAs) which are used to automate strategies
- Set alert notifications via email, SMS and platform pop-ups
MetaTrader 5 (MT5)
The MetaTrader 5 (MT5) trading platform is designed to meet the growing demands of brokers and traders. The MT5 Platform offers all the various features provided by the MT4 platform, and in addition provides additional features such as improved trading functionalities and enhanced scripting tools for custom indicators and expert advisors. I still prefer MT4, probably because it is the platform that I am most used to. That being said, they are both excellent platforms and easy to navigate. You can always try them both on demo accounts to see which you prefer. I think that it is quite fair to say that MT4 is more of a forex trading platform and MT5 more of a stock trading platform.
Here are some key features of the MT5 trading platform:
- Tradable products: Forex, Metals, Shares, Indices, Commodities, Cryptocurrencies
- Stop Out Level: 50%
- Execution Type: Market Order
- One-click Trading
- Market depth of latest price quotes
- VPS Hosting
- Alert notifications to track important market events
- Full EA functionality
- 80+ technical analysis indicators and analytical tools
- Powerful algorithmic trading with the built-in MQL5 development environment
- Maximum Lots per Click: 30 for FX; 10 for Metals; 5 for Shares, Indices, Commodities, and Cryptocurrencies
- Superior fundamental analysis including financial news and economic calendar
- Minimum Lots per Click: 0.01 for FX & Metals; 0.1 for Shares, Indices, Commodities, and Cryptocurrencies
- Social Trading functionality
The MetaTrader platforms are already stacked with loads of tools for conducting thorough market analysis and for managing your trades effectively. You can also find plenty more free and paid tools from the MQL marketplace which you can access directly from within the platforms. This includes signals, indicators, EAs and scripts. If that wasn’t enough, you can use the MQL programming interface to develop your own trading tools or hire a freelancer to do it for you. Whatever trading strategy idea you have, chances are that it can be brought to life in the MetaTrader platforms. That being said, it is good to see that the broker has provided some additional trading tools to help enhance your overall trading experience.
Traders can become signal providers by allowing other traders (investors) to automatically copy their trades while they earn a commission on profitable trades. Multibank provides a list of signal providers and their performance statistics. This is for the investors to choose a provider to copy trades from. The signal providers set the pay-out intervals and commissions charged for their services. Whilst this can be a good way for those of you who don’t have the time or skills to trade manually, it is important to be aware that there are no guarantees on the results of using copying trading signals from a social trading platform. I actually prefer to maintain control over my trading activity as I feel this is the best way to learn from my mistakes and become a better trader in the long run.
The Multi Account Manager (MAM) software is provided by MultiBank for its asset managers who manage several accounts at the same time. The software is user friendly and supports a wide variety of trading technologies including the use of Expert Advisors (EAs). A manager can trade multiple accounts simultaneously from one Master account. Account setup is fast and easy. This can be a great solution for anyone who wants to invest in another strategy or those of you who have your own strategy to share with others. FXGiants also provide managed accounts if that is something that you are specifically looking for.
This is an excellent analytical tool that continuously scans the markets and in order to give the traders quality trading signals. MultiBank provides the ‘Autochartist MT4 plugin app’ to all clients at no extra cost. The Autochartist software notifies you when chart patterns are identified. It also performs volatility analysis and comes with a risk calculator. I think this is a fantastic tool for automatically searching for signals that meet your own criteria. It can literally save you from hours of scanning charts and find trade setups that you may have otherwise overlooked. You can get Autochartist through some other brokers, including Forex.com.
Virtual Private Server (VPS)
MultiBank provides a free virtual private server (VPS) to all clients who indicate interest by filling the VPS request form. The VPS provides low latency with a reliable and steady connection to the trading servers. A VPS is often used by professional traders who use EAs or other complex trading systems that they need to run around the clock. This is because a VPS can run trading platforms 24/7 without you needing your computer switched on. I have used a VPS for years because it is a great way for me to compare brokers and run my automated strategies remotely so that I do not need my computer constantly switched on. You can get a free VPS from some other top brokers including IC Markets.
MultiBank do not provide any training materials on their website. There is no trading academy, training videos or any learning resources that will be of benefit to a beginner trader. Most online brokers will provide some educational materials to help support traders so this is a disappointment. If you are new to trading and looking for some guidance along the way, IronFX have a great selection of educational content including trading guides and videos.
You can trade a huge selection of over 20,000 instruments including Forex, Metals, Shares, Indices, Commodities and Cryptocurrencies. There is something for everyone to trade, regardless of your interests. I think most of you will be able to build a diversified portfolio with various asset classes to choose from.
MultiBank has a nice variety of accounts to choose from with 3 main account types which are all designed for the MetaTrader platforms. For all accounts, the maximum leverage is 1:500 which is quite high. If you are looking for more, XM Group leverage goes up to 1:888. Just make sure you understand how leverage works and the risks involved. An inactivity fee of $60 is charged monthly from accounts that have not traded for consecutive 3 months. Aside from this fee, I found the account condition to be generally very good. It is hard to argue with spreads from 0.0 pips and zero commission fees.
This is a commission-free account that is perfect for new traders looking to start investing. Standard accounts offer instant execution, stable spreads.
The Pro account is suitable for traders looking to take advantage of zero commissions, tight spreads, and instant execution.
An ECN account is best-suited for traders looking for raw spreads and instant execution. This is my preferred account type because I use scalping systems that require the tightest spread and quickest execution speeds possible.
Demo accounts are freely available online, desktop and on the mobile apps. It is risk free and comes with a virtual balance of $50,000. Demo accounts can be used to test the different trading platforms available and practice your trading strategies.
Islamic accounts that comply with Sharia law are available on request. They do not incur swap charges when positions are held overnight and there are no time limits on the open positions. It is always good to see a broker support traders with different religious beliefs but is also something I have come to expect nowadays.
The multilingual customer support team at Multibank operates on a 24/5 schedule. Over 40 customer support phone lines are listed for different countries. If you wish to receive a phone call, just fill the ‘Get a call back’ form which is available on every web page. There is also a ‘Request a video conference’ form on the contact us page. To chat with a customer care representative, use the ‘chat now’ button to pull up the instant web chat window. Skype call and chats are also available. The support team can also be reached by email. You can also connect with the broker on social media; Facebook, twitter, YouTube, LinkedIn and Instagram. I have always found support easy to deal with and wouldn’t have any issue reaching out to them again in the future.
MultiBank give you a good variety of payment methods to choose from. I especially like the digital wallet options as I find this to be the quickest and easiest way to move funds between my trading accounts. Bank transfers on the other hand can take a few days to clear. This is not ideal if there is a market move that you want to quickly try to capitalise on. The options available do depend on the chosen regulatory body as well as country of residence. Third party deposits are prohibited as with most brokers. MultiBank does not charge deposit and withdrawal commissions which is great. However, there may be charges from external payment providers that you should be aware of. The following payment options are available:
- Bank Transfer
- Debit/Credit Card
- Online Payments Processors
MultiBank is an award-winning broker that has been around for amy years. They are regulated in various countries and offer ECN trading via modern platforms that are packed with all the trading tools you need. It is good to see that client funds have some protection through a number of measures put in place by the regulators that must be strictly followed by MultiBank.
The broker offers a great selection of over a thousand trading instruments for trading via the intuitive MetaTrader platforms on web, mobile and desktop. Multiple trading strategies are allowed and you can commence trading with as little as $50. I found the trading conditions to be very competitive, with spreads starting at just 0.0 pips and quick execution speeds.
To make things easier for you, MultiBank provides a free VPS as well as the brilliant Autochartist plugin. This tool can quickly conduct complex charting and analysis that would normally take hours if done manually by traders every day. For investors, social trading and managed accounts are available. They have a team of well-trained and multilingual professionals who are available 24-hours and fluent in over 10 languages.
Despite the many positives, MultiBank is lacking in educational content and they don’t provide any inhouse market analysis from experts. However, these are minor hiccups form my perspective and I feel they can still be a broker worth consideration for anyone who is looking to trade online in a regulated environment.