Additionally, the customer service offered at this broker is impressive. You can also contact this broker via email, live chat, or video conference, in addition to the dozens of phone numbers offered. There is a request form on the Contact Page of MultiBank’s main website. Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.
Multibank offers commission-free trading and spreads that vary greatly from one account type to another. The broker’s swaps are elevated, but swap-free trading is available via its Islamic accounts. I also learned that Multibank does not charge deposits and withdrawals but has a high inactivity fee. With MultiBank, you can trade products like Forex, metals, shares, indices, and commodities on a wide range of platforms. There is also a white label partnership program for interested brokers. MultiBank’s global presence and ideal trading conditions make it one of the most competitive brokers around.
MT5 is arguably best suited for automated trading via its Expert Advisors (EAs) feature. The platform also has an intuitive strategy tester, allowing experienced algo traders to tweak the parameters of their strategies so that they can be used under different market conditions. Additionally, Multibank offers Virtual Private Server (VPS) hosting for enhanced execution speeds. Multibank offers its proprietary Multibank-Plus platform and incorporates the standard suite of MetaTrader 4 and MetaTrader 5. The broker stands out in terms of the number of tools it offers, including VPS hosting and FIX API.
MultiBank Broker Overview
This obscures price action behavior and makes it more difficult to conduct probing technical analysis. Multibank does not charge deposits or withdrawals with a handling fee, though third-party banking fees may apply. The fee is applied after three months of inactivity and is charged each month until activity resumes or the account balance drops to zero. Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid.
The broker also serves high-risk/yield traders via its huge cryptocurrency offering. Few brokers offer as many crypto CFDs, though it should also be stated that Multibank charges above-average spreads on instruments from the same asset class. I have compiled the table below to help you better understand the difference between the trading fees of Mutlibank’s three account types and the industry average. It illustrates the spreads and commissions I have recorded for the EUR/USD pair and compares them against the typical costs for ECN and STP accounts in the industry at large.
MultiBank Group Main Features
Traders who act as Signal Providers can scale their income, earning extra money when investors copy their account and trading moves. Social Trading indicates that this broker works with both sides of the spectrum, experienced and new(ish). There are several features offered at MultiBank that clue you in as to this broker’s target limefx scammers customers. At MultiBank Group, the educational tools are light, so complete novices might find it a little difficult to get going. However, that’s not to say that you need to be a seasoned pro to join this broker.
Multibank Account Opening Process
The leverage multiplies the profits a trader generates from winning positions and the losses incurred from failed trades. My biggest issue was setting up a demo account due to the broker’s KYC policy. However, the agents were able to guide me through the process fairly quickly.
- Multibank operates through 10 entities, including five regulated by Tier-1 authorities and several offshore ones.
- MultiBank advertises 14,145 tradeable markets, with 14,054 stocks, 11 crypto CFDs, 11 commodity CFDs, 40 forex pairs, 6 metals, and 23 indices.
- Platforms like MetaTrader 4 and MetaTrader 5 have become industry standards for a positive user experience, so that bodes well for MultiBank.
- The Pro account requires a $1,000 minimum deposit but features lower spreads than the Standard account.
- I determined that the Pro account strikes a fine balance between affordability and competitive prices.
- Our IB partners benefit from daily payouts, year-round promotions, activities, and bonuses including cash and physical prizes.
One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative. The market is continually evolving, marked by periodic surges and declines in volatility. For this reason, staying abreast of the latest market developments is crucial, a task made simpler through the mobile app version of MT5.
Your satisfaction is important to us, and we strive to provide excellent service regardless of the complexity of the question. If you ever have more challenging inquiries or require further assistance, please don’t hesitate to reach out. MultiBank Group offers commission-free Forex mark-ups as low as 0.8 pips or $8.00 per round lot in the Pro account, but the Standard one lists them at 1.5 pips or $15.00. The former is within the upper range of competitive trading costs, but the latter is expensive. The best offer is available in the commission-based ECN account, where traders enjoy raw spreads of 0 pips for a commission of $3.00 per round trip.
What Can You Trade With Multibank?
For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars. A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight. MultiBank Group rewarding Cashback Program is your best bet to make extra profits on your trades. The higher your trade volume in Forex and Metals, the more cashback you earn.
MultiBank Group, in operation since 2005, is home to numerous global brands and is regulated in jurisdictions all over the world. Two unique features I want to note are free VPS hosting and FIX API trading. The former supports algorithmic trading, which accounts for 80% of all trades at this broker. The latter allows for the connection of advanced trading solutions to the competitive MultiBank Group trading environment. One of the most widely ignored trading costs is swap rates on leveraged overnight positions.
In the image above, you can see how to measure a broker’s average execution speed. The industry average is limefx website between 50 milliseconds and 150 milliseconds. For the purposes of scalping, the best results can be achieved when the average execution speed falls below 50 milliseconds. However, due to its elevated swap charges, I determined that Multibank’s trading fees are more suitable for day trading, which does not require holding positions open overnight.
That said, this broker still has a long way to go if it wants to compete with the best brokers for education. The same funding options available for deposits can be used to withdraw funds at MultiBank. Though processes may vary depending on the MultiBank Group entity that holds your account, withdrawals typically require a withdrawal request form. We use dedicated people and clever technology to safeguard our platform. MultiBank is a legitimate Forex broker with 10 regulatory licenses and 25+ global offices. Founded in 2005, MultiBank has an exceptional track record and ranks among the most trusted Forex brokers operational today.