MultiBank Group follows standard trading hours, usually Monday – Friday, though they vary slightly depending on the instrument. For more details and regularly updated holiday hours, visit the broker’s website. MultiBank-Plus was introduced in 2024 and offers an excellent alternative to MT4 and MT5, especially for newer traders seeking a more user-friendly and intuitive workspace. 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.
Is Multibank safe to trade with?
On the other hand, its dated and rugged design falls short compared to newer, sleeker platforms. As a trader who prioritizes flexible chart scaling, I find MT5’s charting capability too rigid and less effective. Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid.
The bonus can be converted to cash once a month, and clients must complete the trading requirements within 90 calendar days. This offering is generally geared towards high-volume scalpers and day traders. Help is available via live chat, email, and over the phone in English, Spanish, French, Arabic, and other languages. The agents are generally knowledgeable and respond to queries fairly quickly. While the spread rate on the Standard account exceeds the industry average, the Pro and ECN accounts offer trading conditions that are more favorable compared to the industry average. Overall, Multibank offers a well-calibrated set of services geared towards traders with various experience levels and trading styles.
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, Lime Fx have a great selection of educational content including trading guides and videos. The MetaTrader platforms are already stacked with loads of tools for conducting thorough market analysis and for managing your trades effectively.
Spreads & Commission
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. I appreciate that MultiBank Group invested in the development of a proprietary copy trading platform.
Multibank’s Account Types
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 operates through limefx official site 10 entities, including five regulated by Tier-1 authorities and several offshore ones. It is one of the most rigorously regulated brokers I have ever reviewed, with a strict commitment to transparency.
Table of Contents
It’s worth noting the group doesn’t offer as many forex pairs or crypto coins as other providers. MultiBank does not charge internal withdrawal fees, but traders may face third-party processing costs and currency conversion fees. Here is the minimum spread for the EUR/USD and the trading costs per 1.0 standard in all three pricing tiers. For a limited time only, any new client that opens a trading account with us can claim an additional 20% of their deposit amount when they meet the basic trading requirements. For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. An ECN account is best-suited for traders looking for raw spreads and instant execution.
- They are regulated in various countries and offer ECN trading via modern platforms that are packed with all the trading tools you need.
- Alternatively, new and existing clients can contact the broker via email or live chat.
- I determined that the Pro account strikes a fine balance between affordability and competitive prices.
Withdrawal of funds
For the purposes of scalping, limefx 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. 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. In our Trust category assessments, we evaluate factors tied to stability and transparency, including the broker’s longevity, company size, and the transparency of information provided.
In addition, the broker also offers a selection of CFDs based on a few stock indices, cryptocurrencies, and commodities. In terms of forex, MultiBank offers about 50 different currency pairs, which is roughly in line with what other brokers offer. The Group is regulated worldwide and offers competitive spreads, interesting bonus offers, and low deposits across a wide range of instruments. MultiBank FX offers a wide range of educational material on their website, suitable for beginners and experienced traders.
Fourthly, the MT5 account, as you might have guessed from the name, allows you to trade with MetaTrader 5, which is an even more advanced version of MT4. Tradable products include crypto, commodities, shares, indices, metals, and Forex. There is an expert adviser, over eighty technical analytics tools, one-click trading, VPS hosting, and a stop out level of 50%. Islamic traders also need not feel left out, as there are Islamic Account options for those who follow the Muslim faith. The Islamic Account at MultiBank allows Muslim traders to waive swap fees. In conclusion, though MultiBank might not work for complete novices, it is still a wide-ranging broker, able to fit with most experience levels.
Keep in mind that the minimum deposit requirement might vary depending on your country of residence and the MultiBank Group entity that holds your account. In 2024, MultiBank launched a proprietary mobile trading app called MultiBank-Plus. This mobile platform offers charting, watchlists, and research articles all wrapped in a modern-looking interface with smooth navigation. Like its web counterpart, the MultiBank-Plus app could use more tools and functionalities and fewer messages that feel like ad placements. Though this new app has a long way to go before it competes with the best mobile trading apps, it has a good foundation to build upon and I look forward to seeing how the app progresses. You’ll also need to specify some trading account settings, answer suitability questions, and provide proof of identity (such as a Passport or other Government-issued ID) along with proof of address.
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. 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.