Ever thought about dipping your toe in the forex trading world but are not sure where to start? Undoubtedly you can go for MultiBank. As one of the largest forex brokers, MultiBank gives you access to over 50 currency pairs and metals to trade with competitive spreads and lightning-fast execution.
Whether you’re a beginner or a professional, MultiBank has everything for you with its choice of accounts, platforms, and resources to help sharpen your skills.
An Overview of MultiBank
MultiBank is a global CFDs and forex broker, offering trading on over 10,000 financial instruments across global markets. Founded in 2005, MultiBank is regulated by financial authorities in several countries, including the Australian Securities and Investment Commission (ASIC) and the Cayman Islands Monetary Authority (CIMA).
It takes regulation and security very seriously to protect its clients. In addition to ASIC and CIMA regulation, MultiBank segregates client funds, offers negative balance protection, and partners with reputable banks for fund security. You can feel confident trading with a broker focused on ethical practices and risk management.
Whether you prefer to focus on a single market or diversify your portfolio, MultiBank has you covered with a robust suite of trading products to suit any strategy.
Security and Regulation of MultiBank
When it comes to your money, security, and regulation should be top priorities. MultiBank Group is regulated in several major jurisdictions, including Australia (ASIC), the Cayman Islands (CIMA), and the British Virgin Islands (BVI FSC).
MultiBank also takes security seriously and uses encrypted SSL technology and two-factor authentication to keep your information and funds safe. Your money is held in segregated accounts at major banks and is insured for up to $500,000 through the Australian government’s Financial Claims Scheme (FCS).
When it comes to trading, MultiBank uses a commission-based model. The fees you’ll pay depend on the type of account and instruments you trade. In general, you can expect low spreads, typically ranging from 0.0-0.3 pips for major FX pairs.
Overall, MultiBank is a well-regulated and secure broker that keeps costs low. With flexible account options, tight spreads, and a modest minimum deposit, MultiBank is suitable for traders of all experience levels looking for a reputable broker.
What You Can Trade on MultiBank
MultiBank offers a wide range of tradable assets to suit any trader’s needs. You’ll find all the major forex pairs like EUR/USD, GBP/USD, and USD/JPY, as well as minor forex pairs.
They also offer precious metals such as gold and silver, energies like crude oil and natural gas, global stock indices, cryptocurrencies including Bitcoin, Ethereum, and Litecoin, and CFDs on stocks, bonds, and ETFs.
With MultiBank, you have access to:
- Over 45 currency pairs including majors, minors, and exotics
- Precious metals like XAU/USD (gold) and XAG/USD (Silver)
- Energies such as Brent Oil and Natural Gas
- Global stock indices from the U.S., Europe, Australia, and Asia
- Major cryptocurrencies including BTC/USD, ETH/USD, and LTC/USD
- CFDs for trading global stocks, bonds, and ETFs
Whether you’re interested in forex trading, commodities, stocks, or crypto, MultiBank has an extensive offering to suit most traders. They provide competitive spreads and high leverage up to 1:500 for forex pairs so you can maximize your potential profits.
MultiBank is a trusted broker that gives you the opportunity to trade on any device with their web-based platform and mobile apps. You’ll have access to powerful charting tools, live market news and analysis, and automated trading options to help you discover new trading opportunities around the clock.
Fees of MultiBank
MultiBank allows you to fund your account and withdraw money in several convenient ways.
Minimum Deposit
To open a MultiBank trading account, you’ll need to make an initial deposit of at least $250. This is on the lower end compared to other brokers and allows new traders to get started with a modest investment.
Payment Methods
MultiBank accepts deposits and withdrawals through wire transfers, credit/debit cards, and e-wallet services like Skrill and Neteller. Using e-wallets is typically the fastest method, with funds available in your MultiBank account within 1 business day. Wire transfers can take 2 to 5 business days to process. There are no fees charged by MultiBank for any deposit or withdrawal method.
- Wire transfer: Free, 2 to 5 business days
- Credit/debit card: Free, instant
- E-wallets: Free, 1 business day
Withdrawals
Making withdrawals from your MultiBank account is straightforward. Simply log in to your account, select “Withdraw Funds” and choose your preferred method. Most withdrawals are processed within 1 to 5 business days. The specific time frame depends on the method used, with e-wallets and wire transfers generally the fastest options.
MultiBank does not charge any withdrawal fees on its end. However, your bank or payment provider may charge a small transaction fee for wire transfers or e-wallet withdrawals. It’s a good idea to check with them directly for any potential fees before withdrawing money from your MultiBank account.
MultiBank Customer Support
MultiBank’s customer support is available 24/7 via live chat, email, and telephone. They aim to respond to all customer queries and issues as quickly as possible.
Live Chat
The live chat feature on MultiBank’s website and trading platforms allows you to instantly connect with a support agent. Wait times are typically just a couple of minutes. The agents can help you with questions about your account, deposits and withdrawals, trade executions, and more.
Email Support
If your issue isn’t urgent or you prefer email, you can send a message to support@multibankfx.com. The support team monitors this email around the clock and aims to reply within 1 business day. Be sure to provide as much detail as possible about your question or problem.
Phone Support
MultiBank offers dedicated phone support lines for English, Spanish, Portuguese, Chinese, Thai, Indonesian, and Korean speakers. The phone support team is available 24 hours a day, 5 days a week. Before calling, check the phone number for your country and language on MultiBank’s website.
Is MultiBank Legit or Scam
When it comes to your money and investments, you want to make sure you’re dealing with a legitimate company you can trust. The good news is MultiBank is not a scam. They are a regulated broker with proper licensing and security measures in place to keep your funds and information safe.
MultiBank is regulated by several top-tier authorities, including the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK. These regulators enforce strict rules around capital requirements, auditing, and ethical practices. MultiBank also keeps customer funds in segregated accounts at top banks and uses advanced encryption technology to protect information.
It has been in operation since 2005 and has over 300,000 customers worldwide. They offer competitive spreads and commissions on a wide range of markets. While all trading does come with risks, you can feel confident MultiBank is a reputable broker. Many online reviews and customer testimonials report good experiences with MultiBank’s platforms, customer service, and withdrawal processes.
Of course, no broker is perfect, and you may come across some negative reviews as well. However, overall MultiBank appears to value transparency and integrity.
As with any broker, do your own due diligence, but MultiBank shows no obvious signs of being a scam or fraud. They seem committed to providing a safe and responsible trading environment for their clients. If you do have any issues, their customer support team is available 24/5 to help resolve them.
Pros and Cons of MultiBank
Pros:
- MultiBank is a trusted, regulated broker. It is licensed by several top-tier authorities like the FCA, DFSA, and SCB. Your funds and data will be secure.
- A wide range of assets are available for trading including forex, CFDs, stocks, commodities, and cryptocurrencies. There are over 300 instruments to choose from.
- Competitive fees including no commissions on forex and CFD trades and tight spreads. The minimum deposit is only $50 to get started.
- 24/5 customer support is provided via phone, email, and live chat. The support team is knowledgeable and responsive.
Cons:
- MultiBank does not currently offer its services to citizens or residents of the USA and Canada. If you are from these countries, you will need to find another broker.
- Withdrawals can take 3 to 5 business days to process which is slower than some other brokers. Wire transfers also come with a $30 fee per transfer.
Final Thought
Multibank seems to check a lot of boxes with competitive fees, a wide range of tradable assets, and a reputable regulatory status. However, the customer service leaves something to be desired, and the website can be tricky to navigate at times.
As with any broker, make sure you understand the risks of trading forex and CFDs, but if you go in with realistic expectations, Multibank may prove to be a solid choice for an accessible all-in-one broker.
