Read our full MultiBank Exchange Group review below.
WHAT IS MULTIBANK EXCHANGE GROUP?
Found in 2005, MultiBank Exchange Group is a respectable forex and CFD brokerage firm with its headquarters located in Hong Kong. This online broker is regulated by the top-tier ASIC.
At MultiBank Exchange Group, clients can trade a range of trading instruments, such as Forex, Shares, Stocks, Gold, Oil, and CFDs.
The broker also offers a variety of trading platforms to its traders, including MT4 & MT5, and mobile app.
INTRODUCTION
This group was formed in the year 2005.It was founded in USA Californite German Federal Financial Supervisory Authority, Cayman Islands Monetary Authority and many other regulates it globally.
While covering indices, forex, shares cryptocurrency and commodities trades can trade more than 1000+ markets.
All are covered through known trading platforms Met trader 5 and Met trader 4. They are accessed through windows, mac, web, and mobile platforms.
Clients are offered three main types of account by broker. These accounts are called Islamic trading accounts, demo, as well as maximus, Multibank pro and ECN Pro.
The commissions on the ECN Pro accounts can be from zero and competitive depending on the spread. There are others which are commission free like The Multibank pro and Maximus accounts.
As a client one can access including Expert advisors, PAMM Accounts, FIX API, Virtual Private Servers, and Social Trading. This has shown a great range of additional features in trading.
No payment is made while withdrawing or depositing. They offer huge number payment including debit/credit card, e-wallets, and bank transfer.
Product services are offered 24/5 in several languages through email, live chat, and phone.
PROS & CONS
Pros
- No charges applied while withdrawals and depositing.
- It has a competitive spread
- Offers a good customer care
- Availability of Meta’s trader 4 and Meta’s trader 5.
- They have free trading commissions.
- It offers demo accounts for practice.
- They are regulated through four countries
- Traders have 1000+ markets to trade on
- They offer a wide variety of accounts like ECN, VPS, NAM, AND PAMM accounts.
- Their accounts are easy and faster to open.
Cons
- Provides a limited research and educational material.
- Three months of zero activity attracts a $60 monthly inactive
- They do not allow resale.
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TRADING INSTRUMENTS
This is a trading platform provided by Multibank Exchange group to its customers that enables them to carry out their trades.
While choosing a trading platform it depends on what the trader wants to trade on. There are several types of trading platforms provide by multibank Exchange.
A multi asset trading platform: This a platform that enables traders to trade forex. However, there are other asset classes including CFDs on stocks, precious metals, stock indices and cryptocurrencies as well.
It also provides powerful proved capabilities of MT4 and MT5 platforms.
Some of these capabilities are Maximum MT4, Multibank pro MT4 and ECN pro MT4 that have an ideal for a specific kind of customer’s Metatrader’s 5 platform provides all these features that are offered by MT4 with enhanced tools and improved traditional functions.
Money managers have entry to trading and managing accounts through PAMM and MAM accounts.
They provide free virtual private servers that are accessible by its clients through reliable third-party hosting vendors.
Clients can run their terminals during the day and night nonstop through the virtual private serves. They also get to enjoy stable and trading conditions while trading remotely from anywhere.
Expert advisors can be assimilated into any Multibank MetaTrader4 and 5 platform without being restricted to archive automated trades and place orders at any time.
ACCOUNT TYPES
They have various accounts options to suite a variety of needs. They made easier to open a live account. In which the broker provides negative balance protection and an appealing leverage and bonuses across the board.
The accounts offered include:
ECN pro-It is an MT4 FX account which uses an electronic communication network to counterpart buyers and sellers the accounts vaunt an impenetrable spread from zero eyespots on major forex pairs.
Given access to the refer friend scheme and the imperial Bonus the minimum account size should be $5000.
Multibank pro-the minimum deposit is $1000.It is the group’s second MT4 account. This is another strong account option when it spreads from o.8 points and a 20% promotional bonus.
Maximus-It has a low minimum deposit of $50.This is an appealing option because of the bonuses offered on the multibank pro account and an additional 100% bonus. The spreads start at 1.4 making it consequently higher.
Islamic swap free account: The account does not tumble interest or swap on overnight positions. However, it is in accordance with the Islamic faith.
Finally, is that traders who trade CFDs on multibank FX are eligible for Free VPS MAMM and PAMM.
HOW TO OPEN AN ACCOUNT
Traders who are opening an account for the first time with multibank exchange group are required to go through “know your customer” process.
This ensures that your funds are safe and allows multibank exchange group to ensure that you have submitted the correct personal details and your account details are ensured.
After registration you will be emailed your login details. This will agree to a login on a trading platform matching the account that you have chosen.
The whole process of opening an account with multibank exchange group is fully digital. One can fill forms, scan, and submit your documents within 20minutes.
There are steps to open an account which are four in general with multibank:
- Traders can select their own control they wish to belong to.
- Traders are capable to choose their own account type.
- Traders can add their own email address or country of residence
- Clients can confirm their identity and residency.
- Promising traders can enjoy custom trading on a free account with zero risks and virtual opening balance of $50,000
DEMO ACCOUNT
Demo accounts are funded with money that is offered by Multibank FX allowing you to gain trading experience without risking any capital.
The Multibank fx offers $100,000 virtual opening balance. The brokers have provided a registration form from the broker’s website. Once signed up it is assured that users get demo access to both MT4 and MT5.
From the group’s CEO and chairman. Clients can craft strategies and building confidence while getting popular with market conditions. Lastly it an effective way to prove a potential broker and software.
COMMISSIONS & FEES
Multibank provides commissions according to the account types They are allowed a selection of commission free and commission.
Accounts that have commission free are Multibank pro and Maximus accounts whereas ECN Pro account commission based with spread from zero.
Despite that this is only charged for opening the trade not closing. Also, a $3 per lot per trade on currencies.
The average spreads can change for each account. The ECN pro account changes from 0.0pips while Multibank pro alter from 0.8 points. Lastly maximus modify from 1.4 eyespots.
Non -Islamic accounts swap fees are charged according to positions that remain overnight (22:00) GM. If functions are held over the weekend a three-day swap will have to be charged on Wednesdays.
An inactivity fee also applies when there are no open positioned or if no trades placed on the account for three months.
LEVERAGE
This is a facility that enables customers to get larger exposure to the market you are trading on than the amount that was deposited to open the trade.
Not only does one get leverages on products such as Forex trading, elaborates your potential profit but also increase your potential loss.
One can be offered a different leverage to magnify the customers returns. It is also applicable regulatory obligation. Conductions in different jurisdiction apply in different rules towards leverage which depends on particular entity of Multibank exchange group.
There are some countries that signify lower allowed leverage such as European entities to a maximum of 1:30 for major currency pairs. Some of the clients still use high leverage ratios of up to 1;500 like Australian clients.
WITHDRAWALS AND DEPOSIT
They provide a selection of secure simple and direct payment options for both deposits and withdrawals.
This applies to subjects to the regulatory restrictions from specific jurisdiction. In general Bank wire transfers, neteller, skirl, fasapay, cards and online payments the money that is required so that one can have access to live trading is only$50.
Although clients should make sure that the applicable margins for the instruments you are voluntarily to trade are to cover that. While depositing or withdrawals commissions are not charged but the different payment providers can lead to some charges.
Although funding’s should be done through the account that has the same name as it appears on Multibank accounts.
Withdrawals can take place in different ways. To withdraw funds from account one should submit the request online and the money will be sent by the sleeted method.
They can also be administered via email address associated with your account.
CUSTOMER SERVICE
Clients are supposed to know whether the broker company they chose will offer support and help whenever needed. This enables clients to get answers to their questions and offer them the best user experience.
Multibank exchange group their customer service is only available 245 which traders can depend on. Also, you can contact them through live chat phone or email.
Clients are also able to submit enquiries through a form on the contact us page. After submitting it does not take long after you have been connected to an agent.
SAFETY AND SECURITY
This group was formed in the year 2005.It was founded in USA Californite German Federal Financial Supervisory Authority, Cayman Islands Monetary Authority and many other regulates it globally.
While covering indices, forex, shares cryptocurrency and commodities trades can trade more than 1000+ markets. All are covered through known trading platforms Met trader 5 and Met trader 4. They are accessed through windows, mac, web, and mobile platforms.
Clients are offered three main types of account by broker. These accounts are called Islamic trading accounts, demo, as well as maximus, Multibank pro and ECN Pro.
The commissions on the ECN Pro accounts can be from zero and competitive depending on the spread. There are others which are commission free like The Multibank pro and Maximus accounts.
As a client one can access including Expert advisors, PAMM Accounts, FIX API, Virtual Private Servers, and Social Trading. This has shown a great range of additional features in trading.
No payment is made while withdrawing or depositing. They offer huge number payment including debit/credit card, e-wallets, and bank transfer.
Product services are offered 24/5 in several languages through email, live chat, and phone.
