MultiBank FX brokerage is probably one of the best definitions we can find when we want to put forward an example of an international financial company. According to our MultiBank FX review, the headquarters is located in Hong Kong, while the company fields an impressive number of around a dozen offices across the whole world.
Offices can be found in the United States, Germany, the Cayman Islands, China, Spain, the United Arab Emirates, and many many more countries.
However, the number of offices don’t necessarily speak about the quality of the broker. That much needs to be determined through extensive research of their offerings, which is exactly what we’ll do in this review.
Leverage: 1:500 Regulation: BaFIN/ASIC
Min. Deposit: 50 USD Bonus: 100/20% Deposit
Spreads: from 0.1 pips US Clients: No
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Can MultiBank FX be trusted?
As already mentioned, just because MultiBank FX has multiple offices scattered all across the world, it doesn’t mean that it can be trusted in any sense. However, what makes it trustworthy is its collection of licenses from various regulators in the countries it has an office in.
For example, some of the big names include:
- BaFin (Germany)
- ASIC (Australia)
- FMA (Austria)
- CNMV (Spain)
- RAK (UAE)
- FSC (Virgin Islands)
- CIMA (Cayman Islands)
In all honesty, they already had us at BaFin. There is absolutely no chance of MutliBank FX scam being a reality. There may have been a mishap with one regulator not noticing the company’s shady background, but having seven financial institutions recognize you as a trustworthy broker is a feat in itself, which we wholeheartedly commend MultiBank for.
It is official then, MultiBank FX is indeed a legit brokerage.
But now, we need to determine if they are worth the time to trade with, and whether or not their trading conditions are as good as their collection of licenses all over the world.
MultiBank FX review – what are the trading conditions?
Trading conditions are comprised of multiple aspects, things like leverage, account types, spreads, deposit and withdrawal conditions and various other details such as the available software. All of this we have researched and will deliver to you on a “comparison” basis to the market they are trying to cover. So, without further ado, let’s start with the leverage.
The maximum leverage available with MultiBank FX is 1:500 on major currency pairs, which is much higher than most of their competition on the market. Sure there are some that offer 1:1000 or near this number, but considering the average offering of around 1:300, MultiBank FX brokerage manages to satisfy the needs of both veteran and beginner traders.
Naturally, though, this review is very FX focused and does not consider their offerings on things like stocks or commodities, although it does have industry-standard leverage there as well.
Regardless of how good leverage may be, it doesn’t really satisfy the goals of our MultiBank FX review. We absolutely have to pair it up with the spreads available with the brokerage in order to determine the overall profitability.
However, we’re happy to report that the spreads on major currency pairs on this platform are some of the lowest one may find on the whole market.
Depending on which software and account type you’re using, you’re going to get a corresponding spread range.
The lowest spread we’ve seen for the EUR/USD pair is 0.1 pips on the ECN Pro platform, and the highest is 1.5 pips on the Maximus platform. These two platforms will depend on your choice in the grand scheme of things as they all have different requirements, which we will get to in the next paragraph.
MultiBank FX has three account types in total. These are the ECN Pro, MultiBank Pro, and Maximus. All of these come with their corresponding spreads, benefits as well as the minimum deposit amounts.
However, we need to commend the broker first for having such a wide variety to choose from. Three is the industry standard which they accomplish with an A+, and the amount of content in these options is also a great addition. We were ready to answer the is MultiBan FX legit question right then and there, but there’s much more to discuss.
Deposits and Withdrawals
When it comes to deposits, as already mentioned, the whole thing is varied between the account types.
For example, the minimum deposit with ECN Pro is $5,000 which is quite beefy for a beginner, but attainable for a relatively experienced or a veteran trader.
The MutiBank Pro account is a bit different. It has a minimum deposit of $1,000 which is more than attainable even for a beginner who wants to get all of the benefits. Furthermore, considering the markets this broker covers, it’s definitely not an over-the-top “price”.
And finally, we have the Maximus account which is most definitely something designed for beginners, where the minimum deposit starts at $50. However, considering the allowance of hedging and scalping, it’s one of the best beginner accounts we’ve seen so far.
When it comes to withdrawals, it doesn’t seem that MultiBank FX has any type of fees attached to the process, which gives us even more comfort as a trader. Should the MultiBank FX fraud been real, we’d have encountered a fee in the percentage for larger accounts, and a fixed fee for smaller accounts. This is used to drain as much as possible from the traders, but in this case, it’s completely safe.
Withdrawals are possible through Wire transfer, SWIFT, Skrill, Neteller, Credit/Debit cards and PayTrust. The good news is that there are around a dozen currencies that funds can be withdrawn in.
These currencies are USD, GBP, EUR, JPY, CHF, AUD, NZD, and CAD.
As for other fees or anything, the only thing a trader may encounter is the “inactivity fee”, which is activated if an account had not been active for 13 consecutive months. Once that condition is met, the trader will be billed $10 for every month the account remains inactive, but that is still a very forgiving policy.
During our MultiBank FX review we found out that the broker has four available options for trading. The last two are a bit minuscule as the company doesn’t really talk about them that much, but it’s there.
Traders will have the opportunity to get their hands on the MultiBank FX MT4 and MT5 software depending on their choice of preference.
They will also have access to variations of the company’s very own MultiBank platform, which we will classify as both Web and Mobile trading software.
Normally we don’t consider custom made software as an advantage as a shady company may tinker with the algorithms, but with MultiBank it’s safe to say that it’s legit.
Multibank FX bonus options and promotions
The company does not shy away from bonus promotions as well. They currently have around four types, but not all of them apply to all account types.
For example, the Maximum MT4 account is able to use the 100% and 20% deposit bonus promotions as well as the “Refer a Friend” and “Imperial” bonus.
The other two accounts, such as ECN Pro and Multibank Pro, get only the “Refer a Friend” and “Imperial” bonus options.
The Imperial bonus has a range when it can activate and that range is $200-50,000+ on deposit. The bonus itself ranges from $40-5,000 depending on how much you fund your account with.
The refer a friend bonus is quite similar as it scales depending on how much your friend will deposit on the platform.
The range of deposits is $1,000-$10,000+ and the bonus itself for your AND the friend ranges from $100 to $400 respectively.
Quite the nice addition when you think about it.
Is MultiBank FX legit? – review conclusion
We’ve had quite a journey reviewing this brokerage. We’ve learned about their licenses, trading conditions and funding options. One of the most important things we did conclude is that the MultiBank FX scam is totally bogus. It does not exist, and has no way of existing simply based on the broker’s licenses in trustworthy jurisdictions.
As for the trading conditions, we can easily say that MultiBank FX covers all of the industry standards and in some cases surpasses them.
This is indeed an amazing broker with great opportunities for both beginner and veteran traders alike.