MultiBank Group review

There are many brokers on the market, each offering their own pros and cons. While there is no single correct option for all, it’s important to take the time to explore each one carefully. 

It’s true that choosing a broker can and should take time. By investing time and effort, we can be sure that we’re making the most of our trading endeavors. Yet, it’s also true that the process can be confusing. For that reason, TopBrokers aims to give honest and balanced reviews on the best brokers around. 

MultiBank Group is a broker that many people return to time and time again. For that reason, this MultiBank Group review will cover all aspects, good and bad. In the end, it will be easy to make an informed decision. 

TL;DR

• MultiBank Group is a highly regulated forex broker with multiple tier-1 licenses.
• Offers over 20,000 tradable instruments across various asset classes.
• Provides competitive spreads, especially on its ECN account.
• Minimum deposits range from $50 to $5,000, depending on account type.
• Offers MT4, MT5, and proprietary MultiBank-Plus trading platforms.
• Features include copy trading, MAM/PAMM accounts, and free VPS hosting.
• Limited educational resources compared to some competitors.
• Mixed customer reviews, with some praising trading conditions and others criticizing support. 

Criteria Breakdown

To help us assess MultiBank Group properly, we put together a set of criteria to judge it against. This includes regulation, trading conditions, assets, platforms, and customer support to name a few. After all, by understanding the most important elements of a broker, it’s easier to understand its quality. 

MultiBank Group: What You Need to Know 

Best Known For Low-Cost Trading and High Leverage

MultiBank Group is a well-regarded broker, established in 2005. This fact alone gives peace of mind, but it also has strong regulation and many satisfied customers. This broker focuses on reliable trading services along with advanced technology and excellent customer support. All this has earned a strong reputation among traders and industry experts.  

This broker’s trading environment in general is very positive. Not only does it have several trading platforms to choose from, but it also has an excellent range of assets. It’s easy to diversify portfolios with such conditions, and advanced features add to the picture.

It’s also worth noting that aside from online trading, MultiBank Group also offers other financial services. These include investment banking, asset management, and financial advisory services. 

MultiBank FX has a strong global presence and accepts clients from countless countries, including the USA, and Australia. 

Features

MultiBank Group has several features that set it apart from its competitors. Firstly, this broker is well-regulated by top-tier entities, including ASIC. It also has a physical presence across five continents with offices worldwide. This means that customers can walk into any office and ask for advice or make a complaint if need be. 

Due to its large worldwide presence, it’s possible to access real-time market news in a range of languages. This is an ideal feature as it allows for fast decisions no matter the language. As far as trading goes, this broker offers copy trading and MAM/PAMM accounts, alongside free VPS hosting. These features allow for flexibility and better chance of gains, especially for beginners. 

As an extra standout feature, MultiBank Group offers a 20% deposit bonus. This isn’t something many brokers offer, however it’s worth noting that it’s only available on Pro and Standard accounts.

Pros  

MultiBank Group undoubtedly has many advantages. In this section we will explore some of the main standouts. 

Highly Regulated and Trustworthy

One of the most important things when looking for a broker is regulation. High quality regulatory oversight means that the broker must adhere to robust guidelines and offer transparency. This offers peace of mind from the start. In this case, MultiBank Group shines.

This broker is extremely well regulated by many top tier bodies, including ASIC and AUSTRAC in Australia, BaFIN in Germany, and ESCA in the UAE. It’s worth noting that the FCA doesn’t regulate MultiBank FX in the UK.  

Excellent Asset Selection

Portfolio diversification is simple with this broker as they offer a wide range of assets across all accounts. These include over 50 currency pairs on forex, with spreads starting at 0.0 pips and leverage of 500:1. 

Additionally, metals, shares, indices, and commodities are offered, and cryptocurrencies. There are many cryptocurrency options, including Bitcoin, Litecoin, and Ethereum. Leverage on cryptocurrencies is 1:50.

We will discuss account types in more detail but leverage depends on the account chosen. For example, ECN and Pro accounts offer the highest leverage. The Standard account has limited leverage levels.   

Multiple Account Types

We just mentioned different account types, so let’s explore these in more detail. This broker offers a demo account for new users to practice their trading skills without risk. This is an ideal feature for beginners, especially for building confidence. 

From there, there are three main account types. The first is the Standard Account. This is the ideal choice for beginners as it offers a low deposit of $50 and spreads from 1.5 pips. This account is also commission-free and gives access to all platform types. 

The Pro Account is an option for experienced traders and offers many tools to help boost trading strategies. This account has spreads starting at 0.8 pips and asks for a minimum deposit of $1000. Like the Standard account, this account is also commission-free.  

An alternative to the Pro Account is the ECN Account. This is ideal for professionals who want fast execution speeds and low spreads. This account gives direct access to the interbank market and has tight spreads from 0.0 pips. The minimum deposit is $5000, and there is a commission on this account of $4 per lot traded. 

It’s important to note that all accounts offer negative balance protection, providing peace of mind during market volatility. 

Several Trading Platforms

Aside from several account types, MultiBank Group also has a number of trading platforms to choose from. This enables personalized trading and flexibility. Industry-standard MetaTrader 4 & 5 are available, along with their many tools and features. MetaTrader 4 is ideal for beginner traders and those who are still learning. However, MetaTrader 5 is an upgraded version with many analytical tools. 

Another option is the MultiBank Group WebTrader, which allows access without downloading or installing software. This platform has chatting tools, real-time market data, and many order types. Finally, there is also the MultiBank Group app, which is available on both iOS and Android. This is an ideal choice for trading on the go, and gives access to accounts, trading, and the ability to manage positions. This app is excellent quality and offers the same features as the other available platforms. 

Excellent Customer Service

MultiBank Group offers excellent customer service. This is available 24/7 through various means, including live chat, email, phone, and social media. However, some users do state that waiting times have been a little too long in the past. It’s important to remember that these are a limited number of comments, and to keep everything in a balanced view. 

Many brokers don’t offer customer support 24/7 and instead offer support 24/5. For this reason, MultiBank Group shines in this regard. 

Cons

While MultiBank Group certainly has many advantageous elements, it’s equally as important to assess the downsides. In this section, we will explore this broker’s potential downsides.  

High Minimum Deposit for Best Conditions  

Overall, minimum deposits are low, especially with the Standard Account. However, for the best trading conditions, these deposits rise drastically. The Pro Account requires a minimum deposit of $1000 and the ECN Account requires $5000. These are hefty sums and many other brokers ask for around $100 on average. 

While experienced traders may not be too concerned due to their trading skills, that won’t be the case for everyone. If high minimum deposits are a concern, there are many other broker options on the market. 

Limited Educational Resources 

One area where MultiBank Group is lagging behind other market leaders is with regards to educational resources. While there are some resources available, there isn’t a wide selection, limited to a few eBooks and tutorials. These are also aimed mainly at beginner traders, leaving intermediate and advanced traders by the wayside. To improve services in this area, a wider range of resources could be introduced.  

Occasional Customer Support Delays

While MultiBank Group receives praise for its excellent customer support the majority of the time, some users have had issues. It’s important to view this in context, but some users do state that response times could be improved. 

High Inactivity Fee 

Many brokers charge an inactivity fee but MultiBank Group has a relatively high fee for a short amount of inactivity. After 90 days of trading inactivity, a charge of $60 will be applied Many other brokers have a 12 month inactivity period before fees are charged and are often half the amount. 

While active traders won’t find issue with this, beginner traders who only want to trade occasionally may find it a costly endeavor. 

Criteria Evaluation  

Regulation and Trustworthiness: 5/5  

Trading Conditions: 4/5  

Asset Selection: 5/5  

Trading Platforms: 4/5  

Customer Support: 4/5  

Educational Resources: 3/5  

Deposit and Withdrawal Options: 4/5  

Technology and Execution: 4/5  

Additional Features: 4/5  

Community Reviews and Expert Recommendations

Overall, customers are very satisfied with the service provided by MultiBank Group. The broker currently has a 4.5 rating on Trustpilot. Many users talk about the excellent customer service, although there are a few customers that believe it could be better. 

Users also rate the range of assets and platforms, along with the strong regulatory oversight for peace of mind. However, the high minimum deposits of Pro and ECN Accounts are an issue for some. Here are some examples of feedback given for MultiBank Group: 

“I am new to Multibank and used the Chat function for help. Michael offered to phone me and talk me through the process. He phoned, talked me through the process with ease, explaining everything perfectly. We lost signal and he phoned me back quickly to ensure that we finished the process correctly. He was fantastic, thank you so much Michael, really appreciated.” – T Charlton via Trustpilot

“This is extremely poor customer service.I don’t know how they got 4 star rating.I contacted live chat and had to wait 22 minutes. This is extremely frustrating, now I fully understand that they are commenting on their own posts.” – Naim Abdulla via Trustpilot

“If not the best broker I’ve used, any concern you have they’re willing to answer it in less than a minute. If you want the best spreads, and best customer support this is where to go!” – Jordan Olisa via Trustpilot

When compiling this Multibank Group review, we also looked at industry expert comments. Most experts agree that this broker is an excellent choice and has high regulatory oversight. They praise the range of assets and account types. However, most agree that the range of educational resources could be improved. 

Price

MultiBank Group doesn’t charge monthly fees for their accounts. However, there are different minimum deposits for each. As we have already explored, the Standard Account has the lowest minimum deposit at just $50. However, the Pro and ECN Accounts have high minimum deposits at $1000 and $5000 respectively. The trade-off is the improved trading conditions with these two accounts, which may lead to higher gains.  

One area of concern is the high inactivity fee for just 90 days of trading inactivity. This is charged at $60, which is high compared to other similar brokers.  

Alternatives to MultiBank Group 

MultiBank FX may not be the ideal choice for everyone. In this section, we will explore some notable alternatives to consider.  

AXITrader

AXITrader is a quality option for beginner traders who want to learn tricks and develop their skills. The demo account is a selling point, which comes with $50,000 of virtual funds to practice with. Their library of educational resources is also high quality. However, this broker does lack a large range of platforms and tradable instruments. 

Learn more in our AXITrader review. 

AMarkets

AMarkets is a solid alternative to MultiBank Group. It offers a range of accounts with leverage up to 1:3000 and low spreads with the ECN account. However, this broker isn’t available to US or UK citizens. 

Our AMarkets review gives more information. 

FXOpen

This broker is a great option for all types of traders, with a range of features and platforms to choose from. FXOpen allows copy trading, to help boost the chances of a successful trade, while also giving access to auto trading and the PAMM service. However, this broker does lack a comprehensive range of educational resources. 

Learn more in our FXOpen review. 

AVATrade

Our final option is AVATrade, a well-regulated and reputable broker. There are many platforms to choose from, including a quality app for on-the-go trading. AVATrade offers many educational resources and excellent customer service. However, this broker doesn’t accept residents of the USA or Canada. 

Discover more in our AVATrade review. 

Final Thoughts

The correct choice of broker will be different for every single trader, and that’s what can make this decision complicated. 

At TopBrokers, we aim to give honest, balanced comparisons of brokers to help make this choice easier. By knowing each broker’s pros and cons, you can make informed decisions based on your own needs. 

In this MultiBank Group review, we’ve covered all the main advantages and disadvantages. Overall, this broker is a highly reputable choice with many features to offer. There are few downsides, however, high minimum deposits and a lack of educational resources are two to keep in mind. As far as customer service goes, this broker has mixed reviews, but hours of availability are excellent. 

Beginner traders won’t struggle to use MultiBank Group, but it’s a good idea to learn some strategies beforehand. 

At TopBrokers, we have quality resources on momentum trading strategies as a starting point, and basic forex terms you should know before trading. 

Ultimately, choosing a broker is a personal choice, but with careful comparisons, you will make the right decision. Don’t hesitate to explore our reviews and comparisons to help on the way.