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MultiBank Group Review

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

February 22, 2023
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. All trading involves risk. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

MultiBank Group, in operation since 2005, is home to numerous global brands and regulated in jurisdictions all over the world. A multi-asset broker, MultiBank offers forex and CFDs through the MetaTrader and cTrader platform suites (though not all markets are readily available) as well as underlying crypto assets via its regulated crypto exchange.

On the negative side, the broker’s market research offering is unimpressive and educational content is entirely absent; MultiBank’s poor performance in these important categories drags down its Overall rating.

MultiBank
4/5 Stars Overall
  • Minimum Deposit: $50
  • Trust Score: 82
  • Tradeable Symbols (Total): 1042

MultiBank Group pros & cons

thumb_up_off_alt Pros

  • Good variety of regulatory licenses across all Trust Score tiers.
  • Pricing within MultiBank’s ECN account is competitive, despite the high minimum deposit requirement ($5,000).
  • Offers a proprietary social copy trading platform.
  • Operates a regulated crypto exchange in Australia, MEX Digital, which offers underlying physical crypto assets for popular cryptocurrencies like Bitcoin.
  • MEX Atlantic offers indemnity insurance of up to $1,000,000 per customer with Lloyd’s of London and holds a “B” rating with the S&P.
  • News headlines from Dow Jones Newswire (in MetaTrader) and FXStreet (in cTrader)

thumb_down_off_alt Cons

  • MultiBank’s research options are limited, and educational materials are virtually nonexistent.
  • Spreads on the Standard account are higher than the industry average.
  • MultiBank advertises 13,000 tradeable markets, but only 1042 are available by default in MT5. Access to additional markets must be requested via email.
  • Regulatory status in the EU is via money management licenses (not full brokerage licenses), and in the UK is limited to appointed representative status.
  • cTrader Copy only shows one provider.

Overall Summary

Feature MultiBank logoMultiBank
Overall Rating 4/5 Stars
Trust Score 82
Offering of Investments 4/5 Stars
Commissions & Fees 4/5 Stars
Platform & Tools 4/5 Stars
Research 3.5/5 Stars
Mobile Trading 4/5 Stars
Education 3/5 Stars

ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.

Is MultiBank Group Safe?

Trust Score
82
ForexBrokers.com

MultiBank Group is considered trusted, with an overall Trust Score of 82 out of 99. MultiBank Group is not publicly traded, does not operate a bank, and is authorised by two tier-1 regulators (high trust), one tier-2 regulator (average trust), and three tier-3 regulators (low trust). MultiBank Group is authorised by the following tier-1 regulators: the Australian Securities & Investment Commission (ASIC) and the Monetary Authority of Singapore (MAS). Learn more about Trust Score.

Feature MultiBank logoMultiBank
Year Founded 2005
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses 2
Tier-2 Licenses 1
Tier-3 Licenses 3

Offering of Investments

MultiBank Group offers forex, CFDs, and underlying cryptocurrencies across its relevant brand entities around the world. MultiBank advertises 13,912 tradeable markets, with 13,819 stocks, 11 crypto CFDs, 10 commodity CFDs, 41 forex pairs, 4 metals, and 27 indices. However, the vast majority of MultiBank’s listed offering is unavailable when first logging into the broker’s available platforms.

The reality is that only 1042 markets are available by default on its MetaTrader and cTrader platforms. Though the number of symbols available on the MetaTrader platform at MultiBank is on par with the industry median (982 symbols for MetaTrader offerings), traders that want to access the full range of MultiBank's advertised markets must submit manual requests via email. This frustrating process is at odds with how most brokers deliver investment products. The best forex brokers make all markets available directly within the trading platform, making it far easier to find trading opportunities.

Scalping: Though scalping is not prohibited, MultiBank requires advanced notice if you plan on using an Expert Advisor (EA) for algorithmic trading, as per its account terms and conditions.

Feature MultiBank logoMultiBank
Forex Trading (Spot or CFDs) Yes
Tradeable Symbols (Total) 1042
Forex Pairs (Total) 41
U.S. Stock Trading (Non CFD) No
Int'l Stock Trading (Non CFD) No
Social Trading / Copy Trading Yes
Cryptocurrency (Physical) Yes
Cryptocurrency (CFD) Yes
Disclaimers

Commissions & Fees

MultiBank offers three account types across its global entities for forex and CFD Trading: Standard, Pro, and ECN.

The Standard account requires just a $50 minimum deposit, but comes with higher relative spreads. In my opinion, MultiBank’s Standard account is best avoided unless you are a complete novice. The Pro account requires a $1,000 minimum deposit but features lower spreads than the Standard account. The lowest spreads available at MultiBank are featured on its ECN account offering, which requires a $5,000 minimum deposit and charges a small round-trip commission of $3 per trade.

Non-trading fees: MultiBank Group charges an inactivity fee of $60 per month if your account goes 90 days without trading activity.

Feature MultiBank logoMultiBank
Minimum Deposit $50
Average Spread EUR/USD - Standard N/A
All-in Cost EUR/USD - Active N/A
Active Trader or VIP Discounts No
ACH or SEPA Transfers Yes
PayPal (Deposit/Withdraw) No
Skrill (Deposit/Withdraw) Yes
Visa/Mastercard (Credit/Debit) Yes
Bank Wire (Deposit/Withdraw) Yes

Getting Started with MultiBank Group

Deposit options

The MultiBank Group brands that we reviewed, including MEX Atlantic, offer a variety of popular funding options for traders to deposit funds into their brokerage accounts. Check out the current list of deposit options at MultiBank:

  • Single Euro Payments Area (SEPA) transfers
  • Visa
  • Mastercard
  • Skrill
  • Neteller
  • POLi
  • PayTrust
  • PayRetailers
  • Payment Asia
  • Awe Pay
  • GlobePay
  • Bitcoin

Withdrawal options

The same funding options available for deposits can be used to withdraw funds at MultiBank. Though processes may vary depending on the MultiBank Group entity that holds your account, withdrawals typically require a withdrawal request form.

Account opening

The account opening process at MultiBank Group is relatively straightforward. Resources and applications for opening an account can be found within the client portal on the MultiBank Group website under the My MultiBank section.

To set up a live account at MultiBank Group, you’ll need to submit the same personal information that is required by every regulated forex broker for Know-Your-Customer (KYC) and Anti-Money Laundering (AML) compliance purposes. 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.

Though there’s room for the overall experience to improve (it wouldn’t hurt to include additional resources for traders who are opening an account for the first time), I found MultiBank’s client portal generally comparable to industry standards.

Mobile Trading Apps

MultiBank Group offers both the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms developed by MetaQuotes Software Corp, as well as the cTrader platform developed by Spotware Systems.

MT4 and MT5 are available for Android mobile devices (MetaTrader is currently unavailable on iOS), and cTrader is available for both Android and iOS devices.

To learn more about using MT4 or MT5 on your mobile device, read our MetaTrader guide or our MetaTrader 5 guide.

Feature MultiBank logoMultiBank
Android App Yes
Apple iOS App Yes
Mobile Alerts - Basic Fields Yes
Watchlists - Total Fields 7
Watchlist Syncing No
Charting - Indicators / Studies (Total) 38
Charting - Drawing Tools (Total) 17
Mobile Charting - Draw Trendlines Yes
Charting - Multiple Time Frames No
Forex Calendar Yes

Other Trading Platforms

MultiBank offers several options for trading via popular third-party platforms: MT4, MT5, cTrader, and multiple social copy trading platforms. This is a good foundation to build on, but MultiBank still trails behind the best forex brokers in this category.

MetaTrader: Developed by MetaQuotes Software Corp, the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) desktop and web platforms come standard at MultiBank Group brands, and live account holders get access to streaming news headlines from Dow Jones Newswire.

cTrader: cTrader, developed by Spotware Systems, is available at MultiBank Group for desktop and mobile. Both platforms come standard from the developer with little customization from the broker (beyond pricing and the available range of markets).

Social Copy Trading: MultiBank Group brands offer three options for social copy trading: an in-house copy trading web platform, the MetaTrader Trading Signals market (available with both MT4 and MT5), and cTrader Copy. I don’t recommend using cTrader Copy due to the limited number of strategies that are available by default; MultiBank’s in-house copy trading platform and the MetaTrader Trading Signals are better options for copy trading at MultiBank. Though the in-house copy trading platform doesn’t yet deliver the same depth of features that you’d find with industry leaders in this category, I was pleased to see MultiBank Group brands developing this technology.

Trading Tools: MultiBank doesn’t provide a large selection of trading tools. Traders have access to a handful of basic trading tools, such as a few calculators and Virtual Private Server (VPS) hosting options via third-party providers. Otherwise, MultiBank delivers a plain vanilla platform offering across the MetaTrader and cTrader platforms.

Feature MultiBank logoMultiBank
Virtual Trading (Demo) Yes
Proprietary Platform No
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
DupliTrade No
ZuluTrade No
Charting - Indicators / Studies (Total) 38
Charting - Drawing Tools (Total) 17
Charting - Trade From Chart Yes
Watchlists - Total Fields 7
View More

Research

MultiBank Group does not rank highly in this category, due to the lack of any significant in-house or third-party research content. For the most part, the broker’s research offering is limited to a weekly newsletter and news headlines from FXStreet within the cTrader platform.

Though MultiBank does host a YouTube channel, most of its videos are promotional in nature and fail to engage in actual market analysis (and the channel itself is not very active). There are also a handful of themed landing pages that cover certain assets (for example, stock CFDs for popular shares like Tesla), as well as some related news headlines and Analyst Ratings powered by TradingView plugins.

Room for improvement: Research is an area where MultiBank Group has substantial room for improvement. I’d like to see MultiBank’s newsletter published in article format, which would make the content accessible beyond its email readership. Coverage of fundamental and technical analysis (and of market events) in article and video format would improve its overall research offering.

Feature MultiBank logoMultiBank
Daily Market Commentary No
Forex News (Top-Tier Sources) Yes
Autochartist No
Trading Central (Recognia) No
Social Sentiment - Currency Pairs No

Education

Educational content at MultiBank is virtually nonexistent. There’s a scattering of thin, informational FAQs on the MultiBank Group website, but there are otherwise no educational courses, articles, or videos. As a result, MultiBank Group ranks poorly in this category.

Feature MultiBank logoMultiBank
Has Education - Forex or CFDs No
Client Webinars No
Client Webinars (Archived) No
Videos - Beginner Trading Videos No
Videos - Advanced Trading Videos No
Investor Dictionary (Glossary) No

Final Thoughts

MultiBank Group’s best feature is its relatively high Trust Score; the broker holds multiple regulatory licenses, including Tier-1 licenses in Singapore and Australia. Also worth noting is its license to operate as a cryptocurrency exchange.

Research and education at MultiBank Group brands have a long way to go to catch up to industry leaders, but the broker continues to make progress in other categories. I was happy to see that it has developed its own social copy trading platform, and spreads are competitive on its ECN Account offering. Making its entire range of markets available by default and adding educational and research content would help to balance MultiBank’s overall offering.

About MultiBank Group

MultiBank Group was founded in 2005 and today employs over 600 staff globally. According to MultiBank Group's website, the broker is well-capitalized with over $322 million in paid-up capital.

The group serves over 320,000 clients across its entities, which includes MultiBank Group brands such as ASIC-regulated MEX Exchange, the MAS-regulated MEX Global Markets in Singapore, FSC-regulated MultiBank FX International in the BVI, and CIMA-regulated MEX Atlantic regulated in the Cayman Islands, among other entities regulated in various jurisdictions.

Is MultiBank’s 20% deposit bonus legit?

Yes, deposit bonuses offered by MultiBank Group are legit, but that doesn’t necessarily mean you’ll be able to redeem them. Such bonuses come with steep volume requirements that must be met before redemption is allowed, and it’s possible for your losses to far offset the amount promised by the bonus. Always read the fine print, and make sure that you fully understand the terms and conditions of any promotional offerings – especially in the case of forex deposit bonuses.

For example, if you deposit $1,000 of trading funds to receive a $200 promotional deposit bonus, the volume requirement to redeem the bonus would be 80 standard lots – or 8,000,000 units of currency. When trading at that volume, you can easily end up earning (or losing) far more than the initial deposit bonus amount. The spread you’d end up paying to trade eight million units of currency will end up being greater than the deposit bonus.

And while we don’t review forex broker bonus offerings, it’s worth noting that the bonus offer by MultiBank is only available on its Pro and Standard accounts, and not on its ECN account (which has lower spreads).

Pro tip: Forex account deposit bonuses are not allowed in certain jurisdictions, such as within the EU.

Is MultiBank regulated?

Yes, MultiBank Group is regulated across its various global entities. MultiBank Group holds multiple broker licenses in a variety of jurisdictions, including from Tier-1 regulatory bodies such as the Australian Securities & Investment Commission (ASIC) and the Monetary Authority of Singapore (MAS). By holding licenses in a rich variety of jurisdictions, MultiBank Group has boosted its Trust Score (with a Trust Score of 82, we consider MultiBank Group to be a trusted broker); you can learn more about how we calibrate a broker’s Trust Score by visiting our Trust Score page.

What is the minimum deposit for MultiBank?

The minimum deposit requirement for opening a Standard Account at MultiBank Group is $50, whereas the Pro account requires $1,000, and you’ll need to deposit $5,000 to get started with the broker’s ECN account. 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.

2023 Review Methodology

At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

Read our full explanation and accounting of our research and testing process to learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.

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About the Editorial Team

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).


John Bringans
John Bringans

John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.


Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.


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