MultiBank Exchange Group Review

MultiBank Exchange Group was started in California in 2005. It has established offices in Los Angeles, Frankfurt, Sydney, Vienna, Cyprus, the UAE, and Madrid. It is regulated by several companies which have sharp guidelines and strict rules. It is also very well recognized globally and offers a large variety of instruments. Its headquarters are established in Australia, Hong Kong, the UAE, US, Hong Kong, and Cyprus.

Leverage

Leverage is a very important tool as it magnifies the profits you made from trading. MultiBank Exchange Group offers many different leverages that vary depending on the entity of the group. The leverage can get to 1:30 as determined by European regulations, and reach 1:500 for international entities. You should still check your area conditions before-hand so you are prepared.

Account types

MultiBank Exchange Group reportedly offers 3 types of account i.e. Standard account, Pro account, and ECN account. With the standard account you can trade without commission and an initial deposit of $50. The spreads here are from 1.5 pips. However, the spreads at the Pro account are smaller and the initial deposit is higher than that of Standard account.

The ECN is the best fit for raw spread trading as it uses Electronic Communication Network. This broker also offers a demo account which you can use to get used to the features and use strategies without risk. This is best for people who are just starting online trading. There is also an Islamic account which doesn’t use swaps as Muslims are not allowed to use interest when trading.

Instruments

MultiBank Exchange Group ensures the safety of your funds and allows you to choose between several instruments. You will get full transparency with quotes from 6ECNs, 12 Exchanges, and 10 top banks. The markets range score has been given a rating of 8 out of 10.

Fees

The ECN account has a balance of $5,000 which is properly maintained, along with a commission of $3 per lot. The overall costs are considered low. There is no deposit or withdrawal fee, but an inactivity fee is charged.

Deposit and withdrawals

The minimum deposit at MultiBank Exchange Group is $50, which is quite low as many other brokers have a minimum deposit of $500. This broker supports many currencies which include USD, GBP, EUR, CAD, and more. You can deposit funds through bank transfers, credit cards, or e-payments like Neteller.

MultiBank Exchange Group itself does not charge any fees for depositing or withdrawing funds, but you should check with your legal conditions and jurisdictions as they may have hidden charges. Mostly, withdrawal requests are confirmed within 1-2 business days.

Trading platforms

MultiBank Exchange Group offers MT4 and MT5 platforms. You can open your trading account on the web on any device. The platforms are also available on desktop. You can find all the important tools along with analysis features. The MT5 platform offers all of the features that the MT4 platform provides, along with scripting tools that have been developed further, better functionalities, etc.

Moreover, you can install the brokers’ mobile app to access your account on your phone. This will allow you to stay updated and trade even when you don’t have your laptop with you. You can also participate in the demo contest which gives you the opportunity to win big prizes without spending any money.

Customer support

MultiBank Exchange Group has a customer support team that is available 24 hours a day and 7 days a week. They can be reached through email, live chat, and even international support lines. Moreover, their service is available in more than 10 languages. The customer support here is rated 9 out of 10 as the team is fast and answers questions relevantly.

Conclusion

This is a broker that wants to provide clients around the globe with a good trading experience by providing plenty of useful features, variety of instruments, customer support, and different trading platforms to maximize your comfort. The different types of accounts make it easier for traders who are new to the industry. Since it covers so much of the globe, it is a reliable broker.