Islamic Accounts are swap-free accounts which do not attract overnight interest charges. As such, the positions opened with this account can be held for a long time without the attendant charges or interest payments that come with it. Other trading conditions apply.
The demo account is free and unlimited, with a $50,000 virtual currency amount. The signup process is completed in 3 steps. The demo account can be used on the MultiBank desktop, web and mobile platforms.
MultiBank does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where the use of their services would be contrary to the local laws or regulations.
Every account holder is verified by performing a “Know Your Customer” (KYC) which entails providing a “proof of identity” and “proof of residency” documents. This simply means that the trader must scan and send a valid ID which has been issued by the government and a utility bill issued within the last six months. This verification is also a regulatory requirement.
Deposit & Withdrawals options
“Choose from multiple deposit/withdrawal options including bank wires, credit cards and e-wallets. Transactions are processed in 24 hours.”
Multiple payment and withdrawal methods are available with MultiBank. Methods available will depend on whether the MEX Exchange or MEX Clearing brand is used.
The following transaction methods can be used on the MEX Exchange brand, which is the brand used in Europe. All transactions can be done in one out of the following currencies: USD, GBP, EUR, JPY, CHF, AUD, NZD, CAD. Once the trader has chosen the currency on which to operate the trading account, this cannot be changed.
- International bank wires
- Credit cards (MasterCard and VISA)
- Online bank wires to local accounts (selected countries only).
Several methods of deposits and withdrawals are accepted on MEX Clearing, which is the UAE version of the brand. Accepted payment options include:
- VND Online Payment
- Bank Wire
- Ngan Lurong.nv
- PayTrust88 (for Vietnamese clients only).
MultiBank FX International
Only two payment methods are offered: online payments and bank wires.
For all payment methods, transactions are processed in 24 hours. Furthermore, Skrill can be used for withdrawals on MultiBank FX International brand and the MEX Clearing brand. Withdrawals are initiated from the members’ area at MyMultiBank. Alternatively, withdrawals can be done by requesting the payments team to initiate this on the trader’s behalf. This is done by an email request sent to email@example.com. These processes are a measure introduced to safeguard a trader’s account from unauthorized withdrawals.
*All the Data is according to the broker’s website at the time of writing
Web & Desktop Trading Platforms
“Choose from three proprietary platforms with MultiBank which bridge with the MT4 platform. Note – the platform you choose will dictate the account conditions.”
Three proprietary platforms are available for traders on MultiBank. These platforms are all Electronic Communication Network bridges of the MT4 platform. That means they connect traders directly to the interbank market, rather than trading through the broker themselves as a dealer.
These platforms are as follows:
- ECN Pro
- MultiBank Pro
A fourth platform will be added in 2019: the MT5 retail forex platform which is currently available as a WebTrader.
With the ECN Pro platform, traders can enjoy the best of pricing via the MultiBank ECN connections, which connect the trader directly to the prime brokers in the interbank market. If you are a high volume trader, you will benefit from the spreads provided by the ECN Pro platform. To use this platform, the trader is expected to commit at least $5000 as a minimum capital requirement. Lowest spread available on ECN Pro is 0.1pips.
The MultiBank Pro account attracts a minimum capital requirement of $1000, making it a cheaper option for traders. Minimum spread is 0.8 pips. Spreads on this platform are generally higher than those of the ECN Pro platform.
On all platforms, you can trade 45 forex pairs with a leverage of up to 1:500. You can select the leverage level you want when opening the account. All platforms come with stable trade executions, all at a latency of 1 nano second. The desktop versions of these platforms can be downloaded from the download centre of the Multibank website.
The Maximus platform is great for those who want to scalp or use their expert advisors without restrictions. The minimum spread here is 1.4pips. You can deposit as low as $50 to run on the Maximus platform.
The ECN Pro, MultiBank Pro and Maximus platforms all run as MT4 bridges. Therefore, the same MT4 features are available to traders.
- You can get access to the regular tools and 30 native indicators found on the MT4.