Multibank Video Review
VIDEO Investor Protection & Regulations
“Multibank is regulated in multiple jurisdictions, giving it a stamp of authenticity and giving its traders a deep sense of assurance.”
MultiBank operates from several countries.
The companies that operate the Multibank brand include:
MEX Exchange (Australia)
MEX Fintech (Hong Kong)
MEX Asset Management (Austria)
MEX Asset Management (Germany)
MEX Clearing (UAE), Datong Financial Group (China)
MEX Prime (Cyprus)
MultiBank FX International (BVI)
MEX Wealth Management (Cayman Islands).
The brand is a well-regulated brand, which is licensed to perform FX brokerage business in the following jurisdictions:
The MultiBank brand is operated as MEX Exchange in Australia. The company operating the brand is known as MEX Exchange Pty Ltd, and is authorized and regulated by the Australian Securities and Investments Commission (ASIC) with the Australian Financial Services License (AFSL) number 416279. You can view the regulatory information
In the UAE, MultiBank operates as MEX Clearing Ltd; a company registered to operate in the Ras Al Khaimah Free Trade Zone. You can view the registration information
The brand also operates out of Germany as MEX Asset Management GmbH, with authorization and licensing German Federal Financial Supervisory Authority (BaFIN). Registration number is HRB 73406. View details of authorized financial service providers
. This brand also operates in Austria with license number 491129z. here
MultiBank FX International Corporation is the company that operates the offshore branch of this brand in the British Virgin Islands. The license number issued by the Financial Services Commission (FSC) is SIBA/L/14/1068. View regulatory information
Investor protection on MultiBank FX comes in the form of regulation as well as KYC protocols and cyber-security/data protection protocols on the website and payment gateways. All accounts and payment methods are verified individually.
“MultiBank Grouppresents hundreds of trading instruments from across different global exchanges including 27 currencies, 2 metals, 6 indices, 4 commodities and 1000+ share CFD’s (with option to demand shares the company don’t automatically offer).”
Let us look at some of the products.
“Trade from a single type of live account, or choose the Sharia-compliant account. Live account conditions depend on the chosen platform. Demo account is also available for practice trading”.
Accounts on MultiBank are not broken down. All traders use a single live account type, except those who choose to use the Islamic account for religious reasons. When opening the live account, the trader is given a choice of opening accounts with European, Australian or offshore branches of the MultiBank brand. This is to allow traders to decide what regulatory conditions they want to abide by; a move forced on many brokers by the new ESMA regulations.
At MultiBank account conditions such as min deposit, spreads and bonuses are detected by the chosen trading platform (all accounts come with negative balance protection). The basic conditions are described at the table below:
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
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:
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.
Use the Symbols tab (View -> Symbols) or press Ctrl + U to access the full asset index. You can then click on Show to have them all displayed on the Market Watch window for trading.
Use the Options tab to showcase various functions that enable you to perform actions such as changing your trade server, tinkering with chart functions, etc.
Test and optimize strategies using the Strategy Tester, which you can open by pressing Ctrl + R on your computer keyboard. You can also do this by clicking View -> Strategy Tester
MultiBank has a webtrader, which is the online version of the MT5 platform. This requires secure login using the account details obtained after account creation.
The Webtrader lacks some key features such as a News Bar. The essence of the web-based platform is to eliminate the bulky downloads of the desktop version. The webtrader is strictly for technical trading. The news will have to be obtained from somewhere else.
Privacy & Security
“Security of trading accounts and user data on MultiBank is achieved in several ways, through encryption technology, Know your customer protocol, segregation of client funds and the broker being well capitalized.”
MultiBank uses 128-bit encryption technology to secure all data transmissions on the website. This keeps traders protected from data breaches and unauthorized access to login details. Also, a Know Your Customer (KYC) check is performed on every client to ensure that only non-criminal entities with legitimate sources of funds can gain access to the trading platforms.
Segregation of Client Funds
Funds belonging to traders are segregated in bank accounts so as to keep them separate from the operational funds of the broker. This ensures that investor funds are insulated from any adverse financial situation if this should ever occur. This is a major requirement of ASIC and other European regulators which license Multibank.
Keeping a Large Paid-up Capital
$322 million is kept aside as paid-up capital, which ensures that withdrawal requests are always fulfilled and broker solvency is assured.
Mobile Trading Platforms
“A generic mobile trader can be downloaded from the Mql5 Community website or from the respective app stores”.
The MEX Mobile Trader is the turnkey mobile trading platform that is offered to clients of the company. It is simply a generic form of the MT4 mobile trader, rebranded in the company’s name.
This trader has an APK version, as well as versions for the iPhone and Android devices. The main features include:
Financial news, available in real-time.
The MEX Mobile Trader is available for free on the respective app stores.
“Unique trading features are made possible by some great trading tools including expert advisors for automated trading, VPS which speeds up trading and money managed accounts.”
Remote trading is a feature that is provided by MultiBank to its clients. This is done via the use of recommended third-party forex Virtual Private Servers (VPS). This comes with very low latency and does not require the user to install instances of the MT4 platform.
Automated trading is also possible on the MT4 and MT5 using expert advisors. This can be done on the trader’s native workstation or via remote servers using the forex VPS.
Commissions & Spreads
“Multibank features low spreads starting from just 0.1 on the benchmark EUR/USD pair on the ECN Pro platform. This goes up for the Maximus platform which is the equivalent to a standard account.”
The table below is a list of the minimum spreads for the standard and ECN Raw platform types as obtained from the Multibank website.
*All data is taken from the broker’s website as is relevant at time of writing.
Bonus & Promotions
“Four categories of bonuses are available from MultiBank including a welcome deposit, redeposit bonus, refer a friend and also trading contests.”
You can have access to four different bonus categories on MultiBank. There are also trading contests periodically available.
These bonuses are as follows:
Refer A Friend Bonus: There is a graduated 100% refer-a-friend bonus for everyone. These bonuses depend on trading volume targets achieved by he referred trader. For every 25, 50, 75 and 100 lots traded, the referrer gets $100, $200, $300 and $400 bonus respectively. Initial bonus by referred trader must be at least $1000. Targets must be achieved before any withdrawals are made, or else the bonus will be forfeited.
This bonus is provided to those trading with the Maximus platform only. This bonus requires a minimum deposit of $200. A maximum bonus amount of $50,000 is allowed. Targets must be achieved before withdrawal. The bonus is “non-losable”. 100% Deposit Bonus:
20% Bonus: For a limited time only, any new client that opens a trading account with us can claim an additional 20% of their deposit amount when they meet the basic trading requirements.
Imperial Bonus: The Imperial Bonus is about 10% of an account bonus, withdrawable only after completing 30% of the bonus figure in lot sizes. Customer Support
“MultiBank’s customer support can be accessed using live chat, email, phone and social media 24 hours a day in 10 different languages. Live chat may be fastest way to get a response, although the support rep wasn’t extremely helpful.”
Customer service on MultiBank is delivered 24 hours a day, across 10 different languages. There are a number of ways prospective and active clients can reach the MultiBank customer support.
Live chat. Probably the best way to get in touch with the company, although the support staff i spoke to wasn’t massively helpful and couldn’t answer my question. Rather he sent me a link.li>
Phone: UK: +44 20 3953 8381; US: +1 213 992 4748; Spain: +34 931220671; Italy: +39 0230578823; Indonesia: +62 02129264151; Malaysia: +60 0362074715 Philippines: +63 022711861
Social media: Facebook (
) and https://facebook.com/multibank.official ). https://twitter.com/multibankgroup The support email address is
firstname.lastname@example.org. Callback request form: You get a callback from the customer support team after filling this form below
Customer care representatives are courteous and responded to chats in less than 10 seconds. You really do not need to fill any form before you are attended to.
“Live market news and analysis are available to clients of MultiBank through the platforms, we could not find any analysis on the website.”
MultiBank provides daily market reports to clients. Live markets news and forex market analysis is found on the company’s platforms.
“Multibank offers very limited trader education resources.”
It must be said that the educational section of MultiBank is very scanty. Not only is there very vague mention of what is available, but it is clear that not much can be accessed on the site by traders for education. MultiBank needs to work on this aspect of their product offering.
“Traders have a good experience with MultiBank’s platforms. The company has won a variety of awards and due to its highly regulated status can be trusted to provide transparent trading services.”
It is not for nothing that MultiBank has a variety of awards, including the Best Forex Platform Award for Hong Kong, some of which are from Forex expos. Many of the award publications were unknown to us as they are given from Asia, however that is not to say that they are not reputable. Awards can often be taken lightly and it is usually the actual experience which you should place an emphasis on.
Where is MultiBank based?
MultiBank operates out of 15 jurisdictions; mostly found in Europe, Australia and British Virgin Islands.
How does MultiBank make money?
MultiBank makes its money from spreads on trades as well as commissions charged on ECN trades.
How do I deposit into an MultiBank account?
Deposits can be made using credit cards, Skrill, Neteller, bank wires, FasaPay, online transfers and international bank wires. Other country-specific methods such as PayTrust88 are available as well and these depend on the entity on which you are trading through.
What is the min. deposit for MultiBank?
The minimum deposit is $50 on the live account.
What is the maximum leverage usable on MultiBank?
The maximum leverage obtainable is 1:500.
How do I open an account with MultiBank?
Fill the online form available on the account opening page, and select the appropriate regulator in order to open an account.
Does MultiBank use MetaTrader?
Yes, MultiBank offers the MT4 and MT5 trading platforms. The MT4 is used in delivering the ECN solution using a bridge.
MultiBank has been at the forefront of pushing its MT4-ECN bridge software to enable traders participate directly at the interbank market without the excruciating cost requirements that go with this activity. What MultiBank has done is to make ECN trading affordable. MultiBank has also gone to great lengths to give its traders alternatives with a selection of leverages and trading conditions. So those who cannot afford to trade with low leverage as demanded by ESMA’s new rules, have viable options.
Regulation is at the very heart of consumer protection in the FX market. By being regulated in multiple jurisdictions, MultiBank is committed to providing a safe and regulated environment so its traders can trade with peace of mind.
However, MultiBank lack of a comprehensive trader education suite. There is a need to enhance this aspect of its product offering so as to make it easier for new traders to kick-start their trading careers effectively.