MultiBank Group Forex Broker Review
Last Updated: February, 2020.
Mexgroup (MultiBank Group) is definitely not a two-bit operation. It is in fact one of the biggest Forex/CFD brokers out there, squarely claimed to be among the largest providers of financial derivatives in the world. The operation is a truly global one, in the sense that it maintains offices in various countries all over the world. It also peddles its services under an impressive number of regulatory jurisdictions. Indeed, MultiBank Group’s current regulatory status is quite unmatched in the world of online trading. Australia’s ASIC is one of the regulatory agencies which have thought the operation worthy of a license, and ASIC is indeed quite possibly the most exigent such agency in the world.
Germany’s BaFIN is among the license-providers of MultiBank Group too, as is the Cayman Island’s CIMA (Cayman Islands Monetary Authority), and the BVI’s FSC. The Financial Services Commission of the British Virgin Islands has also signed off on the legitimacy and legal compliance of the brokerage.
Established way back in 2005, in California, besides being an industry heavyweight, MultiBank Group is also a veteran. 2016 turned out to be a milestone year for the operator: its trader-base reached the 280,000 mark that year, and the various platforms it offers, generated a turn-over of $4.3 billion. The coverage of the services provided by the brokerage extends over no fewer than 90 countries.
What kind of advantages does MultiBank Group offer its traders though? First of all, the operation is a financially solid one, with a paid-up capital of over $322 million. Above and beyond that, the tradable asset/financial product selection it offers is second to none.
Price making is done through 6 ECNs, 12 exchanges and no fewer than 20 of the most reputable banks. The brokerage features a platform/account type combo, which makes use of all these pricing assets, to come up with the best possible prices for MultiBank Group’s traders. Furthermore, to avoid any kind of conflict of interest, a fully automated trading desk is used.
The spreads offered over the entire product selection of the brokerage, are some of the tightest in the business. In fact, they start from as little as 0 pips. The above detailed regulatory status is obviously another major asset on the credibility/trust front.
MultiBank Group trader accounts are offered protection against negative balance, and the platform-selection of the operator is based on the award-winning MT4 suite.
Price slippage does not exist at the brokerage – at least according to the official site – and the leverage offered is excellent on most products. Traders can make use of MAM, PAMM and VPS accounts, free of charge, provided they do indeed fulfill the requirements.
No commissions are charged on withdrawals, and trader withdrawals are processed within 24 hours.
While the above brief run-down paints a pretty accurate picture of what MultiBank Group has to offer, it is worth taking a closer look at its various operational aspects.
The MultiBank Group Trading Platforms
The trading platforms of the brokerage sort of act like account-types too. They impact price making, spreads and a number of other perks users are offered.
The Multibank Platform siphons data from several different ECNs, banks and exchanges, to come up with the best possible prices for traders. According to the site, the technology used by this platform accomplishes nothing less than to launch a new era in online trading.
The Pure ECN Pro platform is the one offering the best spreads on the EUR/USD pair – as one might expect. These spreads range from 0.2 pips to ~0,3 pips, so they are indeed extremely generous. Premium users of this account are free to use EAs and scalping, without any sort of limits set.
The Multibank MT4 platform allows EA use for everyone. Scalping is only available to premium users of the platform. The spread on the EUR/USD is 0.7 pips on average.
Maximus MT4 doubles up on the spread. Users of this platform will deal with 1.4 pips on the EUR/USD. Scalping and EA-use is available and instant execution is part of this package too.
The Turbo Meta MT4 is the last one of the MT4-based platforms. It offers instant execution as well as well as scalping and EA use. Its spreads are the biggest though.
Last, but not least, we have MT5, the natural iteration of MT4. This platform is indeed more advanced than its predecessor. The advantages it offers over MT4 are most obvious in the scripting tools that traders can use to create custom technical indicators and EAs.
The mobile platforms of the brokerage, which cover all Android- and iOS-based mobile devices, are essentially optimized MT4 apps, bringing most if not all of the functionality of the desktop-based trading platform.
Charting and technical analysis-wise, MT4 is indeed second to none. Supporting a myriad of time frames and drawing tools, the platform lets users create custom chart templates, which they can save for later use. The platform – which can be downloaded for free, directly from the MultiBank Group website – comes with more than 50 pre-installed technical indicators. Traders can always install more such indicators though, and they can even build their own.
The EAs (Expert Advisors) are essentially the auto-traders of MT4. Such EAs can be bought or built directly on the platform. MultiBank Group do not enact any limitations on the use of these EAs. To be able to use EAs to their full potential, traders will need a solid VPS (Virtual Private Server) service as well, and Mexgroup excel in this regard too.
MultiBank Group Asset Selection
MultiBank Group traders are offered more than 55 currency pairs in the Forex section, covering majors as well as exotic currencies.
Commodities are traded through CFDs, and the leverage is excellent. The Metals and Indices sections offer plenty of underlying assets for MultiBank Group clients too.
Account Types Offered by MultiBank Group
Those afraid to risk real money on trading, will be glad to learn that MultiBank Group do indeed offer a Demo Account. The Demo account comes preloaded with $100,000 in virtual funds, and it provides access to all the above listed platforms and financial products.
To open a Live Account, traders are required to submit an application form through the site, which has been made available in two versions: simplified and detailed. Only after they are approved for an account and receive their account details, can traders go on to make a deposit.
A Swap Free account option is offered by the brokerage too. Those who opt for this setup, will only be able to choose the Turbo Meta platform though.
15% Bonus Deal from MultiBank Group
MultiBank Group offer a 15% bonus deal to their clients who have just opened a new account. The deal is only available to those trading through MEX Australia and MEX Clearing Limited. The bonus can be used for three months following the opening of the account. The ceiling on the bonus has been set to $30,000. The bonus is not available for ECN Pro platform users.
MultiBank Group Review Conclusion
MultiBank Group is a serious, trustworthy and massive operation indeed, offering solid trading platforms, great trading conditions (for the most part) and a superb regulatory profile. Customer feedback regarding the services offered by the brokerage is positive as well.