A platform can be a multi-asset one, which means that it allows clients to not only trade forex but also other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies. Forex brokers tend to lure new traders with offers of attractive deposit bonuses. This can be useful, but it is essential to discern what a proper bonus is. The facility that enables a trader to get a much larger exposure to the market than the amount he or she deposited to open a trade, is called leverage. Such leveraged products magnify a trader’s potential profit – but of course also increase the potential loss.
Traders can use our free service but should do their own due diligence and make their own decisions when choosing an online trading broker suited to their individual needs. However, MultiBank has no trading articles, no glossary and no training resources to help new traders. Also, there are no daily news updates, economic calendar and no expert fundamental and technical analysis. The broker should look to include these services in order to compete with the best trading brokers.
The app is developed for iOS and Android mobile devices and can be downloaded from the respective app stores. OREX mobile app is ideal for monitoring the markets, reading the news and eur for trading online whilst on the move. The trading app is user friendly and connects fast without lags. All instruments can be displayed on multiple charts over different timeframes.
As is expected from all major forex brokers, MultiBank’s customer support is open 24 hours a day on all trading days. Alternatively, new and existing clients can contact the broker via email or live chat. In addition to the three main account types, MultiBank trader also offers a swap-free Islamic account for Muslim traders, as well as a demo account for paper trading. Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital.
Multibank Review
The minimum deposit with which you can access live trading is only 50 USD, but traders should first make sure what the applicable margins for the instrument they want to trade are, in order to cover that. Demo accounts are freely available online, desktop and on the mobile apps. Demo accounts can be used to test the different trading platforms available and practice your trading strategies. Traders can become signal providers by allowing other traders to automatically copy their trades while they earn a commission on profitable trades. Multibank provides a list of signal providers and their performance statistics. This is for the investors to choose a provider to copy trades from. The signal providers set the payout intervals and commissions charged for their services.
Additionally, the group has up to 40 international numbers for support, some of them are even toll-free. The group offers high fund security thanks to the MultiBank FX regulations. Since their offices are located all over the world, the group has to uphold strict rules and obligations in accordance with their international regulations. Due to this, they offer clients the highest levels of funds security. The choice completely depends on your trading habits and preferences, but the fact that MultiBank FX broker offers several platforms is a huge advantage. Any trader has an option to sign up and use the platform most fitting to their trading practices.
Multibank Exchange Group Accounts
Already, thousands of plugin apps have been built to enhance or expand its features. MultiBank offers MT4 as WebTrader, mobile apps and Windows desktop application. Trading foreign exchange and/or contracts for differences on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss in excess of your deposited funds. Please refer to specific risk warning for each regulated entity during the account opening process.
A so-called Imperial Bonus is offered to new clients on their first-time deposits and a Refer a Friend Bonus can be earned by customers for every friend introduced. Such a bonus is but a way to compensate traders for choosing a certain broke, since once the account is opened, the trader will have the same expenses as any other. MultiBank Pro MT4 is designed mainly for traders with experience and bigger size and requires a US Dollar initial deposit, hence bringing lower costs of typically 0.5 pips. A trader’s choice of platform will also determine specific trading costs. MultiBank Exchange Group supports trading costs that are built into the spread, so trading through Maximus MT4 spread will average around 1.4 pips.
- The spreads and commission are also not the lowest based on our research across hundreds of online brokers.
- Forex brokers are also known as retail forex brokers or currency trading brokers.
- All providers have a large percentage of retail investor accounts that lose money when trading CFDs with their company.
- MultiBank Exchange Group offers a 25% bonus to any client that opens a trading account and deposits a minimum of US Dollar 1,000 and meet the terms and conditions.
- If you have been in the industry for some time, you should realize how amazing the customer service is at MultiBank.
- The amount range from $40 to $5,000 depending on the amount paid.
However, the company is today not regulated in the US, and as many other brokers it does not accept US residents as clients. MultiBank Exchange Group offers a fair trading environment for all types of traders. Overall, the MultiBank Exchange Group is a company with established offices and enlarged trading portfolios through the numerous countries, regulations and offerings. The decision about which platform to choose will depend on what a client would like to trade, therefore it will be one of the criteria when choosing a broker too. Once certain conditions have been met, the bonus amounts will be credited to the customer and friend’s MultiBank trading accounts.
On social media, ADSS is on Facebook, Twitter, LinkedIn, YouTube and Instagram. Forex news, commodity news, economic news, equity news can be selected and read separately. It is powered by ‘Dow Jones’; a popular source of business and financial news. Account statement and balances in real time as trades are in progress. It displays the charts and quotes of all the tradable assets in real time.
Multibank Bonus Offers Review
There may be charges from external payment providers that you should be aware of. As broker fees can vary and change, there may be additional fees that are not listed in this MultiBank review. It is imperative to ensure that you check and understand all of the latest information before you open a MultiBank broker account for online trading. MultiBank do not provide any training materials on their website. There is no trading academy, training videos or any learning resources that will be of benefit to a beginner trader. Most online brokers will provide some educational materials to help support traders so this is a disappointment.
Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size of the position and the leverage applied to your trading account. MultiBank does not accept clients from USA or other areas where its services contravenes the local laws. Some MultiBank broker features and products mentioned within this MultiBank review may not be available to traders from specific countries due to legal restrictions. Compliance with the regulatory stipulations regarding account segregation is guaranteed. Investor funds are protected even in the unlikely event of broker insolvency.
Leverage
ADSS offers MT4 as a downloadable desktop application for Windows as well as downloadable apps for iOS and Android devices. Forex trading imposes a high level of risks and is not suited for all traders and investors. As much as trading on foreign exchange markets may be potentially profitable, it can also lead to significant losses. Ensure that you have enough trading forex analytics experience, knowledge and full comprehension of potential risks involved. Most derivative contracts have high leverage and low margin requirements. Hence, rapid price movements may inflict serious financial damage or even devastate your entire trading account. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
All deposits must emanate from accounts belonging to the same ADSS client. All MultiBank review clients must complete their verifications before requesting for a withdrawal.
The industry popular MetaTrader 4 web platform is the primary platform option in MultiBank. MT4 Web features 50% Stop Out level, one-click trading, and VPS hosting. When you choose the Maximus account, you are eligible to receive a 100% bonus with a maximum of $20,000. This promo is for new clients on their first deposit transaction. The first step, however, is sending a withdrawal request through your MultiBank trading account before choosing your regulator.
Multibank’s FIX API is available for institutions or high volume traders. Nevertheless, there is the Multibank Pro account which offers tight spreads and has deposit requirements of only 1,000 USD. Furthermore, the Multibank Pro is applicable for the 20% trading bonus. Overall our online MultiBank review was conducted with the details obtained from the demo trading and the forex brokers website.
We Do Not Trust This Broker And Do Not Recommend It To You
The fees and spreads are also not the lowest when compared to other online brokerages. Multibank offers bonuses to its traders, but this is only open to traders who operate with offices of the company located outside of the EU and Asia. The 100% bonus is available only on the Maximus Platform, and requires an initial deposit of $200.