The Background and History of Multibank FX
- Website: www.multibankfx.com
- Phone: + 44 203 953 8381
- Office address:
- Level 22, Suite 5227
- Elizabeth Street,
- Sydney, NSW 2000
Multibank was established in California, USA in 2005. It is a global forex and CFD broker that has a presence in different countries. Multibank has a total of 15 offices across the world but is headquartered in Hong Kong. According to the brokerage, it is one of the largest online brokerage firms in the world today with a customer base of 320,000 from 90 countries across the world. Multibank is a true ECN broker giving direct access to interbank trading prices. The spreads are low starting from 0.1 pips. Multibank is the proud sponsor of the German Handball team “Handball Sport Verein Hamburg” (HSVH).
The Multibank brand is well regulated in the different jurisdictions:
- In Australia, the brand is regulated by the Australian Securities and Investment (ASIC).
- In Germany, Multibank is regulated by the Federal Financial Supervisory Authority better known as BaFin.
- Financial Market Authority (FMA) is the brand’s regulator in Austria.
- Regulated in Spain by the National Securities Market Commission known as CNMV.
- Regulated by the Financial Services Commission (FSC) in the British Virgin Islands.
- The RAK regulates the company in the United Arab Emirates.
- Also regulated by the Cayman Islands Monetary Authority (CIMA).
Compliance with the regulatory stipulations regarding account segregation is guaranteed. Investor funds are protected even in the unlikely event of broker insolvency. The company has also implemented industry standard encryption for protection of data and other information on the website and platforms. This will ensure that data transmitted over the internet is protected from hackers and other cybercriminals.
Asset Index and Platform Information
Multibank offers the following tradable assets on their platforms: over 45 currency pairs, 2 metals, over 1,000 stocks, 6 indices and 4 commodities.
The only platform provided for trading by Multibank is the very popular MT4 trading platform, which has been modified to create 3 subtypes, in order to meet the demand of its clients. For trading on all platforms, the maximum leverage obtainable is 1: 500. Let us look at the MT4 variants in details.
The ECN Pro MT4 trading platform connects to liquidity providers through Multibank’s Electronic Communications Network (ECN). Trader’s on this platform enjoys raw quotes with average spreads starting from 0.1pips. $5,000 is the minimum opening balance of this account type. ECN Pro Account holders are entitled to enjoy the Imperial bonus and “Refer a friend” Bonus.
The Multibank Pro MT4 trading platform is designed for traders who wish to experience the ECN on the MT4 platform with limited capital. The minimum opening balance requirement is $1,000 and the spread starts from 0.8 pips. Spreads on this platform are generally higher than that of the ECN Pro MT4 platform. The Imperial Bonus as well as the ‘Refer a friend’ bonus are available to Pro MT4 account holders.
The Maximus MT4 trading platform is created for traders who love using Forex robots and those who love Scalping. There are no restrictions on these trading styles using this account. Only $50 is required to open a real account and commence trading on the Maximum MT4 platform. The bonuses obtainable on this account are: the Imperial bonus, 20% Super bonus, 100% bonus and the ‘Refer a friend’ bonus.
Multibank Web Trader is designed to trade directly online without any need to download any software. It is secure, compatible with all operating systems and easy to use. It has several technical indicators, drawing tools, account management and advanced charting tools.
For mobile trading, the Mex Mobile Trader gives access to a wide range of financial products. It is easy to use and provides spreads starting from 0 pips. It is fast and full of tools for analysis and trading. This app is available on the android and iOS devices and can be downloaded from their app stores.
Multibank’s account types are tied to the platform chosen. There are basically two types of accounts; the live and demo account. When opening a live account, you have the option of selecting the regulator, account type and leverage desired. The next steps are; phone number verification and “Know Your Customer” (KYC) verification. A verification code is sent to your phone number which you will have to input into the website to complete the process. The KYC verification is as simple as uploading a valid photo id card and a recent utility bill.
The Demo account is a free practice account designed to test the real market conditions and trading platforms at no risks. A virtual balance $50,000 is the opening balance of the demo account. It is available on desktop, mobile or online.
The Islamic Account is designed for Muslims to waive all swap charges on trade positions held overnight. So, there are no limits on duration of position held. It is available on request.
Multibank accepts 8 base currencies: USD, GBP, EUR, JPY, CHF, AUD, NZD and CAD. For account deposits; Bank Wire transfers, Visa and Mastercard, Skrill, Neteller, FasaPay and PayTrust are the accepted methods of payments. The payments are processed instantly except for bank transfers which takes up to 2-5 days. Multibank processes withdrawals within 24 hours. The withdrawal methods allowed are: Bank transfers, Visa and Mastercard, Skrill, Neteller and FasaPay. Multibank does not charge commissions on deposits and withdrawals.
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. Subsequent deposits have no minimum and will continue to receive the bonus until the maximum is reached. $50,000 is the maximum bonus per client.
The 20% Super bonus is only available on the Maximus Platform. A new client can only claim this bonus within the first 3 months. All that is needed is to deposit, trade and withdraw. The maximum bonus that can be claimed is $200,000.
The Imperial Bonus is given to new clients on their first-time deposits. The amount range from $40 to $5,000 depending on the amount paid. The bonus can be lost if unused after 3 months. “Refer a friend” Bonus is given to all clients when they refer a friend who registers and deposits at least $1,000. The referrer receives $100 to $400 depending on the friend’s initial deposit. Multibank periodically runs a Forex Trading Contest for Demo Accounts. It is strictly for new traders who just registered a demo account. The winner gets $10,000 live trading account and all expense paid trip to Hong Kong.
For traders who love trading with expert advisors (EAs), Multibank offers a Virtual Private Server (VPS) to all its clients at no extra cost. VPS provides stable uninterrupted trading conditions. The Multi Account Managers (MAM) software gives professionals an interface to manage multiple accounts through modern technologies. Multibank provides MAM/PAMM account solutions with numerous features. Multibank’s FIX API is available for institutions or high volume traders.
Multibank does not provide any training contents or research tools. They do not provide Forex calculators, Economic Calendars, Market news and analysis.
The Multibank customer support is multilingual and available 24/5. There are 39 phone numbers from different countries that can be called for assistance. Email support as well as Skype is available. Instant web chat can also be used to reach support. “Request a call” and “Request a Video Conference” forms can be filled and submitted on the website.
Multibank is a multimillion dollar brokerage firm that is secure and reliable. They are truly a global firm with 15 intercontinental offices serving clients from 90 countries across the world. They are regulated in 7 countries across the world. Investors’ funds are separated from Multibank’s funds and they provide secure environment for trading.
Their MT4 platforms are tailored to meet the demands of many traders. They are a true ECN broker with low spreads and charges. They do not provide training materials or expert analysis to assist the trader. The company operates a multi-lingual customer support desk.
Multibank is a true market leader so, it is not a surprise that it has won 30 awards for outstanding performance and services.