Multibank FX Review

This broker was not featured in our 2024 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.

We review all brokers to a strict and unique methodology, to ensure that we only promote high quality brands that you can trust. This methodology considers over 200 criteria points, covering the categories of safety, fees, platforms, products, payments and customer support. All brokers are then given a score out of 100. We update this methodology and our recommended reviews yearly, so that you’re only given up to date information.

If a broker has a score less than 80, like this one, we won’t recommend it to you. So that we don’t waste your time, we don’t update these reviews either. We know you don’t want to read a long review of an untrustworthy broker. Instead, you can use the tool below to find a high-scoring broker that accepts clients from your country.

• The brand functions in Australia as MEX Australia Pty Ltd, regulated by the Australian Securities and Investment (ASIC) with AFSL 416279.
• In Germany, Multibank operates as MEX Asset Management GmBH and is regulated by the German Federal Financial Supervisory Authority (BaFin) with license HRB 73406.
• The National Securities Market Commission (CNMV) regulates MEX Spain.
• MEX Asset Management GmbH Austria is regulated by the Financial Market Authority (FMA) with license number 491129.
• The brand operates as Multibank FX International Corporation in the British Virgin Islands, where it is regulated by the Financial Services Commission (FSC) with license number SIBA/L/14/1068.
• The Cayman Islands Monetary Authority (CIMA) oversees MEX Wealth Management.
• MEX Clearing Ltd operates in the Ras AL Khaimah Free Trade Zone of the United Arab Emirates.

MULTIBANK FX FINANCIAL INSTRUMENTS

Multibank FX offers trading of instruments listed in the following asset classes: forex, stocks, indices, commodities, metals. A full list of the asset index on Multibank FX is shown below.

Currencies: EUR/USD, USD/JPY, AUD/USD, GBP/USD, USD/CHF, USD/CAD, NZD/USD, EUR/JPY, EUR/CHF, EUR/GBP, GBP/JPY, AUD/JPY, CAD/JPY, EUR/AUD, AUD/CHF, CAD/CHF, NZD/JPY, AUD/CAD, CHF/JPY, AUD/NZD, NZD/CAD, NZD/CHF, EUR/NZD, GBP/AUD, GBP/CAD, GBP/CHF, GBP/NZD.

Metals: XAUUSD, XAGUSD.

Indices: UK 100, US SPX 500, US Tech 100, US Wall Street 30, Hong Kong Hang Seng 50, GER30.

Commodities: US Crude, UK Crude, Natural Gas, Copper.

Shares CFDs: Apple, AT & T, BAE Systems, Broadcom Ltd, Comcast, Dish Network, DuPont, Dycom Industries Inc, FaceBook, Google, Honeywell, Huntington Ingall Industries, Meggitt PLC, Northrop, Freenet, Microsoft, Qualcom, Vodafone, Lockheed Martin, Safran, Sprint, Telefonica, Thales, Tesla. Many other company stocks are also listed as CFDs (up to 1000).

The essence of having such a diversified asset listing is to provide traders with flexibility and great choice in what they can trade.

MULTIBANK FX SPREADS, LEVERAGE, & ACCOUNT CONDITIONS

This section discusses the contract specifications as found on Multibank FX. Here, we mention the following:

1. Spreads on traded assets
2. Leverage provided
3. Any other conditions.

Leverage on Multibank FX is 1:500 (brands outside UK and EU), and 1:30 for major currencies traded on the UK and EU brands. Minor currencies on the EU/UK brand are traded at a leverage of 1:20, while stocks CFDs are traded at a leverage of 1:10.

Spreads on multibank FX are as follows:

Metals

More than 1000 shares are listed as CFDs for trading on Multibank FX.

• ECN Pro: Gold has a spread of 8 cents, while silver has a spread of 3 cents.
• Maximus: Gold has a spread of 30 cents, while silver has a spread of 5 cents.
• MultiBank Pro: Gold has a spread of 15 cents, while silver has a spread of 4 cen

Currencies:

More than 1000 shares are listed as CFDs for trading on Multibank FX.

• Most shares listed have a margin of between 5% and 10%, which corresponds to a leverage of 1:10 (10% margin) and 1:20 (5% margin).
• There is also the opportunity to choose from a list showing unlisted stocks. These come at margin of between 10% and 25%. Simply click against the preferred stock on this list to order any of them.

Commodities

You can trade extracted commodity CFDs on Multibank FX. Examples include crude oil, copper and natural gas.

• Contracts roll over monthly. Therefore, any open trades at the time of rollover are automatically closed and settled.
• Margin is 1%, which equates to a leverage of 1:100.
• Pip value is $10 per pip.
• Minimum trade volume is 0.01.

Indices

Traders who participate in the trading of CFDs on Multibank FX are entitled to free VPS, MAM and PAMM accounts.

• Margin requirement for indices trading is 1%, which puts leverage at 1:100.
• Minimum contract size is 10 units for UK 100 and US30 indices, 20 units for UK Tech 100 index, 25 for DAX (Germany 30 index) and 50 units for US SPX 500 index and Hang Seng index.
• Minimum volume is 0.1.
• Indices can only be traded during the market hours of their underlying exchanges.

MULTIBANK FX BONUS

The only locations of Multibank FX that provide a bonus are those that are located outside of the EU (Germany and Austria). In those areas, regulatory stipulations prohibit the issuance of incentive bonuses to traders.

However, clients of Multibank FX in other regions are allowed to enjoy a bonus. Available bonuses are as follows:

• 100% bonus (up to a maximum of $50,000), available only on the Maximum platform. It is a non-losable bonus which does not qualify for a rebate. It can only be used to trade gold and forex.
• Additional 20% bonus for new traders (up to a maximum of $200,000). This bonus is losable, must be used within 3 months of account opening and can be withdrawn at a rate of $5 for every Standard Lot traded (entry and exit).
• Imperial bonus is a volume-based bonus, where the trader must trade an assigned number of lots to qualify for a bonus. Bonus starts from $40 for 40 lots traded, to as high as $5,000 for 1,520 traded lots.
• Refer a friend bonus, provides from $100 to $400 bonus for every referral to Multibank FX that is able to trade 25 to 100 lots.

MULTIBANK FX PLATFORM

Multibank FX presents 3 variants of the MT4 platform, specially designed to suit three models of trading.

The Multibank Pro MT4 allow for trading on the interbank market using a bridge, which allows users with capital as low as $1,000 to trade. With this platform, users have access to the Refer-a-friend bonus as well as the Imperial Bonus. Spreads typically start from 0.8 pips for the EUR/USD.

The Maximus MT4 platform is specifically built for automated trading and scalping. Only a minimum balance of $50 is needed for account opening. Access to all bonus types is guaranteed on this platform.

The ECN Pro MT4 trading platform has the lowest spreads on Multibank FX. Spreads typically start from 0.1 pips. The ECN Pro provides connection to the interbank market using an Electronic Communications Network (ECN). Traders using this platform can get access to the Imperial bonus as well as the “Refer a friend” bonus. All that is needed to open this account type is a minimum of $5000. This is quite a steal as many brokers demand higher minimums to run ECN accounts.

Traders who prefer to use lighter versions of the platforms can go for the Multibank Web Trader. It can be accessed using a URL, and has some tools that can be used for chart analysis and account management.

MULTIBANK FX MOBILE APPS

Multibank FX’s mobile trading offering comes in the form of the Mex Mobile Trader. Available as an iOS and Android application, the Mex mobile trader provides the same range of assets and tools as found on the desktop platforms.

MULTIBANK FX CUSTOMER SERVICE DEPARTMENT

Contact between traders and the Multibank FX team can be established using various channels. These channels are: live chat, email, and various phone numbers which are country-specific. Social media channels such as Facebook, Twitter and a YouTube channel are also provided for fast access. Users may also request a Call Back from the Multibank FX customer support team, by filling their details in the relevant section.

MULTIBANK FX EDUCATION & MARKET INFORMATION

Sadly, trader education and market research are not provided by Multibank FX. This is one area where the brokerage needs to make a radical adjustment. However, both third party and Multibank FX VPS hosting is available, as is a MAM/PAMM account. Developers also have access to a FIX protocol so as to code their own tools for use on the ECN network.

MULTIBANK FX REVIEW VERDICT

Pros

• Traders are provided direct market access to trade using ECN, eliminating conflict of interest in trading between broker and clients.
• Low minimum deposit requirements; as low as $50 on the Maximus MT4 account.
• Diversified asset base for flexibility and greater choice of what to trade.
• Competitive spreads and commissions.
• Traders can choose from 3 desktop variants of the MT4, a mobile app or a web-based platform.
• Professional and competent customer service.
• VPS, MAM and PAMM accounts available.

Cons

• Multibank FX does not offer tools for trader education or market research.
• No offering for UK traders.
• Multibank FX does not accept US traders.

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