The cost also applies to commodities, but index and equity CFD trading are commission-free. The huge amount of share CFDs caters to the needs of stock traders, who can gain access to some of the biggest and most popular markets and exchanges in the industry. This is especially important given Multibank’s competitive trading fees on share CFDs. Multibank is a great choice for day traders with various experience levels.
Multibank Platforms Walkthrough
Your satisfaction is important to us, and we strive to provide excellent service regardless of the complexity of the question. If you ever have more challenging inquiries or require further assistance, please don’t hesitate to reach out. MultiBank Group offers commission-free Forex mark-ups as low as 0.8 pips or $8.00 per round lot in the Pro account, but the Standard one lists them at 1.5 pips or $15.00. The former is within the upper range of competitive trading costs, but the latter is expensive. The best offer limefx is available in the commission-based ECN account, where traders enjoy raw spreads of 0 pips for a commission of $3.00 per round trip.
MT5 is arguably best suited for automated trading via its Expert Advisors (EAs) feature. The platform also has an intuitive strategy tester, allowing experienced algo traders to tweak the parameters of their strategies so that they can be used under different market conditions. Additionally, Multibank offers Virtual Private Server (VPS) hosting for enhanced execution speeds. Multibank offers its proprietary Multibank-Plus platform and incorporates the standard suite of MetaTrader 4 and MetaTrader 5. The broker stands out in terms of the number of tools it offers, including VPS hosting and FIX API.
Multibank offers commission-free trading and spreads that vary greatly from one account type to another. The broker’s swaps are elevated, but swap-free trading is available via its Islamic accounts. I also learned that Multibank does not charge deposits and withdrawals but has a high inactivity fee. With MultiBank, you can trade products like Forex, metals, shares, indices, and commodities on a wide range of platforms. There is also a white label partnership program for interested brokers. MultiBank’s global presence and ideal trading conditions make it one of the most competitive brokers around.
The mobile app version of MT5 affords quick and easy access to the market on the go. It is very useful for opening, terminating, and adjusting open positions. MultiBank’s Loyalty Bonus is for our long-term customers, who can earn up to $3,500 when they top up their trading accounts. To qualify, all you need to do is meet the below trading lots requirement. 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. The VPS lets customers run terminals 24/7, experiencing “stable, reliable” trade conditions that let them trade remotely from anywhere.
Commissions & Fees
For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars. A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight. MultiBank Group rewarding Cashback Program is your best bet to make extra profits on your trades. The higher your trade volume in Forex and Metals, the more cashback you earn.
Multibank Pros and Cons
That said, this broker still has a long way to go if it wants to compete with the best brokers for education. The same funding options available for deposits can be used to withdraw funds at MultiBank. Though processes may vary depending on the MultiBank Group entity that holds your account, withdrawals typically require a withdrawal request form. We use dedicated people and clever technology to safeguard our platform. MultiBank is a legitimate Forex broker with 10 regulatory licenses and 25+ global offices. Founded in 2005, MultiBank has an exceptional track record and ranks among the most trusted Forex brokers operational today.
MultiBank Group, in operation since 2005, is home to numerous global brands and is regulated in jurisdictions all over the world. Two unique features I want to note are free VPS hosting and FIX API trading. The former supports algorithmic trading, which accounts for 80% of all trades at this broker. The latter allows for the connection of advanced trading solutions to the competitive MultiBank Group trading environment. One of the most widely ignored trading costs is swap rates on leveraged overnight positions.
The broker also serves high-risk/yield traders via its huge cryptocurrency offering. Few brokers offer as many crypto CFDs, though it should also be stated that Multibank charges above-average spreads on instruments from the same asset class. I have compiled the table below to help you better understand the difference between the trading fees of Mutlibank’s three account types and the industry average. It illustrates the spreads and commissions I have recorded for the EUR/USD limefx scammers pair and compares them against the typical costs for ECN and STP accounts in the industry at large.
- There are no internal deposit or withdrawal fees, but third-part charges apply, which is why I recommend traders check costs.
- MultiBank’s Loyalty Bonus is for our long-term customers, who can earn up to $3,500 when they top up their trading accounts.
- When we test a broker’s customer support, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.
- There is a very high degree of risk involved in trading securities.
- Use our country selector tool to view available brokers in your country.
- As with the other accounts, you can trade on mobile, web, or desktop.
It is all fine until something goes wrong and then their attitude changes completely. The minimum deposit for the MultiBank Group Standard account is $50 or a currency equivalent. I strongly recommend the ECN account despite its high deposit requirement. Traders will get the most benefits from it due to excellent trading costs. Opening an account at MultiBank Group takes only a few seconds and requires a name, e-mail, and valid mobile phone number.
MT5’s mobile app suffers from the same underlying problem inherent to other mobile apps. Analyzing price action behavior on low-resolution devices is extremely difficult. That is why I recommend using the mobile app only to monitor the development of your open positions and make changes if needed.
In the image above, you can see how to measure a broker’s average execution speed. The industry average is between 50 milliseconds and 150 milliseconds. For the purposes of scalping, the best results can be achieved when the average execution speed falls below 50 milliseconds. However, due to its elevated swap charges, I determined that Multibank’s trading fees are more suitable for day trading, which does not require holding positions open overnight.
How do I withdraw money from MultiBank Group?
MultiBank Group’s best feature is its relatively high Trust Score; the broker holds multiple regulatory licenses, including Tier-1 licenses in Singapore and Australia. Also worth noting is its license to operate as a cryptocurrency exchange. Educational content at MultiBank is limited to a series of basic videos and ebooks powered by MTE Media, which are available on a new dedicated education section on the broker’s website. I was pleased to see this new educational portal, and I’m looking forward to seeing more content from MultiBank.