MultiBank Review 2023

MultiBank has low forex and stock index CFD fees, and doesn't charge any withdrawal fees. On the other hand, inactivity fee kicks in after 13 months.

How we ranked fees

We ranked MultiBank's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let's go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.

• Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
• Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of MultiBank for each asset class. For example, in the case of forex and stock index trading, spreads, commissions and financing rates are the most important fees.

We also compared MultiBank's fees with those of two similar brokers we selected, XM and XTB. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of MultiBank alternatives.

To have a clear overview of MultiBank, let's start with its trading fees.

MultiBank trading fees

MultiBank trading fees are low.

The fee structure differs among various account types. MultiBank offers three account types:

• ECN Pro
• MultiBank Pro
• Maximus

In this review, we analyzed the fees of the ECN Pro account. ECN Pro charges a commission, but the spreads are tighter. If you opt for MultiBank Pro or Maximus, you will be charged only spread costs, but spreads will be generally wider, especially for the Maximus account.

The fee structure is not transparent at all. On the website, you can find only the spreads for each account type, but there is no information about commissions. We had to collect this information by contacting customer service.

We know it's hard to compare trading fees for CFD brokers. So how did we approach the problem of making their fees clear and comparable? What we did was we compared brokers by calculating all the fees of a typical trade for selected products.

We have chosen popular instruments within each asset class:

• Stock index CFDs: SPX and EUSTX50
• Stock CFDs: Apple and Vodafone
• Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP

A typical trade means buying a leveraged position, holding it for one week and then selling. As for volume, we chose a $2,000 position for stock index and stock CFDs and $20,000 for forex transactions. The leverage we used was:

• 20:1 for stock index CFDs
• 5:1 for stock CFDs
• 30:1 for forex

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let's see the verdict for MultiBank fees.

CFD fees

MultiBank has low stock index CFD abd stock CFD fees.

The commission for ECN Pro account holders is $3 per lot per trade.

Forex fees

MultiBank forex fees are low.

The commission charged for ECN Pro account users is $3 per lot per trade in the case of forex trades.

Multibank beats its nearest competitors when it comes to trading costs for EURUSD and EURCHF pairs. Fees for other popular pairs such as GBPUSD or AUDUSD are closer to the market average but still competitive.

Non-trading fees

MultiBank has mixed non-trading fees.

MultiBank does not charge account maintenance and withdrawal fees. However, a $60 quarterly fee is charged after 3 consecutive months of inactivity, which is considered quite high.

Opening an account at MultiBank is easy and straightforward; your account could be ready for trading within a day. However, some account types require a high minimum deposit.

Can you open an account?

Visit broker
74-89% of retail CFD accounts lose money

MultiBank accepts customers from all over the world. However, there are a few notable exceptions; for example, you can't open an account if you are from the US or Hong Kong.

Minimum deposit

The required minimum deposit ranges between $50 and $5,000 depending on the account type you choose. 

Account Types

There are three account types available at MultiBank: ECN, Pro and Standard. They differ in pricing and the required minimum deposit.

In this review, we tested the ECN account.

MultiBank offers the following account types based on account ownership:

• Individual account - account is owned by an individual
• Joint account - account is owned by two or more individuals
• Corporate account - account is owned by a legal entity
• Institutional - account is owned by a legal entity

It's also a plus that MultiBank offers Islamic accounts that comply with Sharia rules.

How to open your account

MultiBank account opening is smooth and straightforward. You can fill out the required forms, then scan and submit all your documents in about 20 minutes. The entire process is fully digital.

It takes 4 steps to open an account at MultiBank:

1. Select the regulator you wish to belong to
2. Choose your account type
3. Add personal information such as your email address or country of residence
4. Verify your identity and residency

It is not clear from the instructions exactly what kind of documents are accepted for verification. A national ID, passport or driver's license will likely work as proof of identity, while utility bills or bank statements should be accepted as proof of residency. We successfully used our passport and a bank statement to open an account.

Deposit and withdrawal at MultiBank are great. You can use many deposit and withdrawal types and withdrawal is free.

Account base currencies

At MultiBank, you can choose from 7 base currencies: USD, GBP, EUR, CHF, AUD, NZD, CAD.

MultiBank is offering more account base currencies than its main competitors.

By default, your account will be set to USD, though you can change this through customer service. This isn't ideal; it would be better if it was possible to select your account base currency during the account opening process.

On the plus side, you can open one or more sub-accounts, and these sub-accounts can have different base currencies.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

Deposits at MultiBank are free of charge. Besides bank transfer, you can use credit/debit cards or any of the following electronic wallets:

• Skrill
• Neteller
• UnionPay
• PayTrust
• SEPA
• Bitcoin
• AwePay
• GlobePay
• ThunderexPay
• Poli

Bank transfers can take several business days to go through, while payment with your credit or debit card is instant.

You can only deposit money from accounts that are in your name.

You can fund your account using a crypto wallet of yours, though you cannot hold funds in crypto form at your Multibank account, it will be converted to your base currency upon deposit.

Withdrawal fees and options

Withdrawing money from your MultiBank account is free of charge. You can use the same options for withdrawal as for deposit.

You can only withdraw money to accounts that are in your name.

How long does it take to withdraw money from MultiBank? We tested bank transfer withdrawal and it took 1 business day.

How do you withdraw money from MultiBank? You can withdraw money from MultiBank by following these steps:

• Log into MyMultiBank
• Go to 'Withdrawal'
• Select your trading account
• Give the reason for the withdrawal
• Enter the withdrawal amount
• Select your withdrawal method
• Initiate the withdrawal

Multibank offers the MetaTrader4 trading platform. It's highly customizable, multilingual and has a clear fee report. However, it lacks two-step login and the design is outdated.

MultiBank doesn't have its own self-developed trading platform. It uses MetaTrader 4 and MetaTrader 5, a third-party platform. We tested MetaTrader 4 as it is the more popular of the two.

MetaTrader 4 and MetaTrader 5 are both available in an exceptionally large number of languages.

Look and feel

The MultiBank web trading platform has great customizability. You can easily change the size and the position of the tabs.

However, the platform feels outdated and some features are hard to find. For example, it took us a while to figure out how to add an asset to the watchlist.

Login and security

MultiBank provides only one-step login. Two-step authentication would be more secure.

Search functions

The search functions are OK. You can find assets grouped into categories. However, we missed the usual search function where you can type in the asset's name manually.

Placing orders

You can use all the basic order types. However, you won't find more sophisticated order types like 'one cancels the other'. The following order types are available:

• Market
• Limit
• Stop

If you are not familiar with order types, read this overview.

There are also order time limits you can use:

• Good 'til canceled (GTC)
• Good 'til time (GTT)

Alerts and notifications

You can't set alerts and notifications on the MultiBank web trading platform. This feature is available only on the desktop trading platform.

Portfolio and fee reports

MultiBank has clear portfolio and fee reports. You can easily see your profit-loss balance and the commissions you paid. These reports can be found under the 'History' tab. However, we couldn't find a way to download them.

Visit broker
74-89% of retail CFD accounts lose money

MultiBank has a great mobile trading platform, offered by MetaTrader 4. It is well designed and user-friendly. On the flip side, it lacks two-step authentication for login.

Similarly to the web trading platform, MultiBank offers MetaTrader 4 and MetaTrader 5 as its mobile trading platform. MetaTrader 4 and MetaTrader 5 are available for both iOS and Android. Similarly to the web platform, we tested MetaTrader 4.

Once you have downloaded the MT4 or MT5 mobile trading app, you have to access the MEXIntGroup-Real server.

Just like on the web trading platform, you can choose from many languages on the mobile trading platform. Changing the language is a bit tricky on Android devices, though; you can do it only if you change the default language of your phone.

Look and feel

MultiBank has a great mobile trading platform, we really liked its design and user-friendliness. You will easily find every feature.

Login and security

Similarly to the web trading platform, the MultiBank mobile app requires only one-step login. Two-step authentication would be safer.

Also, it's not possible to use fingerprint or Face ID authentication. Having this feature would make the login experience more convenient.

Search functions

The mobile app's search functions are good. You can search by typing the name of the product or by navigating the category folders.

Placing orders

You can use the same order types and order time limits as on the web trading platform.

Alerts and notifications

You can set alerts and notifications for the mobile app, although you can do it only on the desktop trading platform. It would be much easier if you could set these notifications on the mobile platform itself.

Visit broker
74-89% of retail CFD accounts lose money

In design and functionality, MultiBank's MetaTrader 4/5 desktop platforms are almost the same as their web versions; a plus is that you can set price alerts on the desktop platform.

MultiBank offers MetaTrader 4 and MetaTrader 5 as desktop trading platforms. Similarly to the web and mobile trading platforms, we tested MetaTrader 4 in our review.

It has the same design, is available in the same languages, offers the same order types plus Trailing Stop, has the same search functions, and offers the same portfolio and fee reports as the web trading platform.

The major difference is that you can set alerts and notifications in the form of mobile push and email notifications on the desktop trading platform. To set email or mobile notifications, you have to add your email address and mobile MetaQuotes ID (you can find it in the MT4 app's settings). You can add them if you go to 'Tools' and then 'Options.'

Visit broker
74-89% of retail CFD accounts lose money

At MultiBank, you can trade only forex and CFDs, including stock and stock index CFDs as well as cryptos.

MultiBank is a CFD and forex broker. The number of currency pairs and stock index CFDs it offers lags behind those provided by its closest competitors. It has a high number of stock CFDs and cryptos in its product lineup.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Changing leverage is a very useful feature when you want to lower the risk of your trade. Be careful with forex and CFD trading, as the preset leverage levels may be too high.

Another inconvenience was that some stock CFDs were not available by default and we had to ask customer service to add them to the platform.

Social Trading

MultiBank provides its own social trading servce. 

Hw does it work?

• Traders join Multibank Group, open a live account and share their trading strategy.
• MultiBank Group ranks traders based on trading performance.
• Copy traders select the best traders to copy, based on their capital and risk appetite.

MultiBank has a useful newsletter, but research tools of the MT4 platform could be better, as it offers no trading ideas or fundamental data. You can add extra tools, but only for a fee.

MultiBank doesn't have its own research team, so you can use only the MetaTrader 4 trading platform's research tools. Just like the trading platform itself, these research tools are available in many languages as well. In this review, we tested those research tools that are available for free, which is largely limited to charting tools.

MultiBank research tools and material are provided via two channels:

• MT4 and MT5 trading platforms
• Daily newsletters

Trading ideas

MultiBank does not provide any trading ideas.

Fundamental data

MultiBank does not offer fundamental data.

Charting

MultiBank has OK charting tools.

You can use 31 technical indicators and other technical tools, such as trendlines and Fibonacci retracement.

On the other hand, the design is outdated and some features are hard to use. For example, we found it difficult to figure out how to remove an indicator from the chart.

News feed

News is provided by Dow Jones which is available from the web platform. News includes updates on politics and on the biggest listed companies in various markets, among others. An advance filter helps you categorize by: 

• News categories
• FX
• Commodities
• Indices
• Regions

Other research tools you may enjoy

To compensate for the lack of a traditional news feed on its platforms, MultiBank sends out daily newsletters, with a focus on technical and fundamental analysis.

Fundamental analysis in these newsletters includes up-to-date market briefings that can support your trading activities. The technical analysis offered ny the newsletter can help you understand current market trends in major forex pairs, commodities and indices.

Compare research pros and cons

MultiBank has great 24/7 customer support. We got quick and helpful responses via email, chat and phone.

You can contact MultiBank via:

• live chat
• phone
• email

MultiBank's live chat works well. We got relevant and quick answers to most of our questions. The only negative experience was when we asked about fees. In these cases, we sometimes received answers that were unclear or later turned out to be wrong.

MultiBank's phone support is great. An agent was connected within one minute and we experienced a helpful approach to solving our problems. For example, we received very clear guidance on how to place an order on the platform. In another positive, you can reach customer support in several local languages via local phone numbers.

Email support is also superb. We received answers within one day to all our emails. The answers were helpful and relevant.

MultiBank is available 24/7.

On the negative side, we missed 24/7 availability. Also, customer service hours and time zones are not transparently displayed.

Visit broker
74-89% of retail CFD accounts lose money

MultiBank scores poorly on the education front, offering a demo account but no other learning materials.

To start practicing with the demo account, you have to register through MultiBank's website and confirm your email address, phone number and country of residence.

Visit broker
74-89% of retail CFD accounts lose money

MultiBank is a global broker regulated by several financial authorities, including the top-tier ASIC and BaFin.

Is MultiBank regulated?

Yes, it is regulated by the Australian Securities and Investments Commission (ASIC), Germany's Federal Financial Supervisory Authority (BaFin), Financial Market Authority Austria (FMA), Spain's National Securities Market Commission (CNMV), the Dubai Financial Services Authority (DFSA) and the Cayman Islands Monetary Authority (CIMA), Hong Kong Customs and Excise (HKCE), Australian Transaction Reports and Analysis Centre (AUSTRAC), Tianjin Financial Government (TFG), Vanuatu Financial Sevices Commission (VFSC). The regulator you belong to depends on the entity you choose during the account opening process.

Is MultiBank safe?

To be certain about this, we highly advise that you check two facts:

• how you are protected if something goes wrong
• what the background of the broker is

How you are protected

MultiBank provides Excess Loss insurance with Lloyds of London protecting traders funds up to $1mln per account.

MultiBank provides negative balance protection.

Background

MultiBank was established in 2005. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.

Find your safe broker

MultiBank is a forex and CFD broker regulated by several financial authorities globally, including the top-tier ASIC.

Among its positive features, the account opening process is seamless and hassle-free. Forex fees are competitive, and multiple free options are available for deposit and withdrawal. Customer service is great - quick, helpful and multilingual.

MultiBank has some drawbacks, though. There is an inactivity fee, which is charged after 13 consecutive inactive months, and is $10 per calendar month. Its product range is limited to FX, CFDs and cryptos. Research and educational tools are quite basic, limited to some charting tools and a newsletter.

As MultiBank has a free demo account, we encourage you to give it a try.

Visit broker
74-89% of retail CFD accounts lose money

We recommend MultiBank for forex and cfd traders familiar with the metatrader trading platform.

Below you can find links to all aspects of MultiBank in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our MultiBank fees article.

What about the minimum deposit?

Our ultimate guide to the MultiBank minimum deposit is updated regularly.

How to start your MultiBank account?

Look no further than our evaluation of the MultiBank account opening.

How's their trading app?

Here's our expert view after checking the MultiBank trading app.

Is the quality of customer service satisfactory?

All you need to know about the MultiBank customer service.

Legit or scam?

Is MultiBank legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether MultiBank is really free.

Is this broker good for beginners?

We checked it in Is MultiBank good for beginners.

Should you buy your silver bullets on MultiBank?

Research for silver bugs in the Silver buy on MultiBank guide

I want to trade options, are they available at MultiBank?

We explored the topic in Can you trade options on MultiBank?

What is the minimum account balance at MultiBank?

Check out the current account balance requirements at MultiBank in our What is the minimum account balance at MultiBank article.

Looking for commission and fees data for MultiBank?

We collected them in MultiBank commission and fees.

How do you withdraw money from MultiBank?

We tested it and collected the options and costs in How to withdraw money on MultiBank.