MultiBank Review 2024

Is MultiBank regulated?

Yes, MultiBank is regulated by several financial authorities, including top-tier regulators the Australian Securities and Investments Commission (ASIC) and Germany's Federal Financial Supervisory Authority (BaFin). For a full list of regulators, scroll down a bit to the table below.
The regulator you belong to depends on the entity you choose during the account opening process.

Is MultiBank safe?

To be certain that a brokerage is safe, we highly advise that you check two facts:

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

How you are protected

MultiBank provides Excess Loss insurance with Lloyds of London protecting traders' funds up to $1 million per account.
MultiBank provides negative balance protection.

Background

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

Find your safe broker

Account base currencies

At MultiBank, you can choose from the following 7 base currencies:

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.

This selection is average compared to competing brokers.

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you won't have to pay a conversion fee.

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.

Deposit fees and options

MultiBank charges no deposit fees.

A bank transfer can take several business days, while payment with a credit/debit card is instant. You can only deposit money from accounts that are in your name.

MultiBank supports the following electronic wallets:

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.

MultiBank 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 in your name.

How long does it take to withdraw money from MultiBank? We tested bank transfer withdrawal andit 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

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.

What is the minimum deposit at MultiBank?

The required MultiBank minimum deposit is $50.

MultiBank's Pro account requires $1,000 as a minimum deposit and $5,000 is needed for its ECN account.

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 - an account 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, and 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

Similarly to the web trading platform, MultiBankoffers 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.

The mobile trading platform is available in several languages.

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

MultiBank provides only a one-step login for its mobile platform. A two-step authentication would be more secure and adding this feature should be high on any company's list of security changes.

You can't log in using biometric authentication. Providing this feature would be more convenient.

Search functions

The 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 following order types on the mobile trading platform:

• Market
• Limit
• Stop

There are also order time limits you can use:

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

Alerts and notifications

You can set alerts and notifications on the MultiBank mobile platform.

However, 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

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

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.

During our testing, it was inconvenient that some stock CFDs were not available by default and we had to ask customer service to add them to the platform.

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.

Social Trading

MultiBank provides its own social trading service.
How 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.

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.