MulitBankFX will give the impression of a reputable worldwide broker. However, there are several key facts you must know about this brokerage.
It’s easy to get confused with all the names and the content on the website so we’ll try to keep it simple. There’s a lot to unpack here, so bear with us in the MultiBankFX Review.
MEX Group Worldwide Limited was founded in 2005 in California and has headquarters in Dubai. MultiBank Group is the trade name of that company and the MultiBankFX broker is part of that group.
There are dozens of subsidiaries listed on the website but we’ll stick to the ones at the bottom of the home page and in the Terms and Conditions. Namely, the MultiBankFX regulation portfolio is really wide, as the group is regulated by the likes of ASIC, BaFin, and other European authorities under ESMA.
However, it doesn’t seem to be the case with the entities listed at the bottom of the website – MEX Group Worldwide Limited (Hong Kong address), MultiBank Forex Exchange Corporation (California), and MBFX International Corporation (Cyprus address).
We checked the registers of CySEC, Hong Kong’s SFC, and the US NFA, CFTC and SEC, but didn’t find those entities. But check this out – when you open the T&C section, you read the name MEX Atlantic Corporation, an entity registered in the Cayman Islands.
That means that by opening an account on multibankfx.com, you’re actually agreeing to trade with this offshore domain.
The Cayman Islands Monetary Authority (CIMS) may be better than other offshore regulators but it’s still not up to par with the likes of the FCA, ASIC or ESMA in terms of strict regulations. That’s something you should bear in mind if you still decide to trade with MultiBankFX.
MultiBankFX is the trading name of MultiBank Group. Some of the things stated on the website aren’t true, which we addressed in this review. MultiBankFX also has an offshore branch in the Cayman Islands.
As mentioned, the MultiBank Group is present all over the world. What were interested in is where the broker left traces of fraudulent activity. After doing some digging, we compiled a list of countries:
Dubai’s FSA clearly stated that the multibankfx.com offshore domain isn’t authorized. The data on similarweb.com shows that MultiBankFX’s website averaged 200k-300k visits in the last three months. In February 2023, 37.75% of visits came from France.
MultiBankFX has boasted only positive reviews until fairly recently. On March 15, 2023, the FCA issued a warning against MultiBankFX.
The regulator probably started receiving many complaints against the broker. Here’s an example of what traders write:
Please do well by ignoring is company they are fake up to the positive reviews they dot my money $60k and I didn’t get a refund from them…
MultiBankFX offers two of the greatest trading platforms in the world – MetaTrader 4 and MetaTrader 5, plus cTrader. These platforms are held pretty high by the trading industry.
MT software offers cutting-edge tools such as automated trading, a user-friendly interface, live market reports, branch optimization, advanced charting, multiple timeframes, etc.
The platforms are awesome but probably not that safe when provided by the offshore branch. We read a complaint on Trustpilot that said MultiBankFX manipulated spreads on MT4.
Mobile trading is available. Both MT4 and MT5 can be downloaded on Android and iOS operating systems. There are web-based versions available as well.
The other platform, cTrader, cannot be downloaded on iOS, only on Android and Windows, but it has a web version too.
Here’s an overview of MultiBankFX’s trading instruments:
Spreads vary depending on the account type you choose. For example, the Standard account offers a fixed spread of 1.5 pips, which is in line with the industry average.
The Pro account offers even tighter spreads – 0.8 pips, without commissions, according to the MultiBankFX website. Lastly, the ECN account features floating spreads from 0.0 pips. All in all, trading conditions are competitive.
There are three different trading accounts available at MultiBankFX:
The ECN account doesn’t include cTrader. All accounts have the same leverage cap – 1:500, which is indicative of offshore brokerage. Be careful with such high leverage as it will most likely result in huge losses. ESMA imposed a 1:30 limit in Europe whereas the US limit is 1:50.
Yes. MultiBankFX included a free demo account. On the demo account registration page, traders can choose between the three account types and the MT platforms.
MultiBankFX also lets traders sign up via Google, Facebook or LinkedIn accounts. A demo account is awesome but be careful if you switch to a live account because you’re risking real money.
MulitBankFX offers a wide range of partnership programs. MultiBankFX boasts over a million clients. From Introducing Broker to an Affiliate, there’s plenty of content on the broker’s website.
For example, the IB program allows you to become an independent broker and act as an agent whose purpose is to introduce new trades to MultiBank Group.
You thus earn a rebate and commissions that are calculated based on the traded volume of the clients introduced to MultiBank Group. On the other hand, as a MultiBankFX affiliate, you can earn up to 1,000 $ in commission for each referred active trader.
Offshore partnership programs often end up being Ponzi schemes where the one on top profits from the efforts of those below, i.e. like a pyramid system. Keep that in mind.
According to MultBankFX’s website, the broker accepts a wide range of deposit and withdrawal options with no fees involved:
For the initial minimum deposit amount, the broker requires 50 $. The MulitBankFX withdrawal policy is petty straightforward – the same funding methods are available and the request processing time is up to 24 hours.
All in all, MultiBankFX is a large brokerage with a solid reputation. However, as you’ve seen in this review, even greats can be deceiving at times.
We’re not saying that MultiBankFX is a bad broker, just pointing to potential trading & withdrawal issues and loopholes. Please read more about traders’ experiences before investing money in this brokerage.
If MulitBankFX violates any terms and conditions or if you’re having problems with the broker, please let us know.
Global Fraud Protection can help you get your money back. Our experts specialize in bank chargebacks, recalls, and crypto-tracing methods such as CipherTrace.
If this broker steals your money, contact us for help. The easiest and fastest way to book your free consultation with us is via Online Chat.
If you really want to trade with MulitBankFX, make sure you open an account with one of the group’s Tier 1-regulated (ASIC, BaFin) branches.
Yes. MultiBankFX offers a free demo account for each of its three account tiers.
Yes. MulitBankFX made MT4 and MT5 available for both Android and iOS while cTrader is available only for Android.
With the Cayman Islands branch? Not really. That’s why you should stick to onshore regulated branches.
If you really want to trade with MulitBankFX, make sure you open an account with one of the group’s Tier 1-regulated (ASIC, BaFin) branches.
Yes. MultiBankFX offers a free demo account for each of its three account tiers.
Yes. MulitBankFX made MT4 and MT5 available for both Android and iOS while cTrader is available only for Android.
With the Cayman Islands branch? Not really. That’s why you should stick to onshore regulated branches.
The post MultiBankFX Review – Some Facts About The Broker That You Should Know appeared first on Global Fraud Protection.
