A generous bonus offering adds to the benefits available at MultiBank Group, which is one of the best overall brokers for committed traders. MultiBank offers a 20% deposit bonus capped at $40,000, subject to trading conditions. One of the most widely ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.
Additionally, I discovered that Multibank’s spreads on share CFDs are tight and generally better than the industry average, which makes its stock offering even more favorable. The MultiBank Pro platform has similar features to ECN Pro, and it uses the MetaTrader 4 platform (one of the industry standards for trading). However, compared to ECN, you don’t have to make as high of an investment. ECN Pro requires a minimum deposit of $5,000, while MultiBank Pro requires a minimum account size of $1,000. 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 Account Types
There are no internal deposit or withdrawal fees, but third-part charges apply, which is why I recommend traders check costs. The secure MyMultiBank account area handles all financial transactions, and MultiBank Group claims instant processing. It can take several business days for clients to receive funds, dependent on their payment processor.
This is especially important given Multibank’s competitive trading fees on share CFDs. The broker impressed me with the wide variety of tools and services it offers its clients, including VPS hosting, FIX API, and Trading Central. Moreover, its trading fees are generally better than the industry average. We offer impartial reviews of online brokers that are hand-written, edited and fact-checked by our research team, which spends thousands of hours each year assessing trading platforms.
The Desktop Version of Multibank’s MT5 Platform
Withdrawals are also free of charge and available through the same methods as deposits. Users can log in to My MultiBank client portal and withdraw their funds within the platform. Most traders will be able to satisfy this step by sending a copy of their ID and one proof of residency document. 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. Finally, newbies can check out 11 videos outlining the proper use of the broker’s several platforms.
MultiBank Commission & Fees
However, it also features a combination of spreads and commissions that exceeds the industry average. In contrast, the ECN account offers some of the lowest trading fees in the industry, but its barrier to entry is rather high (at $10,000). They are available as a desktop client, with full support for EAs, where MT4 remains a market leader. MultiBank Group is a multi-regulated ECN broker that provides access to trade a large selection of over 1,000 forex and CFD instruments on the popular MetaTrader platforms for all of your devices. They also offer social trading, managed accounts, API connectivity, a free limefx courses scam VPS and the excellent Autochartist software. MultiBank provides a free virtual private server (VPS) to all clients who indicate interest by filling the VPS request form.
- Our broker ratings are also informed by the experience of our researchers during the evaluation process.
- The MetaTrader 5 (MT5) trading platform is designed to meet the growing demands of brokers and traders.
- An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets.
- I like the trading environment at MultiBank Group for equity traders and asset managers, as it presents a distinct competitive edge with MAM/PAMM accounts and the proprietary copy trading platform.
Tight spreads and low minimum deposits are enticing features of MultiBank FX. This combined with ease of navigation and good customer service make opening a live account attractive. With that said, high inactivity fees may deter some prospective traders.
Together with its MAM/PAMM accounts, it presents an excellent choice for asset managers, especially those geared towards equity portfolios. MultiBank Group offer a choice of 55+ currency pairs, 5 cryptocurrency pairs, 6 commodities, 6 index CFDs, 15,000+ equity CFDs, and 13 index futures. Forex traders get an averagely ranged choice of trading instruments, while equity traders get one of the best in the industry. I like the low swap rates at MultiBank Group, and together with other trading costs, this broker offers traders one of the lowest overall trading costs. Trading with a regulated broker will limit the potential for fraud and malpractice.
There are thousands of plugin apps which have been built to enhance and expand its features. MultiBank offers MT4 as WebTrader, mobile trading apps and Windows desktop application. I personally use the desktop version of the platform for conducting complex chart analysis using my trading strategy templates. The MT4 app is perfect for when I need to check my positions and the latest market news from the comfort of my mobile phone. I don’t feel the need to use the web version of the platform that much, but it can come in handy if you need to access your account directly in the web browser without installing any software. Research and education at MultiBank Group brands have a long way to go to catch up to industry leaders, but the broker continues to make progress in other categories.
You can choose from a decent variety of accounts with quick payment options. The broker also supports social trading and has managed accounts for those of you who do not have the time or skills to trade manually. The minimum deposit is reasonably low at just $50 and eligible clients can get a handy free virtual private server (VPS). Despite the many positives, they are lacking in educational content for beginners but you could always open a free demo account to practice trading online before making a financial commitment. To evaluate brokers, we test the accounts, trading tools and services provided. Over 100 data points are considered, from minimum deposits and trading fees to the platforms and apps available.
Additional Features
Each account is available on the MT4 and MT5 mobile platforms, as well as MultiBank-Plus in some countries. MetaTrader users benefit from a long list of indicators, expert advisors for automated trading, built-in customer support and customizable charts. Traders can also make deposits and withdrawals through the limefx reviews mobile apps. Head to the respective app store to download the mobile applications free of charge. Demo accounts are freely available online, desktop and on the mobile apps.
This combination is not ideal for longer-term position trading, though it does not restrict day trading. 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. The Client Agreement is pretty extensive and includes all essential information. Multibank Group has invested in developing its proprietary all-in-one Multibank-Plus platform with a simple and easy-to-use interface.
I also learned that Multibank does not charge deposits and withdrawals but has a high inactivity fee. Among the above-mentioned account types, the ECN Pro account offers the tightest spreads, starting from just 0.0 pips. Sadly, this account type comes with a rather large minimum deposit of USD 5,000, making it unattainable for many smaller traders.