MultiBank Exchange Group Review

Our Review

MULTIBANK EXCHANGE GROUP REVIEW

 

Our Overview

What is Multibank Exchange Group?

10 points summary

How Protected are you with Multibank Exchange Group?

Awards

Is Multibank Exchange Group a Scam or Safe?

Account

Trading Instruments

Trading Platforms

Trading Fees

Deposit and Withdrawal Options

Education

Customer Support

Conclusion

 

 

What is MultiBank Exchange Group?

MultiBank Exchange Group was founded in California in 2005. It has since expanded its activities to 11 different continents and has over 320,000 customers all over the world.

It is a regulated broker that strives to provide its users with a magnificent trading environment. With five different platforms and numerous trading instruments, MEX has managed to satisfy its users worldwide.

As far as the company's reputation is concerned, it is heavily regulated by different organizations, i.e., ASIC, FSA, BaFin, etc., in the countries where its operations are on-going. 

All in all, MEX is an excellent choice for an online trading platform. 

 

Pros	Cons
Global Presence	No 24/7 support.
Regulated by FSC, ASIC, BaFin, etc
Minimum deposit is $50

 

 

10 Points Summary

Headquarters	Hong Kong
Regulation	ASIC, BaFin, DFSA, FSC
Platforms	MT4, Maximus, ECN Pro, MultiBank Pro, Social Trading
Instruments	Currencies, commodities, Forex, Indices
EUR/USD Spread	0.5 pip
Demo Account	Yes
Minimum deposit	$50
Base currencies	USD, EUR, CAD, NAZ, JPY, CHF, GBP, AUD.
Education	Yes
Customer Support	24/5

How Protected Are You with Multibank Exchange Group?

What kind of protection is offered by the respective broker?

This is the first question that you need to ask yourself before deciding. If your broker cannot provide you protection and guarantee you safety, chances are they do not care about you enough as a customer. 

In the case of the Multibank Exchange group, they take their traders' security very seriously and have claimed to keep the funds in segregated accounts. Similarly, regulation is offered by various organizations. Therefore, the protection services offered by MEX are excellent. 

 

Pros	Cons
Funds are kept in segregated bank accounts.	None.
Heavily regulated.

 

Awards:

You may have heard many people saying that reviews are biased, but have you ever heard anyone saying awards are biased? No, right.

Awards are the appreciation that a company receives based on their services and how they treat their users. MEX has so far won the following awards: 

Best FX Service Provider-2020

Best FX Trading Platform Mena- 2020

Best FX Customer Service-2020

These are some of the many awards that MEX has won in recognition for its services.. 

Is Multibank Exchange Group a scam or safe?

Nobody wants to get scammed; it's quite an obvious statement. Therefore, proper research should be conducted to avoid falling into any trap. 

Multibank Exchange Group is operating in 11 different continents, 90 countries with approximately 320,000 customers. FSC, ASIC, DFSA, etc., heavily regulate it. On that account, Multibank Exchange Group is a safe choice, and any doubt on integrity can be kicked away. 

Account:

Multibank Exchange Group offers three different account types—ECN Pro, Multibank Pro, and Maximus. Other than this, it also offers an Islamic, Demo and Live account.  

ECN Pro: This type of account requires a minimum deposit of $5000 and offers a leverage of 1:500. The account holders are given negative balance protection as well as 45 different types of forex pairs. Additionally, the spread is as low as 0.1 pip with access to well-established connections 24/7. 

Multibank Pro: The same benefits are offered as that in the ECN Pro account, except that a minimum deposit of $1000 is required and the spread is as low as 0.8 pip. 

Maximus: This type of account requires a minimum deposit of as low as $50 which is the cheapest out of all the accounts offered. The spread starts from 1.5 pip, and negative protection is offered along with a leverage of 1:500. 

Demo Account: A demo account serves as a practice account for potential and beginner traders. Additionally, it can be used to test various strategies without any risk involved. 

Islamic Account: Multibank Exchange Group offers a special account for its Muslim traders; Islamic Account. The account follows Shariah law and doesn't charge interest. 

 

 

Pros	Cons
Islamic account is offered.	Fixed spreads not offered.
Demo account is offered.
Strictly regulated.

 

Trading Instruments:

Multibank Exchange Group offers its traders numerous types of trading instruments such as:

Forex

Metal

Indices

Commodities

 

Pros	Cons
Variety of trading instruments offered.	None.
Tight spreads.

 

 

Trading Platforms:

To ensure a delightful and trouble-free trading experience, the trading platform offered is an extremely important factor. 

Multibank Exchange Group provides its traders with the MT4 and MT5 platforms.

The MT4 and MT5 platforms are well-known in the trading world because of the exciting features and smooth experience that they offer. The advanced technology that the platform uses allows the traders to stay informed at all times. 

A Multibank Exchange Group web platform is also available that offers advanced features such as the ability to manage your account from anywhere at any time, live trading, and pricing updates. 

Both the MT4, MT5, and web platforms are available as mobile application. 

 

Pros	Cons
MetaTrader platform  available.	None.
Mobile application available.

 

Trading Fees:

Multibank Exchange group has relatively low trading fees and varies depending upon the account type. 

The Maximus account has a low average spread of 1.4 pips, whereas the Multibank Pro MT4 has an average spread of 0.5 pips. The ECN Pro account offers the lowest pip is 0.1 

 

Pros	Cons
No withdrawal fee is charged.	None.
Spreads are low.

 

 

Deposit & Withdrawal Options:

 With the numerous options that MEX has provided the users with, the process of depositing funds is easier than ever. However, the availability of options may depend on your location. The options available are:

Bank Transfer

Debit/Credit Card 

PayTrust

Skrill

PaymentAsia

PerfectMoney

Help2Pay

Neteller.

All the options are rapid except for Bank Transfer which may take some days. Additionally, the minimum deposit account is only $50, and no standard fee is charged on depositing funds. 

Withdrawals are easy. The same funding options are available as that of depositing, and withdrawals are also free of charge. It takes at least 1 business day to process withdrawals.  

The deposits and withdrawals must be made from the account that has the same name as your Multibank trading accounts. 

Education:

Education is an important tool as it serves as a means for keen minds to enhance their knowledge. If you are new to the trading world, you probably do not have enough experience and need guidance, and this is why a broker's educational resources are important. 

Multibank Exchange group does not have enough educational material present on its website and platform. However, it does post educational resources on its social media platforms. A demo account also serves as an educational resource. 

Customer Support:

Multibank Exchange group excels at the customer support service that they provide. There is no doubt that the key to satisfying a customer is providing him with maximum support, and Multibank Exchange Group understands it really well. 

The customer service team is available five days a week via live chat, email, and phone. The team works extremely hard, and the response time is rapid. 

The customer support service is offered in various languages to bring ease to the traders. 

 

Pros	Cons
Multiple languages supported.	No 24/7 support available.
Response time is rapid.
Email, phone and live chat options available.

 

 

Conclusion:

Trading is a thrilling experience that requires a strong combination of strategy a knowledge. The risk involved is really high, and caution is required at all times.

Multibank Exchange Group has been in the trading business for a long time now and has managed to expand its business to several countries while maintaining the quality of the service and opportunities offered to the traders. 

The customer support service is magnificent, and it is heavily regulated by different regulatory authorities, which removes any doubt about the credibility of this online trading platform. Therefore, Multibank Exchange Group is reliable and an excellent choice. 

 

Frequently Asked Questions (FAQs)

Is MEX regulated?

Yes, It is regulated by ASIC, FSC, DFA etc. 

Is a demo account offered by MEX?

Yes, a demo account is offered by Multibank Exchange Group.

Is there any deposit or withdrawal fee?

Deposits and withdrawals are free of any charges.

How much is the minimum deposit amount?

The minimum deposit account set by MEX is $50. 

What is the maximum leverage?

The maximum leverage offered by MEX is 1:500