Multibank Company Evaluation for the year 2020 - Is Multibank a scam?

4 6,992
60%
Quality Index

Multibank Rating

Minimum: $50
Leverage: 1:500
Headquarters: Hong Kong
Licenses: BaFin, ASIC, FSC, FMA, CNMV, CIMA, KAR

Official Website
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  • licenses and security
  • Available financial instruments
  • Account types
  • Trading costs
  • Trading platforms
  • Order execution speed
  • Global reputation and transparency
  • Technical problems
  • customers service
  • Offers and rewards
  • Partnership Program
  • Market research and education
  • forex assessment in arabic

Who is Multibank?

Multibank FX is the trading name of the “MultiBank” MEX Group Worldwide Limited, formerly known as IKON MultiBank Group, founded by Nasir Taher in the United States in 2005, and now headquartered in Hong Kong. After the changes in the US forex trading industry, the company has diversified its operations in Europe, MENA region, Australia and many other regions.

In December 2017, Multibank Group announced the launch of its asset management business unit and the establishment of its European headquarters in Frankfurt, Germany. Since then, the group's asset management business has achieved success, while the performance index of "Multibank", listed on the Frankfurt Stock Exchange, has reached an all-time high of €1.357.

Consequently, with its expansion in Europe, the group has offices in Hong Kong, Frankfurt, Sydney, Vienna, Barcelona, Beijing, Guangzhou, Ho Chi Minh City, Los Angeles, Cyprus, British Virgin Islands, Cayman Islands, London and Santiago (Chile). , and Jakarta (Indonesia), making Multibank Group one of the largest providers of online derivatives services with more than 320,000 clients and a daily turnover of $5 billion. Throughout its long and illustrious history, the Multibank Group has maintained an impeccable track record with all its financial regulators worldwide.

In addition, the group expanded in December 2018 with the opening of its office in Dubai, which will focus on the Middle East and North Africa region. In December 2019, the group also expanded to Turkey, Kuwait and Mexico.

Licensing and Trust

Multibank evaluation for the year 2020 - Is Multibank a scam?
A map showing the licensed branches of the Multibank Group

As shown in the picture, these are the branches of the Multi Bank Group, which are subject to regulation by government regulatory bodies around the world, and the most important of them are:

  • MEX Exchange (Australia)
  • MEX Fintech (Hong Kong)
  • MEX Asset Management (Austria)
  • MEX Asset Management (Germany)
  • MEX Spain
  • MEX Clearing (UAE), Datong Financial Group (China)
  • MEX Prime (Cyprus)
  • MultiBank FX International (BVI)
  • MultiBank Vietnam
  • MEX Wealth Management (Cayman Islands).

If you are in the Arab world when registering your account, you will find three options to register your account, which are MEX AUSTRALIA PTY LTD under the Australian license ASIC, Multibank FX International, British Virgin Islands FSA, or MEX CLEARING LIMITED United Arab Emirates RAK.

A picture showing the change of the name of the company with the Australian license

Multibank evaluation for the year 2020 - Is Multibank a scam?
Australian license data

Financial instruments available for trading

The forex broker offers the following basic assets for trading.

  • Currency Pairs 45
  • CFD Indicators: 7
  • Stock CFD: 1,000
  • CFDs ETF: None
  • Commodity CFDs: 6
  • Bond CFDs: None
  • CFD Futures: None
  • Cryptocurrencies: 4

Account types and trading costs

Accounts in MultiBank are not separated. All traders use one real account type, except for those who choose to use the Islamic account. When opening a real account, the trader is given the option to open accounts with UAE, Australian or British Virgin Islands branches. That is, allowing traders to decide which regulatory conditions they want to adhere to, a step that many brokers are required to do under the new ESMA regulations. In the terms of the MultiBank account, such as the minimum deposit, spreads and bonuses are disclosed through the chosen trading platform (all accounts come with negative balance protection). The basic conditions are explained in the table below:

Account types
Maximus
Multibank pro
ECN Pro
minimum
$50
$1,000
$5,000
average spread
1.4
0.4
0.1 + commission
Bonus
4 for types
two types
two types

Withdrawal and deposit methods

Funding/Withdrawal Methods
base currencies
time taken
Bank transfer
USD, GBP, EUR, JPY, CHF, AUD, NZD, CAD
up to 24 hours
Skrill
USD, GBP, EUR, JPY, CHF, AUD, NZD, CAD
up to 24 hours
NETELLER
USD, GBP, EUR, JPY, CHF, AUD, NZD, CAD
up to 24 hours
Paytrust
USD, GBP, EUR, JPY, CHF, AUD, NZD, CAD
up to 24 hours
Ngan
USD, GBP, EUR, JPY, CHF, AUD, NZD, CAD
up to 24 hours
perfect money
USD, EUR
up to 24 hours

The account must be funded through an account of the same name registered in your MultiBank trading accounts

Offers and rewards

  • Royal Bonus: New clients can get up to $5,000 on first deposit
  • 20% Bonus: This 20% Bonus is only available on the Maximus platform
  • Refer a friend bonus
  • Agent Bonus

لمعرفة شروط وأحكام العروض المتاحة أضغط هنا.

Scalping Policy

حسنا من هنا يبدأ التعقيد والسلبيات بالشركة ، في صفحة الحسابات مذكور ان هناك سماح للتداول بطريقة الاسكالبينج علي حسابات الميتاتريدر ، ولكن عندما نتجه الي صفحة سياسة الاسكالبينج نجد انها غير مسموحة في الشركة بوجة عام وتذكر الصفحة التالي:

  • In the interest of ensuring the stability of its products and platforms, the company defines “scalping” as a trading method used by traders that involves opening and closing positions within 120 seconds.
  • Scalping Policy for Introducing Brokers: He may not charge any fees for transactions that are classified as scalping transactions.
  • Scalping Policy for Clients: Scalping for individual clients is not allowed on all our trading platforms
  • Corrupt Trades: In an effort to ensure the stability of MultiBank's products and platforms, the company defines "bad trades" as a method used by traders that involves opening and closing trades within 10 seconds. MultiBank classifies this type of transaction as abusive and unfair and therefore does not allow it on its platforms and products. If such corrupt trades appear in your account, MultiBank reserves the right to cancel them immediately.
  • On rare occasions MultiBank quotes may become “corrupt” or “distorted”. MultiBank reserves the right to cancel orders that have been executed based on inactive or distorted prices.

Warnings from regulators and global reputation

This point is very important because there is confusion between IKON FINANCE and Ikon multibank (the former name of Multibank), the NFA in the United States in 2013 and 2010 fined IKON FINANCE for using the previous VIRTUAL TRADER addon explained exclusively on the Arabic forex site from here Therefore, due to the similarity of names, some believe that Multi Bank is the company that has been fined, and this is not true.

Forex Peace Army Review

In this evaluation, we cannot provide the evaluation of the Forex Peace Army website, it seems that the site believes that Multibank is the one who has been fined. You can visit their evaluation from here , but since it is based on false information, we cannot add it to this assessment.

Is Multibank a Scam?

There is no doubt that the Multibank Group is licensed by one of the best regulatory bodies in the world. The company is certainly reliable. When looking for the company’s global reputation, we find it not good. This may be due to the aforementioned confusion. There are, of course, other negatives, such as not providing scalping and canceling deals and profits, as well as There is a closure of accounts that violate the terms of the bonus, which is something that most companies do and is mentioned in their terms and conditions. We can also say that the fees for inactive accounts are very high relative to other companies. Other than that, there is no other reason that prevents you from trading with the brokerage company Multi Bank.

Important Alert: Forex in Arabic is an independent brand and we have no connection with other entities similar in name. All our articles are subject to intellectual property rights and copied on websites without written permission or mentioning the source link is a breach of the DMC policy and exposes you to notification and removal from search engines.

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