MultiBankFX.com Review: Is MultiBank FX a Scam Broker? - Topedgefx.com

MultiBankFX.com Review: Is MultiBank FX a Scam Broker?

MultiBankFX Review
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Summary

MultiBankFX is a broker with a global presence and up to 1,000 tradeable assets. They are owned by Mex Group which has secured licenses across several offshore regions. However, we don’t recommend them because of the several customer complaints that we’ve seen online.

MultiBank Group is the trading name of MEX Group Worldwide Limited which was incorporated in 2005. They run business from the domain MultiBankFX.com where they provide Forex pairs, CFDs, indices, commodities and precious metals for trading.

MultiBankFX offers a leverage of up to 1:500 because they are technically an offshore broker. On top of this, MultiBankFX is providing traders with a copy trading facility.

This feature provides an opportunity to replicate the trades of the “most profitable traders” on the MultiBank FX platform.

Nevertheless, we still have issues against this broker, which makes it impossible to recommend their copy trading platform.

If you would like to copy trade for profits, we recommend choosing the best copy trading service from this list of highly recommended trading products.

MultiBank Group (MultiBankFX) Account Types

The broker is offering 3 different account types for their MT4 and MT5 trading platforms.

They claim to provide ECN trading conditions where spreads begin from 0.0 pips.

However, to access and trade on their ECN account types, one needs to deposit a minimum of $1,000. This is quite a disadvantage because there are many decent traders willing to give you an ECN account for much less.

Their basic trading account (Maximus Platform) does not seem to offer real ECN trading conditions.

Opening this account at multibankfx.com will cost $50.

The spreads for Maximum Platform start at 1.4 pips, which is higher than the average.

Multibank FX Customer support

They claim to offer multilingual customer support 24/6 days a week.

They provide both live chat and email support. At least this is what it looks like on the official website.

However, we’ve also heard several complaints from traders and investors who claimed that MultiBank Group has an irresponsive account manager and customer support.

This has caused traders a lot of inconvenience and even losses in the process. The customer support of this broker does not appear to respond on a timely manner to their clients needs.

In this era where brokers compete for the best features to win customers, you should never restrict yourself to a Forex broker that does not want to address your issues as quickly as possible.

Is MultiBank Group Regulated/Licensed?

At least they’ve secured several licenses because they have a global presence. However, it remains that this broker is an offshore company offering financial services to a global clientele.

First off, MultiBankFX is regulated in the British Virgin Islands because they operate out of this place.

In Hong Kong, the broker is operating as MEX Group Worldwide Limited. Their Australia subsidiary is called MEX (Australia) Pty Ltd, which runs Mex Exchange.

The company is allegedly regulated by the ASIC of Australia.

The company also has a presence in Germany and Spain. They run their business as MEX Asset Management GmbH. This subsidiary is regulated by BaFin and CNMV respectively.

MultiBankFX is therefore a trading name that has multiple companies linked to it and using its brand to reach a worldwide audience.

Since they are an offshore broker, you should understand that regulations are not strict, hence they can afford to offer leverage that is as high as 1:500.

You must also understand that high leverage is most of the time dangerous to traders of all levels. Moderate leverage is good according to your account balance.

So remember that over-leveraging your account will destroy your trading and cause massive losses in the end.

If this is a concern, our advice is to choose a broker that is regulated in tough markets like the US, UK and Canada because these will offer a maximum of up to 1:100.

Customer complaints against MultiBankFX

While even the best companies will be criticized in one way or another, some complaints should be looked at carefully in order for us to make informed decisions.

In the case of this broker, there are complaints related to trading platform and server freezing during peak hours.

I don’t know how true this is but if the complain is indeed real, then this broker is doing a great disservice to its clients.

I would never recommend a broker whose servers are prone to freezing during peak trading hours because this can lead to losses especially if you are a scalper.

Other complaints include non responsive customer support (we already mentioned this) and posting of misleading information on their website.

While these are allegations, we don’t rule out the possibility that they can be true given that MultiBank FX is heavily advertising their services as if they are desperately chasing their customers.

In the process of running ad campaigns and making their website aesthetically beautiful, they can also include information that is misleading because their aim is to convince customers.

The Conclusion

MultiBankFX is a regulated offshore broker and a better broker than scams like R24 Capital Group, FT Markets, Platinum Hitech and others.

However, we still don’t recommend MultiBank FX because of the several complaints that have gone unaddressed.

It would be impossible to make consistent profits with a freezing server. Also, it is quite unfortunate that the broker won’t let you enjoy ECN trading conditions if you can’t invest $1,000.

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