In this Pocket Option review 2024, we delve into the prominent global provider of online financial derivatives. Originating in California, USA in 2005 and currently headquartered in Hong Kong, MultiBank Group has expanded its presence to 25 countries across Asia, Europe, Africa, Australia, and North America. Boasting over 280,000 clients from around 90 countries, MultiBank has positioned itself as one of the world’s largest derivatives providers. Tailoring its services to experienced traders, the broker places emphasis on low fees, an extensive range of trading instruments, and streamlined deposit and withdrawal processes.
Within the MultiBank review, notable features include the Multi-Account-Manager (MAM) account designed for professional traders, integration of Fix API with MT4 for high-speed connectivity, and access to raw spreads starting from 0.0 pips through its proprietary Electronic Trading Network (ECN). While educational materials are not a focal point, MultiBank Group caters to the needs of sophisticated traders. Broker operates ‘MEX exchange,’ facilitating Forex and financial derivatives trading for institutions and clients.
Pros and Cons
Pros include regulatory compliance in nine jurisdictions, social trading with managed accounts, free VPS, competitive ECN trading, and swift executions. However, US clients are restricted, and dormant accounts face a $60 inactivity fee.
MultiBank Group offers various account types to cater to the diverse needs of traders. Standard Account traders use MT4 and MT5, with a $50 minimum deposit. With spreads starting from 1.5 pips and leverage of up to 500:1, this account caters to traders seeking a standard trading experience. It offers social trading, 24/7 technical and account support, and multilingual customer service.
For those seeking a more advanced option, MultiBank Group provides the PRO Account. With a minimum initial deposit of $1,000, this account offers tighter spreads starting from 0.8 pips while maintaining leverage of up to 500:1. It features social trading, ongoing technical and account support, and multilingual customer service, similar to the Standard Account.
Minimum initial deposit requirements of $10,000 qualify the ECN Account for traders with a greater tolerance for risk.This account type boasts raw spreads starting from 0.0 pips and leverage of up to 500:1. It offers direct market access, social trading, 24/7 technical and account support, and multilingual customer service.
MultiBank Group also offers an Islamic Account, aligning with Islamic principles by avoiding rollover or swap interest on overnight positions.
Fees and Commission
MultiBank Group offers Standard, Pro, and ECN accounts with varying fees. The Standard account, with a $50 minimum deposit, has higher spreads. The Pro account, requiring a $1,000 deposit, offers reduced spreads. The ECN account demands a $5,000 deposit with a small round-trip commission of $3 per trade.
Withdrawals and Deposits
MultiBank Group supports withdrawals and deposits in eight base currencies, offering flexibility. Deposits are free and can be made through wire transfers, debit/credit cards, and various electronic wallets. Withdrawals are facilitated through a straightforward process, but third-party commissions may apply, and an inactivity fee of $60 is enforced after 90 days of inactivity.
Regulation and Licensing
MultiBank Group operates under the regulation and licensing of seven financial watchdogs globally, providing various levels of protection. Client accounts are safeguarded with negative balance protection, segregated funds, and compensation schemes. Offshore clients enjoy additional protection with account insurance covering up to $1 million.
Safety and Security
MultiBank Group ensures client asset safety through measures like full segregation of accounts, negative balance protection, and advanced SSL encryption. Two-factor authentication adds an extra layer of security, reinforcing the commitment to a safe trading environment.
The broker offers a comprehensive education program through videos and ebooks, covering trading basics, market analysis, strategies, and platform tutorials. Special attention is given to MetaTrader, with dedicated courses for both desktop and mobile versions.
To open an account with MultiBank Group, visit the official website, click ‘Open Live Account,’ fill out the registration form, choose the account type, meet the minimum deposit, verify your identity, and, upon successful verification, receive account credentials to start trading.
MultiBank Group provides diverse trading features to cater to different trader preferences.