MultiBank Group is not so Reliable Forex Broker!

MultiBank Group is a broker that provides access to various currencies, CFDs, commodities, stocks, and cryptocurrencies through a variety of proprietary systems that connect to the MT4 platform. The business is now active in 15 jurisdictions, assisting in delivering FX brokerage services to the local market. Originally based in the United States, MultiBank Group currently operates out of Hong Kong. Due to its developments in the US FX brokerage sector, the business expanded its operations to various countries and regions. It is now expanded throughout Australia, the British Virgin Islands, Europe, and the MENA area.

Prominent features of MultiBank Group:

MultiBank Group is a popular trading platform where Standard, Pro, and ECN accounts are available and Islamic trading accounts. Clients can trade through MetaTrader 4 and MetaTrader 5 on more than 20,000 markets, including Forex, Shares, Indices, Commodities, Cryptocurrencies, and more.

 

Their clients may access Social Trading, Expert Advisors, Virtual Private Servers (VPS), FIX API, MAM & PAMM Accounts. Leverage starts at 0 pips and goes up to 500:1. Customer service is available 24/7 through live chat, email, and phone, while payment options include debit/credit card, bank transfer, and e-wallets like Skrill, Neteller, and Perfect Money.

 

2021 was a considerable milestone for the MultiBank Group as it is recognized as The Most trusted Global Broker by “The Global Business Review Magazine.” Is everything, however, exactly as it seems to be in front of us? What do the experts have to say about it?

What do experts say about it?

Reviews from brokers and experts help us understand the offers, terms, and conditions of Multibank Group. Certified positive reviews not only build trust but establish the reputation of the organization. Here we will discuss reviews from two well-known reputable financial and economic analysts to get a clear idea about MultiBank Forex Broker Group.

Positives of MultiBank Forex Group:

According to experts, the process of establishing a MultiBank account is simple and quick. Deposit and withdrawal options range from bank transfers to electronic wallets, and they’re all free. The customer service department responds quickly and efficiently.

 

MultiBank has grown to become one of the biggest online suppliers of financial derivatives since its start. It serves a global client base of over 320,000 clients in 90 countries, and its daily trading volume is more than US$ 6.2 billion. It provides sophisticated trading platforms and competitive pricing in online financial products by combining excellent liquidity and cutting-edge technology.

What are the negatives?

On the negative side, when experts discuss its cons, first it is about the technicalities. Several traders contend that adding custom indicators or Expert Advisors written in standard MQL code is not always possible, making it difficult to enhance this platform. Another key point that makes things more suspicious is that there’s no way to know a manager’s past performance without knowing their background.

 

There are also many concerns about the social trading platform. A few results seem to be “drawn” due to the lack of complete transaction data, strategies, or traders’ contacts to get an investor password. Stock CFD fees and inactivity fees, on the other hand, are exorbitant. MultiBank’s product line offers only Forex, CFDs, and cryptocurrencies. There are also very basic tools for research and education. The client cannot contact a trader to request MyFxBook access, an investor password, or explain the trade’s risk level.

 

The client feels blind when they find no precise trading terms related to all trading commodities and fund withdrawal contracts. With a $50 minimum deposit, the broker provides above-average spreads. The client gets a competitive spread on an ECN for depositing $1,000 in their account. The MultiBank Group’s grading system for managing traders is also not transparent and contentious. Clients find no opportunity to examine the trader’s approach on the site with nothing to show about the transaction history or description of any activity. The broker withholds information on the trader and his accounts. Also, accounts with no trading history beyond 200 days are included in the ranking.

 

Our forex expert has also highlighted an issue in their review about the suspicious PAMM and MAM accounts. These accounts are for traders, and the manager appears as an independent trader here. Profits from a successful transaction are shared with the account manager, and they can use and manage multiple accounts concurrently. Without trading on Forex, a PAMM account enables an investor to earn extra passive income. The broker oversees profit and loss distribution and rates successful managers for investors’ benefit.

Conclusion:

The review mentioned above draws a clear-cut picture of MultiBank Group. MultiBank’s minimal minimum deposits and tight spreads are appealing characteristics. Opening a live account is appealing because of the simplicity, excellent customer support, and decent navigation. A lack of training resources, hefty inactivity fees, and a small selection of instruments may scare away some would-be traders. The business has a fantastic all-around trading experience thanks to the use of top-tier MT4 and MT5 platforms. They claim to be the No 1 Forex and CFD brokers, but many of their clients face difficulties in withdrawing funds.

 

News Reporter