Offers and New Customer Experience - Global demo trading competition
Signing up for a MultiBank Australia account is straightforward. You fill out your name, email address, and country of origin. You then put your phone number details to send an SMS code to you to confirm your number. You also need to upload personal ID documents like a passport or proof of address to confirm you are who you say you are.
MultiBank also has a competition for new users with the chance to win a cash prize. You first register an account and then download the MetaTrader 4 (MT4) platform. You will use the demo account and be given 100,000 AUD in a virtual balance to trade with. There are monthly prizes to be won if you trade and get the highest equity before the competition ends. There are three cash prize winnings for first, second, and third place of 10,000 AUD, 3000 AUD, and 2000 AUD. There is also a grand prize of a brand new Mercedes S class.
Usability - Simple to use platform
If you choose to open an account with MultiBank Australia, rest assured the platform is relatively easy to understand and use. MultiBank has MetaTrader 4 (MT4) and MetaTrader 5 (MT5) available on the website and to download on mobile apps. It is simple to follow, so it is ideal for traders at different skill levels.
Our MultiBank review revealed that the broker wants to be accessible to users who are just starting to understand the financial markets and users who are more experienced. The platform is multilingual, so it is perfect for traders from different global locations. In addition, the platform has excellent customizability for its users if they want to change the sizes and positions of charts and indicators on the screen.
| Company |
MultiBank Group |
| Headquarter |
Business Bay, Prime Tower, Dubai, UAE, Office 1803/1808 |
| Year of Founding |
2005 |
| CEO |
Naser Taher |
| Website |
multibankfx.com |
| Available Languages |
English, French, Spanish, Russian |
| Customer Support |
Live Chat, Email Support |
| Email |
cs@multibankfx.com |
| Phone |
+1 213 992 4748 |
| Licence |
155 084 058 |
 |
| Verified by |
- |
| Payment Methods |
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Accounts - Suited to traders of all skill levels
In this MultiBank review, we found several account types that you can choose from when you decide to open an account with them. There are three main account types to choose from, the ECN account, the pro account, and the standard.
ECN account
This account is aimed at traders who are committed to investing at least 5000 AUD. ECN or electronic communication network is a computerised system that matches buyers to sellers trading in the financial markets like the forex market or cryptocurrencies. ECNs give brokers and traders the privacy to trade without a third party involved, trading outside traditional online exchanges. With MultiBank Australia, you’re promised the tightest spreads with this account, in addition to 24/7 technical and account support and multilingual customer service support for its customers worldwide.
Pro account
The pro account is a step down from the ECN as it requires a minimum deposit of 1000 AUD. It works better for those traders who don’t want to commit to high investments and still provides the ECN experience. The spreads are not as tight as the ECN account, but it too offers 24/7 support and a multilingual customer service team.
Standard account
The standard account is for you if you’re new to trading or are being introduced to the financial markets. The minimum deposit is 50 AUD, so you needn’t worry about committing to a high investment straight away. Like the ECN and Pro accounts, 24/7 customer service support can help you with any trading or account queries in several languages.
Demo account
MultiBank Australia also offers a demo account for individuals to try before using their actual funds. Like the standard account, the demo is suited but not limited to new and beginner traders. It provides a risk-free space to play around with virtual funds and find which financial market you want to focus on. You’re able to work on your trading strategies online through the web browser or mobile devices in their free-to-download app.
We researched in this MultiBank review that they offer the award-winning MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. In addition, MultiBank also offers a social trading service on their website, where you can share your trading success with the public and gain subscribers to copy and learn from you at the same time.
MetaTrader 4 (MT4)
MT4 is a classic electronic trading system that is used to execute trades wherever you are. It has a simple-to-use interface and layout that is suitable for beginners and more skilled traders. It increases the MultiBank rating as it’s a reliable platform that is well-known to many brokers. In addition, you can trade several financial markets, including forex, shares, and cryptocurrencies. MultiBank doesn’t have its own self-developed platform, so MT4 is the trusted go-to. It’s available on both the website and the mobile apps on Android and Apple devices.
MT4 is easy to use, and because it has been in high demand for several years, there is also the updated MT5 version available to MultiBank users. Some could argue that the MT4 platform is outdated as it doesn’t give price alerts or a safe two-step authentication login, but it is still more popular than MT5.
MetaTrader 5 (MT5)
Like MT4, MT5 is a reliable trading platform offered by MultiBank. Users have a wide variety of assets to trade in their different financial markets. It offers more advanced features to the classic MT4 like more custom indicators and charts and improved trading functionalities and advice from trading experts in whatever market you choose to focus on.
Trading Payments - Several ways to deposit funds
In this MultiBank review Australia, we looked at the fees expected for users who join the broker. We found that the fees overall are average compared to other popular brokers. Some of MultiBank’s fees include:
As we did in our
Think Markets review, we took a look into the payment options available at this award-winning broker. Given its reputation, our expectations were high. There are several ways for customers to deposit money into a MultiBank Australia account.
Multibank Australia doesn’t charge deposit or withdrawal fees and gives you the option of bank transfer, debit and credit cards, or electronic wallets. Depending on what account you choose to open will determine the minimum deposit amount. The standard account requires a minimum of 50 AUD. The pro account requires a minimum of 1000 AUD and the ECN account 5000 AUD.
Fees – Higher fees for higher deposits
Bank transfer
Bank transfer deposits and withdrawals is a popular option because it is secure. However, the process can take a few days, which isn’t ideal for individuals who want to start trading on the same day as their deposit. Similarly, withdrawals can take about one business day for the money to be transferred, which isn’t a long time, but it is compared to credit and debit card options.
Credit/debit cards
Another popular payment option is using credit or debit cards. When depositing or withdrawing funds, the process is almost immediate. You may be subject to fees by your bank or building society, so we advise checking with them before depositing on MultiBank Australia. The broker accepts Mastercard and Visa deposits.
Electronic wallets
We found several accepted electronic wallets in our MultiBank review, including Skrill, Neteller, PerfectMoney, PayTrust, and Help2pay, available in various countries. MultiBank makes sure to cater to users globally no matter what method of payment they decide to use.
Trading fees
Trading fees are what customers have to pay when trading on MultiBank Australia. It can include an overnight fee if you decide to hold a leveraged position for longer than a day. Depending on the account type you’ve chosen, you may also have to pay the spread. The spread is the difference between an asset’s buy price and sell price.
The more advanced account types have tighter spreads which encourage a lot of users to choose those accounts. The low spreads are quite common compared to other online brokers. However, they claim not to charge commission fees, which you should consider if you choose to invest more of your funds.
Non- trading fees
Non-trading fees come in the form of transactional fees, but thankfully, MultiBank doesn’t charge withdrawal fees. However, they charge an inactivity fee of approximately 60 AUD if their users aren’t using the account for three consecutive months.
Customer Service - 24/7 support available
In this MultiBank review Australia, we noticed incredible customer service, including a live chat option available worldwide 24/7. They also include phone support, email, and WhatsApp messenger.
Live Chat
If you decide to use the live chat feature, you’ll be pleased to know their response time is almost immediate. Depending on the question asked, you will receive a reply in seconds. The team is eager to help, and it’s evident in their support.
Phone Support
MultiBank also offers phone support where you can directly speak to an adviser. They pride themselves in having a multitude of languages that cater to users globally. Their team is excellent in helping answer your questions promptly, where someone can speak to you within minutes depending on your local phone number.
WhatsApp Messenger
WhatsApp is also a support option if you prefer to use that app. The answers will be pretty quick, which we noticed is the theme for all customer support channels. If you’re concerned about a MultiBank scam, their customer service team will reassure you of their reliability and knowledge as trusted online brokers.
Email Support
The answers you receive via email will be valuable and relevant. If you’re not looking for a response straight away, then this is ideal for you as their team will reply to you within a day of sending the email. Unfortunately, the time zones are not transparently displayed on the platform, but the response times are fast.
Regulation and Deposit Insurance - Regulated to ensure the security of funds
Is MultiBank safe? MultiBank claims to be the most regulated broker worldwide. It is made up of several heavily regulated companies across five continents by eleven financial regulators.
These include MEX Australia Pty Ltd (MEX Exchange), regulated by the Australian Securities & Investments Commission (ASIC). The MEX Asset Management GmbH is authorised and regulated by the German Federal Financial Supervisory Authority (BaFin). The Austrian branch of the German company, the MEX Asset Management GmbH (Austria).
MEX Spain is the Spanish branch that is regulated by the National Securities Market Commission (CNMV). MEX Australia Pty Ltd-DIFC is regulated and authorised by the Dubai Financial Services Authority (DFSA). Finally, the MultiBank FX International Corporation is regulated and authorised by the Financial Services Commission of the British Virgin Islands (FSC).
In this MultiBank review, we couldn’t find any transparency concerning deposit insurance for its users. However, the more money you choose to invest into MultiBank, the more likely your funds will be subject to a fee.
Additional Features - An award-winning online broker
If you’ve already taken a look at our
TradeNation review, you’ll know that we like to check out the additional features provided by online brokers. After all, you’ll want plenty of useful trading tools at your disposal. In addition, we discovered in this MutiBank review Australia how the company has been operating since 2005. MultiBank’s mission statement was to leave a mark on the world of trading as they have pioneered and shaped the exchange industry and continue developing valuable services, products, and trading platforms for users of any skill level.
MultiBank Australia promises real-time trading for its users. They have trading tools and resources to accompany customers when they’re ready to execute trades. They offer zero-commission trading, which is ideal when comparing other popular online brokers in the market with competitive spreads and low rates, like
AxiTrader Australia
or
Eightcap Australia.
