Abstract：Multibank Group, or MEX Global Financial Service LLC, is a global forex broker founded in 2005 that offers various market instruments. In today’s article, we will show you whether MultiBank Group is a scam or a reliable broker.
Please continue to read if you want to know whether MultiBank Group is a reliable forex broker.
In this article
WikiFX provides inquiry services in the forex field.
WikiFX evaluates the reliability of MultiBank Group based on the facts.
What is WikiFX?
| WikiFX is an authoritative global inquiry platform that provides basic information and regulatory license inquiries. |
| WikiFX can evaluate the safety and reliability of more than 59,000 global forex brokers. |
| WikiFX gives you a huge advantage while seeking the best forex brokers. For more information, such as the review and exposure of brokers, please visit our website (https://www.WikiFX.com/en) |
To explore whether MultiBank Group is a scammer, we evaluated this broker based on various aspects, such as regulatory status.
1. Evaluate the reliability of MultiBank Group based on its general information and regulatory status
To understand MultiBank Group better, we explore it by analyzing two main perspectives:
A. General Info of MultiBank Group
B. Regulatory Status
A. General Info of MultiBank Group
MultiBank Groups general info is shown below:
About MultiBank Group
MultiBank Group, which operates under the name MEX Global Financial Services LLC, is registered in the United Arab Emirates and offers a variety of market instruments to its traders, including forex, commodities, indices, metals, and cryptocurrencies. Traders can access more than 1,000 trading instruments across different markets, allowing them to diversify their portfolios and take advantage of different market conditions. MultiBank Group claims to have a strong presence in the Asia-Pacific region, with offices in China, the Philippines, and Malaysia, among others. The broker also emphasizes its commitment to providing clients with competitive pricing, advanced trading tools, and a high level of customer support.
Account Type & Minimum Deposit
This broker offers three different types of accounts. The Standard account, the Professional account, and the ECN account. The Standard account is designed for novice traders who want to start trading with an average deposit amount of $200. The Professional account is designed for more experienced traders who want access to more advanced trading tools and features, with a minimum deposit of $1,000. The minimum deposit requirement is higher than the other two accounts, starting from $5,000.
Leverage
MultiBank Group offers leverage up to 500:1 for forex trading.
Trading Platform
MultiBank Group offers its clients two of the most popular trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
Spreads and Commissions (Trading Fees)
One important aspect of trading that all traders must consider is the cost involved in executing trades, and obviously, MultiBank Group understands this.
The spreads on offer depend on the type of trading account. The spreads for its Standard account start from as low as 1.5 pips for major currency pairs, while the ECN account offers the tightest spreads. As for commissions, they are charged on a per-lot basis, with the amount varying depending on the instrument being traded and the type of account being used. However, the Standard account does not have commission-based pricing.
Deposits and Withdrawals
Overall, MultiBank Group offers limited options for both deposits and withdrawals, including bank wire transfers, credit/debit cards, and online payment methods such as Skrill, and Neteller.
Customer Support
MultiBank Group provides customer support to its clients through various channels, including phone, email, live chat, and social media. The customer support team is available 24/5 and can assist with any account-related queries, technical issues, or general inquiries.
B. Regulatory Status
What is a Legitimate License?
- The legitimate license is the business license issued by the financial regulatory institution of each country/region.
- Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under protection to some extent.
- Whether a forex brokerage firm holds a legitimate license or not is one of the important factors in evaluating the reliability of forex brokers.
- The regulation's content and the difficulty of obtaining a license vary by country and agency issuing the license.
The legitimate license of MultiBank Group
According to WikiFX, MultiBank Group operates under a strong regulatory frame.
2. The feedback from social media platforms
To figure out whether this broker is a scam or not, we did a survey about this broker on social media platforms.
- MultiBank Group has official accounts on X, Instagram, and Facebook
- There are many market analyses related to this broker on X. And most posters are positive toward it.
3. Recent Events
In October 2024, MultiBank Group launched MEX Digital with a VARA License in Dubai. MultiBank Group, a global financial institution based in Dubai, has officially launched its new subsidiary, MEX Digital FZE, in the United Arab Emirates. This development follows the companys acquisition of a license from the Virtual Assets Regulatory Authority (VARA) in Dubai, enabling MEX Digital to operate under the MultiBank.io brand.
4. Special survey about MultiBank Group from WikiFX
A. Scoring Criteria
WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.
MultiBank Group has been given by WikiFX a decent rating of 9.32/10.
B. Field Investigation
- To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.
- On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.
- WikiFX did make an on-site survey on MultiBank Groups address in Singapore.
5. Conclusion
All over, MultiBank Group is a sophisticated broker that offers excellent trading services to its global clients. It is regulated and welcomed by many traders. WikiFX has given this broker a considerably high score. It may be a good choice for you to start your trading journey. However, we still want to remind you of the potential risk in the forex trading. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.
