- MetaTrader 4,
- MetaTrader 5,
- WebTrader
- SCA(UAE)
- CIMA(Cayman Island)
- MAS(Singapore)
- ASIC(Australia)
- $25
- 4.1/5
Summary of Multibank Trading Company
Established in 2005, Multibank is a prominent forex and CFD broker with its headquarters located in Dubai, the United Arab Emirates. The broker is meticulously regulated by the SCA (UAE), CIMA (Cayman Island), MAS (Singapore) and ASIC (Australia) and has earned its reputation among forex traders in the UAE for its competitive spreads, commissions, and a diverse array of trading products, all accessible through user-friendly trading platforms.
Regulation and Security
Multibank’s compliance with the stringent regulations set by the SCA (UAE), CIMA (Cayman Island), MAS (Singapore) and ASIC (Australia) underscores its commitment to safety and client protection. A host of security measures is in place to safeguard client funds and data, including:
-
01
Segregated client accounts
Multibank ensures that client funds remain separate from its operational funds, offering security even in the unlikely event of the broker’s insolvency.
-
02
Negative balance protection
Multibank extends negative balance protection to clients, ensuring they do not lose more than what they have deposited.
-
03
Data security
Robust security protocols, such as encryption and firewalls, are in place to protect clients’ sensitive information.
Trading Platforms
Multibank presents traders with the option of using the renowned MetaTrader 4 and MetaTrader 5 trading platforms. These platforms are highly popular worldwide for their user-friendliness and extensive features, catering to both novice and experienced traders.
Additionally, Multibank provides a web-based trading platform, eliminating the need for software downloads.
Advantages
- An extensive variety of trading products.
- Competitive pricing with attractive spreads and commissions.
- Stringent regulation by multiple financial authorities.
- Access to both MetaTrader 4 and MetaTrader 5 trading platforms.
- Provision of educational resources for novice traders.
- Round-the-clock customer support.
- Acceptance of multiple currencies.
Disadvantages
- A limited selection of account types.
- The absence of copy trading or social trading features.
- Lesser recognition compared to certain other forex brokers.
- Occasional delays in customer support.
- A restricted choice of funding methods.
- The unavailability of Islamic trading accounts.
Deposits & Withdrawals:
Multibank simplifies financial transactions by offering multiple deposit and withdrawal methods, including bank wire transfers, credit/debit cards, and e-wallets. The minimum deposit requirement is $25, and the broker excels in processing withdrawals, typically within 24 hours.
Instrument Selection
The broker presents a wide range of trading instruments, including:
- Forex: Multibank boasts an extensive selection of over 60 currency pairs for trading.
- CFDs: Clients can also access CFDs on stocks, indices, commodities, and cryptocurrencies.
Account Types
Multibank thoughtfully offers a variety of account types to accommodate diverse trader needs. These include:
- Standard account: Commission-free trading with a spread mark-up of 1.0 pip.
- ECN account: Commission-free trading with a spread mark-up of 0.9 pips.
- Pro account: Commission-free trading with a spread mark-up of 0.8 pips.
Leverage and Margin
Multibank offers leverages of up to 1:500 for retail traders in the UAE. Leverage enables traders to control larger positions with a relatively smaller capital investment, though it’s important to acknowledge that it can magnify potential losses. The margin requirement for forex trading stands at 2%, meaning traders must maintain at least $2 for every $100 position they control.
Educational Resources
As part of its commitment to client success, Multibank provides a range of educational resources, including trading webinars, seminars, articles, videos, e-books, and trading guides.
Customer Support
Clients can rely on Multibank’s 24/5 customer support, available in multiple languages. Support is accessible through live chat, email, and phone channels.
Fees and Spreads
Multibank offers competitive spreads and commissions:
- Standard account spreads start at 1.0 pip.
- ECN account spreads start at 0.9 pip.
- Pro account spreads start at 0.8 pip.
The Standard account incurs a commission of $0.05 per round trip.
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Conclusion
Multibank emerges as an appealing choice for forex traders in the UAE, thanks to its strong regulatory standing, competitive spreads, commissions, and the extensive range of trading products and services it offers.