Multibank is an international CFD and forex broker, regulated by several financial authorities such as the top-tier ASIC of Australia.
Why choose MultiBank
Multibanks account opening is smooth and fast. From bank transfers to electronic wallets, you have many options for deposit and withdrawal, and they are all free of charge. Customer service gives quick and useful answers.
On the negative side, there is an inactivity fee, and MultiBank’s product portfolio is quite thin, as it covers only forex, CFD and cryptocurrencies. Research and educational tools are also very basic.
BrokerChooser gave MultiBank a 4.2/5 rating based on analyzing 600+ criteria and testing via opening a live account.
Fees
Multibank has low trading and forex fees, and doesn’t charge any withdrawal fees. On the other hand, inactivity fee kicks in after 13 months.
Low FX fees
MultiBank charges a forex commmission: $3.00 commission per lot per trade. Spread costs come on top of this, e.g. the EUR/USD spread is 0.6.The commission charged for ECN Pro account users is $3 per lot per trade in the case of forex trades.
Multibank beats its nearest competitors when it comes to trading costs for AUDUSD and USDCAD pairs. Fees for other popular pairs such as GBPUSD or EURUSD are closer to the market average but still competitive.
Low index CFD fees
All index CFD fees are built into the spread. For example, the spread for S&P 500 index CFDs is 0.3.
Low stock CFD fees
All stock CFD fees are built into the spread. The spread for Apple stock CFDs, for example, is 0.1.
High inactivity fee, no withdrawal fee
MultiBank does not charge account maintenance and withdrawal fees. However, a $60 quarterly fee is charged after 3 consecutive months of inactivity, which is considered quite high.
Safety
Multibank is a legit brokerage. It is a global broker regulated by several financial authorities, including the top-tier ASIC and BaFin.
Deposit and withdrawal
Deposit and withdrawal at Multibank are great. You can use many deposit and withdrawal types and withdrawal is free.
