After several ventures in many of the financial companies, we will describe the merits and demerits of the MultiBank Group Corporation. They have been operating since 2005 after it had been established in California, the United States of America. This particular broker is recognized by many of the firms around the world and is regulated by Australian AISC, Spanish CNMV, German BaFin, Cayman Islands CIMA, and Austrian FMA. This company is most well-known for providing opportunities to traders who have very little work experience. In 2019, the company was awarded the “Best Forex and CFD Broker in Europe and Asia” according to Jordan Forex Expo & Awards.
Issues With MultiBank Group
The problem had been raised against the company when it was found that it was not as reliable as it claimed to be. It was indicated that the website of the broker did not guarantee the opinion of the traders and their interests. It was also mentioned in the official website that the local financial institutions are responsible for running this brokerage. However, when the traders agreed to go on a trade with the MultiBank group, it was found that they were directed to a company in the Virgin Islands of Britain. None of the licenses has anything to do with the regulatory bodies which have been mentioned above. The subsidiary to which the company was linked had no proof of license either. Thus, the company which was trusted by so many people came to an end for all the traders associated with it!
Some Advantages Of Being With MultiBank
Some marked advantages can be mentioned when one used to work with MultiBank. These are stated as follows in the MultiBank Review, 2021.
- One could easily form professional links of the trade from the ECN accounts at a fleeting speed for better advantages
- It was also seen that some of the most popular platforms of trading had a similar interface as MultiBank. The terminals and browsers of each of these were quite similar as well
- It was also learned that the scope of passive earning was quite high with this platform. There are certain affiliate programs that could be used by the traders to invest easily in any kind of profit margin.
Negative Sides Of The MultiBank Group
Along with the advantages which are mentioned, there is a wide scope of disadvantages as well. Let us go through the negative aspects of MultiBank.
- Trading restrictions were placed in terms of scalping and there is no concept of any kind of micro-accounts
- There were only 48 hours of withdrawal presented on this particular platform. The deposits were to be made within 1000 USD or more
- There was a severe lack of specifications in terms of trading assets of every trader
- The real trading terms were almost absent from Multibank as was observed in most of the cases mentioned above.
According to MultiBank fx group reviews, it is one of the brokers who are no longer trusted for active or passive trading measures. The significant drawbacks have already been mentioned and it seems that most of the traders have lost their confidence in the field.