Traders have three MultiBank account types to choose from, which makes a notable difference in overall trading fees.

MultiBank Account Types Features
MultiBank Standard
MultiBank Pro
MultiBank ECN
Minimum Deposit
$50
$1,000
$10,000
Minimum Forex Spreads
1.5 pips
0.8 pips
0.0 pips
Commissions
Commission-free
Commission-free
Commission-free
Maximum Leverage
1:500
1:500
1:500
Minimum Trade Size
0.01 lots
0.01 lots
0.01 lots
Account Base Currencies
USD, GBP, EUR, CHF, AUD, NZD, CAD
USD, GBP, EUR, CHF, AUD, NZD, CAD
USD, GBP, EUR, CHF, AUD, NZD, CAD

How to Open a MultiBank Account - Step by Step

All MultiBank account types feature the same online application, which traders can complete in less than 15 seconds.

Below is a step-by-step guide on how to open MultiBank account types:

  1. On the MultiBank homepage, click “Start Trading.”
  2. MultiBank asks for your first and last name, e-mail address, and desired password. Fill out the details and click” Next.” A pop-up will ask clients to complete a puzzle to pass human verification.
  3. Account verification is mandatory per global regulations for AML/KYC requirements. Most traders satisfy the requests by uploading a copy of their government-issued ID and one proof of residency document. MultiBank may ask for additional documents on a case-by-case basis.

Restricted countries:

  • MultiBank does not provide services to US and Japanese residents or residents of OFAC Sanctioned countries
  • Japanese nationals residing outside Japan may open MultiBank account types

MultiBank Account Features

The MultiBank account types offer identical features except for trading fees, which are the most defining aspect of a competitive trading environment.

All MultiBank account types offer traders the following:

  • User-friendly account application
  • MT4/MT5 trading platforms
  • Proprietary MultiBank Plus trading platform
  • Commission-free trading fees
  • Unrestricted, customizable demo accounts
  • Swap-free Islamic accounts
  • Maximum Forex leverage of 1:500
  • Negative balance protection
  • USD, GBP, EUR, CHF, AUD, NZD, and CAD as account base currencies
  • Free VPS hosting
  • MAM/PAMM account options
  • Algorithmic and copy trading
  • FIX API connectivity for advanced algorithmic traders
  • No restrictions on trading strategies
  • In-house copy trading service
  • 20+ payment processors, including cryptocurrencies

The primary differences between the MultiBank account types are the minimum deposit requirements and applicable trading fees.

Here are how the MultiBank account types differ:

  • MultiBank Standard account - $50 minimum deposit, minimum average spreads of 1.5 pips or $15.00 per 1.0 standard round lot
  • MultiBank Pro account - $1,000 minimum deposit, minimum average spreads of 0.8 pips or $8.00 per 1.0 standard round lot
  • MultiBank ECN account - $10,000 minimum deposit, minimum average spreads of 0.1 pips or $1.00 per 1.0 standard round lot

MultiBank Account Pros & Cons

Traders should consider the pros and cons of the MultiBank account types before deciding which one suits their requirements.

The pros of the MultiBank account types are:

  • Trading platform choices
  • Seven account base currencies
  • 20+ payment processors, including cryptocurrency deposits
  • Competitive trading fees in the Pro and ECN MultiBank account types
  • Balanced asset selection
  • Algorithmic and copy trading support
  • Well-regulated and trustworthy

The cons of the MultiBank account types are:

  • Competitiveness depends on the operating subsidiary traders’ contract to
  • High minimum deposit requirement for the low-cost ECN account h2

MultiBank Account Types Bottom Line

Traders may choose from three MultiBank account types, where the Pro option is the choice, most traders will opt for due to the high minimum deposit requirement for the ECN alternative. A swap-free Islamic account is also available, and MultiBank offers unrestricted demo accounts.

With seven base currencies and 20+ payment processors, including localized methods for its core growth markets and cryptocurrencies, MultiBank ensures that most traders have hassle-free access to the three MultiBank account types.

In addition, we recommend that you read our in-depth MultiBank up-to-date broker review.

FAQs

How much does MultiBank charge for withdrawal?

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MultiBank does not charge an internal withdrawal fee, but traders may face third-party processing or currency conversion fees.

How do I withdraw money from MultiBank?

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Verified clients can withdraw money from the secure and user-friendly MultiBank back office, MyMultiBank.

Is MultiBank a legit broker?

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MultiBank is a legit broker with regulatory licenses in ten jurisdictions and offices in 25+ countries.

What is the minimum deposit for MultiBank Group?

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The MultiBank Group minimum deposit requirement is $50.

How does MultiBank work?

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MultiBank is a broker, acting as a custodian of client deposits and enabling access to markets, allowing traders to manage diverse portfolios.

DailyForex.com Team
By DailyForex.com Team
The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.