MultiBank United Arab Emirates Review 2024 - TU expert opinion
Is the Forex market legit in United Arab Emirates?
The United Arab Emirates is one of the largest financial centers in the Middle East, with top brokerage companies operating in the market. Forex market is regulated by the Central Bank and the Securities and Commodities Authority. Obtaining the SCA license is becoming a mandatory condition for conducting business in the financial sphere.
Traders have access to earning money on the difference of currency prices, trading derivative instruments and commodity contracts (CFDs). Leverage trading is allowed in the jurisdiction. Also, all official brokers in the United Arab Emirates offer an Islamic account.
How to Trade Forex in the UAE
How to start trading in the Forex market in the UAE? Cash transactions inside the country are performed in dirhams, the national currency, but when you fund a brokerage account, a conversion into USD is performed. In order to start trading in the Forex market in the UAE, you need to choose a reliable brokerage company and register on the website. Once you’ve completed the registration, you will need to verify your account by uploading scanned copies of your identification documents. The next steps are funding your account, choosing an instrument and starting to trade.
Our Evaluation of MultiBank
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
MultiBank is a reliable broker with the TU Overall Score of 7.37 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by MultiBank clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews showed that the broker’s clients are mostly satisfied with the company.
The MultiBank Group is a broker for active trading and passive investing, the conditions of which are primarily suitable for professional traders.
Detailed Review of MultiBank in United Arab Emirates
MultiBank is a good choice for traders from United Arab Emirates. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
MultiBank Group is a multi-regulated ECN broker that provides over 20,000 CFD products in Forex, Metals, Indices, Stocks, Commodities and Cryptocurrencies. Clients can place their trades on the MT4 and MT5 platforms, which are available for desktop, web, and mobile services. They also offer social trading platforms, MAM and PAMM accounts, and free VPS.
The following are some facts and figures about MultiBank Group that might be of interest to traders:
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Established in 2005
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Regulated by 11 financial regulators across the globe
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More than 320,000 clients worldwide
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They have won over 40 awards from distinguished financial institutions
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Unbeatable Introducing Broker Program
Advantages of MultiBank for trading in United Arab Emirates
Traders Union analysts conducted a detailed analysis of MultiBank for traders from United Arab Emirates. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
the Company has 11 international licenses;
has average market spreads for popular currency pairs;
access for trading using the most popular trading platforms - MT4 and MT5;
negative balance protection;
the existence of several types of affiliate programs;
website and support in 9 languages.
On all platforms, the broker prohibits the use of scalping and high-frequency strategies, in which the opening/closing of trades occurs within 10 seconds.
Analysis of the Main Features of MultiBank in United Arab Emirates
Traders Union analysts analyzed the key features of MultiBank for traders from United Arab Emirates. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for MultiBank traders from United Arab Emirates
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of MultiBank trading conditions for traders from United Arab Emirates. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
MT4, MT5, WebTrader, Mobile app
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📊 Accounts: |
Pro, ECN, Standard, Demo
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💰 Account currency: |
USD, GBP, EUR, CHF, AUD, AED, NZD, CAD
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💵 Replenishment / Withdrawal: |
Bank transfer, Debit/Credit card, Electronic wallet, Cryptocurrency
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🚀 Minimum deposit: |
$50
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⚖️ Leverage: |
Up to 1:500
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💼 PAMM-accounts: |
Yes
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📈️ Min Order: |
0.01
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💱 Spread: |
from 0.0 pips
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🔧 Instruments: |
Forex, Metals, Shares, Indices, Commodities, Cryptocurrencies
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💹 Margin Call / Stop Out: |
50%
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🏛 Liquidity provider: |
Yes
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market Execution
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⭐ Trading features: |
Allows crypto CFD trading; Social Trading; Trading Bonuses; Trust management; Accrual of % on the balance.
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🎁 Contests and bonuses: |
20% bonus
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MultiBank Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by MultiBank for traders from United Arab Emirates. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
The commission charged for 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 EURUSD and EURCHF pairs. Fees for other popular pairs such as GBPUSD or AUDUSD are closer to the market average but still competitive.
FAQs
Is MultiBank legal in United Arab Emirates?
Yes. MultiBank operates legally in United Arab Emirates. The broker holds the necessary licenses.
Can you learn trading with MultiBank? Does the broker offer courses for traders from United Arab Emirates?
Yes, MultiBank offers good trading courses and a lot of educational information for clients from United Arab Emirates.
Can MultiBank be trusted? Has the broker been operating in United Arab Emirates long?
MultiBank has been operating in United Arab Emirates quite long and has a good reputation. Therefore, traders can work with MultiBank.
Is MultiBank suitable for novice traders from United Arab Emirates?
Yes. MultiBank offers optimal trading conditions and good education for beginners from United Arab Emirates.
How efficient is MultiBank customer support in United Arab Emirates?
MultiBank offers a sufficient number of ways to contact customer support in United Arab Emirates, and also provides support in the state language.
Has MultiBank had any incidents involving theft of funds of clients from United Arab Emirates?
No. MultiBank provides reliable security of funds of clients from United Arab Emirates.
Will I be able to file a lawsuit in United Arab Emirates if MultiBank violates my rights?
Yes. If MultiBank violates your rights, you can file a complaint with the regulator of United Arab Emirates, and then with a court.
Can MultiBank clients from United Arab Emirates use the broker’s mobile app?
Yes. The mobile app of MultiBank is available for the clients from United Arab Emirates.
Does MultiBank provide United Arab Emirates market analysis?
Analysis of United Arab Emirates is featured in the information provided by MultiBank.
How can I withdraw funds from my account at MultiBank in United Arab Emirates?
MultiBank supports bank transfers and debit/credit cards of the banks operating in United Arab Emirates.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.