MultiBank Fees and Minimum Deposit - TU Expert review
Assessing the size of the fees is the second most important factor for choosing a broker after reliability. The lower the fees, the more diverse their structure, the more beneficial it is to trade with the broker. Minimum deposit is another important factor that may tip the scale in favor of a certain broker. This is particularly important for novice traders, who cannot afford to invest a lot at the beginning. Traders Union analysts have prepared an analysis of MultiBank fees and also assessed the size of its minimum deposit.
Short introduction of MultiBank
Established in 2005, MultiBank Group has successfully stamped its authority in the world of trading. It has a valid impact in the foreign exchange industry with providing exemplary products, services, and trading platforms. With a paid-up capital of over $322 million, MultiBank Group is recognized as one of the largest only financial derivatives providers worldwide.
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The Group is closely supervised by 11 financial regulators worldwide across various jurisdictions, what ensures investor protection. Entities regulated by SCA (20200000045), MAS (CMS101174), CySEC (430/23), ASIC (416279), AUSTRAC (100724469), BaFin (HRB 73406), FMA (491129z), FSC (SIBA/L/14/1068), CIMA (1811316), TFG, VFSC (700443).
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20,000+ CFD Products across six asset classes including Forex, Metals, Commodities, Indices and Cryptocurrencies
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Lowest spreads, starting from 0.0* pips on Forex, and $0.07 on Gold.
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Multi-lingual Expert Customer support 24/7
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Guaranteed funds withdrawals within 24 hours
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Zero commission trading and negative balance protection
| 💰 Account currency: | USD, GBP, EUR, CHF, AUD, AED, NZD, CAD |
| 🚀 Minimum deposit: | $50 |
| ⚖️ Leverage: | Up to 1:500 |
| 💱 Spread: | from 0.0 pips |
| 🔧 Instruments: | Forex, Metals, Shares, Indices, Commodities, Cryptocurrencies |
| 💹 Margin Call / Stop Out: | 50% |
MultiBank Pros and Cons
👍 Advantages of trading with MultiBank:
•the ability to trade from professional ECN accounts with floating spreads from 0.1 pips;
•popular trading platforms MT4 and MT5, mobile applications and web terminals compatible with various OS and browsers;
•several options for passive earnings including a service for copying trades, PAMM accounts, free MAM, EA, VPS, API and an affiliate program.
•ECN start from 0 pips.
👎 Disadvantages of MultiBank:
•lack of micro (cent) accounts;
•trading restrictions on scalping;
Key types of fees on Forex
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Forex market:
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Spread – the difference between the buy and the sell price of an asset.
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Commission per lot.
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Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Why is it important to assess minimum deposit?
It is important for beginners and traders with limited financial capabilities to assess the minimum deposit of the broker. Different brokers offer different levels. Some companies focus on working with professional traders and their entry threshold is usually in the thousands or tens thousands of US dollars. Brokers that work with beginners offer low minimum deposit. It could be $500 or $100, or even $1.
In addition minimum deposit may differ depending on the account type. This is also an important factor to analyze. If a broker offers a low entry threshold, traders can get better conditions and still not spend too much money on funding their account.
MultiBank Minimum deposit
How to Start Making Profits — Guide for Traders
MultiBank Group offers 3 live account types and Demo account.
Clients can open a maximum of 5 accounts under the same account holder’s name.
Brokers similar to MultiBank
When analyzing MultiBank, it is important to compare it with other similar companies. Before you choose a broker, it is important to compare its trading conditions with competitors. Traders Union analysts have prepared a comparison of the minimum deposit and other trading conditions of MultiBank and other brokers.
Comparison of MultiBank with other Brokers
| MultiBank | RoboForex | Pocket Option | Exness | Deriv | InstaForex | |
|---|---|---|---|---|---|---|
|
Trading platform |
ECN Pro, MultiBank Pro (MT4), Maximus |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
Deriv bot, Deriv MT5, Derivix, Deriv Trader, SmartTrader |
MT4, MultiTerminal, Mobile Trading, MT5, WebTrader |
|
Min deposit |
$50 |
$10 |
$5 |
$10 |
$1 |
$1 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
|
Trust management |
Yes |
No |
No |
No |
No |
Yes |
|
Accrual of % on the balance |
No |
No |
No |
No |
1.00%% |
No |
|
Spread |
From 0 points |
From 0 points |
From 1.2 point |
From 1 point |
From 0 points |
From 0 points |
|
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
|
Execution of orders |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Instant Execution |
|
No deposit bonus |
$1 |
No |
No |
No |
No |
No |
|
Cent accounts |
No |
Yes |
No |
No |
No |
Yes |
Expert Opinion
When comparing FTMO to similar prop firms, its conditions seem generally competitive and a balanced offering. With reasonable fees, enough leverage for many styles and an achievable cost starting from €155, it presents a solid choice for prop traders to evaluate further. There are also no added commissions on top of the spread which keeps trading costs low.
Some traders may find the testing requirements to be on the strict side, but this ensures people have proven themselves capable of managing risk before gaining access to larger funded accounts.
Overall, for those interested in prop trading and wanting the guidance of a funded program, FTMO offers a decent option to consider. Just be prepared to treat the challenge period like the job interview that it is.
Conclusion
Analysis of MultiBank shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
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FAQs
What fees may be charged on ECN accounts?
As a rule, the fees are minimal on ECN accounts, with the spread rarely above 0.1 pips. Commission per lot may be charged.
Can the fees differ depending on the asset?
Yes. This is why many brokers specify the fees for each asset individually.
What spread can be considered low?
Ideally, the spread should be at 0.1 pips for EURUSD. However, if the spread is lower than 1 pip, it can also be considered a low level.
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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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!