MultiBank Cyprus Review 2024 - TU expert opinion
Is the Forex market legit in Cyprus?
Cyprus is considered one of the most attractive platforms for investors. A large number of the country’s residents earn additional income from currency transactions in the Forex market. The Cyprus Securities and Exchange Commission (CySec) is the financial regulatory authority for financial organizations. CySEC has created an effective mechanism of regulation of Forex brokers’ operation; the license of the regulator is recognized on all continents.
Cyprus is a European Union jurisdiction, operating in compliance with the MIFID. Accordingly, brokers with licenses from other EU countries are considered legal in Cyprus.
How to Trade Forex in Cyprus
First, you need to choose a brokerage company to meet your requirements – pay attention to the minimum deposit, available leverage, choice of investment instruments, deposit and withdrawal fees. The next step is to register a personal account on the broker’s website. It is possible that in order to have access to all features, you will need to pass verification. Then you need to fund your account using one of the available options. Before you start working on a real account, it is desirable to test your trading strategy on a demo account.
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 Cyprus
MultiBank is a good choice for traders from Cyprus. 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:
-
Established in 2005
-
Regulated by 11 financial regulators across the globe
-
More than 320,000 clients worldwide
-
They have won over 40 awards from distinguished financial institutions
-
Unbeatable Introducing Broker Program
Advantages of MultiBank for trading in Cyprus
Traders Union analysts conducted a detailed analysis of MultiBank for traders from Cyprus. 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 Cyprus
Traders Union analysts analyzed the key features of MultiBank for traders from Cyprus. 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 Cyprus
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 Cyprus. 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
|
---|---|
📊 Accounts: |
Pro, ECN, Standard, Demo
|
💰 Account currency: |
USD, GBP, EUR, CHF, AUD, AED, NZD, CAD
|
💵 Replenishment / Withdrawal: |
Bank transfer, Debit/Credit card, Electronic wallet, Cryptocurrency
|
🚀 Minimum deposit: |
$50
|
⚖️ Leverage: |
Up to 1:500
|
💼 PAMM-accounts: |
Yes
|
📈️ Min Order: |
0.01
|
💱 Spread: |
from 0.0 pips
|
🔧 Instruments: |
Forex, Metals, Shares, Indices, Commodities, Cryptocurrencies
|
💹 Margin Call / Stop Out: |
50%
|
🏛 Liquidity provider: |
Yes
|
📱 Mobile trading: |
Yes
|
➕ Affiliate program: |
Yes
|
📋 Orders execution: |
Market Execution
|
⭐ Trading features: |
Allows crypto CFD trading; Social Trading; Trading Bonuses; Trust management; Accrual of % on the balance.
|
🎁 Contests and bonuses: |
20% bonus
|
MultiBank Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by MultiBank for traders from Cyprus. 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 Cyprus?
Yes. MultiBank operates legally in Cyprus. The broker holds the necessary licenses.
Can you learn trading with MultiBank? Does the broker offer courses for traders from Cyprus?
Yes, MultiBank offers good trading courses and a lot of educational information for clients from Cyprus.
Can MultiBank be trusted? Has the broker been operating in Cyprus long?
MultiBank has been operating in Cyprus quite long and has a good reputation. Therefore, traders can work with MultiBank.
Is MultiBank suitable for novice traders from Cyprus?
Yes. MultiBank offers optimal trading conditions and good education for beginners from Cyprus.
How efficient is MultiBank customer support in Cyprus?
MultiBank offers a sufficient number of ways to contact customer support in Cyprus, and also provides support in the state language.
Has MultiBank had any incidents involving theft of funds of clients from Cyprus?
No. MultiBank provides reliable security of funds of clients from Cyprus.
Will I be able to file a lawsuit in Cyprus if MultiBank violates my rights?
Yes. If MultiBank violates your rights, you can file a complaint with the regulator of Cyprus, and then with a court.
Can MultiBank clients from Cyprus use the broker’s mobile app?
Yes. The mobile app of MultiBank is available for the clients from Cyprus.
Does MultiBank provide Cyprus market analysis?
Analysis of Cyprus is featured in the information provided by MultiBank.
How can I withdraw funds from my account at MultiBank in Cyprus?
MultiBank supports bank transfers and debit/credit cards of the banks operating in Cyprus.
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.