MultiBank Singapore Review 2024 - TU expert opinion
Is the Forex market legit in Singapore?
Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.
The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.
How to Trade Forex in Singapore
First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.
Detailed Review of MultiBank in Singapore
MultiBank is a good choice for traders from Singapore. 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 Singapore
Traders Union analysts conducted a detailed analysis of MultiBank for traders from Singapore. 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 Singapore
Traders Union analysts analyzed the key features of MultiBank for traders from Singapore. 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 Singapore
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 Singapore. 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 Singapore. 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.
Expert Review of MultiBank
On first acquaintance with MultiBank Group, I got a feeling that it wasn’t like the other trading firms I dealt with. The trading terms were clear and obvious: information on the funds’ withdrawal, specifications for contracts for all trading assets and more. Also, the trading terms are very favorable compared to other brokers in the market. They offer spreads below the market average with a minimum deposit of only $50. At Multibank Group, they value their partners and offer competitive packages and rebates for IBs.
The technical part is also very clear and transparent. According to traders, it is easy to add custom indicators or Expert Advisors created in the standard MQL code to them. On the other hand, the social trading platform is a little harder to understand, but with their dedicated customer service support, everyone can understand and use it thoroughly.
Clients might seem a little skeptical at first because of the 1:500 leverage provided but the fact that it is licensed from over 10 regulators around the world assures you that there is nothing unclear or misleading about it.
FAQs
Is MultiBank legal in Singapore?
Yes. MultiBank operates legally in Singapore. The broker holds the necessary licenses.
Can you learn trading with MultiBank? Does the broker offer courses for traders from Singapore?
Yes, MultiBank offers good trading courses and a lot of educational information for clients from Singapore.
Can MultiBank be trusted? Has the broker been operating in Singapore long?
MultiBank has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with MultiBank.
Is MultiBank suitable for novice traders from Singapore?
Yes. MultiBank offers optimal trading conditions and good education for beginners from Singapore.
How efficient is MultiBank customer support in Singapore?
MultiBank offers a sufficient number of ways to contact customer support in Singapore, and also provides support in the state language.
Has MultiBank had any incidents involving theft of funds of clients from Singapore?
No. MultiBank provides reliable security of funds of clients from Singapore.
Will I be able to file a lawsuit in Singapore if MultiBank violates my rights?
Yes. If MultiBank violates your rights, you can file a complaint with the regulator of Singapore, and then with a court.
Can MultiBank clients from Singapore use the broker’s mobile app?
Yes. The mobile app of MultiBank is available for the clients from Singapore.
Does MultiBank provide Singapore market analysis?
Analysis of Singapore is featured in the information provided by MultiBank.
How can I withdraw funds from my account at MultiBank in Singapore?
MultiBank supports bank transfers and debit/credit cards of the banks operating in Singapore.
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!