If you are looking for a regulated online brokerage, yes, MultiBank FX can be considered one. However, do not hold your breath just yet. You need to know many things about the broker before jumping into anything and giving your money away.
Read our MultiBank FX review and gather all the intel.
|Broker status:||Offshore Broker|
|Owned by:||MultiBank FX International Corporation (BVI)|
|Headquarters Country:||British Virgin Islands|
|Supported Platforms:||Web trader, MT5|
|Cryptocurrencies:||Yes – BTC, XRP, ETH (total 5)|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
MultiBank FX Regulation and Security
MultiBank FX was founded as a part of MultiBank FX International Corporation from the British Virgin Islands. The company has a status of a regulated broker since they obtained a license from BVIFSC. First, however, let us present you with some little-known facts about the BVI license. Once you opt for FSC regulation, you need to pay a fee of $1,500 and have the initial capital in the same amount. There is no obligation of any kind to form a compensation fund for reimbursing clients. Now you can understand how not valuable this particular license is.
You are dealing with an offshore broker, and you should be aware of the MultiBank FX scam.
Fund Withdrawal Issues
If you’ve decided to start a trading account, you must have an ultimate goal – making a profit. Now, besides the broker’s capability to assist you in the process, you need to clarify if there is a chance you can withdraw your funds. Based on several MultiBank FX reviews we’ve come across, the answer is no. Let us show you why.
We’ve taken into consideration the MultiBank FX trading platform and have nothing to say. The broker offers MT5 and a web version of MT4. It sounds like it did put some thought into trading platforms after all. However, having a proper platform is not everything. The leverage this broker offers goes up to 1:500, similar to many other illegal offshore brokerages.
The minimum deposit required by MultiBank FX has not been disclosed anywhere. Payment methods are wide-ranged, while we are left unanswered about any fees or commissions. However, if you try to check the withdrawal section, you’ll find nothing. Highly suspicious for allegedly regulated brokerage.
How Does Online Trading Scam Work?
Suppose you’ve submitted your personal details for an ad related to online trading. You’ve received a call, made your deposit, and ended with a personal account manager. If the company is bogus and not trustworthy, such as MultiBank FX, this account manager will have only one idea – to extort more money. And after you’ve given more funds, most likely, your account will be suspended, and your access to capital will be blocked.
Scammed by MultiBank FX?
If you have been involved in a scam with MultiBank FX or any other illicit broker, do not hesitate to inform us about it. You need to file a dispute and request a chargeback.
But what is a chargeback? A chargeback is a method of refunding your card in case you have been scammed online.
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What is MultiBank FX?
MultiBank FX is an offshore online trading platform.
Is MultiBank FX a scam?
MultiBank FX is based offshore and has many negative reviews related to withdrawals.
Is MultiBank FX regulated?
MultiBank FX has a regulation coming from BVIFSC.