MultiLP Review – Key Features, Pros and Cons Revealed
MultiLP broker is the brand name of Multi LTD company registered in the Marshall Islands. With registration in 2019, according to whois.com, they had plenty of time to prove themselves.
But there are many discrepancies pointing to the opposite. To learn how to recognize them all, read this MultiLP review carefully.
|Regulated By:||No Regulations|
|Is This Company Safe?||No|
|Have Warnings From:||N/A|
|Registered In:||Marshall Islands|
|Deposit Bonus:||Not available|
|Trading Assets:||Forex, Indices, Metals, Energies|
|Free Demo Account:||Available|
|How To Withdraw From This Company?||Since the company is registered offshore most likely you will need alternative methods. If you have withdrawal problems, contact our specialized chargeback team for advice.|
Legal Info: Is MultiLP Legit Or A Scam?
As the company claims, they are regulated by the Kuwait Ministry of Commerce. However, for Forex brokers main regulator in Kuwait is the Central Bank. Practically, they are making up to sound like they are legit.
The only way this broker can prove itself is by having a trusted license, such as FCA, BaFin or ASIC. Yet, they don’t have any of these mentioned. Therefore, all the funds are unprotected.
Who Are MultiLP’s Clients?
Since 2019, when they registered they have been mainly targeting Islamic countries. Primarily:
- Saudi Arabia
- United Arab Emirates
What’s your experience with this broker? Be the first who leave the comment below. If that experience includes withdrawal issues, get in touch with our chargeback team.
Leverage, Commissions, Spreads, Fees and Taxes
As can be seen, the multilp.com website doesn’t have fully transparent trading costs. However, spreads for basic accounts start from 1.5 pips. In reality that’s the industry average. But only if they give you the lowest spread, which they won’t.
Also, for their account with 0 spread, you have $5 commission per lot. Quite an acceptable offer. But there is a leverage of 1:500. Without negative balance protection it can easily wipe your balance off. Above all, the company lacks quite important information about fees.
Currently, MultiLP forex broker doesn’t offer any bonuses. But with their shady offer, you shouldn’t be surprised if you get it. Just be extremely cautious because bonuses often come with malicious policies.
MultiLP Trading Features
MultiLP scam broker chooses to provide Meta Trader 5 for their clients. Sadly, such useful and advanced software is used by this company. But at least you learn that good software doesn’t make a broker a saint. Also, one of their newest features is the MultiLP card. This, way you should be able to use money from the trading account for everyday purposes.
Is MultiLP Legit?
Based on fake local regulations, you can see that MultiLP is not legit. After all, their trading conditions are quite suspicious. Not to mention missing withdrawal policy that is the key to business. To understand more tricks that you can see, read our RealFXPro review as well.
Available Trading Assets
As can be seen, the company provides the most assets from the forex category. Thus, they are missing two quite important choices. Those are cryptocurrencies and stocks. Instead, you can choose:
- Currency pairs – USD/JPY, AUD/HKD
- Indices – UK100, US500
- Commodities – gold, platinum
With MultiLP company you can choose between 3 account types. Also, there is an Islamic account available for the account without commissions. The minimum deposit requirement starts at $100 and the options are:
- Standard – $100
- Professional – $10.000
- Elite – $20.000
Mobile Trading App
Considering the availability of Meta Trader 5, it’s understandable that the broker offers a mobile app. Even though it’s a good sign, the broker doesn’t offer a safe trading environment. Also, your funds are not protected anyhow. Another broker where you can’t enjoy any protection is Limeberg.
On the positive side, before you deposit any money with this broker you can apply for a demo account. It’s a great choice for beginners. However, creating a demo account means that you are leaving your personal details exposed.
As for the education, the company provides you with a dedicated account manager. Most likely an unlicensed person. Other than that, your educational sources with this broker are non-existent.
Without a transparent withdrawal policy and trusted regulations, withdrawal issues are inevitable. In addition to that, the broker doesn’t reveal transparently any funding and withdrawal options. Not to mention fees. Therefore, there’s plenty of room for manipulations. Just keep in mind that only card transfers can be charged back.
As for the contact options, there are many. You can get in touch via e-mail, phone, live chat and web form. But also, there are social networks where they promote Telegram groups. Unfortunately, working hours are not revealed.
Key Information To Consider About MultiLP?
Primarily, the company doesn’t even have a Top Tier local regulation. Not to mention any other worldwide accepted choices. On top of that, their trading conditions are unclear and they don’t reveal funding methods and fees.
Based on everything shown so far, there are many ways this broker can manipulate traders. For that reason, we encourage you to find Tier 1 licensed brokers and avoid any big risks. But if you are already involved with MultiLP and you have withdrawal problems, get in touch. Our refund team can provide you with a strategy to get your funds back. Book your meeting now!
What is MultiLP?
MultiLP is an offshore broker registered in the Marshall Islands but operating from Kuwait.
Is MultiLP Legit or a Scam?
MultiLP broker is far from legit considering missing Tier 1 regulations and suspicious local regulatory statements. They are also missing legal documents.
How Does MultiLP Work?
They are selling inexperienced trader's dreams. But once it’s time to cash it out, you can expect problems. And then is the time to contact our refund experts.