WikiFX Review: More than 400 complaints within the recent 3 months!

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of MultiBank Group based on the facts.

What is WikiFX？

To explore whether MultiBank Group is a scammer or not, we evaluated this broker from different aspects, such as regulatory status, exposure, etc.

Table of Contents

1. Evaluate the reliability of MultiBank Group based on its general information and regulatory status.

A. General Information of MultiBank Group

B. Regulatory Status

2. Exposure related to MultiBank Group on WikiFX

3. Special survey about MultiBank Group from WikiFX

A. Scoring Criteria

B. Field Investigation

C. WikiFX Alert

4. Conclusion

1. Evaluate the reliability of MultiBank Group based on its general information and regulatory status

To understand MultiBank Group better, we explore MultiBank Group by analyzing three main perspectives:

A. General Info of MultiBank Group

B. Regulatory Status

C. Fund Security

A. General Info of MultiBank Group

MultiBank Group general info has been shown below:

(source: WikiFX)

MultiBank Group

MultiBank Group Corporation has been operating since 2005 when its first company was registered in California (USA).

Market Instruments

Through Multibank Group, investors can trade popular financial instruments, including foreign exchange currency pairs, individual stocks, bonds, indices, and spot metals.

Minimum Deposit of Multibank Group

Multibank Group's customer support staff claims that there are three platforms containing different minimum deposits. The minimum initial deposit for opening a standard account is $200, which is slightly inconsistent with the following details.

Leverage of Multibank Group

MexGroup permits the high leverage ratios up to 1:500 available for retail traders. Obtained leverage also depends on the instrument traders trade, as well as defined by the level of trader, thus professionals access higher levels once confirming their status. Retail traders leverage is a maximum of 1:500 for major currency pairs, and 1:100 for commodities.

Spreads & Commissions of Multibank Group

Multibank Group offers the floating spread, EURUSD spread from 0.0 pips, GBPUSD from 0.7 pips, XAUUSD from 0.2 pips, XAGUSD from 6.8 pips, EURGBP 0.1 pips, GBPJPY from 0.2 pips, Brent Oil and US Oil both 3.0 pips. When it comes to commissions, the ECN Pro account charges certain fees in addition to spreads, while the other two accounts calculate trading costs all into spreads.

Trading Platform of Multibank Group

Multibank Group provides traders with several trading platform options, ECN Pro, Multibank Pro, Maximus platform, MT4, and MT5 trading platforms.

(source: WikiFX)

B. Regulatory Status

What is a Legitimate License？

• The legitimate license is the business license issued by the financial regulatory institution of each country/region.

• Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under the protection to some extent.

• Whether a forex brokerage firm holds a legitimate license or not is one of the important factors to evaluate the reliability of forex brokers.

• The content of the regulation and the difficulty of obtaining a license vary with the country and agency issuing the license.

The legitimate licenses of MultiBank Group

2. Exposure related to Admiral Markets on WikiFX

On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.

As of July 28, 2022, WikiFX has received 442 complaints related to this broker within 3 months.

Below are some of the exposures that we want to show you. The biggest problem that this broker has lies in withdrawal refusal.

3. Special survey about MultiBank Group from WikiFX

A. Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

MultiBank Group has been given by WikiFX a low rating of 2.19/10.

(source: WikiFX)

B. Field Investigation

• To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.

• On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.

• WikiFX did make an on-site survey on MultiBank Group in July 2021 but failed to find their office.

(source: WikiFX)

C. WikiFX Alerts

(source: WikiFX)

4. Conclusion:

Due to too many complaints recently, we think that it is not a good idea to invest in this broker. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself. If you have any problems with this broker, please do not hesitate to contact WikiFX. The global customer service of WikiFX is +234-706 777 7762 on WhatsApp. Or you can call +65-31290538. We are willing and ready to help you out.

Click on MultiBank Group's WikiFX page for details