www.multibankfx.com has been flagged by AMF (France) for "Unauthorised". Category: Forex This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.multibankfx.com.
I signed up with www.multibankfx.com through my accountant's suggestion and the first red flag was the aggressive account manager who would not stop calling. After depositing, the promised support vanished. Withdrawals are delayed with endless excuses. I have reported them to the regulator.
Pros: Competitive fees|Great customer service
Cons: Wait times can be long during peak hours|Charting tools need more indicators
The hidden fees at www.multibankfx.com are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.
Pros: Reliable uptime|Smooth onboarding|Copy trading available|Intuitive for beginners
Cons: Nothing significant
Do not use www.multibankfx.com for anything serious. I used them for a few weeks now for small trades and it was okay. When I deposited a larger amount and traded more, my account was flagged, my withdrawals were delayed, and I was asked to explain my trading. They treat active traders like criminals.
Pros: Market news feed|Clear documentation
Cons: Slow to add new assets
I have been trying to close my account with www.multibankfx.com for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Responsive team|Social trading features|Two-factor authentication
Cons: Currency conversion fee exists
I gave www.multibankfx.com a fair chance. After for about three months of usage, I can say with confidence that there are far better options available. The interface is clunky, the fees are higher than competitors, and the customer support team seems overwhelmed or understaffed.
Pros: Quick verification|Good mobile app|High security standards
Cons: Limited social trading features|No integrated tax optimization
I wanted to transfer my portfolio from another broker to www.multibankfx.com. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Good mobile app|Tax reports included|Good analytical tools
Cons: None so far