Multibank seems to be a high-level brokerage with several reputable names standing behind it - one of them being ASIC - the Australian regulatory body for this industry. Furthermore, it is listed as a top-tier broker platform, that was able to retain the trust of clients from around the globe for over 15 years.
Still, there are some disadvantages when it comes to Multibank. No matter how catchy the name is, it does not reflect the stability or reliability that this platform aims to provide. Rather, to me, it seems like a wannabe company that wants to earn the money fast and quick from its clients, without giving much in return.
Platform and Execution SCORE: 56%
Multibank takes pride in its MT4 platform, despite the majority of trading brokerages moving on to the MT5 many years ago. Still, it is pretty well designed and easily customizable - I was able to shuffle between the languages until I found my native one, as well as change the theme to fit my sight since I’m not a big fan of flashy colors and glittery letters.
However, what disappointed me the most is that this platform does not offer the two-factor authentication for my profile. This may seem like it’s not a big deal, but imagine having a few thousand dollars on your account which is not fully secured! You get the idea.
Withdrawal Speed SCORE: 71%
When it comes to withdrawals as well as the deposits, there aren’t any downsides that I initially noticed. The speed of withdrawals is fairly prompt and efficient, but there are some fees and commissions that are above the average, especially the inactivity fee.
Still, I gotta hand it to them - Multibank does not require any withdrawal and deposit fees. That’s right! No matter the amount of money that you want to connect with your account, that is the full amount that you need to consider. Still, I guess they have to make up for it in one way or another - hence the high fees in other branches of the website.
Support and Assistance SCORE: 44%
The customer support team of MultiBank was fairly nice and helpful to me, despite them being somewhat harder to reach. Namely, they claim that you can contact them by using 3 channels - e-mail, phone, or a live chat. However, the phone option is practically impossible, while none of the three are actually available 24/7.
This is a basic lack of effort in my book, especially when you want to attract clientele from all around the globe. I guess that MultiBank does not take time zones into consideration! Still, the live chat option is really efficient, so I guess that makes up for the lack of advantages in other areas of customer support.
Education and Tools SCORE: 21%
And finally, we come to the biggest soar in my eye when it comes to MultiBank. Let me tell you - there are so many different ways to educate yourself today, on any topic that interests you. Really, from video tutorials to electronic books and even Wikipedia - you name it!
Still, MultiBank seems to be taking this quite literally, which is why they don’t provide any educational tools whatsoever. And no, I’m not joking! Namely, the only thing that could be considered as “educational” is the demo account, which can, again, be found on every single trading platform on the face of the Earth. Furthermore, I feel that it is my responsibility to note that the process of acquiring even the simplest demo account is quite complicated, with many information required. All in all, the MultiBank platform just isn’t worth all the trouble.