For a trader, a broker plays the role of a so-called guide to the foreign exchange and stock markets. Honest and unbiased reviews help traders to find out the truth about hundreds of dealing companies, which flooded the internet and are often, unfortunately, scams.
Bringing to the light a broker is difficult. It is not enough to look through 2-3 forums with reviews. Before trusting the broker with your money, it is recommended to study the data, obtained as a result of an in-depth analysis of the company, presented on independent resources.
This review is about the broker MultiBank FX.
Having read to the end of the review, you will know what this company is: a reliable partner or another fraud. In addition, you will be able to decide whether this platform is suitable for profitable trading, whether you should believe the promises that the company's site is full of and whether it is safe to proceed to financial cooperation with them.
Types of trading accounts offered by MultiBank FX
MultiBank FX positions itself as a representative of the top most successful and largest global providers of financial services.
The website of the dubious company called MultiBank FX offers the user to choose the best language to read, but it opens in English, which means that the company is aimed primarily at English-speaking users.
Brokers offer clients to invest in securities and other valuable assets using any of the account types presented. The site currently has four account types.
Each account has its own peculiarities.
The company guarantees a high level of income and protection against negative balance. And this is a deliberately false promise: the market is characterized by huge volatility, so only fraudsters confidently guarantee profits.
Such information suggests that MultiBank FX is a typical representative of fraudulent organizations in the field of trading, pretending to be a reliable and honest broker. Promising the comfort of using their trading platform on the website, in reality the broker does not provide anything more than beautiful advertising.
MultiBank FX Trading conditions
At first sight MultiBank FX fraudsters offer simple and powerful trading tools to manage trading with ease and full control. The site provides superficial, general information.
In practice online scammers use various methods to trick traders into taking their money. And MultiBank FX is no exception.
As a rule, it is:
- too attractive bonus program. However, with a personal "negative mark": the option is only available to investors who have made a large investment and meet all the requirements of the broker. Otherwise, the latter will cancel the capital and charge the trader a penalty;
- fake quotes, which are simply "fitted" to a particular broker, etc.
Clients of the MultiBank FX platform are offered to trade indices, commodities, metals, stocks and currency pairs.
The company prefers to keep silent about the size of the spread, and the vague description does not add specificity and does not allow the investor to see the full picture during the trades.
As for commission fees, there is no information about such data either.
Details are only offered to registered users.
However, there is information that hedging is allowed.
The broker reports on the limited numbers of open trades.
The checking of the working activity makes it clear once again that the company is dishonest, reports to the traders not full information and also deceives, replacing the truth with beautiful phrases of advertising character.
MultiBank FX Licenses
In order not to become a member of the kitchen under the control of fraudsters, let's check what the broker has with the documentation and what else is extremely important to pay attention to when studying the company.
At first glance, the official website of the global trading company has information about the company's management. In fact MultiBank FX does the same as many other scams: it publishes an incomprehensible picture from the internet with the attractive faces of young people, radiating confidence, success and prosperity. This is a primitive psychological move to make a potential investor inspired and willing to become part of the proposed community.
Who are these people? Top management? Partners? It is unknown^ no names, any corporate information.
MultiBank FX crooks repeatedly emphasize that the company is recognized worldwide.
Let's check the domain and site registration history.
The facts show that this project was registered in 2005 (by the way, as stated on the site). This is ok, however, the site does not say that the company, or rather the project itself, is not the first time on the market. It has had the honor of already "working" to prove itself in a negative way. There is evidence that before 2020 (the time of re-registration is recorded in the company card on the site WhoIs), the broker ripped off investors, but under a different name. Screenshots of real reviews can be seen in the next section of our review.
At this point it is already clear who to deal with if you plan to cooperate with fraudsters MultiBank FX.
The information about the claimed 25 offices scattered around the world has nothing to do with the truth.
Moreover, it can only be 100% verified by personal visit, and since the spring of 2020 it is extremely problematic, which is what the scammers are counting on.
On the site there is information about numerous awards (about 40 pieces). Any business leader understands that any of the presented insignia can be easily bought, it would be money. These awards are more like image rewards designed to put inexperienced traders on the alert.
If we consider that the broker lies about other data and indicators, it is possible that the information about the cups and awards is solely the result of the web-designer's work.
With each "discovery" in our review, we more and more confidently declare that MultiBank FX is a false and unreliable company. There is not only traders' personal opinions, but also irrefutable evidence.
For example, a swindler MultiBank FX confidently states that the company is a part of Multibank FX International Corporation, which in turn is a part of MEX Group Worldwide Limited (founded in 2005).
Multibank FX International Corporation is based offshore islands, away from regulators and tax inspectors.
The company refers to documentation. We check the information provided.
The regulator only issued a permit to provide dealing services. Moreover, the BVI certificate has no legal validity.
It turns out that MultiBank FX has 6 supervisory bodies that oversee financial services.
We check the first option.
Everything is clear without words. There is no such company.
Despite the documents listed above, the company manages to do business at its own discretion, losing deposits.
It turns out that the fraudulent organization MultiBank FX operates without a license.
MultiBank FX Reviews online
The "cherry on the cake" of our MultiBank FX scam review is, of course, the reviews. We rely on feedback from real brokers, which we found in different languages on the web. It's not for nothing that the company advertises itself as a global broker.
On the website of the broker itself and similar commercial resources, there are a lot of flattering evaluations, eulogies, etc.
Taking care of its own PR, the company actively orders
reviews of an advertising nature. It seems that such fake reviews are written by people who are not related to the field of trading in general, but they stubbornly try to recommend the broker MultiBank FX.
Even the traders themselves talk about it.
Unfortunately, some people have been "caught" by fake reviews and have paid for the mistake with their money and time.
Nevertheless, the number of negative reviews clearly prevails.
People write about how the company ignores support calls for a long time. By the way, consultants do not work on weekends.
The company is accused of draining money in the accounts of its clients, persistently recommending stretching spreads, and being fond of fake technical failures in order to fraudulently take their clients' money.
The broker MultiBank FX makes the client blame for everything: not completing the transaction in time, violating the platform requirements, using the services of an unreliable internet provider, etc.
The MultiBank company does everything not to withdraw money for its clients.
Also, experienced traders have not escaped the fact that the project has already been presented under a different name (the proof of that is fixed in the registration of the domain), and today in a new mask already deceives investors.
Traders are outraged by various points, having had the experience of cooperation with the fraudster MultiBank FX, but all agree that this broker should be ignored and do not entrust their capitals.
Safety and security of funds with MultiBank FX
MultiBank FX disclaims any responsibility for misuse or loss of personal information or otherwise on the company's websites to which the company has no access or control. What does it mean? The security of your data entrusted to MultiBank FX is at risk.
When registering, the company makes the client agree that neither the main company nor any of its representatives (affiliates), service providers are responsible for the accuracy of any information available on this site.
So you should not trust the fraudsters of MultiBank FX, there will be nobody to protect you, because they are not even responsible for their words. And after working with them there are a lot of deceived investors.
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MultiBank FX is a scammer who skillfully hides its truth from trusting traders. You should not help swindlers by personally filling their pockets with your money. Hurry up and exclude MultiBank FX from your list of potential trading partners!