Many organizations may come up on the forex market after promising some great hopes for the traders. These organizations must be certified to the proper sources so that they are able to provide for the dream that they show hope for. If not, the traders are most likely to get conned on these platforms and cannot hope for any refund. However, how to know if the platform is added or not? We can list you the incidents which are related to MultiBank Review Corporation so that you can clearly understand the implications which are associated with the fake platforms.
History of MultiBank Group Corporation
The MultiBank Group Corporation was founded in 2005. The company was registered in California of the United States of America. It had been stated that the broker was registered and licensed by six of the major international regulators. The names included, Australian ASIC, Austrian FMA, German BaFin, BVI FSC, Spanish CNMV, and Cayman Islands CIMA. The company had stated that they were trying to provide conducive work environments for the traders who are new to the forex market. In 2019, Jordan Forex Expo & Awards had rewarded the MultiBank Group with the “Best Forex and CFD Broker in Europe and Asia”.
However, it was soon found that the licenses which are mentioned on the website of the broker cannot guarantee the safety interest of the broker. MultiBank Group is described as a group of companies and subsidiaries. The licenses are provided by the local regulating bodies. However, later it was found that there is no such subsidiary body that can ensure the safety of your trades. It was realized that the subsidiary company was registered in the Virgin Islands of Great Britain. It had nothing to do with the licenses which have been mentioned above. The structure which was described by the company was completely null and void.
Noted Disadvantages Observed By The Traders
There were some obvious negative sides of working with the MultiBank Groups. These have been assimilated in this review. Let us check out the pointers.
- The number of micro-accounts was virtually absent in this field.
- Trading restrictions which were placed on scalping were quite extended. This created problems for both experienced and novice traders.
- Only 48 hours were provided for withdrawing the deposits.
- The information of collecting 3% commission from the withdrawing funds was not mentioned on the website but was collected.
- There were no such specifications to be mentioned on the trading assets.
- There were some severe inconsistencies in the real trading terms and the ones which were declared.
Positive Sides Of Multibank Group
You may think what kept the traders attached to the website when there were so many clear signs of a misdemeanor? Let us check out the apparently positive aspects.
- Professional ECN accounts were easy to make in the case of the MultiBank group.
- The trading platforms were quite active in association with this website. Various browsers and mobile applications were also compatible with the format.
- There were many options through which the trader could use passive strategies.
MultiBank Group had been one of the broker agencies which did not have proper licenses. It is advised by the experts to disassociate oneself from these accounts so that they are not conned about their assets!