Fraud “MultiBank”: detailed analysis
The company MultiBank positions itself as a reliable intermediary with 25 branches around the globe and a significant collection of awards. However, negative feedback from traders indicates that this enterprise has long lost its reputation and ceased to pay investors their deserved earnings. Today, we will try to find out how fraudsters manage to continue their scams and where clients’ money actually goes.
Review of information about “MultiBank” swindlers
Fraudsters attempt to present MultiBank as a trading brand of Multibank FX International Corporation, part of MEX Group Worldwide Limited, founded long before 2005.
The holding Multibank FX International Corporation is located in the offshore area of the Virgin Islands. The local regulator (Financial Services Commission of the British Virgin Islands) issued a license to fraudsters only in 2014, emphasizing that they only have the right to engage in dealing.
The BVI certificate has little legal significance, which is bad news for investors. This is why fraudsters so persistently shield themselves behind forex “kitchens”.
The “Regulation” section mentions information about 6 supervisory authorities in the financial services sphere:
- Australian Securities and Investments Commission (number – 416279),
- BaFin (HRB 73406),
- Financial Market Supervision (491129z),
- Comision Nacional del Mercado de Valores,
- Dubai Financial Services Authority (F004403),
- Cayman Islands Monetary Authority.
Externally, fraudsters may seem like honest intermediaries, but assessments indicate the opposite. The abundance of documents does not prevent cartels from continuing their scams. Fraudsters without remorse deprive investors and squeeze them through spreads.
Analysis of MultiBank trading conditions
The company “MultiBank” offers the following trading instruments:
- currency pairs,
- metals,
- stocks,
- indices,
- exchange commodities.
Information about spreads in the “Stocks” section is missing. Fraudsters only claim that spreads are the narrowest in the market, but provide no evidence. Commissions are also not disclosed.
Hedging is possible on the platform, typical for forex dealers. The simultaneous number of open trades is limited.
Information about MultiBank swaps is carefully concealed. Presumably, they are so inaccessible that fraudsters prefer not to publish them.
The company offers 4 types of accounts (referred to as platforms) – “MT5 Platform”, “ECN Pro” (minimum deposit – $5,000), “MultiBank Pro” ($1,000), “Maximus” ($50).
A leverage of 1:500 indicates that, firstly, investors are provided with service based on an offshore certificate (in Europe, the maximum leverage is 1:33), and secondly, trades are not passed to the real market.
Reviews of the company “MultiBank”
MultiBank scammers managed to cause harm to many, resulting in a significant number of reviews about the company. Despite the fraudsters’ attempts to create a positive impression, negative comments still prevail.
The essence of the scam
According to clients, the actions of fraudsters are cunning and deceitful. The company avoids account blockages and ignores calls. Instead, scammers carefully drain money, increasing spreads and attributing technical failures. For clients, this may seem like a mistake on their part, but behind it all lies the rapacious “MultiBank”.
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Summary of the MultiBank review
Offshore registration, unfavorable trading conditions, numerous negative reviews, and mythical bonuses – that’s what potential clients face when dealing with the exclusive scammers of “MultiBank”. If you want to avoid fraud and rudeness, run away from this company as far as possible!
