The WikiFX Score of this broker is reduced because of too many complaints! The WikiFX Score of this broker is reduced because of too many complaints! The WikiFX Score of this broker is reduced because of too many complaints!
The Cayman Islands Monetary Authority （CIMA）was established as a body corporate under the Monetary Authority Law on 1 January 1997. CIMA is created from the merger of the Financial Services Supervision Department of the Cayman Islands Government and the Cayman Islands Currency Board and it takes over the former responsibilities, duties and activities of these two bodies which include the issue and redemption of Cayman Islands currency and the management of currency reserves; the regulation and supervision of financial services, the monitoring of compliance with money laundering regulations, the issuance of a regulatory handbook on policies and procedures and the issuance of rules and statements of principle and guidance; the provision of assistance to overseas regulatory authorities, including the execution of memoranda of understanding to assist with consolidated supervision and the provision of advice to the Government on monetary, regulatory and cooperative matters.
Current Status:Suspicious Clone
License Type:Common Financial Service License
Regulated in Country/AreaCayman Islands
Regulatory License No.：1425303
Email Address of Licensed Institution :--
License Type:No Sharing
Website of Licensed Institution :
Expiry Date :--
Address of Licensed Institution :--
Phone Number of Licensed Institution :--
Most visited countries/areas
The data are from WIKI Research 2021.09.19 updated
WikiFX prompts you
Please choose wisely! Please avoid unnecessary lossContinue
Insufficient data samples
Insufficient data samples，Browsing is not supported temporarily
You can check the real-time processing progress in 'User Center-My Release-Ponzi Scheme'
Basic Information & Regulators of MBG Markets
MultiBank Group was established in California, the USA, in 2005. Since its establishment 15 years ago, the group come with a paid-in capital of more than 322 million US dollars, providing trading products including forex, commodities, indices, and precious metals for more than 320,000 retail and institutional investors. The daily trading volume of the group in forex and financial derivatives exceeds 6.2 billion US dollars. At present, the company holds a full license issued by the Australian Securities and Investments Commission (ASIC), as well as a retail forex license issued by the Virgin Islands Financial Services Commission (FSC) and a general financial license issued by the German Federal Monetary Authority (BaFIN). It also accepts the UAE Supervision by Dubai Financial Services Authority (DFSA), Cayman Islands Monetary Authority (CIMA), Spanish National Securities Market Commission (CNMV), and Austrian Financial Market Supervisory Authority (FMA).
The company can trade mainstream and popular financial instruments in the global financial market, including forex, indices, stocks, and precious metals (gold & silver).
Leverage & Account of MBG Markets
To meet investors' different investment needs and investment strategies, the company has set up Professional accounts and ECN accounts. The minimum deposit for both accounts is $500. The default leverage for professional accounts is 1:200, and the adjustable trading leverage is 1:50. The default leverage for ECN accounts is 1:200, and the adjustable trading leverage is 1:50.
Spreads & Commission Fees of MBG Markets
The main spreads for professional accounts are 2 pips for EUR/USD, 2.7 pips for AUD/USD, 2 pips for GBPUSD, 0.35 US dollars for gold, 0.035 US dollars for silver, 0.03 US dollars for crude oil, and 0.5 euros for CFD on the German DAX30 index. The main spreads of the ECN account are 0.1 pips for EUR/USD, 0.2 pips for AUD/USD, 0.1 pips for BGP/USD, 0.12 for Gold/USD, 0.016 for Silver/USD, and 0.014 for crude oil. Each trade (unilateral) charges a commission of 3.5 U.S. dollars.
Trading Platform Applied of MBG Markets
The company provides traders with the most popular MT4&MT5 trading platforms. Apart from flexible order trading functions, MT4 software also provides functions such as market quotation, chart analysis, indicator programming, alert alarms, news, and email communication. MBG Markets also provides MetaTrader 4 (MT4) mobile trading platform, which can support iOS and Android mobile systems. MT5 software is an updated and more advanced version of MT4, which can provide brand new operating functions to enhance the customer's trading experience. In addition to the various functions offered by MT4, there are also improved trading functions and enhancements for custom indicators and expert advisors' script tool.
Deposit & Withdrawal
Deposit methods include wire transfer, VISA/MASTERCARD credit card, bank card, and Skrill e-wallet. There is no handling fee for wire transfer, and it takes 1-5 working days to arrive in accounts. The other three ways of depositing are free of charge, and the time to arrive is one working day. If the user chooses Visa and MasterCard credit cards, bank cards, and Skrill, the withdrawal may be carried out by wire transfer. Depending on the bank, the intermediary bank may charge a transfer fee of 5 to 20 US dollars. Due to the difference in the bank time's remittance process, the funds generally arrives at the bank designated by the user within 1-5 working days.
The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.
Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.
Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.
Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.