Multiply Market Review
Starting your trading career the right way requires you to have the right broker on your side. Today, you have hundreds of online brokers you can choose from but it also makes it difficult for you to pick the best one. When you have so many choices, you can’t decide which one to pick and on what basis. Multiply Market is an online broker known for providing you the latest trading platform and many other trading features that it claims to being innovative. Is it really the best start of your trading career when you sign up with this broker? Let’s take a look.
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Multiply Market Regulation
While the broker talks constantly about strict policies to prevent its platform from being used for illegal activities, it does not talk about regulation on the website. It is a clear indication that the broker is not regulated by any regulating authority. The registration information of the customer is there on the website but you don’t get to read about regulation. Yes, there are quite a few brokers on the internet that don’t have any regulation. However, you want to avoid the unregulated brokers until you are left with no other option. On any day, a regulated broker is better than an unregulated broker.
When you it comes to regulation, you are talking about an authority that monitors the financial activities of the broker and works in the best interest of the traders on its platform. The regulating authority makes that the broker meets all the industry standards for providing fair and transparent brokerage services to the traders. For example, proper regulation from a regulating authority will ensure that the broker maintains your deposited funds in a segregated accounts. When brokers mix your money with theirs, it is a clear sign that you are going to have troubles with depositing and withdrawing money with that broker.
The Account Types
When you look at the account types, you have enough options to choose from. Whether you are new to trading or someone who has been trading for a long time, you will find an account that will suit your needs. There are three different account types for you to choose from. When you look at the banking information, you will find out that the broker wants to you to deposit a minimum of $250 in your account when you open it. However, the minimum balance that you have to maintain for the most basic account is $500. It would have been better had the broker let the traders open their accounts with a minimum deposit of $250.
While some great features are included with the accounts, there are a few things that will not please you much. For example, if you are an advanced trader, there is nothing special being offered to you that would justify a minimum deposit of $20,000. That’s a huge deposit for an advanced trader and so you would expect this trader to have a lot of the features that other traders don’t have. However, the things that are missing from the basic account are not what you would call justified. So, the first thing you don’t get because you are signing up with a basic account is phone support.
Imagine not being able to get any help on the phone just because you signed up with a basic account. It is considered a basic need for any customer who signs up with a company to receive customer support. To get instant help, you must always have the option of contacting the company on the phone. In this particular case, you cannot contact the company on the phone just because you have signed up with just $500.
Now another important thing that you miss when you sign up with a basic account is the training package. It does not make much sense why the person signing up with a basic account will not get access to the training. It is natural to think that the person signing up with a basic account has to be the one who needs training the most. However, this particular training package is not available with the basic account. What makes this thing even weirder is that this training package is available with the advanced account. You have to think why a person signing up with a minimum of $20,000 would need training before trading? This account is for an advanced trader. What benefit is an advanced trader going to receive from the training package?
Trade mentor is another big difference between a basic and the premium account. With the premium account, you will get a trade mentor who will guide you on your trades. On the other hand, you will not get any trade mentors when you sign up with a basic account. There is nothing wrong with an advanced trader having a mentor on his/her side. However, the broker should have done something to show the new traders that it stands behind them as well. At least a junior mentor should have been included in the package. After all is said and done, it seems that the broker is not too sure about what to offer and what not to offer. The focus on new traders is not there either.
There is a segregated account section on the website as well. It seems the broker considers it a privilege for the traders to have their funds in segregated accounts while this should be a basic thing that every trader should enjoy. What will bother you the most about this particular account is the benefits. When you read the benefits on the website, they don’t make much sense. It seems someone just wrote those benefits without any familiarity with English language. One of the lines say, “effectiveness of your capital”. Do you understand what that really means? Another line talks about user friendly functionality of the money you have deposited in your account. What does user-friendly functionality have to do with the money you deposit in your account?
The Trading Platform
There are a few good things here such as the availability of the trading platform in all shapes and forms. Whether you want to trade on your computer or using your smartphone, you can do that because the broker has its platform available on all the devices. Most importantly, you have the platform available on iOS and Android. There is a web trader version of the trading platform as well that you can use from anywhere in the world and on any device of your choice. When you have a web trader, you don’t have to pay attention to any compatibility issues.
A noteworthy aspect here is that the broker is giving you access to the MetaTrader 4 trading platform. This is the trading platform that the online trading industry loves and respects. Whether you are a broker or a trader, you will not find a trading platform better than the MT4. So, once you sign up with Multiply Market, you will get access to this trading platform. This is one admirable thing about the broker and it should be mentioned without any hesitation because it matters to the traders.
The Spreads on Trades
There is a detailed page on the website that tells you all about spreads on your trades. When you look at the spreads, it is clear that Multiply Markets might not be the best broker on the internet to save you money and give you the opportunity to make big profits on your trades. For example, if you are trading gold, the minimum spread available to someone with the basic account is 50. On the other hand, someone who signs up with the most advanced account available from the broker enjoys a spread of 40. Leverage is 1:200 on just about any asset that you pick from the asset index. When you look at the tables that have the spreads, margin, and leverage information on them, it seems someone just filled them by copy pasting the numbers from one to box to another.
For example, if you are looking to trade EUR/USD with the basic account, the minimum spread on your trade will be 3. If you go with the second account type, your spread will be 2. And if you go with the most advanced account type, the spread on your trade will be 1. There is no explanation of why the spreads are different and how much benefit there is for different account holders.
The overall feel of Multiply Markets is not so great. If you are a native English speaker, you will notice at first glance the issues with English on the website. Everything is written in non-professional English. In some places, things do not make any sense. You can’t expect that from an online broker, which happens to be a huge institution taking care of literally millions of dollars of traders from around the world. Last but not least, there is no regulation information about this broker on the website. If you are looking for the best online broker, a recommendation here would be to keep looking.