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MultiBank Group in Nigeria — review, licence and costs
Cost calculator (median of 57 priced of 81)
Score (6 of 6 axes scored)
ranked against full-basis brokers
Who actually onboards you
- Entity that onboards Nigeria residents
- Nigerian clients served via offshore entity; group announced a Lagos branch office to serve local investors.
- Local standing
- Offshore; not SEC Nigeria or CBN regulated. Accepts Nigerian traders with localized support; no specific local alert verified.
- Licence as the register states it
- No SEC Nigeria / CBN licence; not locally authorised.
- Leverage for this entity
- Up to 1:500 (offshore).
- The firm behind it
- Founded 2005, Dubai-HQ; 2M+ clients; paid-up capital $322M+; Lagos office announced.
- What we hold against it
- Not locally licensed; EU alerts (CNMV/AMF/CONSOB); WikiFX low score; withdrawal complaints.
Leverage by entity
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards Nigerian residents enters the score.
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youOffshore; not SEC Nigeria or CBN regulated. Accepts Nigerian traders with localized support; no specific local alert verified.
- Regulator warning on filenone found
— means the broker does not state it in any source we captured. It is not read as “no protection” and it is not scored.
Price against Nigeria market median(priced from 57 of 81)
Medians run over the 57 of 81 brokers that publish a price for Nigeria, never over the whole base. A spread without its commission is not a price and is not counted.
Accounts
Account types the broker names for this country: Standard (min $50), Pro ($1, 000), ECN ($10, 000). The figures below are the broker's own and do not differ by account in any source we captured.
Swap-free account terms
Terms read from the account page on 01.10.2026. The cap on open positions is not published.
Payouts
Identical for every row: Deposit, h 24 · Fee, USD 0 · Min, USD 50.
Taxes for a Nigerian resident(1 rule)
- Trading profits are taxable and must be declared to the Nigeria Revenue Service (NRS, formerly FIRS).https://sec.gov.ng
Not tax advice. Check with the FIRS.
Deposit and withdrawal methods (5 methods · 0 local rails)
Cards, wire, Skrill/Neteller, crypto;
- Cards
- Wire
- Skrill
- Neteller
- Crypto
- Account currency
- USD default; no NGN verified at review.
- Fee declared
- 5 of 5 methods
- Withdrawal back to
- the funding method
Where it does not serve(7 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets(3 platforms)
- MT4
- MT5
- MultiBank Plus
Identical for every row: Min spread 1.5 · Leverage 500 NG.
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 02.10.2026 | 4.5 | 1,780 |
Share of reviewers in Nigeria: — The platform does not publish it.
Pros and cons(4 for and 5 against, each tied to a figure on this page)
- Round turn 6 USD on the raw + commission basis, under the Nigeria median 6.5
- Swap-free account available
- Track record 100 of 100, its strongest of 6 scored axes
- 3 platforms: MT4, MT5, MultiBank Plus
- No Nigeria authorisation on file: the entity that onboards you is licensed elsewhere
- Min deposit 50 USD, over the Nigeria median 20
- Withdrawal in 48 h, over the Nigeria median 24
- The published 1:500 comes from the group's offshore entity, not from the Nigeria one
- Safety 10 of 100, its weakest of 6 scored axes
Alternatives in Nigeria(5 of 81 scored in Nigeria)
- Round turn, USD
- 6NG
- Min deposit, USD
- 50NG
- Leverage
- 1000NG
- Rank in this country
- #18
- Round turn, USD
- 6NG
- Min deposit, USD
- 100 groupNG
- Leverage
- 500NG
- Rank in this country
- #1
- Round turn, USD
- 7NG
- Min deposit, USD
- 10 groupNG
- Leverage
- 200NG
- Rank in this country
- #13
- Round turn, USD
- 5NG
- Min deposit, USD
- 10 groupNG
- Leverage
- 2000NG
- Rank in this country
- #38
- Round turn, USD
- 7NG
- Min deposit, USD
- 50NG
- Leverage
- 500NG
- Rank in this country
- #14
Methodology(6 axes · formula v1.0)
Score = 2 + 3 × weighted mean of six axes scored 0–100. Range 2.0–5.0. An axis without data drops out and the remaining weights are renormalised; it is never scored zero or estimated. Group-wide figures never enter a Nigeria score. Full methodology
| Axis | Weight | What is measured | MultiBank Group |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 75 |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | 95 |
| Safety | 20% | Local authorisation, the entity that onboards you, any regulator warning | 10 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | 60 |
| Track record | 10% | Years since the firm was founded, from its own filings | 100 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 50 |
Where MultiBank Group sits in the Nigeria base(81 brokers)
Round-turn cost, USD (57 of 81 priced)
Median 6.5 USD · range 3-20 · this broker 6 USD · 24 of 81 brokers do not publish it
Minimum deposit, USD (29 of 81 priced)
Median 20 USD · range 0-100 · this broker 50 USD · 52 of 81 brokers do not publish it
Retail leverage (53 of 81 with a Nigeria figure)
Median 1:500 · range 100-3000 · this broker 1:500 · 28 of 81 brokers do not publish it
Withdrawal time published (81 brokers)
FAQ
- Does MultiBank Group accept residents of Nigeria?
- No. Offshore; not SEC Nigeria or CBN regulated. Accepts Nigerian traders with localized support; no specific local alert verified. Onboarding entity: Nigerian clients served via offshore entity; group announced a Lagos branch office to serve local investors.
- Is MultiBank Group licensed to serve clients in Nigeria?
- No SEC Nigeria / CBN licence; not locally authorised. Checked on 09.07.2026.
- How much does one round turn cost at MultiBank Group?
- About 6.0 USD per standard lot on EUR/USD. The median across brokers measured for Nigeria is 6.5 USD.
- What leverage does MultiBank Group offer to retail clients in Nigeria?
- Up to 1:500. Up to 1:500 (offshore).
- Which trading platforms does MultiBank Group support?
- MT4, MT5, MultiBank Plus. Instruments: FX, metals, indices, shares, commodities, crypto CFDs.
- How can I withdraw money from MultiBank Group in Nigeria?
- Cards, wire, Skrill/Neteller, crypto; local NGN rails not verified at review.
- What account types does MultiBank Group offer?
- Standard (min $50), Pro ($1,000), ECN ($10,000).
- Does MultiBank Group offer a swap-free (Islamic) account?
- Yes. MultiBank Group offers a swap-free (Islamic) account to Nigeria residents.