Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighGenuine ASIC, MAS, BaFin and CySEC licences sit with regional companies; global-site accounts are with a Cayman entity that regulators in Italy, Spain, Ukraine and the UAE have acted against.
Identity & transparency
4/10 · ModerateEntities and licence numbers match registers and LEI records, but the main site names a Hong Kong holding company while clients contract with a Cayman one.
Withdrawals & conduct
7/10 · HighA consistent, specific pattern of profit deductions and held withdrawals since late 2025 across review platforms, alongside many normal withdrawals and company replies.
Reputation
8/10 · CriticalTrustpilot withheld the rating after removing fake reviews, Forex Peace Army records staff-posted reviews and a court order restricting posts, and five regulators have issued warnings or orders.
Website claims
6/10 · HighThe 'regulated by 18+ regulators' claim counts company registrations and a branch, and the offshore site sells 1000:1 leverage and bonuses under the group's tier-1 banner.
Operational history
2/10 · LowVerified history: multibankfx.com registered in May 2005, German company formed in 2004, Hong Kong holding company in 2010.
Who they are
A quick desk file on the company behind the brand.
- Brand: MultiBank Group (also trades as MEX Atlantic, MEX Markets, MEX Europe, MEX Global Markets and MB.IO)
- Legal entity: accounts opened on multibankfx.com are with MEX Atlantic Corporation (Cayman Islands company 354945, LEI 549300ZLJUL7DZR3D480). The trade name belongs to MEX Group Worldwide Limited, Hong Kong, formerly IKON Financial Group Limited.
- Registered: MEX Atlantic is registered c/o TMF (Cayman) Ltd, Monaco Towers, George Town, Grand Cayman. The holding company is at The Center, 99 Queen's Road Central, Hong Kong, and the group is run from Dubai.
- Website: multibankfx.com (registered 2005), plus multibankgroup.com, mexatlantic.com and multibank.link, with regional sites mexmarkets.com (Australia), mexeurope.com (EU) and mexglobalmarkets.com (Singapore)
- Only licence (global site): CIMA securities licence 1811316, an offshore licence with no compensation scheme. The tier-1 licences belong to separate regional companies.
- Offers: CFDs on forex, metals, shares, indices, commodities and crypto on MT4, MT5 and its own app. MEX Atlantic advertises leverage up to 1000:1 and a 25% deposit bonus of up to $40,000.
- Not accepted: MEX Atlantic says it is not licensed outside the Cayman Islands and leaves it to clients to check their local rules. Italy's regulator found nothing stopping Italians from signing up.
- Age claim: founded in California in 2005, which matches the May 2005 registration of multibankfx.com
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Australian Securities & Investments Commission (ASIC)
ASIC (corporate authorised representative)
Cyprus Securities and Exchange Commission (CySEC)
Federal Financial Supervisory Authority (BaFin), Germany
Monetary Authority of Singapore (MAS)
Cayman Islands Monetary Authority (CIMA)
Financial Services Commission of the British Virgin Islands (BVI FSC)
Vanuatu Financial Services Commission (VFSC)
Capital Market Authority of the UAE (formerly the Securities and Commodities Authority)
Virtual Assets Regulatory Authority (VARA), Dubai
Financial Market Authority (FMA), Austria
AUSTRAC (Australia)
Tianjin Financial Government (TFG)
Financial Services Commission, Mauritius (FSCM)
Financial Services Authority, Seychelles (FSAS)
FIU (India)
Why we reached this verdict
How the evidence adds up.
We rate MultiBank Group high risk rather than a scam. The group is real and holds strong licences, but the company most global-site clients deal with is offshore, and its record can't be ignored.
- Who holds your money: the multibankfx.com client agreement (issued 30 March 2026) names MEX Atlantic Corporation, licensed by CIMA in the Cayman Islands. The ASIC, MAS, BaFin and CySEC licences belong to other group companies and do not cover these accounts. CySEC approves only mexeurope.com for MEX Europe.
- Regulators have acted against the global site: CONSOB Delibera 23253 (18 September 2024) ordered multibankfx.com and my.multibankfx.com to stop offering investment services in Italy. It noted Italian-language pages, cold calls and losses reported by Italian savers. CNMV listed multibankfx.com/es as unauthorised on 7 October 2024, and Ukraine's NSSMC listed Multibankfx in March 2024. On 30 June 2025 the UAE regulator warned that MEX Atlantic Corporation is not licensed for any activity it regulates. The FCA's March 2023 warning is no longer on its register.
- A consistent complaint pattern: since late 2025, Trustpilot reviewers of both multibankfx.com and mexatlantic.com have described the same sequence, often with account numbers and amounts. They report profitable trading, then a withdrawal request, then an internal review, then a deduction labelled abuse, cross trading or unauthorised trades. Similar profit cancellations were reported on Forex Peace Army in 2018 and on BrokersView in 2023.
- The contract allows it: MEX Atlantic's agreement lets it recover, at any time, historic profits it decides came from abuse of liquidity.
- Review integrity: Trustpilot says it removed fake reviews and has withheld the rating. Forex Peace Army records reviews posted from inside MultiBank's Hong Kong office, and a sealed court order that stops new posts about MEX companies.
- Why not a scam verdict: the licences are genuine and the group has operated since 2005. Many clients report normal withdrawals, and the regulator actions concern selling without local permission, not misuse of client money. On the evidence the figure is 60%.
Evidence ledger
Every finding, with its source and how strongly it points.
E1CONSOB Delibera n. 23253 (18 September 2024) orders multibankfx.com and my.multibankfx.com to stop offering investment services to the Italian public. CONSOB found the site in Italian, noted reports of unsolicited cold calls and losses by Italian savers, saw nothing stopping Italian sign-ups, and could not link the activity to any authorised firm.
Hard proofCONSOB (Italy), Delibera n. 23253E2CNMV's list of warned companies includes HTTPS://MULTIBANKFX.COM/ES (Multibank Group) as an unauthorised entity, dated 7 October 2024.
Hard proofCNMV (Spain) warned companies searchE3The UAE Capital Market Authority's warnings list (formerly the SCA) carries a warning published 30 June 2025 against MEX Atlantic Corporation, the company named in the multibankfx.com client agreement, saying it is not licensed for any SCA-regulated activity. The group's separate UAE company holds a CMA licence, so this concerns the scope of the offshore arm's licence.
E4IOSCO's alert network records a March 2024 alert by Ukraine's NSSMC listing Multibankfx as an unlicensed entity likely offering services to Ukrainian consumers.
E5The FCA published a warning on 15 March 2023 that MultiBank Group / multibankfx.com (cs@multibankfx.com) was not authorised and was targeting people in the UK. An archived copy from 9 December 2023 shows the warning; the FCA register no longer lists it at the time of writing.
ModerateFCA warning (archived copy)E6One-star Trustpilot reviews of multibankfx.com from late 2025 to October 2026 repeatedly describe balances or profits deducted after profitable trading, with account numbers and amounts. Examples: account 992535 (USD 3,900 deposited, the remaining balance deducted by MEX Atlantic's legal team), account 987722 (USD 785.80 deducted) and MetaTrader ID 922885 (USD 50,047.50 profit deducted). MultiBank replies to most of these reviews.
E7Reviews on Trustpilot's separate mexatlantic.com page describe the same mechanism in 2026, including a USD 1,551.88 deduction on account 978861 booked as 'ADJ-Unauthorized Trades' and a USD 6,742 deduction on account 992391.
E8Forex Peace Army's MEX Group page (copy dated 18 August 2026) rates the firm 1.8 out of 5 from 56 reviews. It records a 2018 report of profits cancelled for scalping at MEX Australia (over EUR 11,000) and MEX BVI (USD 5,882.80), and flags reviews posted from inside MultiBank's Hong Kong office. It also says a sealed court order bars new posts that could be read as defamatory to MEX.
E9BrokersView's MEX Atlantic page (CIMA 1811316, mexatlantic.com) lists 2023 complaints that profit withdrawals were frozen because scalping was said not to be tolerated.
ModerateBrokersView (FastBull)E10Trustpilot states that MultiBank Group's rating is unavailable because of a breach of its guidelines and that it removed a number of fake reviews. The remaining 1,801 reviews split 82% five-star and 11% one-star, with almost nothing in between.
ModerateTrustpilot company pageE11In November 2022 the DFSA restated its November 2021 alert that introducing brokers had falsely claimed DFSA regulation for MultiBank FX International Corporation (BVI) and for a non-existent MultiBank Trading and Investments. It added that MEX Australia had voluntarily given up its DIFC licence.
ModerateDFSA alert (archived copy)E12The multibankfx.com client agreement (MEX Atlantic Corporation, issued 30 March 2026) is governed by Cayman law and says the company's obligations to clients are unsecured. It also lets the company recover, at any time during the relationship, historic trading profits it determines came from abuse of liquidity.
E13MultiBank's regulations page claims regulation by 18+ financial regulators, but several of its 15 tabs are company registrations (Seychelles, India, Mauritius, Tianjin) or a passported branch (Austria). mexatlantic.com uses the same banner while advertising 1000:1 leverage and a 25% deposit bonus of up to $40,000 for the Cayman entity.
E14ASIC's licensee data lists AFSL 416279 for MEX AUSTRALIA PTY LTD (ACN 155 084 058), start date 20 March 2012, authorised to deal in and make a market in derivatives and foreign exchange for retail and wholesale clients. mexmarkets.com identifies itself as this company.
Hard proofASIC AFS licensee datasetE15CySEC lists MEX Europe Ltd, licence 430/23 dated 22 May 2023, company 424840, with mexeurope.com as its only approved domain.
Hard proofCySEC registerE16BaFin lists MEX Asset Management GmbH (BaFin ID 10119375) as an investment firm in Eschborn. Its active permissions include contract broking, investment advice and own-account trading, the earliest granted on 5 January 2005.
Hard proofBaFin company databaseE17The MAS directory lists MEX GLOBAL MARKETS PTE. LTD. as a Capital Markets Services licensee for OTC derivatives and leveraged spot FX, with website mexglobalmarkets.com.
Hard proofMAS Financial Institutions DirectoryE18The UAE CMA register lists Mex Markets Financial Services LLC (Business Bay, Dubai) as active, with active licences for introduction, trading in international markets, and OTC derivatives and spot currency brokerage.
E19CIMA's list of securities investment business licensees as at 30 September 2025 includes MEX Atlantic Corporation, licence 1811316, licensed on 7 July 2021. Its LEI record is fully corroborated against the Cayman registry (company 354945).
E20VARA lists MBIO FZE (MB.IO) with active virtual asset licence VL/24/06/001 for broker-dealer and exchange services, issued 18 July 2024.
ModerateVARA public registerE21The BVI FSC lists MultiBank FX International Corporation as currently regulated (Dealing as Agent). The VFSC lists MEX PACIFIC (V) LTD as an active financial dealer, licensed 12 July 2023.
ModerateBVI FSC and VFSC registersE22Verisign RDAP dates multibankfx.com to 3 May 2005. The LEI record of MEX Group Worldwide Limited shows a Hong Kong company created on 23 November 2010, formerly IKON Financial Group Limited, MultiTrade Financial Group Limited and MBG (Holdings) Limited.
StrongVerisign RDAP and GLEIFE23NFA BASIC shows IKON Global Markets Inc (New York, NFA ID 0327622) was fined $20,000 in March 2010 and $320,000 in November 2010, and permanently barred in August 2013. Press reports place that firm under a different owner, and no registry record links it to MultiBank's companies, so we do not attribute it.
ModerateNFA BASICE24LeapRate reported in August 2017 that IKON Global Markets was the NFA-licensed subsidiary of the separate IKON Finance group. Its July 2016 report describes IKON MultiBank Group restructuring into MEX Group.
WeakLeapRateE25Regulators have flagged look-alike sites that are not MultiBank: ASIC's alert on JP MultiBank Group (jpmultibank-plus.com, February 2026), the New Zealand FMA's alert on multibankn.org (July 2025) and the FCA register's unauthorised entry for multi-bankpro.com.
E26Trustpilot also carries recent reports of normal deposits and withdrawals (for example in August 2026), and MultiBank posts replies asking complainants for details.
ModerateTrustpilot company pageE27CIMA's list of fraudulent websites using Cayman addresses (1 October 2026) contains no MultiBank or MEX entry.
The other side
The strongest case in this broker’s favour.
There is a serious case that MultiBank is a large, legitimate broker with an aggressive offshore arm rather than a scam.
- Its regional companies hold licences from top regulators: ASIC (market maker since 2012), MAS, BaFin (permissions since 2005), CySEC, the UAE Capital Market Authority and VARA. We found no enforcement action by ASIC or CySEC against these companies.
- MEX Atlantic itself is licensed and listed by CIMA, and its LEI record is fully corroborated against the Cayman registry. CIMA's October 2026 list of fraudulent websites contains no MultiBank or MEX site.
- The group has a long verifiable history: multibankfx.com dates from 2005, its German company from 2004 and the Hong Kong holding company from 2010.
- Withdrawals work for many clients, including in recent months, and the firm answers most complaints. Several complaints involve bonuses or trading styles the terms restrict, and the firm cites those terms when it adjusts accounts.
- The current agreement says UAE clients are served by a Dubai company.
- The NFA fines and permanent bar on IKON Global Markets concern a US firm that press reports place under a different owner. We do not count them against MultiBank.
What would change this
What we would need to see to revise the verdict.
These developments would move the rating.
- Lower risk: multibankfx.com serving clients only through the licensed company for their country (for example EU clients through MEX Europe), CONSOB and CNMV lifting their measures, and the UAE warning being withdrawn.
- Lower risk: independent evidence that disputed deductions are handled fairly, such as trade logs given to clients, regulator or ombudsman rulings in MultiBank's favour, or Trustpilot restoring the rating.
- Higher risk: enforcement by CIMA or a tier-1 regulator over profit deductions or blocked withdrawals, any regulator finding that client money was misused, or withdrawal freezes spreading to the regulated regional companies.
- Higher risk: new warnings naming multibankfx.com, mexatlantic.com or MEX Atlantic Corporation.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
MultiBank regulations page
The broker's own list of group companies and licences
ASIC licensee data: MEX Australia Pty Ltd (AFSL 416279)
ASIC's published licence record with its permissions
CySEC register: MEX Europe Ltd (430/23)
EU licence and its only approved website, mexeurope.com
BaFin database: MEX Asset Management GmbH
German investment firm permissions since 2005
MAS directory: MEX Global Markets Pte. Ltd.
Singapore Capital Markets Services licensee
CIMA securities licensee list (30 Sep 2025)
Lists MEX Atlantic Corporation, licence 1811316
UAE CMA: Mex Markets Financial Services LLC
Active UAE licence of the group's Dubai company
UAE CMA warnings list
Search MEX Atlantic: warning published 30 June 2025
CONSOB Delibera n. 23253
Italian order against multibankfx.com, 18 September 2024
CNMV warned companies: Multibank Group
Spanish warning on multibankfx.com/es, 7 October 2024
IOSCO I-SCAN alerts for multibank
Regulator alerts on MultiBank and on look-alike clones
VARA register: MBIO FZE
Dubai virtual asset licence of the group's crypto exchange
BVI FSC: MultiBank FX International Corporation
Offshore licence, Dealing as Agent
Trustpilot: multibankfx.com
Client reviews and Trustpilot's guidelines-breach notice
Frequently asked questions
Quick answers about this broker’s safety.
Is MultiBank Group a scam?
No. MultiBank Group is a real broker group with genuine licences from ASIC, MAS, BaFin and CySEC. We still rate it high risk because its global website signs clients up through MEX Atlantic Corporation in the Cayman Islands. Several regulators have acted against that site or company for selling without a local licence, and many clients report deducted profits.
Is MultiBank Group a fraud?
We found no regulator or court finding of fraud against MultiBank Group or its MEX companies. Regulators in Italy, Spain, Ukraine and the UAE have said its global site or offshore company was not authorised in their countries, which is a finding about licensing, not fraud. The NFA fines often linked to the old IKON name concern a separate US firm.
Is MultiBank Group regulated?
Yes, through separate companies: MEX Australia (ASIC AFSL 416279), MEX Global Markets (MAS CMS101174), MEX Asset Management (BaFin), MEX Europe (CySEC 430/23), Mex Markets Financial Services (UAE CMA) and MBIO FZE (VARA, crypto only). Accounts opened on multibankfx.com are with MEX Atlantic Corporation, which is licensed only by CIMA in the Cayman Islands.
Which MultiBank company will hold my money?
That depends on where and how you open the account. The multibankfx.com client agreement names MEX Atlantic Corporation, Cayman company 354945, under Cayman law. Australian, EU, Singapore and UAE clients can be served by the locally licensed companies, so check the name on your agreement before you deposit.
Why did regulators in Italy, Spain and the UAE warn about MultiBank?
CONSOB found multibankfx.com offering trading to Italians, in Italian, without authorisation, with cold calls and reported losses. It ordered the site to stop in September 2024. CNMV listed multibankfx.com/es as unauthorised in October 2024, and in June 2025 the UAE regulator said MEX Atlantic Corporation is not licensed for the activities it supervises.
Can I withdraw my money from MultiBank?
Many clients report normal withdrawals, including in 2026. Since late 2025, though, a steady stream of complaints describes withdrawals held during internal reviews and balances deducted afterwards, usually after profitable trading or bonus use. Keep your records and withdraw profits regularly.
Why do clients say MultiBank deducted their profits?
MEX Atlantic's agreement lets it recover historic profits it decides came from abuse of liquidity or pricing errors, and lets it cancel trades. Clients report deductions labelled cross trading, unauthorised trades or bonus abuse, often without being given trade logs. MultiBank replies that it acts under its terms, and no regulator has ruled on these cases.
Is my money safe with MEX Atlantic?
Protection is limited. CIMA supervises the company, but there is no investor compensation scheme, disputes go to Cayman courts, and the agreement says the company's obligations to clients are unsecured. MEX Atlantic also advertises excess-loss insurance, which we could not verify. Clients of MEX Australia or MEX Europe have stronger protection, including AFCA dispute resolution or the Cyprus Investor Compensation Fund.
How old is MultiBank Group and who owns it?
The brand dates from 2005: multibankfx.com was registered in May 2005, and the group's German company was formed in 2004. The group traded as IKON MultiBank until a 2016 restructuring into MEX Group, which press reports say is chaired by Naser Taher. The trade name belongs to MEX Group Worldwide Limited in Hong Kong, and the group is run from Dubai.
Is multibankfx.com the real MultiBank website, and are there clones?
Yes. multibankfx.com is the group's own site, registered in 2005, and multibankgroup.com, mexatlantic.com and multibank.link belong to the same group. Regulators have flagged look-alikes that are not MultiBank, including jpmultibank-plus.com (ASIC, 2026), multibankn.org (New Zealand FMA, 2025) and multi-bankpro.com (FCA register).
What should I check before depositing with MultiBank?
Confirm the legal entity on your client agreement and look it up on that regulator's register. Prefer the licensed company for your region, avoid bonuses and very high leverage, and read the clauses on abusive trading and profit adjustments. Start small and test a withdrawal before depositing more.
What can I do if MultiBank deducted my balance or froze my withdrawal?
Ask in writing for the exact clause and the full trade logs, and keep every email and ticket number. Then complain to the regulator of the company you contracted with: CIMA for MEX Atlantic, AFCA for MEX Australia, or the Financial Ombudsman of Cyprus for MEX Europe. Be wary of recovery services that ask for upfront fees.
What we recommend
The practical takeaway from everything above.
If you are considering MultiBank, make sure your account is with a company licensed for your region, not with the Cayman entity by default.
- Check the company named on your client agreement before you deposit. In Australia that should be MEX Australia (mexmarkets.com, AFSL 416279), in the EU MEX Europe (mexeurope.com, CySEC 430/23), in Singapore MEX Global Markets, and in the UAE the CMA-licensed Mex Markets Financial Services.
- If you live in Italy, Spain or Ukraine, regulators there have said multibankfx.com is not authorised to serve you. MultiBank lists no FCA licence for UK clients.
- Avoid deposit bonuses and very high leverage. Most deduction complaints involve disputes over bonuses or trading style.
- Withdraw profits regularly, and keep statements, trade tickets and emails.
- If a balance is deducted, ask in writing for the exact clause and the trade logs. Then complain to the regulator of the company you contracted with: CIMA for MEX Atlantic, AFCA for MEX Australia, or the Financial Ombudsman of Cyprus for MEX Europe.
- Look-alike sites such as jpmultibank-plus.com and multibankn.org have been flagged by regulators and are not MultiBank.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 24, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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