image Boston Merchant Financial VISIT BOSTON MERCHANT FINANCIAL image MultiBank Group VISIT MULTIBANK GROUP image City Index VISIT CITY INDEX
About

Boston Merchant Financial is regulated by FFMS 1220. Boston Merchant Financial have provided Forex, Spread betting, CFD trading services since 1988.

MultiBank Exchange Group is regulated by the Financial Conduct Authority and ASIC. MultiBank Exchange Group have provided Forex, Spread betting, CFD trading services since 2005.

City Index is regulated by the Financial Conduct Authority. City Index have provided Forex trading services since 1983.

Why choose them?
  • Yes Over 30 years in business
  • Yes Segregates clients funds
  • Yes Regulated by ASIC
  • Yes Over 13 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority and ASIC
  • Yes Over 35 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, ASIC and MAS
Headquarters Moscow, Russia USA London, UK

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) No No Yes
CFD No No Yes
Spread Betting No No Yes
Social Trading No No No
MARKETS & INSTRUMENTS
Forex (currency pairs) 23 45 84
Commodities Offered 2 4 26
Stocks Offered 37 1000 4500
Bitcoin No Yes Yes
Majors Yes Yes Yes
Indices Yes Yes Yes
US Stocks Yes Yes Yes
Penny stocks No No Yes
Energies Yes Yes Yes
Metals Yes Yes Yes
Agriculturals Yes Yes Yes
FTSE Yes Yes Yes
Dow Jones Yes Yes Yes
Dax Yes Yes Yes
Nikkei Yes No Yes
ETFs Yes No Yes
IPO No No No
See all instruments

Losses can exceed deposits

See all instruments

Losses can exceed deposits

See all instruments

Losses can exceed deposits

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 Yes Yes Yes
MT5 No No No
MT4 Mac No No No
WebTrader Yes No Yes
Mirror Trader No No No
ZuluTrade No No No
Sirix No No No
cTrader No No No
PAMM Yes Yes Yes
Custom Platforms UNITRADER Pure ECN PRO, MAXIMUS-MT4 AT Pro, Advantage Web

APPS

iOS image Yes Yes Yes
Android image Yes Yes Yes
Windows image Yes Yes Yes
Available Languages

English, Russian, Chinese, Arabic, and Spanish

English,Russian,Spanish,Arabic,Chinese,Italian,andPolish,German

English, Spanish, German, Arabic, Polish, and Chinese

See platform & features

Losses can exceed deposits

See platform & features

Losses can exceed deposits

See platform & features

72% of retail investor accounts lose money when trading CFDs with this provider

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by Boston Merchant Financial and MultiBank Group

Demo account Yes Yes Yes
Mini account No No Yes
Micro account Yes Yes Yes
Standard account Yes Yes Yes
ECN Account No Yes No
Islamic account Yes Yes No
Zero spread account No No No
VIP account Yes Yes Yes
Fixed spreads Yes Yes Yes
Variable spreads Yes Yes Yes
See account options

Losses can exceed deposits

See account options

Losses can exceed deposits

See account options

72% of retail investor accounts lose money when trading CFDs with this provider

TRADING CONDITIONS

Scalping Yes Yes No
Hedging Yes Yes Yes
Expert advisors (EAs) Yes Yes Yes
Virtual private server No Yes No
Direct market access Yes Yes No
STP broker Yes No Yes
Market maker Yes Yes Yes
Min trade 0.01 Lot 0.01 Lot 1 Lot
Max trade None None Varies
Min deposit $50 $50 $25

RISK MANAGEMENT

Stop losses Yes Yes Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops Yes Yes Yes
Price alerts Yes Yes Yes
Signal trading No No Yes

FUNDING METHODS

Credit card Yes Yes Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No No
Neteller Yes Yes No
Skrill Yes Yes No
Payment processing time 1-2 business days 1 business day 2-3 business days
Withdrawal processing time 1-3 business days 1 business day 2-3 business days
See all funding options

Losses can exceed deposits

See all funding options

Losses can exceed deposits

See all funding options

72% of retail investor accounts lose money when trading CFDs with this provider

DETAILED INFO

Excluded countries US US US, CF, TD, CG, CG, CI, CU, GN, ER, GN, FR, GW, HT, IR, IQ, KR, LB, LR, LY, MM, NZ, NG, SL, SO, SD, SY, TM, UZ, VE, EH, YE, ZW
Contact email Send Email Send Email Send Email
Phone number 1 514 667 8470 852 800906980 0845 355 0801
Live Chat Yes Yes Yes
Website https://bmfn.com/ https://www.mexgroup.com www.cityindex.co.uk
Spreads:
EUR/USD (Average: 0.7 pips) Not offered 0.8 pips 0.5 pips
GBP/USD (Average: 1.1 pips) Not offered 1.0 pips 0.5 pips
USD/JPY (Average: 1.1 pips) Not offered 0.9 pips 1.6 pips
AUD/USD (Average: 0.8 pips) Not offered 0.9 pips 0.5 pips
USD/CHF (Average: 2.3 pips) Not offered 1.0 pips 1.6 pips
USD/CAD (Average: 2.9 pips) Not offered 1.3 pips 0.5 pips
NZD/USD (Average: 3.6 pips) Not offered 2.3 pips 2.3 pips
EUR/GBP (Average: 2.4 pips) Not offered 1.5 pips 0.5 pips
View all spreads

Losses can exceed deposits

View all spreads

Losses can exceed deposits

View all spreads

72% of retail investor accounts lose money when trading CFDs with this provider

FEES

Inactivity Fee No No Yes
Commission No No 0.0015
Deposit Fee No No Varies
Withdrawal Fee No No Varies
View All Fees

Losses can exceed deposits

View All Fees

Losses can exceed deposits

View All Fees

72% of retail investor accounts lose money when trading CFDs with this provider

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Last update

All information collected from https://bmfn.com/. Last updated on 01/07/2019.

All information collected from https://www.mexgroup.com. Last updated on 01/07/2019.

All information collected from www.cityindex.co.uk. Last updated on 01/07/2019.

Company

Boston Merchant Financial is an online forex trading service provider who are regulated by the Financial Conduct Authority. To open an account with Boston Merchant Financial, minimum deposits start from $50.

With Boston Merchant Financial you can trade FX, CFDs on shares and commodities. If you like to trade on the go, Boston Merchant Financial have iPhone and android apps so you can trade from anywhere on your phone.

Boston Merchant Financial offer MetaTrader 4, UniTrader Mobile Trading platforms to make your trades and support 11 different languages.

The spreads offered by Boston Merchant Financial for the most popular instruments are:
5.0 EUR/USD, 2.0 FTSE 100, 2.0 GOLD,
5.0 GBP/USD, 2.0 DOW/JONES, 2.0 Crude Oil,
see all the spreads here.

MultiBank Exchange Group is an online forex trading service provider who are regulated by the Financial Conduct Authority. To open an account with MultiBank Exchange Group, minimum deposits start from $1.

With MultiBank Exchange Group you can trade Forex, gold, metals, and CFDs. If you like to trade on the go, MultiBank Exchange Group have iPhone, Windows and Android app so you can trade from anywhere on your phone.

MultiBank Exchange Group offer Turbo Meta-MT4, MultiBank Pro-MT4, Maximus-MT4, MT4 Mobile platforms to make your trades and support 4 different languages.

The spreads offered by MultiBank Exchange Group for the most popular instruments are:
2 EUR/USD, 10 FTSE 100, 20 GOLD,
2 GBP/USD, 5 DOW/JONES, 20 Crude Oil,
see all the spreads here.

Since establishing themselves as one of the first spread betting providers in the UK. , City Index have grown to a global company in over 50 countries completing over two million trades every month. City Index provide some of the most competitive spreads across thousands of markets including indices, shares, currencies, commodities and many more.

City Index have continued to innovate and were the first to provide a downloadable Android and iPhone app for spread betting and CFD trading and with over 30 years experience in the industry, you know you can trust Cityindex to handle your trades.

For more information about trading with City Index, we have put together an indepth City Index review with some of the pros and cons about this broker.

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Boston Merchant Financial or MultiBank Group?

Well established or ECN execution?

If you’re a trader looking for a broker that has been established for a long time, Boston Merchant Financial is likely a good choice. However, if you want a broker with ECN execution, MultiBank Group may be more appropriate.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider MultiBank Group to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

Boston Merchant Financial is regulated by ASIC, while MultiBank Group is regulated by ASIC, FSC, BaFin, CNMV, FMA.

City Index are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

Boston Merchant Financial has been around for 31 years, while MultiBank Group have been around for 14 years. Our third alternative broker, City Index, have been around for 36 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Both Boston Merchant Financial and MultiBank Group use tier one banks, but we are not sure of which bank specifically.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

We’re not aware of any penalties or fines imposed by regulators on Boston Merchant Financial or MultiBank Group in the past five years.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Both Boston Merchant Financial and MultiBank Group are privately owned companies.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

Boston Merchant Financial are based in Moscow, Russia, while MultiBank Group are based in USA .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, both Boston Merchant Financial and MultiBank Group offer forex trading. MultiBank Group have a slightly larger variety of currency pairs with 45 pairs, compared to 23 offered by Boston Merchant Financial. Also, if you’re looking to trade cryptocurrencies, MultiBank Group offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.

Both Boston Merchant Financial and MultiBank Group allow you to trade commodities like gold, silver and crude oil.

Platforms & Account Types

If you trade forex, there’s a good chance you might want a broker that offers the popular MT4 trading platform. If that’s the case, both Boston Merchant Financial and MultiBank Group offer this. Our alternative broker, City Index, also offers MT4 and MT5.

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. City Index, for example, offer a mini account, standard account and VIP account.

For Muslim traders, Boston Merchant Financial offers an Islamic account, which doesn’t accrue interest or incur/receive rollover swap points, as this is prohibited in Shariah law. You can learn more & compare Islamic trading accounts head-to-head here.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

Boston Merchant Financial does allow scalping and hedging. While MultiBank Group also allows scalping and hedging. You can trade with EAs (expert advisors) on both Boston Merchant Financial and MultiBank Group.

In terms of risk management tools, neither Boston Merchant Financial or MultiBank Group offers negative balance protection. Negative balance protection prevents you owing your broker more than you’ve deposited.

Boston Merchant Financial also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

Boston Merchant Financial accept Neteller while MultiBank Group accept Neteller.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, Boston Merchant Financial charges points, while MultiBank Group charges 0.10 points. Therefore, Boston Merchant Financial is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: Boston Merchant Financial or MultiBank Group?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, MultiBank Group is more reliable based on our criteria above. MultiBank Group has a wider range of instruments to trade. MultiBank Group offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.