MultiBank's English compare-accounts page, retrieved on 13 October 2026, offers an ECN card with spreads from 0.0 pips and a minimum deposit of $10,000. The terms link on that same page is the client agreement of MEX Atlantic Corporation, company number 354945, issued on 30 March 2026. Clause 6.3 says that, other than in the limited circumstances as disclosed, the company does not receive commissions. A marketing floor of 0.0 pips and a clause that disclaims commissions cannot both be a finished description of the EUR/USD cost. One is a minimum the desk may or may not show on a given ticket. The other says any commission, if it exists, has to be disclosed somewhere the client can read. On the ECN card, no dollar commission is printed at all.
The legal name on the English retail contract is narrower than the brand. MEX Atlantic Corporation gives its postal address as P.O. Box 10240, Grand Cayman, KY1-1002, and states that the Cayman Islands Monetary Authority licenses it under 1811316, trading as MEX Atlantic. A sister site, mexeurope.com, is published by MEX Europe Ltd, company ΗΕ 424840, at Feidiou 1, Flat 2, 3075 Limassol, under CySEC licence 430/23, and that homepage caps leverage at 1:30. The English compare card caps it at 1000:1. Treating those as one MultiBank ticket is how a 0.0 headline gets stapled to the wrong client. The same brand-versus-contract split is the point of the NAGA Capital review.
Key facts
- Standard from 1.5 pips, commission-free, minimum deposit $50. Pro from 0.8 pips, zero commissions, minimum $1,000. ECN from 0.0 pips, minimum $10,000, no commission on the card. Leverage up to 1000:1 on MT4 and MT5. — Compare-accounts, 13 October 2026.
- Terms PDF: MEX Atlantic Corporation, company 354945, issued 30 March 2026, CIMA 1811316, P.O. Box 10240, Grand Cayman, KY1-1002. The firm deals as principal. — Client agreement, retrieved 13 October 2026.
- Clause 6.3: other than limited disclosed circumstances, no commissions. Section 6.2: interest on unpaid amounts at 3% a year over the cash rate, and no interest owed on client funds. Clause 6.7: inactive fee US$60.00 a calendar month. — Same agreement.
- MEX Europe Ltd, CySEC 430/23: same 1.5 / 0.8 / 0.0 floors, minimums €50, €1,000 and €10,000, leverage up to 1:30, no euro commission on the ECN card. — mexeurope.com/en, 13 October 2026.
- Commission-free minimums the same day: IC standard EURUSD 0.8 pips on ic.com; Pepperstone Markets Limited standard EURUSD 1 pip; Tickmill Classic from 1.6 pips, zero commissions. — Each firm's pricing page, 13 October 2026.
- Regulations title names 14 authorities. The body says 18+ regulators. The only card that rendered was MEX Australia Pty Ltd, ASIC AFSL 416279, not the Cayman contract. — Regulations page, 13 October 2026.
| Item | What the English-site documents say |
|---|---|
| Contracting entity | MEX Atlantic Corporation, trading name MEX Atlantic |
| Company number | 354945, Cayman Islands |
| Licence named in the agreement | CIMA 1811316 |
| Address in the agreement | P.O. Box 10240, Grand Cayman, KY1-1002 |
| Standard | Spreads from 1.5 pips, commission-free, minimum deposit $50, leverage up to 1000:1 |
| Pro | Spreads from 0.8 pips, zero commissions, minimum deposit $1,000, leverage up to 1000:1 |
| ECN | Spreads from 0.0 pips, minimum deposit $10,000, commission not printed, leverage up to 1000:1 |
| Inactive fee | US$60.00 per calendar month after the inactivity test in clause 6.7 |
| Platforms on the compare card | MT4 and MT5 |
The name on the signature line
Copyright on the compare page sits with MEX Group Worldwide Limited, 99 Queens Road, Central, Hong Kong, which owns the MultiBank Group trade name. MultiBank Exchange is the trading name of MultiBank Forex Exchange Corporation, California number 3918038. Neither sentence says that company is the counterparty on an English-site retail ticket.
The terms link does. The agreement issued on 30 March 2026 says the firm deals as principal, not as agent, and is the counterparty. Times of day are Tortola, British Virgin Islands, unless a clause says otherwise. The order-execution policy is the one at www.mexatlantic.ae. This is a Cayman company and a BVI clock, not the Hong Kong holding company.
Client money is held in trust at an approved foreign bank. The risk disclosure then qualifies that: if a court did not uphold the trust over net unrealised profits, the client would rank as an unsecured creditor for those profits, and segregation "does not offer or guarantee absolute protection" in an insolvency shortfall. A separate line says the obligations under the agreement and the margin FX and CFDs "are unsecured obligations, meaning that you are an unsecured creditor of ours."
The security-of-funds page, retrieved the same day, says a Lloyd's of London policy covers clients up to $1,000,000 per account, and it shows headings for "US $322 Million Paid up Capital" and "B Rating with S&P". The policy schedule, the capital accounts and an S&P report were not opened. The agreement's insolvency language was. Where they differ, the terms control.
On a close outside normal size, the spread used in the closing price will not exceed 20% or one cent, whichever is greater.
What 0.0 pips leaves out
Standard is described as a commission-free account with spreads from 1.5 pips. Pro is described as zero commissions with spreads from 0.8 pips. ECN is described as raw spreads from 0.0 pips. Only the first two cards say what happens to commission. The third states a floor and a $10,000 minimum and stops.
The card is silent.
Clause 6.3 does the work the card does not. "Other than in the limited circumstances as disclosed, we do not receive commissions." A later swap-free passage says that setting "features zero up-front commissions without additional charges per trade", with any charges shown on the website. That sentence is about swap-free accounts, not a basis for calling the ECN card commission-free. Charges are deducted the day after they are incurred. Prices can be shown net of charges, with 48 hours to object, and an officer's notice prevails over a platform confirmation except for manifest error.
For Standard and Pro, the compare page says there is no commission, and the quantified cost is a floor, not an average. For ECN, the floor is 0.0 pips and the commission is unstated, while the agreement allows a commission only where it has been disclosed. Nothing opened this session printed a dollar-per-lot ECN charge, and nothing proved the charge is zero. A "$3 a lot" line for this brand, without a MEX Atlantic page that says so, is a borrowed number.
The contract-specification extract stopped on AUD and CHF. There is no EURUSD average in it, and a live widget was not used as a substitute. The compare-card floors are the MultiBank bars. They are floors.
Group appointments do not fill the card in. On 31 August 2026 FX News Group reported that David Ogg, chief executive of MEX Exchange since 2024, had become vice chairman, and Brian Andreyko chief executive. Ogg's line is about that venue, not the Cayman retail schedule: "there remains significant scope for innovation in how liquidity is accessed, matched and executed." Andreyko said he wanted "a scalable platform that delivers speed, efficiency and a strong execution experience." MEX Exchange is also a label on a withdrawal PDF. It is not company 354945.
Commission-free floors, set beside three peers
The bars are minimum spreads in pips on the commission-free account. MEX Atlantic's 1.5 and Tickmill's 1.6 are account floors, not EURUSD averages. IC's 0.8 and Pepperstone's 1 are the EURUSD standard minimums. Raw commissions stay in the table, because a dollar charge and a pip floor are different units.
On ic.com, retrieved 13 October 2026, raw spreads can go to 0.0 pips, and the account display is what counts. The EURUSD row is 0, 0.01, 0.8 and 0.1 under two min/avg pairs. The last figure sits under the standard minimum, so it is not used as an average. The minimums used are 0.0 raw and 0.8 standard. MetaTrader raw is USD 3.50 per side, USD 7.0 round turn. cTrader and TradingView are $3 per 100,000 USD per side. An example at 1.3000 and 1.3100 totals $7.83 and is not a live rate. Standard commission is $0 per side. ic.com did not return a company name. The bar cites the page.
Pepperstone's costs page refers to an SCB licence. The homepage names Pepperstone Markets Limited, number 177174 B, SIA-F217, Pineapple House, Old Fort Bay, Nassau. Standard EURUSD minimum is 1 pip, with a 1 pip markup and no commission on margin FX. That 1 pip is the bar. Razor starts at 0.0 and from $3.50 per lot per side. cTrader is 6 USD roundtrip. TradingView is 7 USD roundtrip. Retail FX leverage on the costs page is 1:200 and professional is 1:500. The homepage also says up to 1:1000 under SCB Pro. There is no inactivity fee.
Tickmill Classic is zero commission and spreads from 1.6 pips, leverage up to 1:1000, starting deposit 100 in USD, EUR, GBP or ZAR. Raw is from 0.0 and $3 per lot per side. The example is 6 USD round turn on 1 lot EURUSD, contract size 100,000 EUR. The footer lists Tickmill UK Ltd, Tickmill Europe Ltd, Tickmill South Africa (Pty) Ltd and Tickmill Ltd in Seychelles, and does not say which company holds the Classic account. The 1.6 figure is the .com floor.
| Firm and account | Entity or page, as retrieved | Spread figure | FX commission the page actually prints |
|---|---|---|---|
| MEX Atlantic Standard | MEX Atlantic Corp., CIMA 1811316 | From 1.5 pips | Commission-free |
| MEX Atlantic Pro | Same agreement | From 0.8 pips | Zero commissions |
| MEX Atlantic ECN | Same agreement | From 0.0 pips | Not printed. Clause 6.3 limits commissions to disclosed cases |
| IC MetaTrader standard | ic.com. No company name on the page | EURUSD min 0.8. Average unused | $0 per side |
| IC MetaTrader raw | Same page | EURUSD min 0.0 | USD 3.50 per side, USD 7.0 round turn |
| Pepperstone Standard | Pepperstone Markets Ltd, SIA-F217 | EURUSD min 1. Markup of 1 pip | No commission on margin FX |
| Pepperstone Razor | Same costs page | FX from 0.0 | From $3.50 per side. cTrader 6 USD roundtrip. TradingView 7 USD roundtrip |
| Tickmill Classic | tickmill.com group page. Entity not pinned | From 1.6 pips | Zero commissions |
| Tickmill Raw | Same host | From 0.0 pips | $3 per side. Example 6 USD round turn on 1 lot EURUSD |
The 1.5 pip Standard floor sits between Pepperstone's 1 and Tickmill's 1.6, and wider than IC's 0.8. The ECN floor of 0.0 matches the raw minimums, then stops: Tickmill's example is 6 USD round turn and IC MetaTrader raw is USD 7.0, and MEX Atlantic prints neither. The same schedule-versus-entity test is in the easyMarkets ticket note and the Octa review.
One brand, several contracts
MEX Europe shows the logo is not the contract. The homepage retrieved on 13 October 2026 is owned by MEX Europe Ltd, CySEC 430/23, with leverage up to 1:30 rather than 1000:1. The floors look familiar: Standard from 1.5 pips at €50, Pro from 0.8 at €1,000 with zero commissions, ECN from 0.0 at €10,000. Deposit currency, leverage and company number have changed. The spread floors have not, and no euro commission is printed. A Cyprus account is not clause 6.7 of the Cayman agreement.
IronFX is a recent case of a CySEC file sitting beside a different offshore contract. MultiBank's version is more crowded, because the English paperwork already offers a menu.
The account-forms page is headed "Choose your Regulator" and lists "MEX MARKETS (REGULATED BY CMA)", "Mex Atlantic (CIMA)", "Mex Markets (ASIC)" and "MultiBank FX Internation Corp.", spelled that way on the page. The visible downloads are MEX Markets UAE files, including a client agreement that returned an access block. Its spreads are not used. The compare footer still points terms at the MEX Atlantic agreement. Which PDF a reader holds depends on the last button in view.
Withdrawals offer withdraw@multibankfx.com and two PDFs, one labeled Mex Exchange and one Mex Atlantic. No withdrawal fee is printed. Funding lists cards, bank, BTC, USDT on ERC20 and TRC20, Neteller, Skrill and SWIFT. SEPA's minimum is €250. No deposit fee is stated, which is not a promise that a processor adds nothing.
The regulations title lists 14 authorities, from ASIC to the VFSC, and the body says 18+ regulators. The only card that expanded was MEX Australia Pty Ltd, AFSL 416279. CIMA 1811316 is the Cayman agreement. CySEC 430/23 is MEX Europe. The public registers were not opened.
Naser Taher, chairman of MultiBank Group, put an earlier headcount in a speech PR Newswire carried on 23 February 2023: "a daily turnover of USD 12.1 billion, over 1 million customers, and over 30,000 institutional clients" and "an unblemished record with all our 11 regulators since 2005." The site now says 18+. Neither figure is a description of company 354945.
Pros, cons, and what would move the score
On the credit side, the English footer names a company, a number and a licence, and the agreement says the firm deals as principal. Standard and Pro say whether a commission is charged. The inactive fee is US$60, a number. MEX Europe is identifiable on its own site.
RelatedAlpari Review 2026: EUR/USD Ticket Is $25 at Close
Against that, the ECN card states no commission, and no EURUSD average was retrieved. The regulations strip names other authorities. Claims are unsecured, and an outsized close is capped at 20% or one cent. The forms default is a UAE PDF that did not open. The Lloyd's, $322 million and S&P lines were not matched to a schedule or a report.
Five marks. Cost disclosure is 2/5 at a 25% weight, 0.50: two cards state the commission, the ECN card and any pair average do not. Contract naming is 4/5 at 25%, 1.00: company 354945, the Grand Cayman box, CIMA 1811316 and principal dealing are in the terms, with a point off because forms and withdrawals still name other entities. Regulator match is 3/5 at 20%, 0.60: one regulator in the agreement, against 14 names and an 18+ line, registers unopened. A comparable ticket is 2/5 at 15%, 0.30. Cash terms are 2/5 at 15%, 0.30: US$60, SEPA €250 and 3% over the cash rate are plain, and the unsecured-creditor line plus the unmatched insurance claim hold the mark down.
Total: 2.70 out of 5.
A printed ECN commission, or a line that says the commission is zero, would lift the cost mark. A rendered EURUSD average would lift the ticket mark. A CIMA register row for 1811316, a Lloyd's schedule, and accounts behind the $322 million heading would lift the rest. None of that was in the 13 October 2026 set. What remains is a Cayman principal contract, a 1.5 pip Standard floor, and a 0.0 ECN floor that is not an all-in price.
Questions the pages actually answer
Who is the MultiBank client on the English site?
The compare-accounts footer links its terms to the MEX Atlantic Corporation agreement, company number 354945, issued on 30 March 2026. The agreement gives P.O. Box 10240, Grand Cayman, KY1-1002, CIMA licence 1811316, and the trading name MEX Atlantic. MEX Group Worldwide Limited in Hong Kong owns the trade name. It is not the sentence that says the firm deals as principal.
Is the 0.0 pip ECN figure the EUR/USD cost?
It is the floor printed on the ECN card, next to a $10,000 minimum deposit. The card does not print a commission. Clause 6.3 says the company does not receive commissions except in limited circumstances that are disclosed. No EURUSD average was on the contract-specification extract retrieved on 13 October 2026. A floor of 0.0 is not an average and not a round-turn dollar cost.
What does MEX Atlantic charge an inactive account?
Clause 6.7 sets the monthly inactive-account fee at US$60.00 per calendar month. The trigger in the agreement is three consecutive months without a new trade or a rollover on an open position, with the first debit described as falling four months from the last activity. The fee is not taken in a way that pushes a small credit balance into a debit. Pepperstone's costs page, by contrast, says that firm charges no inactivity fee.
How is MEX Europe a different contract?
MEX Europe Ltd, ΗΕ 424840, Feidiou 1, Flat 2, 3075 Limassol, is on CySEC licence 430/23. Its homepage on 13 October 2026 caps leverage at 1:30. Deposits are in euros: €50, €1,000 and €10,000. The spread floors, 1.5, 0.8 and 0.0 pips, match the English cards, and the ECN card again prints no commission. The leverage and the company do not match MEX Atlantic.
Does "18+ regulators" describe this account?
The regulations page says the group is covered by 18+ financial regulators and lists 14 names in the title. The Cayman agreement names CIMA 1811316. The Australia card that rendered is MEX Australia Pty Ltd, AFSL 416279. CySEC 430/23 is MEX Europe Ltd. Those are different companies. The public registers were not opened for this review, so the licence numbers rest on the firm's own documents.
Where do the peer commissions sit, if they are not on the bars?
Tickmill Raw is $3 per lot per side, and the EURUSD example is 6 USD round turn on 100,000 EUR, spreads from 0.0. IC MetaTrader raw is USD 7.0 round turn. Pepperstone Razor starts at $3.50 per lot per side, with cTrader at 6 USD roundtrip and TradingView at 7 USD roundtrip. Those charges sit on top of a raw spread. They are a different unit from the 1.5 pip Standard floor, which is why they stay in the table.
This is analysis of published fees, company documents and named quotations, not advice to open, fund or close an account. Spreads and commissions are the figures those firms' own pages showed on 13 October 2026, and MEX Atlantic says platform confirmations can show a net price. The Lloyd's, capital and rating lines are the security page's claims, not documents reviewed here. Contracts for difference can lose more than the margin posted. The agreement describes the firm's obligations as unsecured. Capital is at risk.