Written by ForexBrokers.com
In this head to head comparison of IC Markets vs MultiBank, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
IC Markets and MultiBank are established players in the online brokerage scene, launching in 2007 and 2005 respectively. Neither company is publicly traded or operates as a bank. Both brokers share a solid reputation, securing an "trusted" Trust Score of 84 out of 99 from ForexBrokers.com, indicating a reliable level of trust worthiness for investors.
In terms of regulation, IC Markets holds two Tier-1 licenses, while MultiBank boasts a slightly higher regulatory stature with three Tier-1 licenses. Additionally, MultiBank possesses one Tier-2 license, adding to its regulatory credentials, whereas IC Markets does not hold any Tier-2 licenses. These regulatory distinctions reflect each broker's commitment to maintaining trusted standards in the financial industry.
| Feature |
IC Markets
|
MultiBank
|
|---|---|---|
| Year Founded | 2007 | 2005 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 3 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 3 | 3 |
IC Markets stands out as a leader in the forex broker arena with exceptionally low commissions and fees. With its competitive trading costs, IC Markets achieved the distinguished accolade of Best in Class in the Commissions & Fees category for 2024. Traders can choose from three account types: a commission-free Standard account and two commission-based accounts, Raw Spread and cTrader Raw Spread. While the cTrader account offers slightly lower commissions at $3.0 per side, the MT4 or MT5 Raw Spread account charges $3.5 per side. The average spread for the EUR/USD pair is notably low at just 0.02 pips, making IC Markets a cost-efficient choice for forex traders. Rated 5 stars for its commissions and fees, IC Markets ranks #5 among 62 brokers as per ForexBrokers.com.
In contrast, MultiBank offers three account types tailored to different trader needs: the Standard, Pro, and ECN accounts. The Standard account is accessible with a $50 deposit, though it comes with higher spreads. The Pro account offers a more appealing option with lower spreads at a $1,000 deposit requirement, while the ECN account allows for the lowest spreads at MultiBank, coupled with a $10,000 deposit and a small round-trip commission of $3 per trade. Though MultiBank is rated 4 stars for its commissions and fees, it ranks lower at #38 among 62 brokers according to ForexBrokers.com. An additional consideration for MultiBank users is the $60 monthly inactivity fee if the account remains dormant for 90 days.
While both brokers offer various account types to meet trader preferences, IC Markets shines with lower overall trading costs, making it a top choice for those seeking efficient forex trading. MultiBank, with its tiered accounts, provides flexibility for novice to advanced traders but may incur more substantial costs over time, particularly if your trading activity lapses. Each broker’s offerings cater to unique trading needs, so understanding the fee structures can guide the best choice for individual trading strategies.
| Feature |
IC Markets
|
MultiBank
|
|---|---|---|
| Minimum Deposit | $200 | $50 |
| Average Spread EUR/USD - Standard | 0.62 | N/A |
| All-in Cost EUR/USD - Active | 0.62 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | Yes |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing the range of investments offered by IC Markets and MultiBank, a few key differences emerge that may influence your trading choices. IC Markets provides a broader selection with 3,583 tradeable symbols, including 61 forex pairs, allowing traders more choices in diversifying their portfolios. In contrast, MultiBank offers 1,042 tradeable symbols and 40 forex pairs, which is a more limited selection compared to IC Markets. Both brokers facilitate forex trading as either CFDs or spot contracts, providing flexibility in trading styles. Another unique offering by IC Markets is the access to international exchange-traded securities like Vodafone shares, whereas MultiBank does not extend this service.
Both IC Markets and MultiBank support cryptocurrency trading, though MultiBank stands out by allowing customers to purchase actual cryptocurrencies, not just derivatives. IC Markets, on the other hand, provides the ability to trade cryptocurrency derivatives. For those interested in replicating trading strategies, both brokers offer copy trading features. Evaluations by ForexBrokers.com reflect these distinctions, with IC Markets receiving a slightly higher rating of 4.5 stars, compared to MultiBank's 4 stars in the Range of Investments category. IC Markets ranks at #25, while MultiBank follows at #37 out of 62 brokers assessed, indicating a marginal edge for IC Markets in terms of investment diversity.
| Feature |
IC Markets
|
MultiBank
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 1042 |
| Forex Pairs (Total) | 61 | 40 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | Yes |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When it comes to trading platforms and tools, both IC Markets and MultiBank offer a strong lineup for traders. Both brokers provide the ability to engage in simulated or paper trading via virtual demo accounts, ensuring beginners can practice without risk. While IC Markets does not have a proprietary platform, MultiBank offers one developed in-house. Both brokers support Windows-based desktop downloads, as well as web-based trading platforms, offering flexibility for users whether they prefer a download or browser experience. Traders can enjoy copy trading on both platforms, with IC Markets also offering ZuluTrade for additional copy trading options.
Both IC Markets and MultiBank include popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), ensuring a familiar environment for many traders. However, neither broker supports DupliTrade. Charting tools are comprehensive, with IC Markets offering 15 drawing tools and MultiBank providing 17, while both allow trading directly from stock charts. Watch lists are customizable with seven fields available at each broker. Although both platforms receive a four-star rating for their trading tools, IC Markets ranks higher at #16 compared to MultiBank's #39 in rankings by ForexBrokers.com, indicating a more favorable user experience and toolset according to industry standards.
| Feature |
IC Markets
|
MultiBank
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | Yes | No |
| Charting - Indicators / Studies (Total) | 30 | 38 |
| Charting - Drawing Tools (Total) | 15 | 17 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading apps, both IC Markets and MultiBank provide strong options for traders using both iPhone and Android devices. Each platform offers key features like price alerts and real-time watchlists. However, neither broker allows for syncing watchlists between the mobile app and the online account, meaning any changes made in one location won't automatically update in the other. For technical tools, both apps offer 30 technical studies for charting, the ability to draw trendlines, view multiple time frames, and auto-save chart drawings.
Although both IC Markets and MultiBank apps are rated 4 out of 5 stars for mobile trading capabilities, IC Markets holds a better ranking, coming in at number 22 out of 62 brokers according to ForexBrokers.com, while MultiBank is ranked at number 41. This suggests that while both apps provide a comprehensive set of features, IC Markets may offer a slightly better user experience in the mobile trading arena. Overall, both apps have the essential features traders need, but IC Markets edges out in rankings despite offering similar functionalities.
| Feature |
IC Markets
|
MultiBank
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When assessing IC Markets and MultiBank for market research capabilities, several factors highlight their differences. IC Markets provides daily market commentary, enhancing traders' insights into the latest happenings, while MultiBank does not offer this feature. Both brokers do provide forex news from esteemed sources such as Bloomberg and Reuters, ensuring up-to-date information for their clients. In terms of analysis tools, IC Markets stands out with offerings from Autochartist and Trading Central, which are not available through MultiBank. Moreover, IC Markets offers a sentiment-based trading tool to gauge market trends, a service that MultiBank lacks. Both brokers, however, fall short in providing resources from TipRanks and Acuity Trading.
Both IC Markets and MultiBank include an economic calendar, keeping traders informed of significant global economic events. In terms of ratings, IC Markets receives a higher research score of 4 stars compared to MultiBank's 3.5 stars. This distinction is further highlighted in their rankings on ForexBrokers.com, where IC Markets is placed at #23 out of 62 brokers for research excellence, while MultiBank is positioned at #49. These differences indicate that traders seeking comprehensive research tools might find IC Markets to be a more suitable choice.
| Feature |
IC Markets
|
MultiBank
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, both IC Markets and MultiBank provide a good starting point with over 10 pieces of content like articles, videos, and more on forex and CFDs. However, IC Markets stands out by hosting regular monthly webinars, while MultiBank does not. IC Markets also offers a searchable archive of recorded webinars, providing an extra layer of convenience for learners who want to revisit past sessions, an option missing from MultiBank's offerings.
IC Markets further distinguishes itself with a wide array of content including beginner and advanced educational videos, catering to traders at different skill levels. Additionally, it provides an investor dictionary featuring over 50 investing terms to help newcomers familiarize themselves with essential jargon. While MultiBank covers the basics for beginners, its lack of advanced video content and educational archives makes IC Markets a more comprehensive option for in-depth learning. Reflecting these differences, IC Markets boasts a higher education rating and ranking compared to MultiBank, making it a potentially better choice for those looking to deepen their trading knowledge.
| Feature |
IC Markets
|
MultiBank
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that IC Markets is better than MultiBank. IC Markets finished with an overall rank of #20, while MultiBank finished with an overall rank of #40.
IC Markets’ competitive pricing and scalable execution make it an excellent option for algorithmic traders. Though it supports an impressive range of third-party tools and plugins, IC Markets’ research and education offerings are not as impressive as those offered by industry leaders.
| Feature |
IC Markets
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MultiBank
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|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 84 |
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IC Markets does not provide the option to buy actual cryptocurrency, only offering cryptocurrency derivatives, whereas MultiBank allows users to buy both actual cryptocurrency and cryptocurrency derivatives.
When comparing online brokers IC Markets and MultiBank, it's important to note that while both offer Skrill, Visa, Mastercard, and bank wire transfer options for depositing or withdrawing funds, MultiBank also provides ACH and SEPA transfers and excludes PayPal, whereas IC Markets accommodates PayPal but not ACH or SEPA transfers.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | IC Markets | MultiBank | |
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| Trust Score | 84 | 84 | |
| Winner | check_circle | ||
| Review | IC Markets Review | MultiBank Review |
| Broker Screenshots | IC Markets | MultiBank | |
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| Regulation | IC Markets | MultiBank | |
|---|---|---|---|
| Trust Score | 84 | 84 | |
| Year Founded | 2007 | 2005 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 2 | 3 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 3 | 3 |
| Tier-1 Licenses (Highly Trusted) | IC Markets | MultiBank | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | Yes | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | No | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | IC Markets | MultiBank | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | IC Markets | MultiBank | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 1042 | |
| Forex Pairs (Total) | 61 | 40 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | Yes | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | IC Markets | MultiBank | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.62 | N/A | |
| All-in Cost EUR/USD - Active | 0.62 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IC Markets | MultiBank | |
|---|---|---|---|
| Minimum Deposit | $200 | $50 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | Yes |
| Trading Platforms | IC Markets | MultiBank | |
|---|---|---|---|
| Proprietary Platform | No | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | Yes | No | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | No |
| Trading Tools | IC Markets | MultiBank | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 30 | 38 | |
| Charting - Drawing Tools (Total) | 15 | 17 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IC Markets | MultiBank | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | IC Markets | MultiBank | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | IC Markets | MultiBank | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | IC Markets | MultiBank | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | IC Markets Review | MultiBank Review |
| Overall | IC Markets | MultiBank | |
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| Trust Score | 84 | 84 | |
| Winner | check_circle | ||
| Review | IC Markets Review | MultiBank Review |
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