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 |
When comparing the commissions and fees of online brokers, IC Markets stands out with impressive cost-effectiveness, exemplifying its place among the best in low-cost forex trading. With a five-star rating and a prestigious rank of #5 out of 63 brokers by ForexBrokers.com, IC Markets offers various account types, including the Standard, Raw Spread, and cTrader Raw Spread accounts. The broker's strength lies in its competitive pricing structure. For the cTrader account, traders can enjoy a commission of $3 per side, while the MetaTrader-based Raw Spread account charges slightly more at $3.5. However, the all-in trading costs remain highly competitive, making IC Markets a top choice for budget-conscious traders.
In comparison, MultiBank provides three account types—Standard, Pro, and ECN—each catering to different levels of trader sophistication. With a solid four-star rating and a #38 rank in commissions and fees, MultiBank offers its Standard account with a low deposit requirement of $50, though it carries relatively higher spreads. The Pro account, requiring a $1,000 deposit, boasts lower spreads, while the ECN account offers the most attractive spreads but requires a $10,000 deposit and adds a small commission of $3 per trade. Traders should be mindful of MultiBank's inactivity fee of $60 if the account remains dormant for 90 days.
Overall, while IC Markets impresses with its low spreads and flexible commission structures across various account types, MultiBank emphasizes tiered account options catering to traders at different levels. For traders prioritizing competitive costs, IC Markets may serve as a superior option, although MultiBank's distinct account offerings could appeal to those willing to meet higher deposit requirements for reduced spreads. Each broker presents unique benefits, reaffirming the importance of choosing based on specific trading needs.
| 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, both brokers allow forex trading via CFDs or spot contracts. However, IC Markets stands out with a broader selection, offering 3,583 tradeable symbols compared to MultiBank's 1,042. In terms of forex pairs, IC Markets provides a more extensive roster of 61 pairs, whereas MultiBank offers 40. While neither broker offers exchange-traded securities on U.S. exchanges, IC Markets provides access to international exchanges, allowing clients to buy shares like Vodafone. MultiBank, on the other hand, does not offer this option.
Both IC Markets and MultiBank support copy trading, catering to investors interested in mirroring trades. When it comes to cryptocurrency, MultiBank enables clients to purchase actual cryptocurrencies, distinguishing it from IC Markets, where only cryptocurrency derivatives are available. Evaluated for their range of investments, IC Markets ranks higher with a 4.5-star rating, securing 25th place out of 63 brokers, while MultiBank earns a 4-star rating and ranks 37th. This makes IC Markets a more comprehensive option for those seeking a wide array of trading opportunities.
| 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 comparing IC Markets and MultiBank for their trading platforms and tools, both brokers offer a range of services that cater to various trading needs. IC Markets provides popular platforms like MetaTrader 4 and MetaTrader 5, as well as ZuluTrade for social trading. While they do not have a proprietary platform, they ensure accessibility through their Windows-based desktop and web-based platforms. Both IC Markets and MultiBank offer simulated trading accounts, allowing traders to practice with virtual funds. However, IC Markets offers more widely recognized platform options like ZuluTrade, giving it an edge over MultiBank in social trading options.
MultiBank, on the other hand, distinguishes itself with a proprietary platform in addition to offering MetaTrader 4 and MetaTrader 5, giving traders more choices with their in-house technology. Both brokers support trading directly from stock charts and provide sufficient technical tools for charting with MultiBank offering slightly more drawing tools. In terms of watch list features, both brokers are equally equipped. Despite having similar star ratings for their platforms and tools, IC Markets is ranked higher than MultiBank by ForexBrokers.com. This higher ranking might reflect IC Markets' broader selection of platform options and its performance in accommodating various trading styles.
| 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.
Both IC Markets and MultiBank offer comprehensive mobile trading apps available for iPhone and Android users. They each support essential features like stock and forex price alerts, trendline drawing on charts, and the ability to view various time frames such as daily, weekly, or intraday. Additionally, both apps allow users to create personalized watchlists with real-time quotes, although neither facilitates watchlist symbol syncing across different platforms. When it comes to technical analysis, both platforms provide 30 technical studies for charting within their mobile apps, ensuring traders have sufficient tools to analyze market trends.
While both brokerages offer similar functionalities, IC Markets slightly edges ahead in overall rankings. According to ForexBrokers.com, IC Markets secures the 22nd spot out of 63 brokers in the Mobile Trading Apps category, whereas MultiBank is positioned at 41st. Despite this difference in ranking, both apps receive a solid 4-star rating for their mobile trading experience. This makes either platform a reliable choice for mobile traders, depending on individual preferences and specific investment needs.
| 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 comparing IC Markets and MultiBank for market research, IC Markets stands out with daily market commentary, a feature not available with MultiBank. Both brokers provide forex news from renowned sources like Bloomberg and Reuters, but IC Markets excels with additional tools such as technical analysis from Autochartist and Trading Central. MultiBank lacks these specialized analytical tools, which can be vital for traders seeking in-depth insights. Furthermore, IC Markets offers a sentiment-based trading tool that shows the long and short positions across currency pairs, a resource absent in MultiBank's offerings. An economic calendar is available with both brokers, ensuring that traders can stay informed about global events. However, neither broker provides research tools from Acuity Trading nor market research from TipRanks.
In terms of ratings, IC Markets receives a stronger research rating of 4 stars compared to MultiBank's 3.5 stars. According to ForexBrokers.com, IC Markets is ranked 23rd out of 63 brokers for research, while MultiBank is positioned at 49th. This discrepancy reflects IC Markets’ more comprehensive set of research tools and resources, making it a preferable choice for traders looking for extensive market analysis capabilities.
| 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 comparing the educational offerings of IC Markets and MultiBank for beginners, IC Markets emerges as a more comprehensive choice. Both platforms provide a solid foundation with at least ten educational pieces centered around forex and CFDs. However, IC Markets distinguishes itself by offering monthly online educational webinars, a feature that MultiBank lacks. Additionally, IC Markets maintains a searchable archive of these webinars, enabling users to revisit past sessions, a convenience not available with MultiBank.
Moreover, IC Markets stands out with a broader range of resources for both beginners and advanced traders, offering ten advanced-level videos specifically designed for experienced traders. In contrast, MultiBank does not provide the same depth for advanced learning. IC Markets also includes an investor dictionary with over 50 terms, which is helpful for newcomers seeking to grasp trading jargon—an offering not mirrored by MultiBank. Overall, IC Markets receives a higher education rating of 4 out of 5 stars compared to MultiBank's 3.5 stars, reflecting its superior educational infrastructure and resources for novice traders. Ranked #16 for education by ForexBrokers.com, IC Markets ranks significantly higher than MultiBank, which sits at #50.
| 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 63 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
|
|---|---|---|
| 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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