Written by ForexBrokers.com
In this head to head comparison of MultiBank vs LegacyFX, 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.
When comparing online brokers MultiBank and LegacyFX, key differences arise in their regulatory status and trust ratings. MultiBank, established in 2005, is older than LegacyFX, founded in 2012. Neither company is publicly traded or operates as a bank. Regulatory-wise, MultiBank holds three Tier-1 licenses, indicating high trust, and one Tier-2 license. In comparison, LegacyFX possesses one Tier-1 license and no Tier-2 licenses. This regulatory strength gives MultiBank a Trust Score of 84, positioning it in the trusted category according to ForexBrokers.com ratings.
LegacyFX, on the other hand, has a Trust Score of 67, placing it in the high-risk category due to fewer regulatory licenses. This suggests that while both brokers are viable options for trading, MultiBank offers stronger regulatory backing, which might be reassuring for traders seeking more regulated environments. Both companies offer distinct advantages, but MultiBank's additional licenses could make it a preferred choice for those prioritizing trust and regulatory coverage.
| Feature |
MultiBank
|
LegacyFX
|
|---|---|---|
| Year Founded | 2005 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 3 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 3 | 1 |
When comparing the commissions and fees of MultiBank and LegacyFX for forex and CFD trading, both offer a variety of account types tailored to different levels of investors. MultiBank, rated 4 stars in this category, offers three account types: Standard, Pro, and ECN. The Standard account, with a $50 minimum deposit, comes with higher spreads and is better suited for beginners. The Pro account, requiring a $1,000 deposit, provides lower spreads, while the ECN account offers the lowest spreads with a $10,000 minimum deposit and a $3 round-trip commission per trade. However, an important consideration is the inactivity fee of $60 per month for accounts inactive for 90 days.
LegacyFX, earning a 3.5-star rating, presents a more intricate account structure influenced by its regulatory body – either in the EU under CySEC or internationally in Vanuatu. For EU residents, minimum deposits for account types range from $500 on the Silver account to $25,000 for the Platinum account, with spreads lowest on the Platinum account. Meanwhile, the Vanuatu entity offers seven account types, ranging from Standard ($500) to VIP ($50,000), with additional benefits like client mentoring and trading desk access.
In terms of overall ranking for commissions and fees among 62 brokers, MultiBank is positioned at #38, while LegacyFX holds the #56 spot. This ranking reflects their approach to account variety and the associated costs, offering insight into the potential trading expenses with each broker. MultiBank tends to provide more favorable conditions for those prepared to meet higher deposit thresholds, whereas LegacyFX's diverse account structures cater to various client support needs.
| Feature |
MultiBank
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $50 | $500 |
| Average Spread EUR/USD - Standard | N/A | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | No | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | 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.
MultiBank and LegacyFX both provide comprehensive platforms for forex trading, offering options for trading as either Contracts for Difference (CFD) or spot contracts. However, MultiBank takes the lead with an impressive 1,042 tradeable symbols compared to LegacyFX's 425. Interestingly, when it comes to forex pairs, LegacyFX offers a slightly higher range with 44 pairs, outpacing MultiBank's 40 pairs. Neither broker provides the opportunity to trade exchange-traded securities on U.S. or international exchanges, such as Apple or Vodafone shares. Nonetheless, both brokers support copy trading, which allows users to mimic the trades of successful investors.
In the realm of cryptocurrencies, MultiBank sets itself apart by allowing the purchase of actual cryptocurrencies, not just their derivatives, while LegacyFX only offers cryptocurrency derivatives. This added capability contributes to MultiBank's higher rating of four stars and a ranking of 37th for the range of investments by ForexBrokers.com. In contrast, LegacyFX holds a rating of 3.5 stars and ranks 48th. While both brokers have distinct offerings, MultiBank stands out with a more diverse range of investment options, especially in cryptocurrency trading.
| Feature |
MultiBank
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1042 | 425 |
| Forex Pairs (Total) | 40 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | Yes | No |
| 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 MultiBank and LegacyFX for their trading platforms and tools, both offer useful features for traders, including free virtual demo accounts to practice trading without risk. However, MultiBank stands out with its proprietary platform, offering traders a unique in-house developed experience that LegacyFX does not provide. Both brokers support web-based and Windows desktop platforms, along with copy trading. A key differentiator is MultiBank's support for the widely popular MetaTrader 4 (MT4) software, in addition to MetaTrader 5 (MT5), while LegacyFX only supports MT5. Neither broker offers DupliTrade or ZuluTrade.
In terms of charting tools, MultiBank provides 17 drawing tools, slightly more than LegacyFX's 15, which can help traders perform detailed technical analyses. Both brokers offer the capability to trade directly from stock charts and support watch lists with seven columns. Ratings and rankings from ForexBrokers.com show that MultiBank receives 4 stars, ranked at #39 out of 62 brokers for trading platforms and tools, whereas LegacyFX garners 3.5 stars and is ranked #59. This suggests that while both brokers provide competitive platforms, MultiBank tends to offer more comprehensive features that may enhance the overall trading experience.
| Feature |
MultiBank
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 38 | 30 |
| Charting - Drawing Tools (Total) | 17 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of MultiBank and LegacyFX, both platforms offer iPhone and Android compatibility. They provide essential features like stock and forex price alerts, the ability to create watchlists with real-time quotes, and the option to draw trendlines on charts. However, neither app supports watchlist symbol syncing, meaning that changes made to watchlists are not synchronized between the mobile app and online accounts. Both apps boast 30 technical studies for charting and allow users to view multiple timeframes. Additionally, they both enable the auto-saving of chart drawings.
In terms of user ratings, MultiBank's mobile app receives a slight edge with a 4-star rating, while LegacyFX's app holds a 3.5-star rating. According to ForexBrokers.com, MultiBank ranks 41st out of 62 brokers for mobile trading apps, whereas LegacyFX comes in at 60th. Despite offering similar features, MultiBank's higher rating suggests a more favorable overall user experience.
| Feature |
MultiBank
|
LegacyFX
|
|---|---|---|
| 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 MultiBank and LegacyFX for their market research offerings, potential investors will find that each platform has its own strengths. LegacyFX distinguishes itself by providing daily market commentary, a feature that MultiBank lacks. Both brokers deliver forex news from reputed sources such as Bloomberg and Reuters, ensuring up-to-date market insights. Additionally, LegacyFX provides access to technical analysis tools from Autochartist, while MultiBank does not offer these resources. Unfortunately, neither platform includes tools from Trading Central or Acuity Trading, nor do they incorporate sentiment-based trading tools or market research from TipRanks. However, traders on both platforms have access to an economic calendar to track global news events.
Despite some differences in their offerings, both MultiBank and LegacyFX share a similar research rating of 3.5 out of five stars. In terms of ranking among 62 brokers assessed by ForexBrokers.com, LegacyFX is placed at #45, slightly ahead of MultiBank, which is ranked at #49. This subtle edge may influence traders who prioritize analytical resources in their investment journey. Understanding these distinctions can help investors choose the broker that best aligns with their research needs and trading strategies.
| Feature |
MultiBank
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | No | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | No | 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 MultiBank and LegacyFX offer a good starting point with more than 10 educational materials focusing on forex and CFDs, such as articles, videos, and archived webinars. However, LegacyFX takes a step further by consistently hosting live webinars every month and maintaining a searchable archive of past sessions, a feature that MultiBank currently does not provide. Both platforms cater to beginners with at least 10 introductory trading videos, ensuring a solid foundational knowledge. Meanwhile, LegacyFX also supports more experienced traders with a set of advanced educational videos, something that is missing from MultiBank's offerings.
LegacyFX enhances its educational suite with an investor dictionary that features over 50 defined investing terms, making it an excellent reference tool for beginners looking to expand their financial vocabulary. Despite these differences, both MultiBank and LegacyFX receive the same education rating, at 3.5 stars, from ForexBrokers.com. However, LegacyFX ranks higher in the education category, positioned at #35 out of 62 brokers, compared to MultiBank's rank at #50. This suggests that LegacyFX's comprehensive approach to education may better serve beginners eager to dive into trading.
| Feature |
MultiBank
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | No | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | No | Yes |
| Investor Dictionary (Glossary) | No | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that MultiBank is better than LegacyFX. MultiBank finished with an overall rank of #40, while LegacyFX finished with an overall rank of #62.
MultiBank Group, in operation since 2005, is home to numerous global brands and regulated in jurisdictions all over the world. A multi-asset broker, MultiBank offers forex and CFDs through the MetaTrader and cTrader platform suites (though not all markets are readily available) as well as underlying crypto assets via its regulated crypto exchange. On the negative side, the broker’s market research offering is unimpressive and educational content is entirely absent; MultiBank’s poor performance in these important categories drags down its Overall rating.
| Feature |
MultiBank
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 67 |
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MultiBank provides the capability to purchase actual delivered cryptocurrencies in addition to cryptocurrency derivatives, while LegacyFX offers only the option to trade cryptocurrency derivatives, not the actual cryptocurrencies.
MultiBank and LegacyFX both facilitate fund transactions using Visa, Mastercard, Skrill, and bank wires, but only MultiBank provides the added convenience of 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 | MultiBank | LegacyFX | |
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| Trust Score | 84 | 67 | |
| Winner | check_circle | ||
| Review | MultiBank Review | LegacyFX Review |
| Broker Screenshots | MultiBank | LegacyFX | |
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| Regulation | MultiBank | LegacyFX | |
|---|---|---|---|
| Trust Score | 84 | 67 | |
| Year Founded | 2005 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 3 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 3 | 1 |
| Tier-1 Licenses (Highly Trusted) | MultiBank | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| 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) | MultiBank | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | MultiBank | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 1042 | 425 | |
| Forex Pairs (Total) | 40 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | Yes | No | |
| 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 | MultiBank | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | MultiBank | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $50 | $500 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | MultiBank | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | MultiBank | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 38 | 30 | |
| Charting - Drawing Tools (Total) | 17 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | MultiBank | LegacyFX | |
|---|---|---|---|
| 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 | MultiBank | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | No | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | MultiBank | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | No | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | No | Yes |
| Major Forex Pairs | MultiBank | LegacyFX | |
|---|---|---|---|
| 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 | MultiBank Review | LegacyFX Review |
| Overall | MultiBank | LegacyFX | |
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| Trust Score | 84 | 67 | |
| Winner | check_circle | ||
| Review | MultiBank Review | LegacyFX Review |
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