Written by ForexBrokers.com
In this head to head comparison of Saxo 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.
When comparing online brokers Saxo and MultiBank, it's essential to consider their trustworthiness and regulatory status. Saxo, established in 1992, is a bank and holds the highest possible Trust Score rating of 99 from ForexBrokers.com, indicating it is highly trustworthy. This is backed by Saxo's possession of seven Tier-1 licenses, regarded as highly trusted, and one Tier-2 license. On the other hand, MultiBank, founded in 2005, is not a bank and has a Trust Score of 84, placing it in the "trusted" category. MultiBank holds three Tier-1 licenses and one Tier-2 license, demonstrating a reliable, though not as extensive, regulatory framework compared to Saxo.
| Feature |
Saxo
|
MultiBank
|
|---|---|---|
| Year Founded | 1992 | 2005 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 3 |
| Tier-2 Licenses | 1 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 3 |
When it comes to commissions and fees, Saxo holds a strong position, offering some of the industry's lowest pricing, particularly for active or high-volume traders. Saxo provides three account tiers: Classic, Platinum, and VIP. As of November 2023, the average spread for the frequently traded EUR/USD pair were 1.1 pips for Classic, 1.0 pips for Platinum, and 0.9 pips for VIP accounts. The Platinum and VIP accounts align more closely with industry averages, while the Classic account's average spreads are slightly higher. Moreover, Saxo stands out by waiving custody fees for share trading when customers opt into securities lending. The broker is commission-free on forex trades, except for a ticket fee of $3 per side for those trading less than 50,000 units per month. Saxo is rated 5 stars by ForexBrokers.com and holds the #9 rank out of 62 brokers for its commission and fee structure.
MultiBank, on the other hand, offers three account types: Standard, Pro, and ECN. The Standard account has a low $50 minimum deposit, but also comes with relatively higher spreads, making it less attractive unless you're just starting out. The Pro account, with a $1,000 minimum deposit, offers more competitive spreads, while the ECN account, requiring a $10,000 deposit, provides the lowest spreads with a small round-trip commission of $3 per trade. An important factor to consider for MultiBank users is the inactivity fee of $60 per month if no trades occur within 90 days. MultiBank earns a 4-star rating and ranks #37 on ForexBrokers.com's list for commissions and fees, indicating a decent offering but clearly separate from the top tier.
Both brokers cater to different trading needs with their tiered account structures and notable features. Saxo excels in offering fee waivers and has a strong loyalty program beneficial for frequent traders, whereas MultiBank's minimal deposit requirements make its initial entry accessible, though with higher related costs. Choosing between Saxo and MultiBank will depend on a trader's volume, experience, and specific trading priorities.
| Feature |
Saxo
|
MultiBank
|
|---|---|---|
| Minimum Deposit | $0 | $50 |
| Average Spread EUR/USD - Standard | 1.1 | N/A |
| All-in Cost EUR/USD - Active | 0.9 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | Yes |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Saxo and MultiBank in terms of their range of investments, Saxo stands out as the more versatile option. Saxo offers an impressive array of 70,000 tradable symbols, including 190 forex pairs. This expansive variety extends to the ability to trade on both U.S. and international exchanges, allowing clients to purchase shares of companies like Apple and Vodafone directly. In contrast, MultiBank provides 1,042 tradable symbols and access to 40 forex pairs, but does not offer direct trading in U.S. or international exchange-listed securities.
Both Saxo and MultiBank support forex trading as a CFD or spot contract and offer the facility for copy trading. When it comes to cryptocurrency, Saxo enables trading through derivatives, whereas MultiBank allows for the purchase of actual cryptocurrencies. Despite these differences, Saxo ranks higher with a five-star rating for its range of investments compared to MultiBank’s four stars. According to ForexBrokers.com, Saxo is ranked third out of 62 brokers for its investment range, while MultiBank sits at the 37th position, highlighting Saxo's leadership in offering a wider selection of investment opportunities.
| Feature |
Saxo
|
MultiBank
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 1042 |
| Forex Pairs (Total) | 190 | 40 |
| U.S. Stock Trading (Non CFD) | Yes | 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 Saxo and MultiBank, both brokers offer a range of trading platforms and tools aimed at enhancing the trading experience. Each provides a virtual demo account for practice, along with proprietary platforms developed in-house. Catering to diverse trading preferences, both Saxo and MultiBank support Windows-based desktop downloads and web-based browser platforms. For those interested in copy trading, both companies offer this feature. Where Saxo sets itself apart is in its focus on proprietary solutions, as it doesn’t support popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), unlike MultiBank which supports both. This specialization in their own in-house technology is evident in Saxo’s top ranking for Trading Platforms and Tools, being rated 5 stars by ForexBrokers.com and ranked #1 out of 62 brokers.
In terms of charting tools, Saxo provides richer functionality with 20 drawing tools, while MultiBank offers slightly fewer at 17. Additionally, both allow trading directly from stock charts, enhancing real-time trading capabilities. Saxo's watchlist options are far more comprehensive, offering 60 columns compared to MultiBank's 7, potentially allowing for a more tailored trading experience. This breadth of customization and utility in Saxo's offerings might contribute to its higher satisfaction rating, as MultiBank has a 4-star rating and ranks #39 in the same category. Ultimately, Saxo's focus on high-quality proprietary platforms and expansive tool customization seems to provide a more advanced and user-friendly trading experience than MultiBank.
| Feature |
Saxo
|
MultiBank
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 38 |
| Charting - Drawing Tools (Total) | 20 | 17 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Saxo and MultiBank, both brokerages provide high-quality options for traders. Each offers apps compatible with iPhones and Android devices, along with essential features like stock and forex price alerts. Saxo and MultiBank users can expect to view multiple time frames on charts, draw trendlines, and have their chart drawings automatically saved. However, a standout feature for Saxo is its ability to sync watchlist symbols across different platforms, a function MultiBank does not provide. Furthermore, Saxo excels in technical offerings, presenting 64 technical studies for its app's charting capabilities compared to MultiBank’s 30. Both apps allow users to create watchlists with real-time quotes, ensuring a seamless trading experience.
Saxo's mobile app has earned an impressive 5-star rating for its performance, placing it second among 62 brokers in the Mobile Trading Apps category according to ForexBrokers.com. In contrast, MultiBank’s app is rated 4 stars and is ranked 41st out of 62. These rankings reflect Saxo’s superior offerings and the overall satisfaction users experience. For traders seeking a more integrated and feature-rich mobile trading platform, Saxo’s app is a formidable choice over MultiBank, particularly for those who value comprehensive charting tools and seamless application syncing.
| Feature |
Saxo
|
MultiBank
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 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 it comes to market research, Saxo stands out as a top performer compared to MultiBank. Saxo provides daily market commentary, offering valuable insights to traders, which MultiBank does not offer. Both brokers deliver forex news from respected sources like Bloomberg and Reuters, ensuring traders stay informed with reliable updates. Saxo further enhances its research offerings with technical and fundamental analysis tools from Autochartist and a sentiment-based trading tool to help traders gauge market trends. Meanwhile, MultiBank lacks these features, limiting traders’ analytical capabilities. Additionally, Saxo offers a comprehensive economic calendar to track crucial global news events, a feature that MultiBank also provides.
In recognition of its superior research offerings, Saxo has earned a full five-star rating for research, ranking first out of 62 brokers according to ForexBrokers.com. In contrast, MultiBank holds a 3.5-star rating, positioning it at 49th in the same category. Whether you’re a seasoned trader or just starting, Saxo provides a richer set of tools and commentary to guide your trading decisions compared to MultiBank.
| Feature |
Saxo
|
MultiBank
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | 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 resources for beginners provided by Saxo and MultiBank, Saxo offers a more extensive range of tools and content. Both Saxo and MultiBank deliver more than 10 educational materials centered around forex or CFDs, including articles, videos, and archived webinars. However, Saxo distinguishes itself by hosting regular online educational webinars for clients, while MultiBank does not offer this service. Additionally, Saxo provides a searchable archive of recorded webinars, making it easier for learners to access past sessions at their convenience, unlike MultiBank.
Further highlighting Saxo's commitment to comprehensive education, the platform offers at least 10 advanced educational videos for experienced traders, whereas MultiBank provides fewer advanced materials. Beginners also benefit from Saxo's inclusion of an investor dictionary, featuring definitions for over 50 investing terms, which MultiBank lacks. According to ForexBrokers.com, Saxo is rated with a stellar 5 stars for its educational efforts, ranking it 13 out of 62 brokers. In contrast, MultiBank has a rating of 3.5 stars and is positioned at 50 in the same category, underscoring the broader and more comprehensive educational support that Saxo provides for beginners.
| Feature |
Saxo
|
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 Saxo is better than MultiBank. Saxo finished with an overall rank of #3, while MultiBank finished with an overall rank of #40.
Saxo is an exclusive multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities.
| Feature |
Saxo
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MultiBank
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 84 |
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Saxo does not provide the option to buy actual (delivered) cryptocurrency but does offer cryptocurrency derivatives, whereas MultiBank enables clients to purchase both actual (delivered) cryptocurrencies and cryptocurrency derivatives.
While both Saxo and MultiBank offer Visa, Mastercard, and bank wire transfers for deposits and withdrawals, MultiBank additionally supports ACH or SEPA transfers and Skrill, unlike Saxo, which does not support these options.
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 | Saxo | MultiBank | |
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| Trust Score | 99 | 84 | |
| Winner | check_circle | ||
| Review | Saxo Review | MultiBank Review |
| Broker Screenshots | Saxo | MultiBank | |
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| Regulation | Saxo | MultiBank | |
|---|---|---|---|
| Trust Score | 99 | 84 | |
| Year Founded | 1992 | 2005 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 3 | |
| Tier-2 Licenses | 1 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 3 |
| Tier-1 Licenses (Highly Trusted) | Saxo | MultiBank | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | 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) | Saxo | MultiBank | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | MultiBank | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 1042 | |
| Forex Pairs (Total) | 190 | 40 | |
| U.S. Stock Trading (Non CFD) | Yes | 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 | Saxo | MultiBank | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | N/A | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | MultiBank | |
|---|---|---|---|
| Minimum Deposit | $0 | $50 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | Yes |
| Trading Platforms | Saxo | MultiBank | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | MultiBank | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 38 | |
| Charting - Drawing Tools (Total) | 20 | 17 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | MultiBank | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | 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 | Saxo | MultiBank | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | 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 | Saxo | 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 | Saxo Review | MultiBank Review |
| Overall | Saxo | MultiBank | |
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| Trust Score | 99 | 84 | |
| Winner | check_circle | ||
| Review | Saxo Review | MultiBank Review |
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