Written by ForexBrokers.com
In this head to head comparison of Charles Schwab 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.
Charles Schwab, established in 1971, stands as a well-recognized online broker, not only due to its longevity but also due to its extensive regulatory backing. The company is publicly traded and operates as a bank, which adds to its credibility among investors. With 5 Tier-1 licenses, Charles Schwab is equipped with top-tier regulatory compliance, contributing to its impeccable Trust Score of 99 according to ForexBrokers.com. This score places Charles Schwab in the highly trusted category, reflecting both its reputation and commitment to client security.
MultiBank, founded in 2005, offers a contrasting profile. Although it has garnered its own level of trust with a ForexBrokers.com Trust Score of 84, it is not publicly traded and does not operate as a bank. MultiBank holds 3 Tier-1 licenses and 1 Tier-2 license, demonstrating a solid regulatory standing but slightly less robust than Charles Schwab's. Falling into the trusted category, MultiBank represents a viable option for investors seeking a regulated broker with an established, albeit shorter, history in the industry.
| Feature |
Charles Schwab
|
MultiBank
|
|---|---|---|
| Year Founded | 1971 | 2005 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 3 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 3 |
Charles Schwab and MultiBank offer diverse options for forex trading, each with their unique approach to commissions and fees. Charles Schwab boasts a user-friendly entry point with no minimum deposit requirement on its primary brokerage accounts, Schwab One and Schwab Global, offering vital access to the thinkorswim platform. Schwab’s trading costs primarily consist of the bid/ask spread, with no additional commissions for forex trading. As of October 2024, the average spread on the EUR/USD pair is 1.35 pips, slightly higher than the industry average. Schwab charges conversion fees ranging from 0.2% to 1% when using different currencies in international trade.
MultiBank provides three account types: Standard, Pro, and ECN, each catering to different levels of trading experience and capital. The Standard account requires a $50 minimum deposit but incurs higher spreads, making it better suited for beginners. The Pro account needs a $1,000 minimum deposit with comparatively lower spreads, while the ECN account, with the lowest spreads, requires a $10,000 deposit and includes a $3 round-trip commission per trade. MultiBank also imposes a $60 inactivity fee if there's no trading activity for 90 days.
In terms of ratings and rankings, both Charles Schwab and MultiBank earn a commendable 4-star rating for commissions and fees. However, Schwab stands out slightly ahead in rankings, holding the 23rd position out of 62 brokers according to ForexBrokers.com, compared to MultiBank's 37th rank. This makes Schwab a slightly more favorable choice among traders prioritizing cost-effectiveness while navigating the forex market.
| Feature |
Charles Schwab
|
MultiBank
|
|---|---|---|
| Minimum Deposit | $0 | $50 |
| Average Spread EUR/USD - Standard | 1.35 | N/A |
| All-in Cost EUR/USD - Active | 1.35 | N/A |
| Active Trader or VIP Discounts | No | No |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to the variety of investments available, Charles Schwab and MultiBank cater to different investor needs. Charles Schwab offers an extensive selection of over 40,000 tradeable symbols, including 73 forex pairs and access to both U.S. and international stock exchanges. This means investors can buy stocks like Apple and Vodafone directly, in addition to forex and cryptocurrency derivatives. However, Schwab does not provide copy trading or actual cryptocurrency purchase options. With a top-tier five-star rating for its broad range of investments, Charles Schwab ranks impressively at number 5 among 62 brokers in the Range of Investments category.
MultiBank, on the other hand, appeals to traders who prefer specific investment tools. It offers 1,042 tradeable symbols with 40 forex pairs available for CFD or spot trading. Unlike Schwab, MultiBank provides copy trading and the option to purchase actual cryptocurrency, in addition to crypto derivatives. However, it does not offer direct access to U.S. or international stock exchanges for equity purchases. With a solid four-star rating for investment variety, MultiBank sits at the 37th position among 62 brokers for Range of Investments.
| Feature |
Charles Schwab
|
MultiBank
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 1042 |
| Forex Pairs (Total) | 73 | 40 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | 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.
Charles Schwab and MultiBank are both popular choices for online trading, offering a range of platforms and tools to enhance the trading experience. Both brokers provide simulated, or paper trading, options for beginners to practice without financial risk. Each offers proprietary trading platforms developed in-house, alongside Windows-based desktop downloads and web-based platforms accessible via browsers. A key difference is in social trading, as MultiBank supports copy trading, unlike Charles Schwab. Furthermore, MultiBank supports MetaTrader 4 and MetaTrader 5 platforms, catering to traders who prefer these tools, while Charles Schwab does not offer these options.
In terms of charting tools, Charles Schwab provides 24 drawing tools compared to MultiBank's 17, and both brokers allow traders to execute trades directly from the stock chart. When it comes to managing watchlists, Schwab excels with an extensive 580 columns for customization, whereas MultiBank offers 7. Charles Schwab enjoys a higher rating for its trading platforms and tools, receiving 5 stars and a rank of 5 out of 62 brokers on ForexBrokers.com. Meanwhile, MultiBank holds a 4-star rating and ranks at number 39, reflecting the tailored preferences and needs each platform addresses for its diverse user base.
| Feature |
Charles Schwab
|
MultiBank
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 374 | 38 |
| Charting - Drawing Tools (Total) | 24 | 17 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Charles Schwab and MultiBank, both offer versions for iPhone and Android devices, making them accessible to a wide range of users. Both apps provide features like stock or forex price alerts and support drawing trendlines on charts, as well as viewing multiple time frames for detailed analysis. Additionally, users can create watchlists with real-time quotes on both platforms. However, Charles Schwab excels with its watchlist symbol syncing feature, allowing seamless updates between the mobile app and the online account, a feature that MultiBank lacks.
Charles Schwab's app is particularly strong in charting capabilities, offering an impressive 374 technical studies compared to MultiBank's 30. Furthermore, Charles Schwab's app receives a rating of 5 stars for its mobile trading app, whereas MultiBank is rated 4 stars. This user satisfaction is reflected in their rankings on ForexBrokers.com, with Charles Schwab placing #6 out of 62 brokers, significantly ahead of MultiBank, which ranks #41. Overall, while both brokers offer competent mobile platforms, Charles Schwab's app stands out with more advanced features and higher user ratings.
| Feature |
Charles Schwab
|
MultiBank
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 374 | 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 Charles Schwab and MultiBank in terms of market research offerings, Charles Schwab stands out with its comprehensive daily market commentary. This feature provides up-to-date insights, keeping traders well-informed about market trends. Both platforms offer access to forex news from top-tier sources like Bloomberg and Reuters, ensuring quality information is available. However, neither broker provides tools from Autochartist or Trading Central, nor do they offer sentiment-based trading tools or research from TipRanks and Acuity Trading. Despite the lack of these specific tools, Charles Schwab has an edge with its highly-rated economic calendar, which displays current and upcoming global news events.
In research ratings, Charles Schwab shines with a robust five-star score, ranking fourth out of 62 brokers reviewed by ForexBrokers.com. This high ranking reflects its comprehensive research resources and user-friendly experience. On the other hand, MultiBank secures a more modest 3.5-star rating, positioned at 49th place. This suggests that while MultiBank provides some valuable resources, it may not match the depth and accessibility offered by Charles Schwab. Ultimately, for traders prioritizing extensive research tools and timely market commentary, Charles Schwab emerges as the superior choice.
| Feature |
Charles Schwab
|
MultiBank
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| 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, Charles Schwab stands out in many areas compared to MultiBank. Both brokers offer at least 10 educational pieces focused on forex and CFDs, ensuring that newcomers have access to a foundation of knowledge in these areas. Charles Schwab excels further by providing monthly online educational webinars, which help users enhance their understanding continuously. While MultiBank does not offer this particular resource, Schwab also gives clients access to a searchable archive of previously recorded webinars, making it easier to revisit past material for additional learning. Furthermore, both brokers cater to beginners with plenty of educational videos, but Schwab also offers resources for more advanced traders, supplying seasoned investors with more sophisticated content.
Additional distinctions include access to a comprehensive investor dictionary, which Charles Schwab provides, offering over 50 definitions of common investing terms—an essential tool for anyone seeking to grasp the market's language. MultiBank lacks this feature, which may make it harder for newcomers to quickly understand industry jargon. Reflecting these differences, Charles Schwab holds a superior education rating of 5 stars and ranks 6th out of 62 brokers according to ForexBrokers.com. In contrast, MultiBank has a lower education rating of 3.5 stars and ranks 50th, highlighting Schwab's commitment to providing a richer learning experience for beginners eager to comprehend trading and investing.
| Feature |
Charles Schwab
|
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 Charles Schwab is better than MultiBank. Charles Schwab finished with an overall rank of #6, while MultiBank finished with an overall rank of #40.
Charles Schwab is a highly trusted financial institution and multi-asset broker catering to U.S.-based and international forex traders. Schwab's award-winning thinkorswim platform offers over 70 tradeable currency pairs alongside impressive tools, research, and education. That said, the broker’s forex offering is still largely limited to what is available on thinkorswim.
| Feature |
Charles Schwab
|
MultiBank
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 84 |
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While Charles Schwab does not provide the option to purchase actual delivered cryptocurrency, it offers cryptocurrency derivatives, just like MultiBank, which uniquely enables the direct acquisition of delivered cryptocurrencies alongside derivative options.
Both Charles Schwab and MultiBank offer ACH or SEPA transfers and bank wires for account funding, but while MultiBank extends additional options including Skrill and Visa/Mastercard, neither provides PayPal as a transaction method.
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 | Charles Schwab | MultiBank | |
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| Trust Score | 99 | 84 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | MultiBank Review |
| Broker Screenshots | Charles Schwab | MultiBank | |
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| Regulation | Charles Schwab | MultiBank | |
|---|---|---|---|
| Trust Score | 99 | 84 | |
| Year Founded | 1971 | 2005 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 3 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 3 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | MultiBank | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Charles Schwab | 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 | Charles Schwab | MultiBank | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 1042 | |
| Forex Pairs (Total) | 73 | 40 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | 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 | Charles Schwab | MultiBank | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | N/A | |
| All-in Cost EUR/USD - Active | 1.35 | N/A | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | MultiBank | |
|---|---|---|---|
| Minimum Deposit | $0 | $50 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | Charles Schwab | MultiBank | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | MultiBank | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 7 | |
| Charting - Indicators / Studies (Total) | 374 | 38 | |
| Charting - Drawing Tools (Total) | 24 | 17 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | 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 | 374 | 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 | Charles Schwab | MultiBank | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | 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 | Charles Schwab | 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 | Charles Schwab Review | MultiBank Review |
| Overall | Charles Schwab | MultiBank | |
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| Trust Score | 99 | 84 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | MultiBank Review |
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