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 commissions and fees of online brokers IC Markets and MultiBank, it's clear that both offer competitive pricing structures, though they cater to different trading needs. IC Markets excels with a variety of account options, including the commission-based Raw Spread and cTrader Raw Spread accounts, alongside a commission-free Standard account. Known for its low effective spreads and minimal deposit requirements, IC Markets matches top low-cost forex brokers like IG and CMC Markets. Notably, it offers average spreads as low as 0.02 pips on the EUR/USD pair, and its commission structure varies slightly between cTrader and MetaTrader platforms. With such offerings, IC Markets earned a 5-star rating for commissions and fees and is ranked #5 out of 62 brokers by ForexBrokers.com in this category.
On the other hand, MultiBank provides three distinct account types: Standard, Pro, and ECN. While the Standard account is accessible with a $50 minimum deposit, it does have higher spreads, which may not be ideal for everyone. The Pro account, requiring a $1,000 deposit, offers comparatively lower spreads, whereas the ECN account, needing a $10,000 deposit, features the most competitive spreads with a modest round-trip commission of $3 per trade. However, traders should be aware of the $60 monthly inactivity fee imposed after 90 days of nondisuse. MultiBank has a 4-star rating for its commissions and fees and stands at #37 in the ForexBrokers.com ranking.
Ultimately, IC Markets may be more appealing to active traders who prioritize low trading costs and platform flexibility, while MultiBank could suit those ready to invest more initially for tighter spreads on its ECN account. Each broker has structured its pricing to meet different levels of trader expertise and financial commitment.
| 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 comparing IC Markets and MultiBank for their trading platforms and tools, both brokers provide simulated paper trading with free demo accounts, enabling traders to practice strategies without financial risk. IC Markets does not have a proprietary platform but offers industry favorites like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), along with a Windows-based desktop download and web-based trading options. MultiBank, on the other hand, provides a proprietary platform in addition to support for MT4 and MT5. Both brokers support copy trading, but IC Markets also includes access to ZuluTrade, giving it a slight edge in this area. However, neither offers DupliTrade. Charting capabilities are comprehensive, with IC Markets offering 15 drawing tools, compared to MultiBank's 17, while both facilitate direct trading from stock charts.
In terms of watch lists, each broker allows for seven columns or fields, providing a robust level of customization for traders. Despite the similarities, IC Markets receives a higher ranking from ForexBrokers.com, placed 17th out of 62 brokers, compared to MultiBank's 39th place, reflecting a general preference in trading platforms and tools. Both brokers, however, secure a solid four-star rating, suggesting a competitive level of service and platform quality. Choosing between the two may depend largely on individual preferences for proprietary vs. established trading platforms and the specific tools traders prioritize.
| 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 it comes to market research, IC Markets stands out by offering daily market commentary, which MultiBank does not provide. Both brokers deliver forex news from esteemed sources like Bloomberg and Reuters, ensuring clients receive reliable information. IC Markets goes a step further by providing technical analysis and research tools from companies like Autochartist and Trading Central, which are not available with MultiBank. Additionally, IC Markets offers a sentiment-based trading tool that highlights position ratios in currency pairs, another feature missing from MultiBank's offerings. Both brokers, however, share the provision of an economic calendar, giving traders a clear view of current and upcoming global events.
Regarding overall research quality, IC Markets achieves a higher rating of 4 stars, compared to MultiBank's 3.5 stars. This distinction is reflected in their respective rankings by ForexBrokers.com, where IC Markets is placed at 22nd out of 62 brokers, while MultiBank is positioned at 49th. These rankings underline IC Markets' stronger focus and capability in providing comprehensive market research tools, making it a preferred choice for traders who value detailed analytical resources.
| 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
|
MultiBank
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 84 | 84 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platform & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | IC Markets | MultiBank | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 84 | 84 | |
| Winner | check_circle | ||
| Review | IC Markets Review | MultiBank Review |
| Broker Screenshots | IC Markets | MultiBank | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
|
| |
| Mobile Trading Gallery (click to expand) |
|
| |
| Research Gallery (click to expand) |
|
| |
| Education Gallery (click to expand) |
|
|
| 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 | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 84 | 84 | |
| Winner | check_circle | ||
| Review | IC Markets Review | MultiBank Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill