Written by ForexBrokers.com
In this head to head comparison of MultiBank vs iFOREX, 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 it comes to choosing between MultiBank and iFOREX for online trading, several factors can influence a trader's decision. Founded in 2005, MultiBank boasts an impressive array of regulatory credentials, possessing three Tier-1 licenses and one Tier-2 license, which contributes to its Trust Score of 84 from ForexBrokers.com, rating it as a trusted brokerage. Although not publicly traded or a bank, MultiBank's licenses and fairly high Trust Score suggest a reliable option for traders.
On the other hand, iFOREX, established in 1996, holds one Tier-1 license without any Tier-2 backings, garnering a Trust Score of 75. While similar to MultiBank in not being publicly traded or a banking institution, iFOREX's single Tier-1 license positions it as a broker with an average risk level as per ForexBrokers.com's standards. Traders seeking a platform with a higher degree of regulatory oversight might lean towards MultiBank given its more extensive licensing and higher Trust Score.
| Feature |
MultiBank
|
iFOREX
|
|---|---|---|
| Year Founded | 2005 | 1996 |
| 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 considering online brokers MultiBank and iFOREX for their commissions and fees, it's clear that both have distinct offerings. MultiBank provides three account types: Standard, Pro, and ECN. The Standard account starts with a low $50 minimum deposit but comes with higher spreads, making it less favorable for seasoned traders. The Pro account, with a $1,000 minimum deposit, reduces spread costs, whereas the ECN account offers the most competitive spreads with a $10,000 deposit requirement and a nominal $3 commission per trade. It's important to note that MultiBank imposes a $60 monthly inactivity fee if your account remains dormant for 90 days. MultiBank earns a 4-star rating in the commissions and fees category and holds the 37th position among 62 brokers on ForexBrokers.com.
In contrast, iFOREX doesn't provide specific average spread data, which may make cost predictions more challenging for prospective clients. In comparison to MultiBank, iFOREX scores a 3-star rating for commissions and fees and ranks 60th out of 62 brokers. This suggests that iFOREX may not be as competitive in terms of costs as MultiBank.
Overall, traders looking for transparent fees and competitive spreads might prefer MultiBank, particularly those willing to invest more for the ECN account to access the lowest spread and commission combination. Meanwhile, iFOREX may appeal to those not overly concerned with cost transparency but interested in other aspects of the broker's offerings. Each trader should weigh their priorities, especially focusing on account structure and fee transparency, when choosing between these two options.
| Feature |
MultiBank
|
iFOREX
|
|---|---|---|
| Minimum Deposit | $50 | $100 |
| 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 | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| 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 examining the investment offerings of MultiBank and iFOREX, both platforms provide access to forex trading through Contracts for Difference (CFDs) or spot contracts. MultiBank shines with a total of 1,042 tradeable symbols, outpacing iFOREX's 750 available symbols. However, iFOREX offers a more extensive selection of forex pairs, featuring 88 compared to MultiBank's 40. Neither platform provides opportunities to trade exchange-traded securities on U.S. or international exchanges, which means clients cannot directly purchase shares like Apple or Vodafone.
A notable advantage of MultiBank is its support for copy trading and the ability to buy actual cryptocurrency, offering traders more diversity in how they invest. While both platforms allow trading cryptocurrency derivatives, only MultiBank enables the purchase of actual cryptocurrency, which may appeal to investors interested in holding digital assets directly. In terms of ranking, MultiBank is rated higher with four stars and ranks 37th among 62 brokers for its range of investments, while iFOREX follows with a 3.5-star rating and a 41st-place ranking.
| Feature |
MultiBank
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1042 | 750 |
| Forex Pairs (Total) | 40 | 88 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | No |
| 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 iFOREX in terms of their trading platforms and tools, both brokers offer unique advantages. MultiBank stands out by providing a simulated trading environment with a free virtual demo account, a convenient feature that iFOREX does not offer. Both brokers have developed their own proprietary platforms, but MultiBank further extends its offerings with a Windows-based desktop downloading platform, supportive of both MetaTrader 4 (MT4) and MetaTrader 5 (MT5). In contrast, iFOREX lacks these popular platforms. However, both companies deliver web-based (browser) platforms, allowing traders to manage their activities without software installation. Furthermore, MultiBank offers copy trading to its users, a feature absent from iFOREX's package.
Focusing on tools for charting and watch lists, iFOREX provides 25 drawing tools compared to MultiBank's 17, allowing traders to customize their charts thoroughly. Meanwhile, iFOREX presents nine columns for watch lists, surpassing MultiBank's seven. Despite these differences, both brokers permit trading directly from a stock chart. Ratings for their trading platforms and tools reveal an equal four-star score, with MultiBank ranked 39th and iFOREX 54th out of 62 brokers according to ForexBrokers.com. This analysis suggests that while MultiBank may appeal to users who value demo accounts and extensive platform options, iFOREX might cater to those prioritizing more substantial charting tools and customizable watch lists.
| Feature |
MultiBank
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 38 | 57 |
| Charting - Drawing Tools (Total) | 17 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of MultiBank and iFOREX, both brokers provide applications for iPhone and Android users, making them accessible for trading on the go. However, MultiBank edges ahead with added features such as stock and forex price alerts, which are not offered by iFOREX. Both brokers fall short in watchlist symbol syncing, meaning any changes made to watchlists in the mobile app do not update in the user's online account automatically. On the charting front, MultiBank offers a collection of 30 technical studies, the ability to draw trendlines, view multiple time frames, and autosave drawings, ensuring a more interactive and customizable trading experience for users. Unfortunately, iFOREX lacks these features.
Both platforms allow the creation of watchlists with MultiBank providing the ability to see real-time quotes, a feature absent in iFOREX's app. Despite these differences, both apps are rated four stars for mobile trading, although MultiBank ranks higher at #41 compared to iFOREX at #55 out of 62 brokers on ForexBrokers.com. This suggests that while both broker apps are well-regarded, MultiBank offers a richer set of tools and functionalities for those interested in a more sophisticated mobile trading experience.
| Feature |
MultiBank
|
iFOREX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
MultiBank and iFOREX present a mixed bag when it comes to market research capabilities, each excelling in different areas. MultiBank stands out by offering forex news from highly regarded sources like Bloomberg and Reuters, ensuring users stay informed with high-quality information. However, it does not provide daily market commentary, leaving traders to seek insights elsewhere for regular updates. On the other hand, iFOREX delivers daily market commentary to keep traders in the loop, but falls short by not sourcing news from top-tier providers like Bloomberg or Reuters. Both brokers provide an economic calendar to track global news events, a standard tool for staying up-to-date with market dynamics.
When it comes to advanced technical and sentiment analysis, iFOREX takes the lead with tools from Trading Central and a sentiment-based trading feature to gauge market positions. MultiBank does not offer these specific tools, which might limit traders looking for deeper technical insights. Neither broker provides tools from Autochartist, Acuity Trading, or market research from TipRanks. Rated equally at 3.5 stars for research, iFOREX slightly edges out MultiBank in the ForexBrokers.com ranking, coming in at #48 compared to MultiBank's #49 out of 62 brokers. This highlights slight differences in their research offerings, catering to different trader needs.
| Feature |
MultiBank
|
iFOREX
|
|---|---|---|
| Daily Market Commentary | No | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | No |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | No | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing educational resources for beginners between MultiBank and iFOREX, both online brokers offer a variety of materials, but there are distinct differences. MultiBank stands out by providing at least 10 educational pieces focusing on forex and CFDs, ensuring that novice traders have access to essential learning materials. On the other hand, iFOREX falls short in this area, not meeting the benchmark of offering a similar number of learning pieces. Both brokers do, however, cater to beginners with educational videos tailored specifically for those new to trading, ensuring foundational topics are covered. Neither MultiBank nor iFOREX offers advanced videos aimed at experienced traders, online educational webinars, or archived webinar resources, which might limit options for those looking to deepen their expertise.
In terms of educational ratings, both MultiBank and iFOREX are evenly matched, each receiving a score of 3.5 out of five stars for their educational offerings. When it comes to overall ranking among 62 brokers in the education category by ForexBrokers.com, MultiBank holds the 50th spot, slightly ahead of iFOREX, which is ranked at 53rd. Both brokers lack an investor dictionary with a substantial number of investment term definitions, indicating a potential area for improvement in supporting beginners through comprehensive educational content.
| Feature |
MultiBank
|
iFOREX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | No | No |
| Client Webinars (Archived) | No | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | No | No |
| Investor Dictionary (Glossary) | No | No |
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 iFOREX. MultiBank finished with an overall rank of #40, while iFOREX finished with an overall rank of #52.
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
|
iFOREX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 75 |
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MultiBank provides the option to purchase actual delivered cryptocurrency and trade cryptocurrency derivatives, whereas iFOREX only offers the ability to trade cryptocurrency derivatives without the option to buy actual delivered cryptocurrency.
When comparing online brokers MultiBank and iFOREX, MultiBank supports ACH and SEPA transfers but not PayPal for deposits and withdrawals, while iFOREX offers PayPal but not ACH or SEPA transfers; both brokers accommodate transactions through Skrill, Visa, Mastercard, and bank wires.
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 | iFOREX | |
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| Trust Score | 84 | 75 | |
| Winner | check_circle | ||
| Review | MultiBank Review |
| Broker Screenshots | MultiBank | iFOREX | |
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| Regulation | MultiBank | iFOREX | |
|---|---|---|---|
| Trust Score | 84 | 75 | |
| Year Founded | 2005 | 1996 | |
| 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 | iFOREX | |
|---|---|---|---|
| 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 | Yes | |
| 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 | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 1042 | 750 | |
| Forex Pairs (Total) | 40 | 88 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | No | |
| 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 | iFOREX | |
|---|---|---|---|
| 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 | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | MultiBank | iFOREX | |
|---|---|---|---|
| Minimum Deposit | $50 | $100 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| 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 | iFOREX | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | MultiBank | iFOREX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 7 | 9 | |
| Charting - Indicators / Studies (Total) | 38 | 57 | |
| Charting - Drawing Tools (Total) | 17 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | MultiBank | iFOREX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | MultiBank | iFOREX | |
|---|---|---|---|
| Daily Market Commentary | No | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | MultiBank | iFOREX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | No | No | |
| Client Webinars (Archived) | No | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | No | |
| Investor Dictionary (Glossary) | No | No |
| Major Forex Pairs | MultiBank | iFOREX | |
|---|---|---|---|
| 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 |
| Overall | MultiBank | iFOREX | |
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| Trust Score | 84 | 75 | |
| Winner | check_circle | ||
| Review | MultiBank Review |
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