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Best CFD brokers in Belgium in 2020

City Index
4.6
Visit broker
72% of retail CFD accounts lose money
eToro
4.6
Visit broker
75% of retail CFD accounts lose money
XM
4.4
Visit broker
69.10% of retail CFD accounts lose money
City Index
4.6
Visit broker
72% of retail CFD accounts lose money
eToro
4.6
Visit broker
75% of retail CFD accounts lose money
XM
4.4
Visit broker
69.10% of retail CFD accounts lose money
Best CFD brokers in Belgium in 2020

To find the best CFD broker in Belgium for 2020, we went ahead and did the research for you. After testing, analyzing and comparing 57 brokers, 5 made it to the top in Belgium. We tell you the list, you pick your winner. And now, without further ado...

The top 5 picks for the best CFD brokers of 2020 for citizens in Belgium:

  1. City Index is the best CFD broker in Belgium in 2020. Low fees for forex and index CFDs. Fast and smooth account opening. Diverse research tools.
  2. eToro is number two. Free stock and ETF trading in the EU. Seamless account opening. Social trading experience.
  3. XM is third. Low CFD and withdrawal fees. Easy and fast account opening. Great educational tools.
  4. FXTM, at place four. Superb customer service. Great educational tools. Digital and fast account opening.
  5. Number five is MultiBank. Fast and easy account opening. Free and multiple deposit and withdrawal options. Fast and relevant customer service.
Best CFD brokers in 2020 for Belgian citizens
Broker Info Score
#1 City Index Global CFD and forex broker 4.6
#2 eToro Global social trading broker 4.6
#3 XM Global CFD and forex broker 4.4
#4 FXTM Global CFD and forex broker 4.2
#5 MultiBank Global CFD and forex broker 3.8

What makes a good CFD broker? First of all, they need to offer fair fees and have a good safety score. It must also be easy to open an account and deposit money. They should give access to many products and need to have a great platform.

Easy to list, but hard to figure it out. We are testing brokers more than 100 criteria with real accounts and real money. We know what's up. You can find all the ranking criteria in our methodology.

Boring, but important stuff: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money. If you don't have a clue what a CFD is, start by reading more about CFD trading.

Not sure which broker? For a tailored recommendation, check out the broker finder tool. You can enter your country and it will show only the relevant brokers. Want more details? Compare brokers with this detailed comparison table.

And now, let's see the best CFD brokers for Belgian citizens in 2020 one by one. Starting with the winner, City Index.

City Index Logo

#1 Best CFD broker
City Index

4.6

City Index was founded in 1983 and it is a global CFD and FX broker. City Index is the brand name of GAIN Capital, which is listed on the New York Stock Exchange. The company is regulated by top-tier financial authorities, such as the Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC) or Monetary Authority of Singapore (MAS). 

City Index is considered safe because it has a long track record, is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for cfd and forex traders looking for low forex fees and great research tools

Pros Cons
Low fees for forex and index CFDs Limited product portfolio
Fast and smooth account opening High stock CFD fees
Diverse research tools Not user-friendly desktop platform

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72% of retail CFD accounts lose money

#1 City Index
Fees
4.0

City Index has low fees for forex and stock index CFDs. On the other hand, stock CFD fees are high and there is an inactivity fee.
Pros Cons
Low forex fees Inactivity fee
No withdrawal fee High stock CFD fee
Low stock index CFD fees
City Index trading fees
City Index eToro XM FXTM MultiBank
S&P 500 index CFD fee $2.1 $2.4 $2.4 $1.8 $2.3
Europe 50 index CFD fee $1.6 $2.7 $2.4 $2.5 -
EURUSD benchmark fee $12.8 $19.6 $17.1 $17.8 $19.3
GBPUSD benchmark fee $9.4 $16.2 $13.8 $15.5 $17.8

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

City Index non-trading fees
City Index eToro XM FXTM MultiBank
Account fee No No No No No
Inactivity fee Yes Yes Yes Yes Yes
Withdrawal fee $0 $25 $0 $3 $0

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72% of retail CFD accounts lose money

#1 City Index
Account opening
5.0

City Index account opening is fully digital and there is no minimum deposit. It took us one day to have an approved open account.
Pros Cons
Fast None
Fully digital
No minimum deposit
City Index minimum deposit and time to open an account
City Index eToro XM FXTM MultiBank
Minimum deposit $0 $200 $5 $500 $50
Time to open account 1 day 1 day 1 day 1 day 1 day

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72% of retail CFD accounts lose money

#1 City Index
Deposit and withdrawal
4.0

City Index provides multiple options for deposit and withdrawal and they are free of charge. However, the withdrawal with some credit cards is not possible.
Pros Cons
Credit/Debit card available Problem with credit card withdrawal
Free withdrawal
No deposit fee
City Index withdrawal fee and options
City Index eToro XM FXTM MultiBank
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card Yes Yes Yes Yes Yes
Electronic wallets Yes Yes Yes Yes Yes
Withdrawal fee $0 $25 $0 $3 $0

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72% of retail CFD accounts lose money

#1 City Index
Markets and products
2.0

At City Index, you can only trade with CFDs, forex, and cryptos. Unfortunately, real stocks, bonds and ETFs are not available.
City Index CFD markets
City Index eToro XM FXTM MultiBank
Currency pairs (#) 84 47 57 48 27
Stock index CFDs (#) 23 13 18 11 7
Stock CFDs (#) 4,500 1,900 1,200 166 1,000
ETF CFDs (#) 57 145 - - -
Commodity CFDs (#) 31 6 15 6 6
Bond CFDs (#) 12 - - - -
Cryptos (#) 8 17 5 4 4
City Index real asset offering, beside CFD
City Index eToro XM FXTM MultiBank
Stock No Yes Yes No No
ETF No Yes No No No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
Crypto Yes Yes Yes Yes Yes

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72% of retail CFD accounts lose money

#1 City Index
Web trading platform
4.0

City Index's web trading platform is user-friendly and extremely customizable. It has also a lot of order types. On the flip side, there is no two-step login.
Pros Cons
User-friendly No two-step (safer) login
Good customizability (for charts, workspace)
Good variety of order types
Best CFD brokers - City Index trading platform
City Index trading platforms
City Index eToro XM FXTM MultiBank
Web platform score 4.0 4.0 3.0 3.0 3.0
Mobile platform score 4.0 5.0 4.0 4.0 4.0
Desktop platform score 3.0 - 3.0 3.0 3.0
Can you set leverage manually? No Yes Yes No No

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72% of retail CFD accounts lose money

#1 City Index
Verdict

City Index is a great CFD and forex broker regulated by top-tier financial authorities, such as the UK FCA.

On the bright side, it has low forex and stock index CFD fees, a smooth account opening process, and high-quality research tools.

It has some drawbacks though. The product portfolio is limited, the stock CFD fees are quite high, and the desktop platform is not easy-to-use.

As there is no minimum balance, no withdrawal fee and inactivity fee only kicks in after one year, feel free to try City Index out.

City Index
Summary City Index is a global CFD broker, regulated by many financial authorities including the top-tier UK FCA. Its parent company, GAIN Capital is listed on the New York Stock Exchange.
Fees score 4.0
Recommended for CFD and forex traders looking for low forex fees and great research tools

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72% of retail CFD accounts lose money

eToro Logo

#2 Best CFD broker
eToro

4.6

eToro is a well-known Israeli fintech startup, a social trading broker established in 2007.

eToro serves UK clients through an entity regulated by the Financial Conduct Authority (FCA), Australians through an Australian Securities and Investment Commission (ASIC) regulated entity. All other customers are served by a Cypriot entity that is regulated by the Cyprus Securities and Exchange Commission (CySEC).

eToro is not listed on any stock exchange, does not disclose its annual report on its site and does not have a bank parent.

eToro is considered safe because its UK and Australian arms are regulated by top-tier financial authorities and it is a well-known fintech startup.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for traders interested in social trading (i.e. copying other investors’ trades)

Pros Cons
Free stock and ETF trading in the EU High forex fees
Seamless account opening Withdrawing money is slow and expensive
Social trading experience Only one account base currency

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75% of retail CFD accounts lose money

#2 eToro
Fees
4.0

eToro offers free stock trading in Europe and has low CFD fees. On the negative side, forex trading fees and withdrawal fees are high.
Pros Cons
Free stock and ETF trading in the EU High non-trading fees
Low CFD fees High forex fees
Withdrawal fee
eToro trading fees
City Index eToro XM FXTM MultiBank
S&P 500 index CFD fee $2.1 $2.4 $2.4 $1.8 $2.3
Europe 50 index CFD fee $1.6 $2.7 $2.4 $2.5 -
EURUSD benchmark fee $12.8 $19.6 $17.1 $17.8 $19.3
GBPUSD benchmark fee $9.4 $16.2 $13.8 $15.5 $17.8

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

eToro non-trading fees
City Index eToro XM FXTM MultiBank
Account fee No No No No No
Inactivity fee Yes Yes Yes Yes Yes
Withdrawal fee $0 $25 $0 $3 $0

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75% of retail CFD accounts lose money

#2 eToro
Account opening
5.0

Account opening at eToro is seamless and very fast.
Pros Cons
Fast None
Fully digital
Low minimum deposit
eToro minimum deposit and time to open an account
City Index eToro XM FXTM MultiBank
Minimum deposit $0 $200 $5 $500 $50
Time to open account 1 day 1 day 1 day 1 day 1 day

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75% of retail CFD accounts lose money

#2 eToro
Deposit and withdrawal
3.0

Depositing money is free and easy, with a lot of available options, including credit cards. However, there is a withdrawal fee and only USD accounts are available.
Pros Cons
Credit/Debit card available High withdrawal fee
No deposit fee Only one account base currency
User-friendly Slow withdrawal - over 3 days
eToro withdrawal fee and options
City Index eToro XM FXTM MultiBank
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card Yes Yes Yes Yes Yes
Electronic wallets Yes Yes Yes Yes Yes
Withdrawal fee $0 $25 $0 $3 $0

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75% of retail CFD accounts lose money

#2 eToro
Markets and products
4.0

At eToro you can trade with CFDs and forex, as well as real stocks, ETFs and many cryptocurrencies. In addition, the broker also offers innovative services like social trading and CopyPortfolio.
eToro CFD markets
City Index eToro XM FXTM MultiBank
Currency pairs (#) 84 47 57 48 27
Stock index CFDs (#) 23 13 18 11 7
Stock CFDs (#) 4,500 1,900 1,200 166 1,000
ETF CFDs (#) 57 145 - - -
Commodity CFDs (#) 31 6 15 6 6
Bond CFDs (#) 12 - - - -
Cryptos (#) 8 17 5 4 4
eToro real asset offering, beside CFD
City Index eToro XM FXTM MultiBank
Stock No Yes Yes No No
ETF No Yes No No No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
Crypto Yes Yes Yes Yes Yes

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75% of retail CFD accounts lose money

#2 eToro
Web trading platform
4.0

eToro offers a user-friendly and well-designed web trading platform. In addition, social trading is also available. On the other hand, the customizability is limited.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
Best CFD brokers - eToro trading platform
eToro trading platforms
City Index eToro XM FXTM MultiBank
Web platform score 4.0 4.0 3.0 3.0 3.0
Mobile platform score 4.0 5.0 4.0 4.0 4.0
Desktop platform score 3.0 - 3.0 3.0 3.0
Can you set leverage manually? No Yes Yes No No

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75% of retail CFD accounts lose money

#2 eToro
Verdict

eToro has zero-commission stock trading in Europe. Account opening is really fast and seamless. It has also a lot of innovative features, like social trading.

It has some drawbacks, though. Forex fees and non-trading fees are high, and eToro only allows USD accounts

Overall, we would recommend eToro for its social trading feature and cheap stock trading.

Risk disclaimer

eToro is a multi-asset platform that offers both investing in stocks and cryptoassets, as well as trading CFD assets.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

Past performance is not an indication of future results.

eToro
Summary eToro is a global social trading broker. It is regulated by top-tier authorities such as the UK FCA or Australia's ASIC.
Fees score 4.0
Recommended for Traders interested in social trading (i.e. copying other investors’ trades)

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75% of retail CFD accounts lose money

XM Logo

#3 Best CFD broker
XM

4.4

Trading Point Holding, XM's parent company, was founded in 2009 and it is a global CFD and FX broker. Trading Point Holding has two brands: XM and Trading.com.

XM is available globally and regulated by three financial authorities: Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), International Financial Services Commission of Belize (IFSC).

Trading.com was launched in 2019 and is available only for EEA residents, except Belgian, Cypriot, Greek, and Swiss residents. Trading.com is regulated by the Financial Conduct Authority (FCA).

In this review, we focus on the XM brand.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.10% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Risk warnings are shown on the website but they are unclear on percentages

Recommended for forex and cfd traders who prefer metatrader platforms and seek low trading fees

Pros Cons
Low CFD and withdrawal fees Only CFDs, forex, cryptos for Europeans
Easy and fast account opening Average forex fees
Great educational tools Inactivity fee

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69.10% of retail CFD accounts lose money

#3 XM
Fees
4.0

XM has low trading fees for CFD's and no withdrawal fee. On the other hand, the forex fees are average and there is a fee for inactivity.
Pros Cons
Low CFD fees Inactivity fee
No withdrawal fee Average FX fees
XM trading fees
City Index eToro XM FXTM MultiBank
S&P 500 index CFD fee $2.1 $2.4 $2.4 $1.8 $2.3
Europe 50 index CFD fee $1.6 $2.7 $2.4 $2.5 -
EURUSD benchmark fee $12.8 $19.6 $17.1 $17.8 $19.3
GBPUSD benchmark fee $9.4 $16.2 $13.8 $15.5 $17.8

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

XM non-trading fees
City Index eToro XM FXTM MultiBank
Account fee No No No No No
Inactivity fee Yes Yes Yes Yes Yes
Withdrawal fee $0 $25 $0 $3 $0

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69.10% of retail CFD accounts lose money

#3 XM
Account opening
5.0

XM account opening is hassle-free and straightforward. Your account is ready for trading on the same day.
Pros Cons
Fast None
Fully digital
Low minimum deposit
XM minimum deposit and time to open an account
City Index eToro XM FXTM MultiBank
Minimum deposit $0 $200 $5 $500 $50
Time to open account 1 day 1 day 1 day 1 day 1 day

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69.10% of retail CFD accounts lose money

#3 XM
Deposit and withdrawal
5.0

XM's deposit and withdrawal are fast, can be done in several forms, and are cost-friendly.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee
Free wire withdrawal for more than $200 withdrawals
XM withdrawal fee and options
City Index eToro XM FXTM MultiBank
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card Yes Yes Yes Yes Yes
Electronic wallets Yes Yes Yes Yes Yes
Withdrawal fee $0 $25 $0 $3 $0

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69.10% of retail CFD accounts lose money

#3 XM
Markets and products
3.0

At XM, you can trade with CFDs, forex, and cryptos. Non-European clients can also trade with some real stocks. There are no ETFs, mutual funds, bonds, options, and futures.
XM CFD markets
City Index eToro XM FXTM MultiBank
Currency pairs (#) 84 47 57 48 27
Stock index CFDs (#) 23 13 18 11 7
Stock CFDs (#) 4,500 1,900 1,200 166 1,000
ETF CFDs (#) 57 145 - - -
Commodity CFDs (#) 31 6 15 6 6
Bond CFDs (#) 12 - - - -
Cryptos (#) 8 17 5 4 4
XM real asset offering, beside CFD
City Index eToro XM FXTM MultiBank
Stock No Yes Yes No No
ETF No Yes No No No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
Crypto Yes Yes Yes Yes Yes

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69.10% of retail CFD accounts lose money

#3 XM
Web trading platform
3.0

The web trading platform of XM is provided by MetaTrader. It is highly customizable and has a clear fee report. On the other hand, the platform lacks price alerts, and the design is outdated.
Pros Cons
Clear fee report No price alerts
Good customizability (for charts, workspace) Outdated design
Best CFD brokers - XM trading platform
XM trading platforms
City Index eToro XM FXTM MultiBank
Web platform score 4.0 4.0 3.0 3.0 3.0
Mobile platform score 4.0 5.0 4.0 4.0 4.0
Desktop platform score 3.0 - 3.0 3.0 3.0
Can you set leverage manually? No Yes Yes No No

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69.10% of retail CFD accounts lose money

#3 XM
Verdict

XM is regulated by more authorities globally, including the top-tier ASIC.

On the plus side, we liked the low CFD and withdrawal fees. The account opening is seamless and hassle-free. There is a wide range of educational tools in great quality.

XM has some drawbacks though. Its product range is limited to FX, CFDs, cryptos. Stocks only for non-Europeans. Its forex fees are average. Lastly, a monthly $5 fee is charged after three months of inactivity. 

We recommend XM for clients who prefer CFD and forex trading and are looking for MetaTrader trading platforms. Feel free to test it via the demo account.

XM
Summary XM is a global forex and CFD broker regulated by Australia's ASIC, CySEC of Cyprus, and Belizean authority IFSC.
Fees score 4.0
Recommended for Forex and CFD traders who prefer MetaTrader platforms and seek low trading fees

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69.10% of retail CFD accounts lose money

FXTM Logo

#4 Best CFD broker
FXTM

4.2

FXTM or ForexTime was founded in 2011 and is a global CFD and FX broker. It is regulated by several financial authorities, including the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

FXTM is considered safe because it is regulated by the top-tier FCA.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders familiar with the metatrader 4 platform

Pros Cons
Superb customer service High stock CFD fees
Great educational tools Inactivity and withdrawal fees
Digital and fast account opening Limited product portfolio

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83% of retail CFD accounts lose money

#4 FXTM
Fees
4.0

FXTM's trading fees are low for stock index CFD fees, while average or low for forex. On the negative side, the stock CFD fees are high.
Pros Cons
Low fees for stock index CFDs High stock CFD fees
Low EURCHF and EURGBP fees
FXTM trading fees
City Index eToro XM FXTM MultiBank
S&P 500 index CFD fee $2.1 $2.4 $2.4 $1.8 $2.3
Europe 50 index CFD fee $1.6 $2.7 $2.4 $2.5 -
EURUSD benchmark fee $12.8 $19.6 $17.1 $17.8 $19.3
GBPUSD benchmark fee $9.4 $16.2 $13.8 $15.5 $17.8

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

FXTM non-trading fees
City Index eToro XM FXTM MultiBank
Account fee No No No No No
Inactivity fee Yes Yes Yes Yes Yes
Withdrawal fee $0 $25 $0 $3 $0

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83% of retail CFD accounts lose money

#4 FXTM
Account opening
5.0

FXTM account opening is fully digital, easy and fast. Your account will be ready within 1-2 business days. There are also a lot of account types you can choose from.
Pros Cons
Fast None
Fully digital
User-friendly
FXTM minimum deposit and time to open an account
City Index eToro XM FXTM MultiBank
Minimum deposit $0 $200 $5 $500 $50
Time to open account 1 day 1 day 1 day 1 day 1 day

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83% of retail CFD accounts lose money

#4 FXTM
Deposit and withdrawal
4.0

FXTM offers a great variety of deposit and withdrawal options. Almost everything is available, including credit cards, bank transfer and electronic wallets. The main disadvantage is that FXTM charges a fee for most withdrawal types.
Pros Cons
Credit/Debit card available Most of the withdrawal options have a fee
No deposit fee
Quick deposit and withdrawal - within 3 days
FXTM withdrawal fee and options
City Index eToro XM FXTM MultiBank
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card Yes Yes Yes Yes Yes
Electronic wallets Yes Yes Yes Yes Yes
Withdrawal fee $0 $25 $0 $3 $0

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83% of retail CFD accounts lose money

#4 FXTM
Markets and products
2.0

FXTM's product selection covers forex CFDs and cryptos. Non-EU clients can also trade with real stocks. On the negative side, it lacks ETFs, mutual funds, bonds, options, and futures.
FXTM CFD markets
City Index eToro XM FXTM MultiBank
Currency pairs (#) 84 47 57 48 27
Stock index CFDs (#) 23 13 18 11 7
Stock CFDs (#) 4,500 1,900 1,200 166 1,000
ETF CFDs (#) 57 145 - - -
Commodity CFDs (#) 31 6 15 6 6
Bond CFDs (#) 12 - - - -
Cryptos (#) 8 17 5 4 4
FXTM real asset offering, beside CFD
City Index eToro XM FXTM MultiBank
Stock No Yes Yes No No
ETF No Yes No No No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
Crypto Yes Yes Yes Yes Yes

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83% of retail CFD accounts lose money

#4 FXTM
Web trading platform
3.0

The web trading platform of FXTM is provided by MetaTrader. It is highly customizable, available in a lot of languages, and has a clear fee report. On the other hand, it lacks a two-step login and price alerts, and the design is outdated.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Order confirmation
Best CFD brokers - FXTM trading platform
FXTM trading platforms
City Index eToro XM FXTM MultiBank
Web platform score 4.0 4.0 3.0 3.0 3.0
Mobile platform score 4.0 5.0 4.0 4.0 4.0
Desktop platform score 3.0 - 3.0 3.0 3.0
Can you set leverage manually? No Yes Yes No No

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83% of retail CFD accounts lose money

#4 FXTM
Verdict

FXTM is regulated by several financial authorities globally, including the top-tier Financial Conduct Authority (FCA).

On the plus side, customer support gives fast and relevant answers. There are several educational tools, including demo accounts and webinars. The account opening is fully digital and fast.

FXTM has some drawbacks though: it charges high stock CFD fees, like inactivity and withdrawal fees, and the product range is limited.

As account opening only takes a short time, and customer support is helpful and reliable, feel free to try FXTM.

FXTM
Summary FXTM is an international CFD and forex broker, regulated by the UK FCA, CySEC of Cyprus and the Mauritian FSC. It is licensed by South Africa's FSCA.
Fees score 4.0
Recommended for Forex traders familiar with the MetaTrader 4 platform

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83% of retail CFD accounts lose money

MultiBank Logo

#5 Best CFD broker
MultiBank

3.8

MultiBank is a global CFD and FX broker.

MultiBank Group is a global financial group which includes companies from asset management to brokerage. MultiBank's brokerage service is operating under several legal entities regulated by Australian ASIC and other financial regulators. In this review, we use MultiBank as a name for the brokerage service.

MultiBank is considered safe because it is regulated by the top-tier ASIC and has a long history, dating back to 2005.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders familiar with the metatrader 4 trading platform

Pros Cons
Fast and easy account opening High stock CFD and inactivity fee
Free and multiple deposit and withdrawal options Limited product coverage
Fast and relevant customer service Basic research and educational tools

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74-89% of retail CFD accounts lose money

#5 MultiBank
Fees
3.0

MultiBank does not charge any withdrawal fees and has low stock index CFD fees. On the other hand, the stock CFD and inactivity fees are high.
Pros Cons
No withdrawal fee High inactivity fee
Low stock index CFD fees High stock CFD fees
MultiBank trading fees
City Index eToro XM FXTM MultiBank
S&P 500 index CFD fee $2.1 $2.4 $2.4 $1.8 $2.3
Europe 50 index CFD fee $1.6 $2.7 $2.4 $2.5 -
EURUSD benchmark fee $12.8 $19.6 $17.1 $17.8 $19.3
GBPUSD benchmark fee $9.4 $16.2 $13.8 $15.5 $17.8

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

MultiBank non-trading fees
City Index eToro XM FXTM MultiBank
Account fee No No No No No
Inactivity fee Yes Yes Yes Yes Yes
Withdrawal fee $0 $25 $0 $3 $0

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74-89% of retail CFD accounts lose money

#5 MultiBank
Account opening
5.0

The account opening procedure with Multibank is easy and straightforward. The account is ready for trading within a day.
Pros Cons
Fast High minimum deposit for ECN Pro and MultiBank Pro accounts
Fully digital
Low minimum deposit
MultiBank minimum deposit and time to open an account
City Index eToro XM FXTM MultiBank
Minimum deposit $0 $200 $5 $500 $50
Time to open account 1 day 1 day 1 day 1 day 1 day

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74-89% of retail CFD accounts lose money

#5 MultiBank
Deposit and withdrawal
5.0

Deposit and withdrawal at MultiBank are great. You can use many deposit and withdrawal types and withdrawal is free.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee
MultiBank withdrawal fee and options
City Index eToro XM FXTM MultiBank
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card Yes Yes Yes Yes Yes
Electronic wallets Yes Yes Yes Yes Yes
Withdrawal fee $0 $25 $0 $3 $0

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74-89% of retail CFD accounts lose money

#5 MultiBank
Markets and products
1.0

At Multibank you can trade only with forex and CFDs. CFDs are provided in several forms, such as stock indexes and cryptos.
MultiBank CFD markets
City Index eToro XM FXTM MultiBank
Currency pairs (#) 84 47 57 48 27
Stock index CFDs (#) 23 13 18 11 7
Stock CFDs (#) 4,500 1,900 1,200 166 1,000
ETF CFDs (#) 57 145 - - -
Commodity CFDs (#) 31 6 15 6 6
Bond CFDs (#) 12 - - - -
Cryptos (#) 8 17 5 4 4
MultiBank real asset offering, beside CFD
City Index eToro XM FXTM MultiBank
Stock No Yes Yes No No
ETF No Yes No No No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
Crypto Yes Yes Yes Yes Yes

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74-89% of retail CFD accounts lose money

#5 MultiBank
Web trading platform
3.0

At Multibank you can use the MetaTrader4 trading platform. It is highly customizable, available in a lot of languages, and has a clear fee report. On the negative side, it lacks a two-step login and the design is outdated.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Order confirmation Poor design
Best CFD brokers - MultiBank trading platform
MultiBank trading platforms
City Index eToro XM FXTM MultiBank
Web platform score 4.0 4.0 3.0 3.0 3.0
Mobile platform score 4.0 5.0 4.0 4.0 4.0
Desktop platform score 3.0 - 3.0 3.0 3.0
Can you set leverage manually? No Yes Yes No No

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74-89% of retail CFD accounts lose money

#5 MultiBank
Verdict

MultiBank is regulated by more financial authorities globally, including the top-tier ASIC.

The account opening is seamless and hassle-free. Multiple and free options are offered for deposit and withdrawal. The customer service is great.

MultiBank has some drawbacks though. The stock CFD and inactivity fees are high. Its product range is limited to FX, CFDs, and cryptos. The research and educational tools are also basic. 

MultiBank
Summary MultiBank is an international CFD and forex broker, regulated by several financial authorities such as the top-tier ASIC of Australia.
Fees score 3.0
Recommended for Forex and CFD traders familiar with the MetaTrader 4 trading platform

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74-89% of retail CFD accounts lose money

Best CFD brokers
What makes a good CFD broker?

Trading with CFDs became really popular in the last decade. Keeping your eyes on important criteria like fees or number of CFDs helps you to find the best CFD broker for you.

When we selected the best CFD broker in 2020, we ranked brokers focusing on CFDs along more than 100 criteria. Not to overwhelm you we list the five most important criteria.

The 5 most important criteria for CFD brokers are:

5 most important criteria for the best CFD brokers in 2020
1. Fee structure: The overall cost of a typical CFD trade can be 10-15 times higher at one CFD broker compared to another. Worth to check the fees.
2. Account opening: Some brokers require a minimum deposit, others don't set a minimal first-time deposit. Check out what the best CFD brokers require.
3. Deposit and withdrawal: Transferring money to your account can be 5 times longer and more expensive at one CFD broker compared to another.
4. Web trading platform: A user-friendly and well-equipped trading platform can significantly increase your trading comfort.
5. Products and markets: You want to invest in Amazon CFD and Bitcoin CFD? They might not be available. Check the product coverage before opening an account.

Best CFD brokers
CFD broker fees

Fees, fees, and fees. We bet this is on top of your mind when you want to select the best CFD broker. Let's see how we checked.

It is tough to compare CFD broker fees, but we are here to help. You need to calculate with two fee categories: trading-related fees and non-trading fees.

Trading-related fees

With regards to the trading-related fees, brokers can charge commissions, spreads and overnight fees. To make your life easier we calculated all fees for real-life scenarios. So, you can compare the fees. We took

  • US equity index - S&P 500 index CFD
  • European equity index - Europe 50 index CFD
  • Forex - EURUSD and GBPUSD

We assumed opening a position, holding it for a week, and closing it. S&P 500 and EU 50 positions are $2,000, while the forex positions are $20,000. These real-life assumptions make CFD fees comparable.

Compare more fees

Best CFD brokers
CFD brokers explained

CFDs are derivatives, you can easily trade with a wide range of products, but it is leveraged, so it is risky.

CFDs are derivatives: you bet on price movements

With CFDs, you can gamble on whether asset prices will go up or down without buying the stock. Let's say you want to profit from Microsoft's stock price going up. At an online stockbroker, you would buy the Microsoft stock. At a CFD broker, you can instead bet directly on the stock price going up. However, CFDs are much like knives: could be very useful, but if no idea how to use one, you can cut yourself.

CFDs are an easy way to reach a lot of markets with leverage

Why on earth is this good for you? Well, there are three advantages:

  • 1, You can make bets on all kinds of products. E.g. if you wanted to trade with Turkish stocks, go ahead. This might not be possible with an online stockbroker. It is easier for a broker to provide a CFD than have access to the Turkish stock exchange.
  • 2, The second advantage is leverage. The odds of your bet will be much larger than with buying the actual stock. It also comes with greater risk, therefore we recommend you to fully understand leverage before you invest.
  • 3, Lastly, with CFDs, you can easily have a short position. That is a plus indeed.

To understand these advantages better, you can learn through CFD trading tips.

Not owning the underlying asset exposes you to additional risks

If you do not own the stock (or any other underlying asset), you are running a whole different risk which you need to understand before trading CFDs.

Let's say Bob has a Siemens stock and Janet is in a long Siemens CFD position, both with broker “Bust Broker Co.”. Bust Broker Co. goes bust. Bob's Siemens stock is in custody with his custody service provider, sooner or later he will be able to access it. Janet was in a long position, therefore she will be compensated only up to the investor protection scheme of the country. In most cases, this is up to €20,000.

Best CFD brokers
CFD regulations and security

You've probably heard of European Securities and Markets Authority's new regulation relating to CFDs and binary options. New measures clearly show how the European regulators want to secure retail investors from the gloomy side of the European retail brokerage industry.

Based on ESMA's research, around 74-89% of investors are losing their deposits and in many cases not purely due to their fault. One core problem is that the dealing desk brokers are gaining profit when their clients lose. If you don't know what this model looks like, a Financemagnates article explains that very well. Another problem is the limitless and uncontrolled marketing of deposit bonuses, cheap prices and messages promising easy ways of getting rich.

The new regulation will probably help to make the ratio better off. The measures and their explanations are the following:

  • Limitation of leverage: it was not unusual that you could open a position with 400:1 leverage, but from now the possible maximum leverage will be 30:1 for major currency pairs. The limitation varies according to the underlying asset's volatility:
    • 30:1 for major currency pairs
    • 20:1 for non-major currency pairs, gold and major stock indices
    • 10:1 for commodities other than gold and non-major stock indices;
    • 5:1 for single stocks and any underlying not otherwise mentioned
    • 2:1 for cryptocurrencies
  • Margin close out on a per account basis: if an account's total margin falls below 50% of the initially required margin, brokers must close out or more of your positions.
  • Negative balance protection: you cannot lose more money than you invested in.
  • Restriction on marketing and incentive tools: instead of promoting CFD trading by promising of getting rich in a short period, brokers have to clearly show what percentage of their customers are losing money.

Summing up, the stricter regulations mean that trading CFDs will become a nothing but a bedtime story for our kids? On the one hand, retail investors are protected by losing more than their deposit. On the other hand, handy investors can't multiply their profits by the use of high leverage. Altogether, we think CFD will keep its popularity as trading with that will become more transparent and safer.

Being part of a banking group or listed on an exchange should be your primary compass for the best CFD brokers

It is time to discuss how to make a well-established choice in today's changing landscape of CFD brokers. We prefer exchange-listed and/or banking licensed brokers. Why?

  • Being listed on any developed exchange means additional regulations, strict and frequent audits and also the need for constant communication between the shareholders and other stakeholders. No wonder that only a small portion of retail brokers decides to exchange money for transparency.
  • Banks are indisputably crucial building stones of any economy. Strict capital requirements, regulations and need for transparency is a must. Therefore any broker with a bank behind its back can be considered more reliable than the rest of the competition.

For more help on these points check out our online brokers' comparison table.

Compare protection amounts

Best CFD brokers
Bottom line

You saw the details, now let's zoom out. Here are the best CFD brokers in 2020 for citizens in Belgium

Best CFD brokers in 2020 for Belgian citizens
City Index eToro XM FXTM MultiBank
Overall score 4.6 4.6 4.4 4.2 3.8
Fees score 4.0 4.0 4.0 4.0 3.0
Account opening score 5.0 5.0 5.0 5.0 5.0
Deposit and withdrawal score 4.0 3.0 5.0 4.0 5.0
Markets and products score 2.0 4.0 3.0 2.0 1.0
Web platform score 4.0 4.0 3.0 3.0 3.0
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72% of retail CFD accounts lose money
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75% of retail CFD accounts lose money
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69.10% of retail CFD accounts lose money
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83% of retail CFD accounts lose money
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74-89% of retail CFD accounts lose money

City Index is our winner, the best CFD broker for Belgian citizens in 2020. Low fees for forex and index CFDs. Fast and smooth account opening. Diverse research tools.

All are great great choice. Do not forget, that CFDs are really risky. If you are experienced, pick your winner, and take the next step in your trading journey. Let us know what you think in the comments section.

Still unsure? Use the broker finder and find the best broker for you.

Tibor Bedő

Tibor Bedő

Co-founder, CEO

Author of this article

Tibor believes having a good stockbroker is everybody's privilege. He worked extensively in the financial industry, including at Morgan Stanley and at The Boston Consulting Group (BCG). He advised leading European banks on strategy, finance and risk management.

Everything you find on Brokerchooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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