MultiBank Alternatives

The best alternatives to MultiBank are

1. HYCM - Global CFD and forex broker
2. AvaTrade - Global CFD and forex broker
3. ATFX - Global CFD and forex broker
4. OvalX - Global CFD and forex broker

Let's see in a bit more detail how the MultiBank alternatives compare to MultiBank and each other:

Why are these brokers considered good alternatives to MultiBank? There are many areas based on which MultiBank can be compared with others. When we say a given online broker is a good alternative to MultiBank we mean these brokers are comparable in the following areas:

• The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
• The type of clients they target, i.e. beginners, experienced investors, or day traders.

Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Answer 4 simple questions and get a list of the most relevant brokers.

MultiBank alternatives recommendations

Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:

• MultiBank is recommended for forex and cfd traders familiar with the metatrader trading platform
• HYCM is recommended for forex and cfd traders who prefer the metatrader platform
• AvaTrade is recommended for forex and cfd traders looking for an option to use metatrader platforms
• ATFX is recommended for forex and cfd traders familiar with the metatrader 4 trading platform
• OvalX is recommended for forex, spread and cfd traders looking for great funding and withdrawal options and an easy-to-use platform

Important factors of finding MultiBank alternatives

So far BrokerChooser has reviewed 101 online brokers in detail, which gives this comparison a solid starting point.

Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we

• open a live account
• check over 100 criteria, with weighting based on readers' preferences
• refresh data regularly

Whether MultiBank or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:

Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. MultiBank is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost MultiBank alternative.

Account opening. To open an account some brokers require at least €50,000 to be invested, while others don't set a minimum first-time deposit. The time it takes to open your account can be very different as well. At MultiBank this is not a problem as you can have it ready on the same day you registered.

Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you can make a deposit with a credit card at MultiBank, this might not be the case at its alternatives.

Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.

Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given MultiBank alternative is a must.

Now let's dive into the details of how MultiBank and its alternatives perform in the most important areas!

HYCM or Henyep Markets is a global CFD and forex broker. HYCM's parent company, Henyep was established in 1977. The broker is regulated by several financial authorities globally, including the UK Financial Services Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

HYCM's UK operation is considered safe because it has a long track record and 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. 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 forex and cfd traders who prefer the metatrader platform

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67% of retail CFD accounts lose money

Fees

4.2

HYCM has low forex and CFD trading fees. It's also great that the broker charges no deposit and withdrawal fees in most cases. On the negative side, there is a quite high inactivity fee.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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67% of retail CFD accounts lose money

Account opening

5.0

The account opening at HYCM is seamless and fully digital. Our account was verified within one business day. The minimum deposit is also low: $100 for Classic and Fixed accounts and $200 for Raw accounts.

If you are interested more in HYCM minimum deposit, this overview will help you.

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67% of retail CFD accounts lose money

Deposit and withdrawal

4.5

HYCM offers free and fast deposit and withdrawal options, including traditional methods such as bank transfer and credit card funding as well as various e-wallets. On the other hand, the number of available account currencies lags behind some of HYCM's competitors.

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67% of retail CFD accounts lose money

Web trading platform

2.8

HYCM's web trading platform is provided by MetaTrader. It is highly customizable, available in many languages and has a clear fee report. On the other hand, the platform lacks a two-step login or price alerts and its design is outdated.

Learn more about HYCM's web trading platform in the detailed HYCM review.

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67% of retail CFD accounts lose money

Markets and products

2.3

At HYCM you can only trade with forex and other CFDs (commodities, stock indices, futures, and share CFDs). Popular asset classes, such as real stocks, bonds, mutual funds and options are missing.

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67% of retail CFD accounts lose money

Verdict

HYCM is a forex and CFD broker regulated by several authorities globally, including the top-tier FCA.

On the plus side, HYCM has low forex and CFD fees. The education section, especially the webinars are more informative and enjoyable than what some other brokers offer. The account opening is seamless and there are a lot of free deposit & withdrawal options.

On the flip side, the product portfolio at HYCM is limited as the broker only offers forex and CFDs. In our view, the MetaTrader platforms that the broker uses have an outdated design. HYCM charges an inactivity fee: $10 per month after only 90 days of inactivity.

We recommend HYCM for those who are interested in CFD and forex trading and prefer MetaTrader trading platforms. Feel free to test it via the demo account.

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67% of retail CFD accounts lose money

AvaTrade is a global CFD and forex broker founded in 2006. It is regulated by several financial authorities, such as the Central Bank of Ireland.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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 looking for an option to use metatrader platforms

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71% of retail CFD accounts lose money

Fees

3.8

AvaTrade has low CFD and average forex fees. Withdrawals are free of charge, but inactivity fees are quite high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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71% of retail CFD accounts lose money

Account opening

5.0

Account opening at AvaTrade is seamless and fully digital. You can start trading literally in minutes.

If you are interested more in AvaTrade minimum deposit, this overview will help you.

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71% of retail CFD accounts lose money

Deposit and withdrawal

4.5

AvaTrade offers several free options for deposit and withdrawal. On the negative side, withdrawal took us 3 business days, and debit card deposits can also be slow.

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71% of retail CFD accounts lose money

Web trading platform

3.8

AvaTrade's web platform is user-friendly, well-designed, and has a unique order type to protect you from losses. However, it lacks customizability, two-step login and price alerts.

Learn more about AvaTrade's web trading platform in the detailed AvaTrade review.

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71% of retail CFD accounts lose money

Markets and products

2.3

AvaTrade offers only forex and CFDs, such as stock, index, forex and commodity CFDs. It doesn't offer other popular asset classes such as real stocks, bonds or mutual funds.

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71% of retail CFD accounts lose money

Verdict

AvaTrade is regulated by several authorities globally, including the top-tier Central Bank of Ireland and the Australian Securities and Investments Commission (ASIC), therefore it is considered safe.

We liked the seamless and hassle-free account opening. You can use a lot of deposit and withdrawal options, all free of charge. We also liked that you can use many user-friendly tools for research.

AvaTrade has some drawbacks though. The product range is limited to forex, CFDs, and cryptos, and there is a high fee charged for inactivity. Lastly, there are better alternatives if forex trading fees are your main concern.

As there is only a small minimum deposit, and your account will be ready for trading quickly, feel free to try AvaTrade.

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71% of retail CFD accounts lose money

ATFX has taken the decision to cease providing services to elective professional and retail clients with immediate effect. It is therefore unable to accept any applications. Services to per se professional clients (e.g. financial institutions) will not be impacted. As you cannot open an account at ATFX anymore try our broker finder tool to discover the broker most suitable to your needs or check the lists of the best CFD or forex brokers in 2021.

ATFX is the brand used by branches of global financial group AT Group that provide CFD/forex trading services. ATFX has four legal entities, each with different regulations and services. In this review, we tested the services of AT Global Markets (UK) Limited, which is regulated by the top-tier UK Financial Conduct Authority (FCA).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62.96% 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

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62.96% of retail CFD accounts lose money

Fees

4.4

ATFX has low forex fees, as well as no inactivity and withdrawal fees.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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62.96% of retail CFD accounts lose money

Account opening

5.0

ATFX has a user-friendly and fully digital account opening process, usually taking no more than a day. On the flip side, the minimum deposit is high for non-Standard accounts.

If you are interested more in ATFX minimum deposit, this overview will help you.

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62.96% of retail CFD accounts lose money

Deposit and withdrawal

4.5

ATFX offers free and fast deposit and withdrawal. Options for funding your account include bank transfer, credit/debit cards, and electronic wallets.

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62.96% of retail CFD accounts lose money

Web trading platform

2.8

The ATFX web trading platform is provided by MetaTrader. It is highly customizable and has a clear fee report, but it lacks a two-step login and price alerts, and the design is outdated.

Learn more about ATFX's web trading platform in the detailed ATFX review.

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62.96% of retail CFD accounts lose money

Markets and products

1.8

ATFX provides only forex, CFDs and cryptos. It lacks other popular asset classes such as real stocks, mutual funds or bonds.

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62.96% of retail CFD accounts lose money

Verdict

ATFX is regulated by several financial authorities globally, including the top-tier FCA.

On the plus side, ATFX has low forex fees. The account opening process is easy, and multiple options are offered for deposit and withdrawal, all free of charge.

ATFX  has some drawbacks, though. The product range is limited to FX, CFDs, and cryptos. Email support can be slow, and fundamental data research is missing.

As trading fees are low and you can use a demo account, feel free to try ATFX.

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62.96% of retail CFD accounts lose money

OvalX is a global CFD and FX broker. Its parent company Monecor (London) Ltd. was established in 1965 and is regulated by the UK's Financial Conduct Authority (FCA). Monecor (Europe) Ltd., the entity that handles EU accounts, is regulated by the Cyprus Securities and Exchange Commission (CySEC).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.85% 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, spread and cfd traders looking for great funding and withdrawal options and an easy-to-use platform

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73.85% of retail CFD accounts lose money

Fees

3.5

OvalX offers commission-free stock CFDs and the non-trading fees are low. On the other hand, FX fees are high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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73.85% of retail CFD accounts lose money

Account opening

5.0

OvalX's account opening is hassle-free and straightforward. Your account should be ready for trading on the same day.

If you are interested more in OvalX minimum deposit, this overview will help you.

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73.85% of retail CFD accounts lose money

Deposit and withdrawal

4.5

Depositing and withdrawing funds are free at OvalX. The processes are fast and there are several options for both.

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73.85% of retail CFD accounts lose money

Web trading platform

4.0

OvalX has a great web trading platform. It is user-friendly with a great search function and customizability. On the negative side, it lacks a two-step login and a clear fee report.

Learn more about OvalX's web trading platform in the detailed OvalX review.

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73.85% of retail CFD accounts lose money

Markets and products

2.2

At OvalX, you can trade only CFDs, forex and cryptos. Other products like real stocks, ETFs, mutual funds, bonds, options and futures are not available.

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73.85% of retail CFD accounts lose money

Verdict

OvalX is regulated by the UK's Financial Conduct Authority (FCA), a top-tier authority.

On the plus side, you can use a lot of free deposit and withdrawal options. We liked the seamless and hassle-free account opening process. There is also a wide range of great-quality educational tools available.

OvalX has some drawbacks, though. FX fees are average. Its product range is limited to forex, CFDs and cryptos, and only limited research tools are available.

As the minimum deposit is not very high, there are 5 free withdrawals a month, and no inactivity fee, feel free to give OvalX a try.

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73.85% of retail CFD accounts lose money

MultiBank is a global CFD and FX broker. MultiBank Group was established in California, USA, in 2005 with headquarters in Hong Kong. They are a global financial group whose member companies are active in areas from asset management to brokerage. MultiBank's brokerage service is operating under several legal entities, regulated by the Australian Securities and Investments Commission (ASIC) and other financial authorities. In this review, we will 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 reasonably 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. 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 trading platform

Fees

4.0

MultiBank has low forex and stock index CFD fees, and doesn't charge any withdrawal fees. On the other hand, stock CFD fees are high, and an inactivity fee kicks in after three months.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stock and $20k for FX

Account opening

5.0

Opening an account at MultiBank is easy and straightforward; your account could be ready for trading within a day. However, some account types require a high minimum deposit.

Learn more about MultiBank minimum deposit here.

Deposit and withdrawal

5.0

Deposit and withdrawal at MultiBank are great. You can use many deposit and withdrawal types and withdrawal is free.

Web trading platform

3.8

Multibank offers the MetaTrader4 trading platform. It's highly customizable, multilingual and has a clear fee report. However, it lacks two-step login and the design is outdated.

Learn more about MultiBank's web trading platform in the detailed MultiBank review.

Markets and products

2.0

At MultiBank, you can trade only forex and CFDs, including stock and stock index CFDs as well as cryptos.

Verdict

MultiBank is a forex and CFD broker regulated by several financial authorities globally, including the top-tier ASIC.

Among its positive features, the account opening process is seamless and hassle-free. Forex fees are competitive, and multiple free options are available for deposit and withdrawal. Customer service is great - quick, helpful and multilingual.

MultiBank has some drawbacks, though. Stock CFD fees are high and there is an inactivity fee. Its product range is limited to FX, CFDs and cryptos. Research and educational tools are quite basic, limited to some charting tools and a newsletter.

As MultiBank has a free demo account, we encourage you to give it a try.

Based on our analysis, there are several good alternatives to MultiBank. They all offer similar products and target similar customers. Here's a recap of the results in a table.

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.