Co/Fe multilayers with different layer thickness formed by electron beam evaporation in ultrahigh vacuum have been investigated by grazing incidence x-ray reflectivity ͑GIXRR͒ and alternating gradient force magnetometry. The interface thicknesses are lower than GIXRR uncertainty ͑ϳ1 nm͒, favoring a strong magnetic exchange interaction between the layers responsible for their single phase magnetic behavior. The hysteresis loops were interpreted as the result of two different magnetization processes related to the presence of an out-of-plane component of the magnetization.