In this BlackBull Markets vs Axi review, we found both forex brokers use STP execution for low spreads. Both brokers offer the MT4 trading platform but Blackbull also has MT5 and TradingView. See how the 2 brokers compare
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We took a look at how BlackBull Markets compared with Axi. While both Forex brokers use STP with no dealing desk and the MT4 trading platforms, we found BlackBull Markets offers more trading products and social trading tool. They also have better leverage for all their clients. Axi however is not without its own pros including better regulator protection for traders in Australia and the UAE.
Both Axi and BlackBull Markets offer STP with market execution and no dealing desk.
Expect variable spreads only, with accounts to suit both beginner online traders, as well as more experienced fx and CFD traders (including demo accounts that let you practice with virtual funds, and Islamic swap-free accounts).
To help determine whether BlackBull Markets or Axi is the better broker, we compared customer support, trading experience, as well as account types on offer, and available trading instruments.
If you want to know whether BlackBull Markets or Axi is our preferred pick as the best broker for your forex trading, CFD trading, and other online trading needs, read more about our comparison of some key features to make your own informed choice.
Read more about our testing methodology here. Ross Collins, our Head of Analytics, has years of experience as an active trader and breaks down how we rank and rate.
To cater to the way your trading needs change as you learn how to trade CFDs and forex online, both BlackBull Markets and Axi include having a no-commission account and a RAW or ECN trading account with similar commissions. Both brokers have variable spreads with market execution (not instant execution) spreads and, when it comes to available base currencies, there is very little difference between the two.
| BlackBull Markets | Axi | |
|---|---|---|
| Market Maker | No | No |
| Dealing Desk | No | No |
| Execution Type | STP with market execution | STP with market execution |
| Demo Account | Yes | Yes |
| Standard Account | ECN Standard | Standard |
| Commission Account | ECN Prime | Pro Elite (for pro traders) |
| Fixed-spread Account | No | No |
| Swap-free Account | On request | On request |
| # of Base Currencies | 9 | 10 |
| Maximum Forex Leverage | 1:500 | 1:30 or 1:400 |
Our Verdict
Although these two brokers are neck-and-neck in some key categories, and BlackBull Markets is the winner when it comes to trading platforms, Axi leads the way in others, for a better overall score. Compared to some other brokers, the super fast execution speeds make BlackBull Markets hard to beat but when it comes up against Axi, with a higher score for trust, trading costs, education and range of markets, it meets some impressive competition.
Indices, commodities such as gold, crypto, and share CFD trading are accommodated by both these brokers but if you’re looking to trade bonds, treasuries and other products, you’re out of luck.
| BlackBull Markets | Axi | |
|---|---|---|
| Forex trading | 72 | 72 |
| Cryptocurrency trading | 9 | 27 |
| Share CFD trading | 26,000+ | 50 |
| Commodities CFD trading | 9 Metals 5 Energies 8 Softs |
3 Metals (5 Gold crosses) 2 Energies 3 Metals Futures 3 Energy Futures 3 Softs Futures |
| ETF CFD trading | 7 | 0 |
| Indices CFD trading | 10 | 17 Indices 14 Index Futures |
| Bonds/Treasuries CFD trading | 0 | 0 |
| Real Stocks | Yes (selected countries) | 0 |
| Other Products | 0 | 0 |
Our Verdict
Depending on what your own trading interests are, you may have a different opinion of who is the better broker when it comes to tradeable products. From our perspective, although Axi’s 31 indices are more than BlackBull Markets’ 10 indices, and Axi having 27 cryptocurrencies to trade against BlackBull Markets’ 9 available cryptos, it’s BlackBull’s range of 26,000 tradeable instruments for share CFDs trading that beats what Axi has to offer, hands down.
Tight spreads are an essential part of cutting forex trading costs. To determine which brokers has the tightest spreads, Ross Collins of CompareForexBrokers tested the spreads of standard accounts for different brokers to help us reach our verdict on the comparison between Axi and BlackBull Markets.
| BlackBull Markets | Axi | |
|---|---|---|
| Average Spread | ECN Standard - min 1.0 pips (1.85 pips avg) ECN Prime - min 0.0 pips (0.8 pips avg) |
Standard - min 0.4 pips (avg 1.28 pips) Pro, Elite - min 0.0 pip (avg 0.2 pips) |
| Commission round-turn per 100,000 | USD 7 per lot | $7 per lot |
| Inactivity fees | None. | USD 10 after 12 month |
| Minimum deposit | ECN Standard - $0 ECN Prime - $2,000 |
Standard, Pro - $0 Elite - USD $25,000 |
| Withdrawal fees | None |
Our Verdict
In this category, our testing team gave scores that placed Axi as the clear winner. Both forex brokers offer no deposit or withdrawal fees and match each other when it comes to commission $7 round-turn per 100,000k for Axi and $6 USD for BlackBull Markets. Despite BlackBull being good enough to avoid charging inactivity fees, it’s the lower variable spreads that give Axi the best overall appeal.
When it comes to standard account spreads, both BlackBull Markets and AXI offer competitive rates. However, there are some differences worth noting. For the EUR/USD pair, both brokers offer a spread of 1.2, which is slightly better than the industry average of 1.18.
For the USD/JPY pair, BlackBull Markets offers a spread of 1.3, while AXI offers a slightly better spread of 1.1. This is a significant difference, especially for traders who frequently trade this pair. However, both are still below the industry average of 1.37.
In terms of the AUD/USD pair, BlackBull Markets has a spread of 1.7, while AXI offers a more competitive spread of 1.3. This is a significant difference and could lead to substantial savings for traders who frequently trade this pair. However, both are in line with the industry average of 1.41.
| Forex Pair | BlackBull Markets | AXI | Industry Average |
|---|---|---|---|
| EUR/USD | 1.2 | 1.2 | 1.18 |
| USD/JPY | 1.3 | 1.1 | 1.37 |
| GBP/USD | 1.4 | 1.3 | 1.51 |
| AUD/USD | 1.7 | 1.3 | 1.41 |
| USD/CAD | 1.5 | 1.3 | 1.70 |
| EUR/GBP | 1.5 | 1.2 | 1.56 |
| EUR/JPY | 1.9 | 1.2 | 1.85 |
| AUD/JPY | 2.1 | 1.4 | 2.09 |
Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data
In conclusion, while both forex brokers offer competitive spreads, AXI seems to have a slight edge, especially for the USD/JPY and AUD/USD pairs. However, it’s important to remember that spreads are just one factor to consider when choosing a forex broker. Other factors, such as customer service, trading platform, and overall trading experience, should also be taken into account.
As you become a more experienced trader of CFDs and forex, you’ll probably start to put more focus on ongoing trading costs and fees as one of the most critical factors in choosing the best broker to suit your own trading style. In the beginning, though, many new traders care most about the available trading platforms. You won’t find cTrader on offer with either one of these brokers but there’s not much else that differs.
| BlackBull Markets | Axi | |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | No | No |
| TradingView | Yes | Yes |
| Desktop | Yes | Yes |
| Web app | Yes | Yes |
| Mobile app | Yes | Yes |
| Other Platforms | BlackBull Shares BlackBull Trade |
easyMarkets |
Our Verdict
This is easy to understand: BlackBull Markets offers more trading platforms than Axi, including the popular MetaTrader 4 and MetaTrader 5 platforms.
Paying attention to the trading tools a broker has on offer is important to our testing team.
After all, as you hone your own preferred trading strategy and specific trading style, choosing an online broker that has the resources you need matters.
| BlackBull Markets | Axi | |
|---|---|---|
| Social trading | MetaTrader Signals with MT4 MT5 ZuluTrade Myfxbook BlackBull Social |
MetaTrader Signals with MT4. MT5 Myfxbook |
| Copy trading | Possible with social trading | Possible with social trading |
| Automated Trading | Expert Advisors with MT4, MT5 | Expert Advisors with MT4, MT5 |
| Scalping Allowed | Yes | Yes |
| Guaranteed Stop Loss | No | No |
| Execution Speed | Limit Order 73 Market Order 91 |
Limit Order 90 Market Order 164 |
Our Verdict
Ross Collins is our Chief Technology Researcher at CompareForexBrokers and used a precise methodology to compare execution speeds between key brokers. BlackBull Markets beats Axi, but when you compare it to other brokers, it is also a clear champion and finishes in our top 2 for both Market Order and Limit Order execution speeds.
Deciding whether your online trading is protected can be a vital issue for many online traders – especially those just starting out in the world of online fx trading. It doesn’t matter whether you’re trading CFDs or forex, there is a risk. There will be times you win and times your finances take a big hit.
Although protecting your personal finances from a bad trade is up to you and your knowledge, ultimately, the strict requirements that are placed on brokers by government-run regulators can at least help prevent fraud and protect your funds.
Remember that any broker offering Tier-1 regulatory protection is more secure than one that doesn’t.
| BlackBull Markets | Axi | |
|---|---|---|
| Tier 1 regulators* | None | ASIC, FCA |
| Tier 2 regulators | FMA NZ | DFSA, FMA, FSCA |
| Tier 3 regulators | FSA Seychelles. | Registered as a business in St Vincent and Grenadines |
| Negative Balance Protection | No. | Yes |
| Trust Score | 30/100 | 39/100 |
* Australian Securities & Investment Commission (ASIC); Monetary Authority of Singapore (MAS); Financial Markets Authority NZ (FMA); Swiss Financial Market Supervisory Authority (FINMA); Financial Conduct Authority (FCA); Commodity Futures Trading Commission (CFTC); Comisión Nacional del Mercado de Valores (CMNV); Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Cyprus Securities Exchange Commission (CySEC). Dubai Financial Securities Authoriy (DFSA), National Futures Association USA (NFA), Commodity Futures Trading Commission (CFTC).
Our Verdict
BlackBull has a trusted reputation but its lack of Tier-1 regulation may be a worry to some cautious online traders in Australia and in the UAE. For traders outside these countries, the regulation won’t matter when deciding between these two brokers.
If you are in Australia or the UAE, Axi is the obvious choice. But if you are really keen to trade with high leverage, up to 500:1 (you shouldn’t) then you may wish to consider BlackBull Markets.
| BlackBull Markets | Axi | |
|---|---|---|
| Application required? | Yes | Yes |
| Approval time? | Within 24 hours | Within 24 hours |
| Funding methods | Credit Card, Neteller, UnionPay, Fasapay, Skrilll, and Bank Transfer |
|
| Customer Support | Email. Messenger. Twitter. 24/6. Multiple languages. |
24/5 |
Our Verdict
User experience happens from the very beginning – when you first try to open an account with a broker you’re keen to explore.
To help us determine the best broker between Axi and BlackBull Markets, we did a thorough test across 20 leading online brokers so you can see the results and make up your own mind, after checking out the findings from our Strategic Head of Research, Justin Grossbard.
With one extra day of customer service support on offer from BlackBull Markets, their score of 79 in the trading experience category beat the 69 from Axi. It’s worth noting that, when Justin tried to access their client portal, he found it was unavailable to demo account holders. Also, they require a W-8Ben to open an account, which the other brokers tested didn’t need.
Best known for its social trading and copy trading tools, this online broker also stands out for its popularity in cryptocurrency trading.
Headquarters: Auckland
Global Offices: Auckland, Seychelles
Year founded: 2014
BlackBull Markets ReviewVisit BlackBull Markets
Headquarters: Sydney, Australia
Global Offices: Sydney, London and 6 other locations
Year founded: 2007
Link to Broker B main review page.
Both offer demo accounts but when it comes to choosing between the quality of education resources and available trading insights to help you figure out the world of FX trading, Axi has more to offer.
Superior social trading from BlackBull Markets is attractive to more experienced traders.
Both of these brokers have a clean regulatory track record but it’s Axi that delivers a more secure trading environment, including an investor compensation fund, plus the added peace of mind of negative balance protection.
72 currency pairs on offer from BlackBull Markets, compared to the 65 from Axi makes BlackBull the leader here.
Neither broker offers a huge selection of assets here.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
