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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Our full comparison covers the 10 most important trading factors. Here are noticeable differences between BlackBull Markets and Axi:
Tight spreads are an essential part of cutting forex trading costs. To determine which brokers have the tightest spreads, Ross Collins of CompareForexBrokers tested the Raw and Standard Account Spreads for different brokers to help us reach our verdict on the comparison between Axi and BlackBull Markets.
Raw Account Spreads
BlackBull Markets offers traders competitive spreads on its raw account, with the EUR/USD pair averaging around 0.14 pips, compared to Axi’s 0.2 pips. This tight spread is beneficial for traders looking for cost-effective trading conditions.
| RAW Account | BlackBull Markets Spreads | Axi Spreads | Industry Spreads |
|---|---|---|---|
| Overall Average | 0.64 | 0.64 | 0.72 |
| EUR/USD | 0.14 | 0.2 | 0.28 |
| USD/JPY | 0.45 | 0.5 | 0.44 |
| GBP/USD | 0.43 | 0.5 | 0.54 |
| AUD/USD | 0.3 | 0.5 | 0.45 |
| USD/CAD | 0.41 | 0.5 | 0.61 |
| EUR/GBP | 0.75 | 0.5 | 0.55 |
| EUR/JPY | 0.87 | 0.6 | 0.74 |
| AUD/JPY | 1.1 | 0.7 | 0.93 |
| USD/SGD | 1.3 | 1.8 | 1.97 |
Raw Account Commission Rate
Axi’s commission structure for its Raw Account is consistently lower and aligns with the standard average. A lower commission rate can reduce overall trading costs, which is especially advantageous for high-frequency traders.
Commission Rate USD AUD GBP EUR
BlackBull Markets 3 4.5 N/A N/A
Axi 3.5 3.5 £2.25 3.25
Industry Average Rate $3.44 $3.32 £2.44 €2.91
Standard Account Spreads
When it comes to standard account spreads, both BlackBull Markets and AXI offer competitive rates. However, there are some differences worth noting. For the USD/JPY pair, BlackBull Markets offers a spread of 1.4, while AXI offers a slightly better spread of 1.3. This is a significant difference, especially for traders who frequently trade this pair.
In terms of the USD/CAD pair, BlackBull Markets has a spread of 1.4, while AXI offers a more competitive spread of 1.3. This significant difference could lead to substantial savings for traders who frequently trade this pair. However, both are in line with the industry average of 1.8.
| Standard Account | BlackBull Markets Spreads | Axi Spreads | Industry Spreads |
|---|---|---|---|
| Overall Average | 1.5 | 1.31 | 1.6 |
| EUR/USD | 1.1 | 1.2 | 1.2 |
| USD/JPY | 1.4 | 1.3 | 1.4 |
| GBP/USD | 1.4 | 1.3 | 1.6 |
| AUD/USD | 1.2 | 1.3 | 1.5 |
| USD/CAD | 1.4 | 1.3 | 1.8 |
| EUR/GBP | 1.7 | 1.2 | 1.5 |
| EUR/JPY | 1.8 | 1.5 | 1.9 |
| AUD/JPY | 2 | 1.4 | 2.1 |
Standard Account Analysis Updated December 2024[1]December 2024 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 GBP/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.
This fee calculator explains how smaller spreads influence costs. Pick your base currency, the amount, and pair to calculate the fee.
Other Fees
Both forex brokers offer no deposit or withdrawal fees.
Verdict
In this category, our testing team gave scores that placed Axi as the clear winner. Despite BlackBull being good enough to avoid charging inactivity fees, it’s the lower variable spreads that give Axi the best overall appeal.
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.
| Trading Platform | BlackBull Markets | Axi |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | No |
| cTrader | Yes | No |
| TradingView | Yes | No |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | No |
Verdict
This is easy to understand: BlackBull Markets offers more trading platforms than Axi, including the popular MetaTrader 4 and MetaTrader 5 platforms.
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 Best ECN Forex Brokers account with similar commissions. Both brokers have variable spreads with market execution (not instant execution) spread, and when it comes to available base currencies, there is very little difference between the two.
| Blackbull Markets | Axi | |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | Yes | Yes |
| Swap Free Account | Yes | Yes |
| Active Traders | Yes | Yes |
| Spread Betting (UK) | No | No |
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.
When diving into the world of online trading, the user experience is paramount. I’ve personally navigated through the intricacies of both BlackBull Markets and Axi, and here’s what stood out to me:
The trading platforms, tools, and overall ease of use play a significant role in the trading experience. Both brokers have their strengths, but it’s the nuances that can make or break the experience for traders, especially those who rely on quick decisions and fast execution.
Verdict: While both brokers offer a commendable trading experience, BlackBull Markets edges out slightly due to its faster execution and high leverage.
BlackBull Markets Trust Score
Axi Trust Score
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 |
| BlackBull Markets | Axi | |
|---|---|---|
| Tier 1 Regulation | FMA (New Zealand) | FCA (UK) ASIC (Australia) FMA (New Zealand) |
| Tier 2 Regulation | DFSA (Dubai) | |
| Tier 3 Regulation | FSA-S (Seychelles) | SVGFSA |
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.
Indices, Best Brokers for Gold CFD Trading, 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 |
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 has 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.
In the realm of online trading, education is the cornerstone of success. Both BlackBull Markets and Axi understand this and have invested in providing traders with top-notch educational resources. Let’s delve into what each broker brings to the table:
Education is more than just reading materials; it’s about understanding, application, and continuous learning. Both brokers have made significant strides in this area, ensuring their traders are well-equipped to navigate the volatile world of online trading.
Verdict: Based on our team’s testing and scores, Axi slightly edges out BlackBull Markets in offering superior educational resources.
In the fast-paced world of online trading, having a reliable customer service team can make all the difference. It’s not just about resolving issues; it’s about the speed, efficiency, and personal touch that truly sets a broker apart. Both BlackBull Markets and Axi have made significant investments in their customer service departments, ensuring traders receive the support they need when they need it.
BlackBull Markets prides itself on its responsive team, offering multiple channels of communication, from live chat to phone support. They understand the urgency that comes with trading and strive to address queries promptly. Axi, on the other hand, has built a reputation for its in-depth support, where the team not only resolves issues but also provides insights and advice to help traders make informed decisions.
| Customer Service Feature | BlackBull Markets | Axi |
|---|---|---|
| Live Chat | Available | Available |
| Phone Support | 24/5 | 24/7 |
| Email Response Time | Within 2 hours | Within 1 hour |
| Multilingual Support | Yes | Yes |
| Educational Support | Webinars, Tutorials | Articles, Webinars |
| Issue Resolution Time | Within 24 hours | Within 12 hours |
Customer service is the backbone of any successful broker. It’s the safety net that traders rely on, especially when the unexpected happens. Both brokers have shown a commitment to excellence in this area, but there are nuances in their offerings that can sway a trader’s preference.
Verdict: Considering the features listed, Axi appears to have a slight edge in customer service, especially with its quicker response and resolution times.
In the ever-evolving world of forex trading, funding options play a pivotal role in ensuring seamless transactions for traders. Both BlackBull Markets and Axi have made significant strides in offering a variety of funding methods to cater to the diverse needs of their clientele. From traditional bank transfers to modern e-wallet solutions, these brokers have ensured that traders have a plethora of options at their disposal.
However, it’s not just about the number of options available but also about the efficiency, speed, and reliability of these methods. Both brokers understand the importance of quick and hassle-free transactions, especially when the market is volatile. They have thus integrated some of the most trusted payment gateways and financial institutions to ensure that traders’ funds are handled with utmost care and precision.
| Funding Option | BlackBull Markets | Axi |
|---|---|---|
| Bank Transfer | ✅ | ✅ |
| Credit Card | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| Neteller | ✅ | ✅ |
| Skrill | ✅ | ❌ |
| UnionPay | ✅ | ✅ |
| Bitcoin | ❌ | ❌ |
| FasaPay | ✅ | ❌ |
| Klarna | ❌ | ✅ |
| Local Bank Transfer | ✅ | ✅ |
Verdict: When comparing the funding options, BlackBull Markets offers a slightly more diverse range than Axi, making it a preferable choice for traders looking for varied and efficient funding methods.
When it comes to starting your trading journey, the initial deposit can be a significant factor. Some traders prefer to start small, testing the waters, while others might want to dive in with a more substantial amount. Both BlackBull Markets and Axi cater to a wide range of traders, offering various account types with different minimum deposit requirements.
BlackBull Markets offers a competitive edge with its ECN Standard account, which requires no minimum deposit. This is ideal for beginners or those who want to start trading without a significant financial commitment. On the other hand, Axi’s Standard and Pro accounts also come with a $0 minimum deposit, making it equally attractive for new traders.
Table: Minimum Deposit Amounts
| Broker | Account Type | Minimum Deposit |
|---|---|---|
| BlackBull Markets | ECN Standard | $0 |
| ECN Prime | $2,000 | |
| ECN Institutional | $25,000 | |
| Axi | Standard | $0 |
| Pro | $0 | |
| Elite | $25,000 |
Verdict: Both BlackBull Markets and Axi offer competitive minimum deposit amounts, especially for their standard accounts. However, when considering the range of account types and their respective deposit requirements, BlackBull Markets provides a slightly more flexible approach for traders of all levels.
BlackBull Markets is the winner because it has a majority of advantages in key areas that traders value the most, such as trading platforms, product range, funding options, and minimum deposit requirements. The table below summarises the key information leading to this verdict:
| Criteria | BlackBull Markets | Axi |
|---|---|---|
| Lowest Spreads And Fees | ❌ | ✅ |
| Better Trading Platform | ✅ | ❌ |
| Superior Accounts And Features | ✅ | ✅ |
| Best Trading Experience And Ease | ✅ | ❌ |
| Stronger Trust And Regulation | ✅ | ✅ |
| Top Product Range And CFD Markets | ✅ | ❌ |
| Superior Educational Resources | ❌ | ✅ |
| Superior Customer Service | ❌ | ✅ |
| Better Funding Options | ✅ | ❌ |
| Lower Minimum Deposit | ✅ | ❌ |
Axi is better suited for beginner traders due to its superior educational resources and customer service.
BlackBull Markets is the top choice for experienced traders because of its advanced trading platforms and wider range of product offerings.
Axi generally offers lower costs when compared to BlackBull Markets. This is evident from the competitive spreads they offer, especially for major currency pairs. For instance, the EUR/USD spread starts from as low as 0.0 pips with Axi. For a more detailed comparison on broker costs, you can check out this comprehensive guide on Lowest Commission Brokers.
Both Axi and BlackBull Markets offer MetaTrader 4, a popular trading platform among forex traders. However, BlackBull Markets provides additional features and plugins for MT4, enhancing the trading experience. If you’re keen on exploring more about MT4 brokers, this list of the best MT4 brokers might be of interest.
BlackBull Markets stands out when it comes to social trading, offering platforms like Myfxbook and ZuluTrade. Social trading allows traders to follow and replicate the strategies of experienced traders, making it easier for beginners to get started. For those interested in diving deeper into social trading platforms, here’s a comprehensive review of the best social trading platforms.
Neither Axi nor BlackBull Markets currently offer spread betting. Spread betting is a unique form of trading popular in the UK, allowing traders to bet on the direction of market movements without owning the underlying asset. For those interested in exploring brokers that offer spread betting, you can refer to this comprehensive guide on the best spread betting brokers in the UK.
In my opinion, Axi is the superior choice for Australian forex traders. Axi is ASIC regulated, ensuring a high level of trust and security for Australian traders. Furthermore, while both brokers cater to the Australian market, Axi has its roots in Australia, making it more attuned to the needs of Aussie traders. If you’re keen on exploring more about forex trading in Australia, this list of Best Forex Brokers In Australia provides a detailed overview.
For UK traders, I believe Axi holds a slight edge over BlackBull Markets. Axi is FCA regulated, which is a significant trust factor for UK-based traders. While both brokers cater to the UK market, it’s essential to note that neither broker was founded in the UK. However, Axi’s adherence to FCA regulations and its comprehensive offerings make it a top choice. For a deeper dive into forex trading in the UK, this guide on the best forex brokers in UK is a valuable resource.
No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.
Ask an Expert
How old are BlackBull Markets?
BlackBull Markets was founded in 2014
How much leverage does BlackBull broker give?
Leverage if up to 1:500 when trading Forex is available with BlackBull.