In our BlackBull Markets vs BlueBerry Markets comparison, we found both forex brokers have STP execution with spreads from 0.0 pips, MetaTrader 4 and 5 Trading Platforms but BlackBull Markets has better social trading tools. See how the brokers compare.
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We found that BlackBull Markets and BlueBerry Markets are similar in that they both use an STP no-dealing desk trading model which means low spreads, especially with their commission-based accounts. Other than both brokers offering MetaTrader 4 and 5, the similarity ends here as BlackBull Markets greatly expands from here. They also offer TradingView and social media trading tools like Myfxbook, ZuluTrader, DupliTrade and their in-house developed BlackBull Social.
Choosing the best foreign exchange broker to suit your forex trading style can feel like an overwhelming process, even for experienced traders. Our head-to-head broker comparisons are designed to help online traders identify the fx brokers with the best combination of trading tools, costs, and fees. Whether you’re an experienced forex trader or novice, our unbiased, data-driven assessments give you the information you need to choose the right online broker for you.
Ross Collins, one of our forex researchers here at CompareForexBrokers undertakes our testing of spreads with a very thorough eye so we have a source of truth when providing you with average spreads. When it comes to Standard accounts (i.e. no commission trading accounts) Blackbull Markets advertise their average spreads as starting from 1.0 pips, while BlueBerry Markets doesn’t even bother to provide a minimum so we wanted to find out how much the spreads really are. Back-to-back weeks over a 24-hour periods, Ross captures the spreads for 20 brokers for 6 major currency pairs and then averaged the pairs. Our results can be found on our standard accounts spreads results page.
When Ross compared the spreads on offer from Blueberry Markets and BlackBull Markets, the results clearly differed.
BlackBull Markets had an average spread of 1.85 pips
For Blueberry Markets, although they don’t reveal their own average spreads, they do use Eightcap Pty Ltd as their clearing house, so we used that broker’s average spreads to guide us. That figure is 1.51 pips.
If we run with this, BlueBerry Markets will cost you USD $13.97 per lot while BlackBull Markets will cost $16.95. These costs are averaged out across 6 major currency pairs. For a breakdown of each forex pair see our ‘cheapest brokers for each currency pair.‘
| Broker | Average Spread | Average Spread Cost (USD) |
|---|---|---|
| IC Markets | 1.03 | $9.63 |
| CMC Markets | 1.11 | $10.10 |
| FusionMarkets | 1.19 | $11.07 |
| EightCap/BlueBerry | 1.51 | $13.97 |
| Blackbull Markets | 1.82 | $16.95 |
When it comes to forex trading, the devil is in the details. And by details, I mean the spreads. Let’s take a closer look at two brokers – BlackBull Markets and Blueberry Markets.
BlackBull Markets offers a spread of 1.2 for EUR/USD, which is exactly the same as Blueberry Markets. However, when we look at USD/JPY, BlackBull Markets has a slightly lower spread of 1.3 compared to Blueberry’s 1.6. This trend continues with GBP/USD and AUD/USD, where BlackBull Markets consistently offers lower spreads.
| Forex Pair | BlackBull Markets | Blueberry Markets | Industry Average |
|---|---|---|---|
| EUR/USD | 1.2 | 1.2 | 1.18 |
| USD/JPY | 1.3 | 1.6 | 1.37 |
| GBP/USD | 1.4 | 1.2 | 1.51 |
| AUD/USD | 1.7 | 1.1 | 1.41 |
| USD/CAD | 1.5 | 2.2 | 1.70 |
| EUR/GBP | 1.5 | 1.7 | 1.56 |
| EUR/JPY | 1.9 | 2.9 | 1.85 |
| AUD/JPY | 2.1 | 1.6 | 2.09 |
Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data
However, the tables turn when we look at USD/CAD. Blueberry Markets offers a spread of 2.2, which is significantly higher than BlackBull’s 1.5. This could be a game-changer for traders who frequently trade with USD/CAD.
Now, let’s bring in the industry average into the picture. The industry average for EUR/USD is 1.18, which is slightly lower than both BlackBull and Blueberry. However, for USD/JPY, the industry average is 1.37, which is higher than BlackBull but lower than Blueberry.
In conclusion, while both brokers offer competitive spreads, BlackBull Markets seems to have a slight edge over Blueberry Markets. However, it’s important to note that the best broker for you would depend on the specific forex pairs you trade with. Always remember to do your homework before making a decision.
BlackBull Markets offers three trading accounts, with a demo trading account attached to each one. The minimum deposit funds required vary, depending on the account.
All three accounts from BlackBulls Markets have an Islamic (swap-free) version. All three use an ECN execution model.
At Blueberry Markets there are only two accounts to choose from.
The common features that link both account offerings from Blueberry Markets include a minimum deposit of $100, regulation from both Australia (ASIC) and the Bahamas (SCB), and base currencies that include AUD, USD, CAD, GBP, NZD, EUR, and SGD.
Both Blueberry Markets account types can be traded in MT4 or MT5 platforms, with unlimited demo account access.
Both BlackBull Markets and Blueberry Markets use a no-dealing desk model with STP execution.
Funding Methods
We looked at the way you can fund your account with each broker and found that BlackBull Markets has one of the largest ranges of deposit methods of all brokers. In addition to the usual credit card options like Visa and MasterCard, BankWire, BalckBull Markets will accept deposits using 11 types of cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, and Stellar. Lastly, BlackBull Markets accepts 19 digital payment providers such as PayPal, Poli, Skrill, FasaPay, China Union Pay, Neteller, and Interac.
By comparison, BlueBerry Markets accepts Visa and MasterCard, Bank Transfer but their range of e-wallets is a bit more limited (but still good). Digital providers include Skrill, Neteller, Crypto – BTC, USTD, ETH, PayTrust, FasaPay, DragonPay, Perfect Money, STICPAY, and THB QR Payment.
You can use the MetaTrader4 trading platform (best suited for forex trading) and MetaTrader5 (recognised as a superior CFD trading platform since you can trade more products on it) with both brokers. But with BlackBull Markets also having TradingView, and social trading with Myfxbook and ZuluTrade and their own apps BlackBull Social, we believe BlackBull Markets has more to offer here, with a wider trading platform variety that suits both forex and CFD trade.
It’s hard to choose BlueBerry Markets over BlackBull Markets when it comes to trading platforms and tools because they don’t offer anything BlackBull Markets doesn’t have.
Whether you are interested in trading in CFDs, or fx trading, these brokers have something to suit everyone.
New Zealand-based BlackBull Markets allows you to trade 23,000+ products, including 64 currency pairs, with leverage up to 500:1 ($50,000).
BlackBull Markets offer CFDs (Contracts For Difference) on major Australian, and European shares and global indices. Trading products include 15 indices, 21 commodities, and 23,000+ stock trading as CFD and equities. Be aware that stocks (the underlying assets) are not available in Australia, Canada, the UK, the US, Hong Kong, Ireland, or Singapore.
Australian-based Blueberry Markets only has 38 Forex Pairs and, due to ASIC regulatory requirements, limits Forex leverage to 30:1 for Australian fx traders. However, for traders outside of Australia, trading leverage can be 200:1, as this uses the broker’s Bahamas subsidiary. This means for Australian traders, BlueBerry Markets just can’t compete with the 1:500 leverage BlackBull Markets offer when trading Forex.
Each broker helps beginners learn how to trade CFDs and forex with quality demo accounts that use virtual dollars as a smart way to gain a better understanding of CFDs trading, without risking real dollars.
BlackBull Markets doesn’t stack up as well as many other regulated brokers in this category and is only regulated by the FMA in New Zealand, and FSA in Seychelles. Out of a maximum possible score of 100 across several categories, we score BlackBull Markets as 30.
Blueberry Markets just gets past the post in this area, with a total score of 31. Its top-tier regulatory license is by ASIC (Australia). So if you are an Australian trader, you can be sure you are getting the best possible regulatory protection.
In terms of TrustPilot reviews, Blueberry Markets scores 4.6, compared to BlackBull Markets’ score of 4.4.
Blueberry Markets ReviewVisit Blueberry Markets
Quality customer support is important, but BlackBull Markets offers a mixed level of customer care experience.
When it comes to customer service knowledge, Ross ranked this broker as ‘excellent’, with the best possible score of 15. Overall website experience, though, measured only just above average (4).
At Blueberry Markets, these two components measured equally with BlackBull – excellent (15) for customer service knowledge and the same barely better than average ranking of 5 for overall website experience.
It’s in other categories that differences became apparent.
Overall, with a total score of 65 across 10 categories, Blueberry Markets performed better in the area of customer support than BlackBull Markets, with an overall score of 58.
Blueberry Markets ReviewVisit Blueberry Markets
Pros
Cons
Pros
Cons
Despite scoring less for customer service-related issues, BlackBull Markets is still our top pick. It’s one of the few globally-recognised NZ forex brokers and performs solidly, with tight spreads, plus the protection of the New Zealand Financial Markets (FMA) authority.
According to TravelandLeisure.com, ECN speeds from this broker have been measured at a lightning-like 300ms – 25% faster than standard execution.
Although both brokers cater well to beginners, with an account type – including demo accounts and a commission-free account – to suit a range of trading types, BlackBull Markets also gets our nod as being better suited to forex traders in the intermediate to advanced trading bracket.
Looking at improvements to enhance high-level customer support will make BlackBull Markets an even stronger performer in the world of online CFD trading and forex trading.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
