This BlackBull Markets vs CMC Markets Forex broker review found that BlackBull has lower spreads (from 0.0 pips), 3 trading platforms, and 3 social trading tools. CMC, however, has more products and better risk management.
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Our full comparison covers the 10 most important trading factors. Here are five key differences between BlackBull Markets and CMC Markets:
When it comes to trading costs, both brokers have their strengths.
1. Standard Account Spreads
When we look at the average standard account spreads for the forex pairs, we see some interesting patterns. BlackBull Markets and CMC Markets both offer competitive spreads, but how do they stack up against the industry average?
BlackBull Markets offers a spread of 1.2 for EUR/USD, which is slightly higher than the industry average of 1.18. However, for USD/JPY, BlackBull Markets’ spread of 1.3 is lower than the industry average of 1.37. This pattern continues across the other forex pairs, with BlackBull Markets often coming in just above or below the industry average.
On the other hand, CMC Markets consistently offers spreads that are lower than the industry average. For example, their spread for EUR/USD is 1.12, significantly lower than the industry average of 1.18. This trend continues across all forex pairs, making CMC Markets a cost-effective choice for traders.
| Forex Pair | BlackBull Markets | CMC Markets | Industry Average |
|---|---|---|---|
| EUR/USD | 1.2 | 1.12 | 1.18 |
| USD/JPY | 1.3 | 1.38 | 1.37 |
| GBP/USD | 1.4 | 1.3 | 1.51 |
| AUD/USD | 1.7 | 1.64 | 1.41 |
| USD/CAD | 1.5 | 1.32 | 1.70 |
| EUR/GBP | 1.5 | 0.857 | 1.56 |
| EUR/JPY | 1.9 | 1.55 | 1.85 |
| AUD/JPY | 2.1 | 1.8 | 2.09 |
Standard Account Analysis Updated January 2024[1]January 2024 Published And Tested Data
So, which broker offers the better deal? While BlackBull Markets offers competitive spreads, CMC Markets consistently undercuts the industry average, making it the more affordable choice for traders. However, it’s important to remember that cost isn’t everything – traders should also consider factors like customer service, platform usability, and trading tools when choosing a broker.
2. RAW Account Spreads
For RAW accounts, BlackBull Markets offers an average spread of 0.94 pips on the EUR/USD pair, while CMC Markets offers a lower average spread of 0.73 pips on the same pair.
3. Commission Rates
Both brokers charge a round-turn commission of $6.00 per standard lot traded on their RAW accounts.
4. Deposit & Withdrawal Fees
Neither BlackBull Markets nor CMC Markets charge any deposit or withdrawal fees, making it cost-effective for traders to fund and withdraw from their accounts.
5. Other Fees
Both brokers do not charge any inactivity or account maintenance fees, which is a plus for traders who may not trade frequently.
Verdict: When it comes to trading costs, CMC Markets has a slight edge over BlackBull Markets due to its lower spreads on both standard and RAW accounts.
CMC Markets ReviewVisit CMC Markets
| Broker | Standard Account Spread (EUR/USD) | RAW Account Spread (EUR/USD) | Commission (per lot) | Deposit & Withdrawal Fees | Other Fees |
|---|---|---|---|---|---|
| BlackBull Markets | 1.82 pips | 0.94 pips | $6.00 | None | None |
| CMC Markets | 1.11 pips | 0.73 pips | $6.00 | None | None |
Both BlackBull Markets and CMC Markets offer a range of trading platforms to cater to different types of traders.
1. MetaTrader 4 and 5
Both brokers offer MetaTrader 4 and MetaTrader 5, the most popular trading platforms in the forex industry, known for their advanced charting features and algorithmic trading capabilities.
2. cTrader and TradingView
While BlackBull Markets does not offer cTrader or TradingView, CMC Markets offers its proprietary platform, which comes with advanced charting tools, customisable layouts, and a range of trading tools.
3. Social And Copy Trading
Neither broker offers social or copy trading features.
4. VPS and Other Trading Tools
BlackBull Markets offers VPS services for algorithmic traders, while CMC Markets does not. However, CMC Markets provides a range of other trading tools, including pattern recognition software and a comprehensive economic calendar.
Verdict: In terms of trading platforms, it’s a tie. While BlackBull Markets offers VPS services, CMC Markets stands out with its proprietary platform and a range of trading tools.
CMC Markets ReviewVisit CMC Markets
| Broker | MetaTrader 4/5 | cTrader/TradingView | Social/Copy Trading | VPS |
|---|---|---|---|---|
| BlackBull Markets | Yes | No | No | Yes |
| CMC Markets | Yes | Yes (Proprietary Platform) | No | No |
BlackBull Markets offers three account types: Standard, Prime, and Institutional. On the other hand, CMC Markets offers two account types: Standard and Premium. The main difference between the account types lies in the spreads and commissions, with lower spreads and commissions available on the higher-tier accounts.
Verdict: BlackBull Markets offers more flexibility in terms of account types, making it the winner in this category.
Black Markets ReviewVisit Black Markets
| Broker | Account Types |
|---|---|
| BlackBull Markets | Standard, Prime, Institutional |
| CMC Markets | Standard, Premium |
Both BlackBull Markets and CMC Markets offer high-speed order execution, ensuring minimal slippage and optimal trading conditions. However, BlackBull Markets has a slight edge due to its ECN trading environment, which provides direct market access and faster execution speeds.
Verdict: BlackBull Markets wins in terms of execution speed due to its ECN trading environment.
Black Markets ReviewVisit Black Markets
| Broker | Execution Speed |
|---|---|
| BlackBull Markets | Fast (ECN) |
| CMC Markets | Fast |
CMC Markets Trust Score
BlackBull Markets Trust Score
When it comes to trust, both brokers can be trusted, but which one can you trust more? To answer this question, I broke it down into three core areas, as I discuss below.
Regulation
I have broken down the various regulators each broker has by their reputation from ‘Tier 1’ regulators, such as ASIC in Australia to ‘Tier 3’ regulators, such as the CMA in Kenya. It’s important to note what really matters is if the broker has regulations in the region you live in. So, for example, if you’re a resident of Great Britain, then you should choose the FCA-regulated broker that covers the UK.
CMC Markets has the following regulations:
CMC was shortlisted on both the forex broker Australia list and the forex broker UK list.
Blackbull Markets has one ‘tier 2’ regulator (FMA) and one tier 3 regulator (FSA):
It’s clear that CMC Markets are the winner for regulation with three ‘tier 1’ and three ‘tier 2’ vs only one ‘Tier 2’ and one ‘Tier 3’ regulator for BlackBull markets. That said, there are other factors regarding trust that I will address next.
History Of The Broker
CMC was founded in 1989 (it abbreviated its name in 2005 to CMC Markets), while Blackbull was founded in 2014 (the same year we started CompareForexBrokers). Obviously, in 1989, no forex broker is going to be older than 1989, but that said, a broker that is almost a decade old is respectable in the industry. CMC’s roots and headquarters are based in the UK, while Blackbull is a NZ-based broker. I’m not going to mark down either based on these locations, but with CMC’s age, I have given it a higher score when it comes to history and origin.
Broker Size
CMC has over 1,000,000 active traders, but these are split between its stockbroking (share trading) and forex broker (CFDs) divisions. The last time Blackbull Markets published trader numbers was in 2021 when they had passed 20,000 active traders. Obviously, this means that Blackbull is significantly smaller in all markets. Even in New Zealand, CMC Markets has a bigger market share.
| BlackBull Markets | CMC Markets | |
|---|---|---|
| Tier 1 Regulation | FMA (New Zealand) | ASIC (Australia) FCA (UK) BaFin (Germany) FMA (New Zealand) CIRO (CANADA) MAS (Singapore) |
| Tier 2 Regulation | DFSA (Dubai) | |
| Tier 3 Regulation | FSA-S (Seychelles) |
Verdict
In the areas of size, regulation and history, CMC Markets is the clear winner in all markets. If trust is what matters the most to you, then I recommend you trade with CMC; that said, personally, I would still consider Blackbull Markets. This may seem contradictory, but being NZ-owned and regulated with a fair history and active trader base, they have enough credibility. Also, by only being regulated in NZ and Seychelles, there are upsides, such as higher leverage and the option to trade Crypto CFDs, etc. This is my personal view, and I still view CMC as the winner; it’s just something to consider.
When it comes to the range of CFDs, products, and markets available, both BlackBull Markets and CMC Markets have a lot to offer. However, to provide a clear comparison, we’ve gathered data from the broker’s website and our own testing.
| Product/Market | BlackBull Markets | CMC Markets |
|---|---|---|
| Forex Pairs | 64 | 71 |
| Indices | 12 | 15 |
| Commodities | 9 | 10 |
| Cryptocurrencies | 5 | 8 |
| Shares | 150+ | 200+ |
| Treasuries | 4 | 5 |
| ETFs | 10 | 12 |
| Bonds | 3 | 4 |
| Options | 2 | 3 |
| Futures | 1 | 2 |
| Total Products | 260+ | 330+ |
Note: The numbers above are approximate and may vary based on market conditions and updates from the brokers.
Verdict: CMC Markets offers a slightly broader range of CFDs and markets compared to BlackBull Markets. Investors looking for a diverse portfolio might find CMC Markets more appealing.
Both BlackBull Markets and CMC Markets are known for their commitment to providing traders with top-notch educational resources. Based on our analysis and testing, here’s a comparison of the educational offerings from both brokers:
Note: The above points are based on the information provided from the broker’s website and our testing.
Verdict: In bold, based on our team’s scoring, CMC Markets offers superior educational resources compared to BlackBull Markets, making it a preferred choice for traders looking to enhance their knowledge and skills.
Both brokers offer excellent customer service, with multiple channels of communication, including live chat, email, and phone support. However, CMC Markets stands out with its 24/7 customer service, while BlackBull Markets’ customer service is available 24/5.
Verdict: CMC Markets wins in terms of customer service due to its 24/7 availability.
CMC Markets ReviewVisit CMC Markets
| Broker | Customer Service Availability |
|---|---|
| BlackBull Markets | 24/5 |
| CMC Markets | 24/7 |
When it comes to funding options, both BlackBull Markets and CMC Markets offer a variety of methods to cater to the diverse needs of their clients. From traditional bank transfers to modern e-wallet solutions, traders have the flexibility to choose the method that best suits their requirements. However, the availability of these options can vary based on the broker, and it’s essential for traders to be aware of these differences to make an informed decision.
Our extensive testing and research have shown that while both brokers provide multiple funding options, there are some distinct differences in their offerings. For instance, while BlackBull Markets supports a broader range of e-wallet solutions, CMC Markets might have an edge in terms of the speed of processing certain transactions. Below is a table that provides a comprehensive comparison of the funding options available with each broker:
| Funding Option | BlackBull Markets | CMC Markets |
|---|---|---|
| Bank Transfer | ✅ | ✅ |
| Credit Card | ✅ | ✅ |
| PayPal | ✅ | ❌ |
| Skrill | ✅ | ❌ |
| Neteller | ✅ | ❌ |
| UnionPay | ✅ | ❌ |
| FasaPay | ✅ | ❌ |
| Bitcoin | ❌ | ❌ |
| Ethereum | ❌ | ❌ |
| Other E-wallets | ✅ | ❌ |
Verdict: Based on the available funding options, BlackBull Markets offers a more diverse range of methods, making it the preferable choice for traders looking for flexibility in funding their accounts.
When it comes to trading, especially for beginners, the initial deposit can be a significant factor in choosing a broker. A lower minimum deposit can be enticing as it allows traders to start their trading journey without committing a large sum of money upfront. Both BlackBull Markets and CMC Markets have set their minimum deposit thresholds to cater to a wide range of traders, from novices to professionals.
Here’s a comparison of the minimum deposit amounts required by each broker:
| Broker | Account Type | Minimum Deposit |
|---|---|---|
| BlackBull Markets | ECN Standard | $0 |
| BlackBull Markets | ECN Prime | $2,000 |
| BlackBull Markets | ECN Institutional | $25,000 |
| CMC Markets | CFD Account | $0 |
| CMC Markets | FX Active | $0 |
It’s essential to note that while a lower minimum deposit can be attractive, it’s also crucial to consider other factors, such as the broker’s reputation, trading platform, and customer support. The minimum deposit is just one of the many factors to consider when choosing a broker.
Verdict: Both BlackBull Markets and CMC Markets offer accounts with a $0 minimum deposit, making them accessible for traders who wish to start with a smaller investment. However, for advanced account types, BlackBull Markets has higher deposit requirements.
CMC Markets is the winner because they have consistently outperformed in multiple categories, showcasing their comprehensive offerings and commitment to providing a superior trading experience.
The table below summarises the key information leading to this verdict:
| Criteria | CMC Markets | BlackBull Markets |
|---|---|---|
| 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 | ✅ | ✅ |
For those just starting out in the trading world, CMC Markets offers a more user-friendly platform, extensive educational resources, and superior customer service, making it the ideal choice for beginner traders.
For seasoned traders looking for advanced features, competitive spreads, and a diverse range of products, BlackBull Markets stands out as the preferred broker.
CMC Markets generally offers lower costs compared to BlackBull Markets. This is evident from their competitive spreads and commission structures. For instance, CMC Markets boasts some of the industry’s tightest spreads, making it a cost-effective choice for many traders. For a more detailed comparison on low commissions, you can refer to this comprehensive guide on low commissions.
Both CMC Markets and BlackBull Markets offer support for MetaTrader 4, one of the most popular trading platforms globally. However, BlackBull Markets might have a slight edge due to its customised MT4 enhancements. For traders specifically looking for the best MT4 experience, this list of top MT4 brokers can provide more insights.
CMC Markets offers a form of social trading through its platform, allowing traders to observe and learn from others. On the other hand, BlackBull Markets does not have a dedicated social trading feature. Social trading has become a popular trend, especially for new traders looking to gain insights from experienced ones. For a deeper dive into the world of social trading, check out this comprehensive guide on the best forex social trading platforms.
CMC Markets offers spread betting, while BlackBull Markets does not provide this service. Spread betting is a popular form of derivative trading in the UK, allowing traders to speculate on price movements without owning the underlying asset. For those interested in exploring spread betting further, this guide on the best spread betting brokers in the UK provides comprehensive insights.
In my opinion, BlackBull Markets is superior for Australian forex traders. Founded in New Zealand and now based in Auckland, they are regulated by the Australian Securities and Investments Commission (ASIC), ensuring a high level of trust and security for traders. On the other hand, CMC Markets, although offering a robust platform, is headquartered overseas. For those looking for the best options in Australia, this list of top Australian forex brokers can provide more clarity.
Personally, I believe CMC Markets stands out for UK forex traders. They are FCA regulated and have a strong presence in the UK, ensuring that traders receive the highest standards of protection and service. BlackBull Markets, while offering competitive features, is not based in the UK. For traders in the UK seeking the best platforms and services, this comprehensive guide on the best UK forex brokers can be a valuable resource.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
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