This BlackBull Markets vs FXCM review found that BlackBull has more forex pairs (64 v 45) than FXCM. While both forex brokers have MetaTrader 4, FXCM has more trading platforms. See our findings for how the FX brokers compare.
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Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between BlackBull Markets and FXCM:
BlackBull Markets is a New Zealand-based forex broker but has clients in over 180 countries. Founded in Auckland in 2014, BlackBull Markets claims to be a ‘True ECN’ broker in that they allow you to trade directly with market participants. It uses straight-through processing (STP), in which trades are automated without the broker’s manual intervention. Hence, BlackBull Markets can offer spreads at low prices.
FXCM was founded in New York City, USA, in 1999 and has offices across the world, ranging from the UK to Australia. In contrast to BlackBull Markets, FXCM has ‘Enhanced Order Execution’, meaning that they act as your trading counterparty by matching the best available quotes from their pool of liquidity providers. Traders in Canada can trade with ‘Friedberg Direct using FXCM technology’. This means you are joining FXCM but have access to the same FXCM infrastructure as FXCM clients in other countries.
Will It Be Cheaper To Trade On BlackBull Markets Or FXCM?
The two primary trading costs that will affect how much you pay when trading is the spread and commission fees. Other trading costs can include swaps, which we don’t cover.
Standard (Commission-Free) Account Information
On a standard forex trading account, you will not have to pay any commission fees. However, spread costs will be above market prices as it includes the broker’s brokerage fee.
To easily compare spreads offered by BlackBull Markets and FXCM with other brokers, we’ve compiled a spreads module below for you.
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Standard Account Spreads
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1.20 | 1.70 | 1.50 | 1.40 | 1.30 |
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1.30 | 1.70 | 2.10 | 1.40 | 1.50 |
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1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
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1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
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1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
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1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
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1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
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1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
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1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
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1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
View BlackBull Markets ReviewVisit BlackBull Markets
The module above suggests that both BlackBull Markets and FXCM have reasonably similar spreads. But, on average, they appear higher than other brokers such as Pepperstone or IC Markets
EUR/USD on BlackBull Markets, but spreads can fall as low as a minimum of 0.8 pips.
FXCM has a marginally higher typical spread at around the 1.2 – 1.4 pip mark. However, the minimum spread that you can get on major forex currency pairs is 0.7 pips. Note, however, that if you are trading in Canada, you will not have access to the standard account.
Commission-based (STP/ECN-style) Account Comparison
A no-dealing desk broker uses straight-through-processing (STP) plus ECN execution to provide tight spreads to traders, however, brokers will charge a commission fee on trades as payment.
BlackBull Markets is a ‘True ECN’ broker in the sense they neither set the price nor are your counterparty. This results in spreads as low as 0.1 pips for major pairs.
As you can see in our commission-based account spread module below, you can expect a typical spread of around 0.2 – 0.25 pips for pairs like the EUR/USD on the BlackBull markets ECN Prime account.
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ECN Broker Spreads
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0.60 | 0.66 | 0.23 | 0.90 | 0.65 |
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0.60 | 0.60 | 0.30 | 0.70 | 0.40 |
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0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
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0.40 | 0.60 | 0.10 | 0.40 | 0.20 |
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0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
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0.30 | N/A | 0.30 | 0.50 | 0.40 |
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0.24 | N/A | 0.17 | 0.54 | 0.30 |
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0.30 | 0.70 | 0.20 | 0.50 | 0.40 |
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0.30 | 1.10 | 0.10 | 0.60 | 0.50 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
Commission fees with BlackBull Markets are slightly lower compared to other top forex brokers, sitting at $6 USD per standard lot round-turn. In comparison, other top brokers like Pepperstone have a $7 round-turn commission.
FXCM also has a commission-based account- the Active Trader account. However, this account type is only available in the UK, EU, and South African jurisdictions, along with Canada via Friedberg Direct. FXCM differs from BlackBull Markets in that FXCM is your counterparty, but both brokers use similar pricing feeds.
From the spreads module, you can see that typical spreads are around 0.2 – 0.4 pips. The minimum spread is also higher compared to BlackBull Markets, at 0.2 pips.
Commission with an Active Trader account will depend on which country you sign up with FXCM from. With a minimum deposit of $25,000, this account is best for high-volume traders. For this reason, the commission quoted is per million, not per $100,000. This account uses tiered commissions, which means the more volumes you trade the previous month, the less your trading commissions will be the following month.
Traders in Canada with Friedberg Direct also have the option of a $10.00 round-turn fixed commission per $100,000 lot.
Verdict
This category is relatively close between BlackBull Markets and FXCM, with neither being a clear winner. BlackBull Markets narrowly wins by having slightly lower trading fees in terms of spreads, plus the availability of the commission-based account (as FXCM’s Active Trader account requires you to trade over $150 million per month).
View BlackBull Markets ReviewVisit BlackBull Markets
Both FXCM and BlackBull Markets offer a lot of platforms for you to choose between- you are bound to find one platform that best suits your trading needs here.
On BlackBull Markets, you can trade on both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), TradingView, as well as the BlackBull Markets Share Trading App.
MT4 and MT5 are the most popular trading platforms used across the world. MT5 is our recommended platform, and it has everything MT4 has and more. This includes nearly 40 drawing tools and over 40 technical indicators, 21 timeframes and 6 types of pending orders. Like MT4, it is built for decentralised trading like Forex but also centralised trading such as stocks and certain cryptos. It also has Depth of Market (DoM) data and superior backtesting.
While MT4 does lose out to MT5 in most aspects, not least because it is no longer supported by MetaQuotes, there are some advantages. For starters, more traders use this platform which means it has a bigger community to support you with your MT4 trading journey. It also has a larger marketplace of custom-built Expert Advisors, meaning more customer indicators and automation bots to choose from.
TradingView is designed specifically for chart trading, with 12 different chart types and over 100 built-in technical indicators. You can also create your own indicators or simply draw upon the hundreds of thousands of community-built indicators.
Other trading tools include the social trading platforms Myfxbook, ZuluTrade and BlackBull Markets Social Trading. The latter is an app that uses the MetaTrader SIgnals social trading community.
FXCM also provides MT4 (but not MT5), TradingView, Capitalise.ai and NinjaTrader for you to use alongside their own Trading Station. Just note that Canadian traders only get access to MT4 and Trading Station.
Capitalise.ai makes it easy for all traders (especially beginner traders) to automate their trading. The platform achieves this by allowing you to create algo bots using ‘plain english’ instead of code.
The NinjaTrader and Trading Station platforms offer advanced customisability, making it easy for you to adjust your trading experience to suit you best. Both also come with a range of charts, making it easy for you to chart-trade, especially with dozens of technical indicators that you can also draw upon. Trading station, in particular, comes with a range of add-on 3rd party tools such as QuantConnect and Motiveware.
Verdict
Although fairly close due to how strong the variety of platforms and tools that BlackBull Markets and FXCM provide, the winner of this category is FXCM. With a few more platforms and tools to choose from, FXCM comes out as the winner for both.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
BlackBull Markets and FXCM both offer a range of account types tailored to different trading needs. BlackBull Markets provides an ECN Standard account with no required deposit, while its commission-based ECN Prime account demands a minimum deposit of $2,000 USD.
For professional traders, the ECN Institutional account type requires a minimum deposit of $20,000 USD. On the other hand, FXCM has a minimum deposit of $50 for its Standard account and the CFD account in Canada. However, to open these accounts, you need to have $300 and $5,000 respectively. FXCM’s Active Trader account, designed for high-volume traders, comes with a minimum deposit of $25,000.
In terms of features, BlackBull Markets boasts of offering spreads as low as 0.1 pips for major pairs, especially for its ‘True ECN’ account. FXCM, while having a slightly higher spread, offers an ‘Enhanced Order Execution’ system, ensuring that they provide the best available quotes from their pool of liquidity providers.
Verdict
While both brokers offer competitive account types and features, BlackBull Markets edges out slightly with its lower spreads and ‘True ECN’ offering.
Having spent a significant amount of time with both BlackBull Markets and FXCM, I can confidently share my personal insights. BlackBull Markets, for starters, offers a seamless trading experience with its ‘True ECN’ offering and boasts of the fastest execution.
This was evident when we tested various brokers, and BlackBull came out on top in terms of execution speed. On the other hand, FXCM, with its ‘Enhanced Order Execution’, ensures that traders get the best available quotes, making it a reliable choice for many.
Verdict
While both brokers offer a commendable trading experience, BlackBull Markets takes the lead with its superior execution speed and high leverage.
FXCM Trust Score
BlackBull Markets Trust Score
Broker trust comes down to the history and size of the provider as well as regulation. I have explored each of these elements in three sections below before giving my final verdict.
Broker History
BlackBull Markets is one of the relative newcomers in the Forex Broker industry established in 2014. It was established and keeps its roots in New Zealand although it has an offshore entity which is discussed later. FXCM (Forex Capital Markets) on the other hand, has its roots in the USA and was founded in 1999. This means that FXCM is 15 years older than BlackBull, and few forex brokers are USA-based which is the gold standard (outside of Australia or the UK).
It’s important to note that FXCM has a checkered history, especially relating to the 2017 bankruptcy and trading scandal. This started in 2015 when the broker got impacted by the Swiss government floating their currency with no notice (known as the Swiss shock) leading to the broker losing $225 million. In 2017 the broker was then fined for stating incorrectly that they had a no-dealing desk when it was in fact, a market maker.
While it’s impossible to know if these past failings are entrenched with the broker, despite FXCM’s older history, I rewarded Blackbull Markets for this category due to their impeccable history.
Number Of Traders By Broker
FXCM has more traders than BlackBull Markets. It’s frustrating, though, that no FXCM active traders have been published for over five years. On the other hand, BlackBull is transparent about the broker’s popularity, with 2021 data publishing that the broker had exceeded 20,000 active traders. I had to award FXCM with the ‘popularity stakes’, but it would be nice for the broker to publish active trader numbers regularly to quantify my verdict.
Regulation By Broker
FXCM is a truly global broker and is regulated by:
BlackBull is more of a regional broker in Asia-Pacific and is regulated by:
With FXCM regulators in more regions, they were shortlisted in several regions including the forex platform Australia, forex platform UK and forex platform Canada lists. Blackbull on the other hand was only listed on the forex platform New Zealand page but it should be noted that it was the winner overall. It was also listed as the best high-leverage forex broker globally. Clearly, FXCM is the winner when it comes to regulation.
| BlackBull Markets | FXCM | |
|---|---|---|
| Tier 1 Regulation | FMA (New Zealand) | ASIC (Australia) FCA (UK) CYSEC (Cyprus) CIRO (CANADA) BaFin (Germany) |
| Tier 2 Regulation | FSCA (South Africa) ISA (Israel) |
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| Tier 3 Regulation | FSA-S (Seychelles) |
Verdict
This should be a clear win for FXCM with a longer history, more regulation and market size. It’s their history that makes this difficult, with scandals and the 2017 bankruptcy that complicate the matter. I’m still awarding FXCM the winner, but if you’re based in New Zealand or a surrounding region, I personally would trust Blackbull more than FXCM.
When trading, the main product you will be interacting with is a contract-for-difference (CFD). This allows you to easily trade on forex, shares/indices/ETFs, commodities, or even cryptocurrencies.
On BlackBull Markets, you can trade on 64 forex pairs and 750 share CFDs. Other products include 11 different cryptos, 15 indices, and a combined 19 commodities, which cover metals, energies, and soft commodities.
Traders in selected countries such as New Zealand) can also buy and purchase proper (not CFD) shares thanks to the broker’s relationship with Interactive Markets. To buy and sell these shares, you will need to be using the BlackBull Markets share trading app.
As a whole, FXCM offers fewer CFD products for you to trade in comparison to BlackBull Markets. There are between 41 and 43 currency pairs available, depending on whether you are trading in Canada and whether you are using MT4 or not. You get access to between 211 and 219 share CFDs and 7 cryptos, but not with Friedberg Direct in Canada.
Verdict
BlackBull Markets has more products in almost every category in comparison to FXCM, giving them an easy win in the product comparison. However, if you are looking to spread bet or trade bonds or treasuries, you will need to trade with FXCM.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
When it comes to educational resources, both BlackBull Markets and FXCM have made significant efforts to ensure their traders are well-equipped with knowledge. BlackBull Markets offers a range of webinars, video tutorials, and articles that cater to traders of all levels. Their content is designed to be engaging and informative, ensuring that traders have a solid foundation before they start trading.
On the other hand, FXCM provides an extensive library of educational resources, including trading guides, video tutorials, and market analysis. Their content is comprehensive and caters to both beginners and experienced traders.
Verdict
Based on our testing and the scores provided, FXCM offers superior educational resources, making it the preferred choice for traders looking to expand their knowledge.
In the world of forex trading, having a reliable customer service team can make all the difference. From our experience with BlackBull Markets and FXCM, both brokers have shown a commitment to providing top-notch customer support.
BlackBull Markets offers a dedicated support team that’s available 24/5, ensuring that traders can get assistance whenever they need it. Their team is knowledgeable, responsive, and always eager to help.
FXCM, on the other hand, has a long-standing reputation for its customer service. They offer multiple channels of communication, including live chat, email, and phone support. Their team is well-trained and can handle a wide range of queries, from technical issues to account-related questions.
| Feature | BlackBull Markets | FXCM |
|---|---|---|
| Availability | 24/5 | 24/5 |
| Live Chat Support | Yes | Yes |
| Email Support | Yes | Yes |
| Phone Support | Yes | Yes |
| Knowledgeable Staff | Yes | Yes |
| Response Time | Quick | Quick |
Verdict
While both brokers offer excellent customer service, based on our testing scores, FXCM slightly outperforms BlackBull Markets in terms of overall customer support.
In the competitive world of forex trading, funding options play a pivotal role in ensuring seamless transactions for traders. Both BlackBull Markets and FXCM have made efforts to provide a variety of funding methods to cater to the diverse needs of their clientele.
While BlackBull Markets offers a more traditional set of funding options, FXCM has ventured into newer methods, ensuring that traders have multiple avenues to fund their accounts.
The table below provides a comprehensive comparison of the funding options available with both brokers:
| Funding Option | BlackBull Markets | FXCM |
|---|---|---|
| Bank Wire Transfer | ✅ | ✅ |
| Credit Card | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| Skrill | ✅ | ❌ |
| Neteller | ✅ | ✅ |
| UnionPay | ✅ | ❌ |
| FasaPay | ❌ | ❌ |
| Bitcoin | ❌ | ✅ |
| Klarna | ❌ | ❌ |
| Trustly | ❌ | ❌ |
Verdict
When it comes to the diversity of funding options, FXCM clearly has an edge over BlackBull Markets, offering a wider range of methods for traders to choose from.
BlackBull Markets has a lower minimum deposit of $0 against FXCM’s minimum of $50. It was almost a tie here since depending on the payment method you use with BlackBull Markets, the minimum deposit can be as high as $50.
BlackBull Markets
| Minimum Deposit | GBP | USD | EUR | AUD |
|---|---|---|---|---|
| Credit Card / Debit Card | £50 | $50 | €50 | $50 |
| Bank Wire | £0 | $0 | €0 | $0 |
| Skrill | £50 | $50 | €50 | $50 |
| Neteller | £50 | $50 | €50 | $50 |
FXCM
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
| Bank Wire | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
| Skrill | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
| Neteller | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
Verdict
BlackBull Markets has the edge here with its $0 minimum via bank transfers.
FXCM is the winner because it has consistently outperformed BlackBull Markets in several key areas, offering a more comprehensive trading experience. The table below summarises the key information leading to this verdict:
| Criteria | BlackBull Markets | FXCM |
|---|---|---|
| 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 | ✅ | ❌ |
BlackBull Markets is the ideal choice for beginner traders, offering a more user-friendly interface and simpler account structures.
For seasoned traders looking for advanced tools and a wider range of funding options, FXCM stands out as the preferred broker.
FXCM generally offers lower costs compared to BlackBull Markets. While both brokers have competitive spreads, FXCM often provides tighter spreads on major currency pairs. For instance, the EUR/USD spread can be as low as 0.7 pips with FXCM. For a more detailed comparison on broker costs, you can refer to this comprehensive guide on low commissions.
Both FXCM and BlackBull Markets support MetaTrader 4, but FXCM offers additional features and plugins for the platform. This makes FXCM a more versatile choice for traders who rely heavily on MT4. If you’re keen on exploring more about MT4 brokers, check out this list of the best MT4 brokers.
BlackBull Markets stands out when it comes to social trading, offering integration with platforms like Myfxbook and Zulutrade. Social trading allows traders to follow and copy the trades of professionals, making it easier for beginners to navigate the forex market. For those interested in diving deeper into social trading platforms, here’s a comprehensive review of the best forex social trading platforms.
Neither BlackBull Markets nor FXCM offer spread betting as a primary service. 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. If you’re interested in brokers that do offer this service, you can explore this list of the best spread betting brokers in the UK.
In my opinion, BlackBull Markets is the superior choice for Australian forex traders. Being founded in New Zealand and regulated by ASIC, they have a strong presence in the Australasian region. FXCM, on the other hand, is based overseas. BlackBull Markets offers a more localized experience, understanding the unique needs of traders in this region. For a broader perspective on Australian forex brokers, you can check out this comprehensive guide on Australian forex brokers.
For UK traders, I believe FXCM stands out as the superior choice. Being FCA regulated, they offer a level of trust and security that’s crucial for traders in the UK. While BlackBull Markets is a strong contender in many areas, FXCM’s regulatory status in the UK gives them an edge. Additionally, FXCM’s global presence and extensive experience make them a reliable choice for UK traders. If you’re looking for more insights on UK forex brokers, here’s a detailed review of the best forex trading platforms in the UK.
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