We reviewed Blackbull Markets vs FXTM and found that both have spreads from 0 pips with MetaTrader 4 and 5. BlackBull has better social trading and fast execution speed, while FXTM has a micro lot trading and low commissions. See how each broker compares.
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Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between BlackBull Markets and FXTM:
Our team at CompareForexBrokers believe that trading costs and fees shouldn’t be the only way to determine your choice of broker. That said, we know that getting the best value for money does matter.
| BlackBull Markets | FXTM | |
|---|---|---|
| Average Spread | ECN Standard - min 1.0 pips (1.85 pips avg) ECN Prime - min 0.0 pips (0.8 pips avg) |
Micro - min 1.5 pips Advantage - min 0.0 pips Advantage Plus - min 1.5 pips Average is not available |
| Commission (round-turn) 100,000 |
USD 6 per lot | Advantage account - Tiered Commission 40c to $4.00 per lot |
| Inactivity fees | None. | Yes. $5 per month after 6 months. |
| Minimum deposit | ECN Standard - $0 ECN Prime - $2,000 |
Micro - $10 Advantage - $500 Advantage Plus - $500 |
| Withdrawal fees | Yes. USD 5 |
Yes. USD 3 |
| FINAL SCORE | 47 | 58 |
Standard Account Spreads
When it comes to standard account spreads, there’s a clear difference between BlackBull Markets and FXTM Broker Comparison. Let’s take a closer look.
BlackBull Markets consistently offers lower spreads across all forex pairs compared to FXTM. For instance, the EUR/USD pair has a spread of 1.2 with BlackBull Markets, while FXTM offers a spread of 1.9. This trend continues across all pairs, with BlackBull Markets offering more competitive spreads.
| Forex Pair | BlackBull Markets | FXTM Broker Comparison | Industry Average |
|---|---|---|---|
| EUR/USD | 1.2 | 1.9 | 1.18 |
| USD/JPY | 1.3 | 2.2 | 1.37 |
| GBP/USD | 1.4 | 2.0 | 1.51 |
| AUD/USD | 1.7 | 2.0 | 1.41 |
| USD/CAD | 1.5 | 2.5 | 1.70 |
| EUR/GBP | 1.5 | 2.4 | 1.56 |
| EUR/JPY | 1.9 | 2.3 | 1.85 |
| AUD/JPY | 2.1 | 3.1 | 2.09 |
Standard Account Analysis Updated April 2024[1]April 2024 Published And Tested Data
However, it’s not just about the numbers. It’s about what these numbers mean for you as a trader. Lower spreads mean lower trading costs, which can significantly impact your profitability in the long run. Therefore, based on the spread alone, BlackBull Markets appears to be the cheaper option.
But let’s not forget about the industry average. When we compare these brokers to the industry average, we see that BlackBull Markets is consistently below the average, while FXTM is above. This further strengthens the argument for BlackBull Markets as the more cost-effective choice.
In conclusion, while both brokers have their strengths, if you’re looking for lower spreads and potentially lower trading costs, BlackBull Markets seems to be the better choice. However, it’s always important to consider other factors, such as platform features, customer service, and regulatory status, when choosing a broker.
Verdict
When looking at each of the brokers, we found that both BlackBull Markets and FXTM have a spread-only account. BlackBull Markets calls this account the ECN standard account, and FXTM gives you two options – a Micro Account and an Advantage plus Account. When using each of these FXTM accounts, we found the main difference between these accounts is that the Micro account has micro trading with some fixed spread options thanks to instant execution, while the Advantage Plus account is akin to the ECN Standard Account that BlackBull offer. Spreads with FXTM are quite high, starting from 1.5 pips, while spreads with BlackBull Markets start from 1 pips.
Ross Collins from our team tested the spreads for standard accounts using 20 brokers, including BlackBull Markets and found that for the EUR/USD pair, the broker averaged 1.34 pips, which is quite high, While we didn’t test FXTM. we can say BlackBull is a better choice as this is below the minimum spread FXTM publish.
When signing up to test these accounts, we found you will not need to make a deposit with the ECN Standard Account, while the Micro Account asked us to deposit a $10 requirement and the Advantage Plus a hefty $500 minimum deposit.
When trading, we always find that ECN or STP-style trading accounts are your best option if you wish to save on trading costs. BlackBull Markets call this account their ECN Prime account, and we observed spreads as low as 0.0 pips for the EUR/USD currency pair with commission costs slightly above the industry average being $6 per lot. The main issue we had with this account was the $ 2,000 minimum deposit, which is high. FXTM minimum deposit is $500, still high but low compared to BlackBull markets; what we liked most however we the commission costs, which are just $4.00 per lot and as low as 80 cents for high-volume traders.
For this reason, we consider FXTM the better option for costs; we gave them a score of 58 out of 100 and BlackBull Markets a score of 47 out of 100.
Monitoring trading costs is important – after all, they do add up – but for new traders, especially, focusing on the available platforms and tools also matters. With the right charting tools at your fingertips, the opportunities to increase your profits increase as you learn more.
| BlackBull Markets | FXTM | |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | No | No |
| TradingView | No | No |
| Desktop | Yes | Yes |
| Web app | Yes | Yes |
| Mobile app | Yes | Yes |
| FINAL SCORE | 70 | 70 |
Verdict
It’s neck and neck here, with identical scores and results in main categories. Both Brokers sell themselves as MetaTrader specialists, meaning they offer MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for desktop (Windows, Mac), Android and iOS apps for mobile and tablet use and as Web Trader. Where the two brokers are better separated is when it comes to trading tools like social and copy trading along with automation.
| BlackBull Markets | FXTM | |
|---|---|---|
| Social trading | Yes. With MT4, MT5 Signals ZuluTrade Myfxbook BlackBull Social (app) |
Yes. With MT4, MT Signals FXTM Invest. |
| Copy trading | Yes. See above. |
Yes. See above. |
| Automated Trading | Yes. With MT4 and MT5 EAs |
Yes. With MT4 and MT5 EAs |
| Scalping | Yes | Yes |
| Guaranteed Stop Loss | No | No |
| Avg Execution Speed (ms) Limit Order 73 Market Order 91 |
Limit Order 73 Market Order 91 |
Execution speed 71 |
With 4 social trading tools to choose from – ZuluTrade, Myfxbook, the broker’s own app BlackBull Social and of course, MetaTrader Signals we think BlackBull Markets is a better choice for social or copy trading. FXTM is not without options, like with BlackBull Markets, we found they allow you to use MetaTrader Signals with the MetaTrader Platforms and they have their own social trading tool FXTM Invest. If you wish to automate trading with either broker, your best bet is to use Expert Advisors (EAs).
One thing you do want when trading with any platform is fast execution. Fast execution helps you avoid slippage and this is especially important when it comes to using leverage. The higher the leverage the greater the impact slippage will have. Ross Collins, one of our trading experts, here at CompareForexBrokers tested 20 brokers for execution speed. In his test, Ross found BlackBull Markets execution speed to be one of the fastest with a Limit Order speed of just 71 ms. We didn’t test FXTM but the broker claims their execution speed average is also 71 ms. BlackBull Markets are using data centres in Japan, Hong Kong in addition to New York and London which may explain their fast performance.
Overall we gave a score of 7 out of 10 to BlackBull Markets and FXTM when it comes to trading platforms and tools you can use when trading.
BlackBull Markets ReviewVisit BlackBull Markets
BlackBull Markets and FXTM both offer a range of account types tailored to different trading needs. BlackBull Markets stands out with its ECN Prime account, boasting spreads as low as 0.0 pips for the EUR/USD currency pair. However, the main drawback is the high minimum deposit of $2000.
On the other hand, FXTM offers a Micro account with micro trading and some fixed spread options, as well as an Advantage Plus account. The Advantage Plus account is similar to BlackBull’s ECN Standard Account, but FXTM’s spreads start from 1.5 pips. Additionally, FXTM’s commission costs are impressive, going as low as 80 cents for high-volume traders.
Both brokers provide MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, ensuring traders have access to the best tools and features. BlackBull Markets offers a unique edge with four social trading tools, including ZuluTrade, Myfxbook, BlackBull Social app, and MetaTrader Signals. FXTM, while offering MetaTrader Signals and its own FXTM Invest for social trading, doesn’t have as extensive a range as BlackBull.
Verdict
While both brokers have their strengths, FXTM offers a more diverse range of account types catering to both beginners and experienced traders, making it the preferable choice for account versatility.
When it comes to trading, the experience and ease of use are paramount. We’ve spent countless hours testing both BlackBull Markets and FXTM to see which one offers the best user experience. Here’s what we found:
However, FXTM does have its strengths. Their platform is intuitive and user-friendly, making it a great choice for traders of all levels. The broker also offers a diverse range of account types, catering to both beginners and experienced traders. In our tests, we found that both brokers provide a seamless trading experience, but the nuances in their offerings can make a significant difference depending on your trading style and preferences.
Verdict
While both brokers offer a commendable trading experience, BlackBull Markets edges out slightly due to its faster execution and higher leverage options.
FXTM Trust Score
BlackBull Markets Trust Score
Trading via any online broker carries two key types of risk. Although there is a chance you can enjoy a big win if you do predict market movement accurately (and have money invested), you can also experience significant financial losses, whether you’re trading CFDs, forex or stocks.
There are some steps you can take to prevent some risks, and one of the most important safeguards is to trade with a broker that has a license with a recognised Tier-1 regulator (think the UK’s Financial Conduct Authority, ASIC In Australia and similar).
By placing strict requirements on brokers, government-run regulators help prevent fraud and protect customer funds.
| BlackBull Markets | FXTM | |
|---|---|---|
| Tier 1 regulators* | FMA (New Zealand) | CYSEC (Cyprus) FCA (UK) |
| Tier 2 regulators | FSCA (South Africa) | |
| Tier 3 regulators | FSA-S (Seychelles) | FSC-M (Mauritius) CMA (Kenya) |
| Negative Balance Protection | No. | Yes. (Forex and CFD) where required by regulator. |
| Broker Trust Score | 30 | 39 |
Verdict
Both brokers are regarded as safe and trusted for online trading by BlackBull’s lack of Tier 1 trading and lack of negative balance protection means FXTM is superior in this category.
Should you be a UK resident, then FXTM is our recommendation since they are by the Financial Conduct Authority (FCA). This means the broker must follow the rules of the regulator, such as limiting leverage on retail investor accounts to 1:30. It is the same story should you be in the mainland EU where FXTM is regulated by CySEC. Should you be outside the UK, you can trade with leverage of up to 1:2000.
It is a different story with BlackBull Markets, where maximum leverage is always 1:500 regardless of where you are trading from. BlackBull Markets is regulated by the Financial Markets Authority, not quite tier-1 but still respectable.
One thing worth noting is that if you are in the United States, you are out of luck as neither broker accepts residents from this region. For broker trust, we gave FXTM a score of 5 out of 10 and BlackBull Markes a score of 3. While this might seem harsh (and it is), this is more a reflection of how our methodology is calculated.
Both FXTM and BlackBull have a comprehensive selection of financial instruments and markets available to their customers but when it comes to range and amount on offer, BlackBull Markets is the clear winner.
| BlackBull Markets | FXTM | |
|---|---|---|
| Forex trading | 72 | 58 |
| Cryptocurrency trading | 9 | 0 |
| Share CFD trading | 26,000+ | 1120 |
| Commodities CFD trading | 9 metals 5 Energies 8 Softs |
2 Metals *3 Gold Crosses) 2 (Silver crosses) 4 Energies |
| ETF CFD trading | 7 | 0 |
| Indices CFD trading | 10 | 13 |
| Bonds/Treasuries CFD trading | 0 | 0 |
| Real Stocks | Yes (selected countries) | 0 |
| FINAL SCORE | No | No |
Verdict
In most categories, both BlackBull and FXTM offer something for everyone, but in terms of the diversity of available markets, as well as the number of specific trading products available in each market, BlackBull outperforms FXTM easily.
A look at the trading instruments available, and one can see BlackBull have more to select from. This includes 72 Forex pairs, which is more than the 58 from FXTM, along with ETFs and real stocks, which FXTM does not have. To trade shares (not CFD), you will need to use the BlackBull Shares app.
For Crypto traders, it’s a no-brainer: BlackBull offers 11, and FXTM offers none. This is perhaps the biggest factor for why we gave BlackBull Markets a higher score – 7 out of 10 vs 6 out of 10 for FXTM.
Education is a cornerstone for any trader, be it a novice or an expert. Both BlackBull Markets and FXTM understand this and have invested in providing top-notch educational resources. Let’s delve into what each broker offers:
From our own testing, it’s evident that both brokers have put significant effort into their educational offerings. However, the depth and breadth of resources vary between the two.
Verdict
While both brokers offer commendable educational resources, FXTM stands out with its diverse and in-depth offerings, making it the top choice for traders keen on continuous learning.
In the world of trading, having reliable customer service is not just a luxury; it’s a necessity. Both BlackBull Markets and FXTM understand the importance of this and have made significant efforts to ensure their clients receive top-tier support. From our extensive testing and research, here’s what we’ve found:
BlackBull Markets offers a robust customer support system, with multiple channels of communication available for traders. Their response time is commendable, and the quality of assistance is consistently high. FXTM, on the other hand, has a global presence with support available in multiple languages. Their team is well-trained and equipped to handle a wide range of queries, ensuring traders get the help they need promptly.
Here’s a table comparing the key customer service features of each broker:
| Feature | BlackBull Markets | FXTM |
|---|---|---|
| Live Chat Availability | 24/5 | 24/7 |
| Support Languages | Multiple | Multiple |
| Response Time | Quick | Very Quick |
| Support Channels | Email, Chat, Phone | Email, Chat, Phone |
| Training & Educational Support | Yes | Yes |
| Global Presence | Yes | Stronger |
Customer service is not just about answering queries; it’s about the overall experience, the ease of reaching out, and the quality of the solutions provided.
Verdict
While both brokers offer excellent customer support, FXTM slightly edges out with its 24/7 availability and stronger global presence, making it the top choice for superior customer service based on our testing.
In the ever-evolving world of forex trading, the ease of funding one’s account plays a pivotal role in a trader’s overall experience. Both BlackBull Markets and FXTM have made significant strides in offering diverse funding options to cater to their global clientele. While BlackBull Markets boasts a comprehensive list, FXTM is not far behind, ensuring that traders have multiple avenues to fund their accounts seamlessly.
Diving deeper into the specifics, our extensive research and testing have revealed the following funding options available for both brokers. It’s essential to note that while some methods are universally accepted, others might be broker-specific, emphasising the importance of choosing a broker that aligns with one’s preferred funding method.
| Funding Option | BlackBull Markets | FXTM |
|---|---|---|
| Bank Wire | ✅ | ✅ |
| Credit Card | ✅ | ✅ |
| Skrill | ✅ | ❌ |
| Neteller | ✅ | ✅ |
| Bitcoin | ✅ | ❌ |
| Ethereum | ❌ | ❌ |
| PayPal | ❌ | ✅ |
| UnionPay | ✅ | ✅ |
| FasaPay | ✅ | ❌ |
| Local Bank Transfer | ✅ | ✅ |
Verdict
Based on the available funding options, BlackBull Markets offers a more diverse range of methods, making it the preferable choice for traders seeking flexibility in funding their accounts.
BlackBull Markets has a lower minimum deposit of $0 compared to FXTM’s $10 requirement. Both BlackBull Markets and FXTM offer various account types to suit different trader requirements.
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 |
FXTM
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £10 Minimum Deposit | $10 Minimum Deposit | €10 Minimum Deposit | $10 |
| Paypal | £10 Minimum Deposit | $10 Minimum Deposit | €10 Minimum Deposit | $10 |
| Bank Wire | £10 Minimum Deposit | $10 Minimum Deposit | €10 Minimum Deposit | $10 |
| Skrill | £10 Minimum Deposit | $10 Minimum Deposit | €10 Minimum Deposit | $10 |
Verdict
For traders who want to start trading with the lowest possible deposit, BlackBull Markets offers an ECN Standard account with a minimum deposit of $0. However, FXTM’s Micro account with a $10 deposit is also a competitive option for those on a budget.
FXTM is the winner because it consistently outperforms in multiple categories, offering a comprehensive trading experience with superior educational resources, customer service, and competitive spreads and fees. The table below summarises the key information leading to this verdict:
| Criteria | BlackBull Markets | FXTM |
|---|---|---|
| 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, FXTM offers a more beginner-friendly environment with its comprehensive educational resources.
For seasoned traders seeking advanced features and a wider product range, BlackBull Markets is the preferable choice, offering higher leverage and a diverse range of tradable instruments.
FXTM generally offers lower costs compared to BlackBull Markets. While both brokers have competitive spreads, FXTM often provides tighter spreads, especially on major currency pairs. For instance, the average spread for EUR/USD at FXTM can be as low as 0.5 pips. For more detailed insights on broker costs, you can check out this comprehensive guide on low commissions.
Both FXTM and BlackBull Markets offer MetaTrader 4, but FXTM provides a more enhanced experience with additional tools and features. Their MT4 platform is user-friendly and equipped with advanced charting tools, making it a top choice for many traders. For a deeper dive into the best MT4 brokers, visit this best MT4 brokers guide.
BlackBull Markets stands out when it comes to social trading, offering a range of platforms like ZuluTrade and Myfxbook. FXTM, while offering some social trading features, doesn’t have as extensive a range as BlackBull. Social trading has become a popular way for traders to follow and copy the strategies of experienced traders. Learn more about the best platforms for forex social trading.
Neither FXTM nor BlackBull Markets offer spread betting services. 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 spread betting, you can explore the best spread betting brokers in the UK.
In my opinion, BlackBull Markets is the superior choice for Australian forex traders. Founded in New Zealand and now based in Auckland, they are closely aligned with the Australian trading environment. They are ASIC-regulated, ensuring a high level of trust and security for traders. FXTM, while offering a range of services, is headquartered overseas. For a comprehensive list of top brokers in Australia, you can check out this guide on Australian forex brokers.
For UK traders, I personally believe FXTM stands out. They are FCA regulated, which provides a significant level of trust and security for UK-based traders. Being regulated by the FCA ensures that the broker adheres to strict regulatory standards. BlackBull Markets, while reputable, is not based in the UK. For those in the UK looking for the best trading platforms, here’s a comprehensive guide on the best UK trading platforms.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
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