This Blackbull Markets vs IC Markets comparison found both forex brokers offer STP or ECN ‘style’ trading execution, with spreads from 0.0 pips. Both offer MetaTrader 4 and 5 trading platforms and good customer service. Find out how each broker compares in this head-to-head.
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Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between BlackBull Markets and IC Markets:
Both IC Markets and BlackBull Markets offer a choice of two types of accounts. The first is a standard account, which is a spread-only account. This account includes commission costs as part of the spread, which can help with price transparency. This account is popular for those new to trading.
The second account is commission-based. With this account, spreads are in line with the market price as it uses Straight-Through-Processing (STP) trading execution to source quotes directly from liquidity providers. To avoid interfering with the quotes provided by the liquidity providers, the brokers charge a commission on top of the spread.
IC Markets call their commission account their ‘RAW spread’ account, while BlackBull calls their STP accounts ECN Prime and ECN Institutional.
Standard Account Spreads
When it comes to the average standard account spread by forex pair, Blackbull Markets and IC Markets offer competitive rates. However, there are some noticeable differences.
For Blackbull Markets, the spreads range from 1.2 for EUR/USD to 2.1 for AUD/JPY. This indicates a slightly higher spread, especially when you consider pairs like AUD/USD and AUD/JPY. However, it’s important to note that Blackbull Markets maintains a consistent spread across most pairs, which could be beneficial for traders who value stability.
On the other hand, IC Markets offers lower spreads, ranging from 0.62 for EUR/USD to 1.5 for AUD/JPY. This lower spread could result in lower trading costs, especially for high-volume traders. However, the spread does vary more across different pairs, which could introduce more variability in trading costs.
Comparing these brokers to the Industry Average, both Blackbull Markets and IC Markets offer competitive spreads. While Blackbull Markets’ spreads are slightly above the industry average, IC Markets’ spreads are noticeably below the average. This suggests that IC Markets could be a more cost-effective choice for traders who prioritize low spreads.
| Forex Pair | Blackbull Markets | IC Markets | Industry Average |
|---|---|---|---|
| EUR/USD | 1.2 | 0.62 | 1.18 |
| USD/JPY | 1.3 | 0.74 | 1.37 |
| GBP/USD | 1.4 | 0.83 | 1.51 |
| AUD/USD | 1.7 | 0.77 | 1.41 |
| USD/CAD | 1.5 | 0.85 | 1.70 |
| EUR/GBP | 1.5 | 1.27 | 1.56 |
| EUR/JPY | 1.9 | 1.3 | 1.85 |
| AUD/JPY | 2.1 | 1.5 | 2.09 |
Standard Account Analysis Updated April 2024[1]April 2024 Published And Tested Data
However, it’s important to remember that spreads are just one factor to consider when choosing a forex broker. Other factors, such as trading platform, customer service, and additional fees, should also be taken into account.
IC Markets Has The Lowest Spreads On Their Standard Account
On the standard account, IC Markets has a lower minimum spread of 0.6 pips on the EUR/USD when compared to BlackBull Market’s minimum spread of 0.8 pips for their ECN Standard Account.
With an average spread range of 0.60 to 0.85 pips for most currency pairs, it is fair to expect IC Markets will be cheaper since Blackbull Markets spreads start from 0.8 pips.
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Standard Account Spreads
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|---|---|---|---|---|---|
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0.62 | 0.77 | 1.27 | 0.83 | 0.74 |
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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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0.90 | 1.30 | 1.40 | 1.40 | 1.40 |
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0.70 | 2.20 | 1.10 | 1.10 | 0.60 |
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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 | 1.30 | 1.20 | 1.30 | 1.10 |
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1.70 | 1.60 | 1.70 | 2.00 | 1.60 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
View IC Markets ReviewVisit IC Markets
STP Account Spreads Are Lower On IC Markets
IC Markets has a minimum spread of zero pips for most of the currency pairs they offer when using a RAW spread account. Spreads for most of their pairs average 0.02 (EUR/USD) to 0.30.
Despite the ECN in the account names, BlackBull Markets are using STP processing. Spreads start from 0.1 pips for the EUR/USD pair when using their ECN Prime account.
If you want even lower spreads, then you can consider their ECN Institutional account. With this account, spreads can be as low as 0.0 pips, and you get lower commissions (which are negotiated with the broker). The catch is you will need a minimum deposit of $20,000. This account has the added benefit of allowing you to choose your preferred Equinix Server; New York (NY4), London (LD5), Tokyo (TY3), Shanghai (SH5) and Hong Kong.
The below table shows the average spreads brokers publish on their websites. While Blackbull doesn’t make their average spreads available, IC Markets clearly have some of the best in the industry.
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ECN Broker Spreads
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|---|---|---|---|---|---|
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0.14 | 0.25 | 0.02 | 0.27 | 0.17 |
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0.60 | 0.66 | 0.23 | 0.90 | 0.65 |
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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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0.50 | 0.60 | 0.30 | 0.50 | 0.50 |
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0.30 | N/A | 0.30 | 0.50 | 0.40 |
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0.20 | 0.83 | 0.44 | 0.40 | 0.42 |
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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
IC Markets ReviewVisit IC Markets
While spreads are low, you will need to keep in mind the commission costs you pay on top of the spreads.
BlackBull Markets Has The Lowest Commission Costs For STP Accounts
BlackBull Markets charge USD 6.00 round-turn per standard lot which is less than the USD 7.00 IC Market charge.
If your base currency is something other than USD, then IC Markets offers a set commission amount. These amounts are AUD 7.00, GBP 5.00, EUR 5.50, and SGD 9.00.
Blackbull Markets by contrast convert USD 6 to your base currency using the spot rate at the time you open or close your position. Depending on the conversion rate, the commission may be higher or lower.
Verdict
Overall, IC Markets has the lowest fees on both their standard and commission-based accounts, but BlackBull Markets spreads are very competitive and should not be disregarded.
View BlackBull Markets ReviewVisit BlackBull Markets
IC Markets And Blackbull Tie For MetaTrader 4 Offering
MetaTrader 4 (MT4) is regarded as the most popular trading platform in the world with traders, and almost all top brokers offer it. So it is no surprise both IC Markets and BlackBull Markets offer this platform
Neither broker places any restrictions on how you use the MetaTrader 4 trading platform. All the usual MetaTrader tools are available, including 9 chart timeframes, to over 30 technical indicators as well as 4 different pending order types.
Both brokers allow scalping, hedging and automation with Expert Advisors.
To ensure you get the most from your trading experience, Both brokers offer exclusive Expert Advisors. IC Markets provides you with MT4 Advanced Trader Tools, a library of 20 Expert Advisors. Blackbull Markets also offers pre-installed indicators that are similar (if not the same) to those offered by IC Markets.
One feature IC Markets offers that Blackbull Markets doesn’t offer is AutoChartist graphing/charting tools. However, Blackbull Markets will be introducing this soon.
Really, the only feature that separates the two brokers is their product range.
IC Markets Has The Best MetaTrader 5 Offering
MetaTrader 5 (MT5) can be billed as an upgrade on MT4, with MT5 providing a larger choice of technical indicators and comes with 64-bit processing for superior backtesting.
In addition to more trading features, you can also trade more products. This is because MT5 is designed to give you access to both decentralised and centralised markets. This makes MT5 suitable for trading stocks.
Like with MT4, both brokers allow access to the full range of trading features available with MT5.
While both brokers offer much the same products, where they differ is when it comes to share trading. IC Markets offers 1600+ shares across the NYSE, NASDAQ and ASX stock exchanges.
This offering is superior to the 90-100 stocks that Blackbull offers. Blackbull, however, does offer proper shares (not CFD) to certain markers via their share trading app. This app allows you to trade 23,000 shares from many major global exchanges. However, you cannot use MT4 or MT5 for this.
It won’t really matter which broker you choose for MT5 however, IC Markets does have a better range of trading products.
IC Markets Has cTrader
One platform that IC Markets offers that Blackbull Markets does not is cTrader. This trading platform is a popular alternative to MetaTrader platforms.
Traders like to use technical indicators like cTrader for its charting features. Scalpers also like cTrader since it has a Depth of Market Trader (DoM) and is said to be faster than MetaTrader.
BlackBull Markets Has Share Trading
IC Markets only offers CFD trading. Blackbull Markets offers share trading and has its own app/webtrader platform for this.
This platform allows you to trade 80+ global markets and 23,000 shares. While the platform is available across most of Europe and the United Arab Emirates, it is not available in Australia, Canada, the United States, Singapore, or Hong Kong.
Both Brokers Have Good Social Trading Options
Social trading is a good way to leverage the skills of other traders for your own trading. Both brokers offer Myfxbook and ZuluTrade as social trading options. These products can be integrated with MetaTrader platforms.
Verdict
Both IC Markets and BlackBull Markets provide you with access to MetaTrader 4 and 5, two of the most popular forex and CFD trading platforms.
Beyond this, IC Markets also offers cTrader for those looking outside of MetaTrader options.
Swap-free or Islamic accounts have no interest costs for holding positions overnight. This makes the account suitable for Islamic traders since Sharia law prohibits paying or accepting interest.
IC Markets offers Islamic versions of both their standard and Raw Spread trading accounts. Most major pairs have a $5 overnight administration fee however, this can vary for other pairs and products.
BlackBull Markets also offers an Islamic version of their accounts; however, this is a ‘purer’ Islamic account as they do not charge any extra fee at all for this service.
As a result, we recommend trading with BlackBull Markets if you are looking for an Islamic or swap-free account.
When it comes to the trading experience, both IC Markets and BlackBull Markets have their unique strengths. From our own testing and the data we’ve gathered, it’s evident that both brokers have invested significantly in ensuring traders have a seamless experience. IC Markets, for instance, has been recognised for its MT5 platform, which is known for its advanced features and user-friendly interface. On the other hand, BlackBull Markets stands out with its high-leverage offering and its claim to the fastest execution.
Now, while both brokers excel in different areas, it’s essential to consider what aspects of trading are most crucial for you. Are you looking for advanced charting tools, high leverage, or perhaps lightning-fast execution?
Verdict
Based on the overall trading experience and ease, IC Markets slightly edges out with its comprehensive MT5 platform and standard account offering.
IC Markets is clearly the a more reliable broker with a trust score of 61 vs 37 for BlackBull.
IC Markets Trust Score
BlackBull Markets Trust Score
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Regulation
Blackbull Markets is a good choice for New Zealand traders as they are regulated by the Financial Markets Authority (FMA).
IC Markets on the other hand, is ideal for Australian and European traders as they are regulated by the Australia Securities and Investments Commission (ASIC) and Cyprus Securities Exchange Commission (CySEC).
| Backbull lMarkets | IC Markets | |
|---|---|---|
| Tier 1 Regulation | FMA (New Zealand) | ASIC (Australia) CYSEC (Cyprus) |
| Tier 2 Regulation | ||
| Tier 3 Regulation | FSA-S (Seychelles) | FSA-S (Seychelles) SCB (Bahamas) |
Reputation
IC Markets was founded in May 2007, while BlackBull Markets was founded in 2014, and both are considered reputable brokers. Yet, IC Markets has a stronger global presence making it a more trusted broker
Reviews
In terms of TrustPilot reviews, IC Markets has received over 32,000 reviews and a score of 4.8 out of 5, significantly more than the 14 reviews of BlackBull Markets and score of 4.3.
When it comes to the range of products and CFD markets, both BlackBull Markets and IC Markets have a lot to offer. However, the specifics of their offerings can vary, and this can make a significant difference for traders who have specific needs or preferences.
Below is a table comparing the range of CFDs, products, and markets available with both brokers:
| Product/Market | BlackBull Markets | IC Markets |
|---|---|---|
| Forex Pairs | 64 | 63 |
| Indices | 12 | 23 |
| Commodities | 5 | 19 |
| Stocks | 150+ | 120+ |
| Cryptocurrencies | 5 | 6 |
| Bonds | 2 | 5 |
| Futures | 3 | 4 |
| Metals | 4 | 5 |
| Energies | 3 | 4 |
| Shares | Available | Available |
| ETFs | Not Available | Available |
From the table, it’s evident that while BlackBull Markets offers a competitive range of Forex pairs and stocks, IC Markets has a broader offering in terms of indices, commodities, and other product categories.
Verdict
In terms of the overall range of CFDs and markets, IC Markets appears to have a slight edge over BlackBull Markets, especially for traders looking for a diverse range of products.
BlackBull Markets:
IC Markets:
Verdict
Based on our team’s testing, BlackBull Markets offers superior educational resources compared to IC Markets.
When it comes to customer support, the IC Markets customer service team is available on live chat 24/7. Blackbull Markets customer service, by contrast, is only available on live chat 6 days a week, 24 hours a day. If you are likely to have questions or need support on Sundays, then IC Markets are more likely to provide an immediate response.
Both brokers also provide other types of customer services, such as extensive education. IC Markets education library uses a greater variety of resources such as Web TV, Webinars, Video tutorials, and podcasts in addition to online guides. Blackbull Markets limits their education to trading guides and videos, but these sources are quite comprehensive.
When it comes to funding options, both Blackbull Markets and IC Markets offer a diverse range of methods to cater to their global clientele. From traditional bank transfers to modern e-wallet solutions, traders have the flexibility to choose a method that best suits their needs. This not only ensures convenience but also reduces the time taken for funds to reflect in a trader’s account, allowing them to capitalise on market opportunities faster.
Our extensive testing and data gathered indicate the following funding options available for both brokers:
| Funding Option | Blackbull Markets | IC Markets |
|---|---|---|
| Bank Transfer | ✅ | ✅ |
| Credit/Debit Card | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| Skrill | ✅ | ✅ |
| Neteller | ✅ | ✅ |
| UnionPay | ✅ | ✅ |
| FasaPay | ✅ | ✅ |
| POLi | ✅ | ❌ |
| BPay | ❌ | ✅ |
| Broker to Broker | ✅ | ✅ |
Verdict
In terms of the variety and availability of funding options, IC Markets slightly edges out Blackbull Markets, offering a broader range of methods for traders in the UK.
BlackBull Markets has a lower minimum deposit of $0 compared to IC Markets’ $200. Both brokers do not charge fees for deposits or withdrawals; however, funding providers may charge fees.
IC Markets
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
| Paypal | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
| Bank Wire | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
| Skrill | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
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 |
Verdict
BlackBull Markets wins this category as they do not require a minimum deposit, while IC Markets does.
IC Markets is the winner because it dominates in most of the key areas that traders value the most, such as spreads, fees, trading experience, product range, and more. The table below summarises the key information leading to this verdict:
| Criteria | Blackbull Markets | IC 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 | ✅ | ❌ |
Blackbull Markets offers a more tailored experience for those just starting out in the trading world, with superior educational resources and user-friendly features.
For seasoned traders who prioritise a wide product range, low fees, and advanced trading tools, IC Markets stands out as the top choice.
IC Markets generally offers lower costs compared to Blackbull Markets. This is particularly evident when comparing spreads across major currency pairs. For instance, IC Markets boasts some of the industry’s lowest spreads, often starting from 0.0 pips. For a more detailed breakdown of broker costs, you can refer to this comprehensive guide on low commissions.
Both IC Markets and Blackbull Markets offer MetaTrader 4, one of the most popular trading platforms globally. However, IC Markets is often praised for its seamless integration and enhanced features on MT4. For traders specifically looking to utilise MT4, this list of the best MT4 brokers can provide further insights.
IC Markets offers social trading features, allowing traders to copy strategies from experienced traders. Blackbull Markets, on the other hand, doesn’t have a prominent social trading platform. Social trading can be a game-changer, especially for new traders looking to learn from the best. For more on this, check out the guide on the best forex social trading platforms.
Neither IC Markets nor Blackbull Markets 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 keen on spread betting, you might want to explore this list of the best spread betting brokers in the UK.
In my opinion, IC Markets stands out as the superior choice for Australian forex traders. Not only is IC Markets ASIC regulated, ensuring a high level of trust and security, but it’s also founded in Australia, making it a home-grown favourite. Blackbull Markets, on the other hand, is based overseas. Both brokers offer competitive features, but for those who value local regulation and support, IC Markets has the edge. For a broader perspective on Australian forex brokers, you can check out this comprehensive guide.
For UK forex traders, I believe IC Markets offers a more comprehensive trading experience. While both brokers are FCA regulated, ensuring they adhere to stringent regulatory standards, IC Markets has a more established presence in the UK market. Blackbull Markets, though offering competitive features, is not founded in the UK. The UK forex market is vast, and choosing the right broker can make all the difference. For more insights on the best brokers in the UK, here’s a detailed guide to help you decide.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
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