IC Markets
BlackBull Markets
Our Rating
8.50
8.17
Review Of IC Markets
BlackBull Markets
77% of retail investor accounts lose money when trading CFDs with IC Markets (EU) Ltd
Auckland Based NZ Broker

Regulations and Licenses

Feature
IC Markets
BlackBull Markets
ASIC (Australia)
CYSEC (Cypus)
FMA (New Zealand)
FSA (Seychelles)

Brokerage

Feature
IC Markets
BlackBull Markets
EUR/USD Avg. Raw Spread
0.02
0.23
GBP/USD Avg. Raw Spread
0.23
0.72
AUD/USD Avg. Raw Spread
0.17
0.65
EUR/USD Standard Spread
0.62
1.20
EUR/USD Fixed Spreads
-
-
Commissions (USD Base)
$3.50
$3.00
Minimum Deposit
$0
$200
Swap Free Account
No Inactivity Fees
Funding Methods
15+
4+
No Funding Fees

Markets and Instruments

Feature
IC Markets
BlackBull Markets
Currency Pairs
61+
27+
Cryptocurrency CFDs*
18+
11+
Index CFDs
16+
9+
Share CFDs
100+
350+
Commodities CFD
26+
19+
Stockbroking
-
24,000+
Retail Max Leverage (Australia)
Major Pairs 30:1
Minor Pairs 20:1
-
Pro. Max Leverage (Australia)
500:1
-
Retail Max. Leverage (Europe)
Major Pairs 30:1
Minor Pairs 20:1
-
Pro. Max. Leverage (Europe)
500:1
-
Retail Max. Leverage (With offshore regulators)
500:1
500:1

*Cryptocurrency CFDs are not available to retail traders in the UK due to FCA regulations

Trading Platforms + Tools

Feature
IC Markets
BlackBull Markets
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
TradingView
Proprietary Platform
Automated Trading
Social + Copy Trading
Standard Stop Loss
Guaranteed Stop Loss
Demo Account
Unique Feature
ECN pricing
NZ Based Forex Broker

Overall

IC Markets
BlackBull Markets
Our Rating
8.50
8.17
Review Of IC Markets
BlackBull Markets
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Do IC Markets Or BlackBull Markets Have The Lowest Fees?

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.

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.

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.

Standard Account Spreads
0.62 0.77 1.27 0.83 0.74
0.75 0.85 1.40 1.19 0.86
0.86 0.74 1.19 1.19 0.83
0.70 1.30 1.30 2.20 1.40
0.80 0.90 1.70 1.80 0.80
1.20 1.10 1.10 1.70 1.40
1.30 1.50 1.80 2.00 1.30
1.10 1.20 1.40 1.50 1.20
1.30 1.40 1.50 1.50 1.40
1.20 1.20 1.40 1.40 1.20
1.20 1.20 1.40 1.40 1.40

Data taken from broker website. Accurate as at 01/05/2022

View IC Markets Review >>Visit 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 is 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.

ECN Broker Spreads
0.14 0.25 0.02 0.27 0.17
0.60 0.66 0.23 0.90 0.65
0.30 0.40 0.20 0.40 0.30
0.26 0.47 0.17 0.40 0.24
0.50 0.60 0.30 0.50 0.50
0.30 N/A 0.30 0.50 0.40
0.20 0.83 0.44 0.40 0.42
0.24 N/A 0.17 0.54 0.30
0.30 0.70 0.20 0.50 0.40
0.30 1.10 0.10 0.60 0.50

Data taken from broker website. Accurate as at 01/05/2022

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 conversation rate, the commission may be higher or lower.

View BlackBull Markets Review >>Visit BlackBull Markets >>

Do IC Markets Or BlackBull Markets Have A Better Reputation?

Comparing the longevity, popularity and regulation of IC Markets and BlackBull Markets, traders can feel safe trading with either, however, overall, IC Markets is the bigger and more recognised forex broker.

IC Markets Is Over A Decade Old

IC Markets was founded in May 2007, with BlackBull Markets was founded in 2014. Their longevity reflects the trust that they have developed with their customer base. Both are highly reputable brokers that traders can feel comfortable trading with.

IC Markets Is The More Popular Broker

In Jan 2022, IC Markets received over 3.2 million visits, while in the same period, BlackBull Markets had 103.4 thousand visitors. This difference reflects the greater brand awareness worldwide developed by IC Markets and is reinforced when looking at Trustpilot reviews.

IC Markets has received over 20 thousand reviews, over 200 times more than the 77 reviews of BlackBull Markets on Trustpilot, although it should be noted that Trustpilot is an Australia-based review website, while BlackBull Markets is based in Auckland, New Zealand.

The More Regulated Broker Is IC Markets

Blackbull Markets is a good choice for New Zealand traders as they are regulated by the Financial Markets Authority (FMA). The broker uses The Seychelles Financial Services Authority (FSA Seychelles) for all other traders.

IC Markets is ideal for Australia and European traders as they are regulated by the Australia Securities and Investments Commission (ASIC) and Cyprus Securities Exchange Commission for each respective region. The broker uses The Seychelles Financial Services Authority (FSA Seychelles) as the regulator for all other traders.

Blackbull Markets Have A Greater Presence In Asia

While Blackbull Markets serves clients across the world, they do appear to have a focus on the Asian market.

Unlike most brokers who use Equinix servers in New York (NY4) and maybe London (LD5) as well, Blackbull also utilises data centres across Asia. In addition to NY4 and LD5, they also have servers in Tokyo (TY3), Shanghai (SH5) and Hong Kong.

Having local servers means lower latency and access to more local markets. Traders with ECN Institutional accounts can even designate a preferred data centre should one better suit their needs.

IC Markets Has Better Customer Services (But Blackbull Markets Is Still Good)

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, podcasts in addition to online guides. Blackbull Markets limit their education to trading guides and videos but these sources are quite comprehensive.

View IC Markets Review >>Visit IC Markets >>

Which Broker Has A Lower Minimum Deposit?

IC Markets does not require a minimum deposit for any of their account types, however do recommend starting with $200. This will be needed so you can satisfy initial margin requirements.

BlackBull Markets has 3 account types and the minimum deposit varies for each.

The ECN standard account has a minimum deposit of USD 200. This account is targeted at beginner traders so has a lower starting amount.

The ECN Prime account is for more serious traders so has a minimum deposit of USD 2000.

The ECN Institutional account is for traders that want institutional level services. So this account has the highest minimum of the 3 accounts with $20,000. With this account, you get the lowest spreads Blackbull Markets offers the ability to negotiate on commission and choose which of their Equinix servers you wish to use.

Both brokers have no fees for deposits or withdrawals, however, there may be fees charged by funding providers. Common deposit methods for each broker include Bank Transfer, Visa/Mastercard, Neteller, Skrill, UnionPay (China) and FasaPay (Indonesia). IC Markets also allows you to deposit funds using other methods such as Rapidpay and Klarna. In Australia IC Markets also have POLi and BPay,

IC Markets wins this category as they do not require a minimum deposit while BlackBull Markets does.

View IC Markets Review >>Visit IC Markets >>

Which Broker Has The Best Selection Of Platforms?

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.

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 offer pre-installed indicators which are similar (if not the same) to those offered by IC Markets.

One feature IC Markets offer that Blackbull Markets don’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 offer 1600+ shares across 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 do not is cTrader. This trading platform is a popular alternative to MetaTrader platforms.

Traders that like to use technical indicators like cTrader for its charting features. Scalpers also like cTrader since it has 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 offer share trading and have their 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 United Arab Emirates, it is not available in Australia, Canada, the United States, Singapore, 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.

View BlackBull Markets Review >>Visit BlackBull Markets >>

Which Brokers Offer A Swap-Free (Islamic) Account?

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 offer Islamic versions of both their standard and Raw Spread trading account. 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.

View IC Markets Review >>Visit IC Markets >>

About the author: Justin Grossbard

Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.

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