This BlackBull Markets vs OANDA page compares the forex brokers on execution, accounts, products and platforms. BlackBull uses STP trading while OANDA is a market maker, and both have 60+ forex pairs. See how these brokers compare.
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Our full comparison covers the 10 most important trading factors. Below are five key differences:
Our 2024 review found that BlackBull Markets offers a great product range while OANDA has slightly more competitive spreads for its commission-free account. Both brokers are similarly matched in trading platforms, each offering its own unique advantages. OANDA is, however, regulated by the financial bodies in more countries to offer CFD trading, including in the USA and Canada, compared to BlackBull Markets. BlackBull Markets are, however, regulated in New Zealand.
OANDA is primarily a spread-only broker with spreads starting from 0.6 pips; however, they do have STP or ECN-style trading with spreads of 0.0 pips in Australia, the USA and Singapore. Commission costs are $7.00 per lot in Australia and Singapore and USD $10 per lot in the USA.
While BlackBull Markets spreads are weaker with the standard account, the broker can be a better choice for STP trading, where spreads start from 0.0 pips with USD $6.00 commission per lot.
Standard Account Spreads
When comparing the standard account spreads of Blackbull Markets and OANDA, there are some noticeable differences. Blackbull Markets has a spread for EUR/USD at 1.2, which is double that of OANDA’s 0.6. This pattern continues across the board, with Blackbull Markets consistently having higher spreads than OANDA.
| Forex Pair | Blackbull Markets | OANDA | Industry Average |
|---|---|---|---|
| EUR/USD | 1.2 | 0.6 | 1.18 |
| USD/JPY | 1.3 | 0.6 | 1.37 |
| GBP/USD | 1.4 | 0.9 | 1.51 |
| AUD/USD | 1.7 | 0.7 | 1.41 |
| USD/CAD | 1.5 | 0.7 | 1.70 |
| EUR/GBP | 1.5 | 0.8 | 1.56 |
| EUR/JPY | 1.9 | 0.9 | 1.85 |
| AUD/JPY | 2.1 | N/A | 2.09 |
Standard Account Analysis Updated April 2024[1]April 2024 Published And Tested Data
However, it’s important to note that while OANDA may have lower spreads, this doesn’t automatically make it the cheaper option. Other factors, such as commission fees and account types, can also impact the overall trading cost.
Comparing these brokers to the industry average, both Blackbull Markets and OANDA have spreads that are generally in line with the industry norms. However, OANDA tends to be closer to the industry average than Blackbull Markets. This suggests that OANDA might be a more cost-effective choice for traders who prioritise low spreads. But remember, the overall cost of trading involves more than just spreads, so it’s essential to consider all factors when choosing a forex broker.
When it comes to trading platforms, both BlackBull Markets and OANDA offer traders access to the renowned MetaTrader 4 platform, a favourite among many in the forex trading community. However, BlackBull Markets goes a step further by also providing the MetaTrader 5 platform, giving traders an additional option with more features.
On the other hand, OANDA stands out with its proprietary trading platform, which is known for its user-friendly interface and advanced trading tools. Additionally, both brokers have integrated TradingView, a leading charting and social networking tool, into their offerings. This ensures that traders have access to comprehensive chart analysis and can connect with a global community of traders.
Furthermore, both brokers support social and copy trading tools, including the likes of Myfxbook, allowing traders to follow and replicate the strategies of successful traders. This diverse range of platform options ensures that traders of all levels and preferences can find a platform that suits their trading style and needs.
Verdict
Based on the diverse platform offerings and advanced features, BlackBull Markets slightly edges out OANDA in terms of trading platform options.
Both BlackBull Markets and OANDA offer distinct account types tailored to different trading needs. OANDA primarily operates as a spread-only broker, with spreads starting from 0.6 pips. They also provide STP or ECN-style trading with spreads of 0.0 pips in specific regions such as Australia, the USA, and Singapore. The commission costs associated with these accounts are $7.00 per lot in Australia and Singapore and USD $10 per lot in the USA.
On the other hand, BlackBull Markets, while having slightly weaker spreads with their standard account, emerges as a preferable choice for STP trading. Their spreads for this account type start from 0.0 pips, with a commission of USD $6.00 per lot. When comparing the standard account spreads, BlackBull Markets has a spread for EUR/USD at 1.2, which is double that of OANDA’s 0.6. However, it’s essential to consider other factors like commission fees and additional account features, which can impact the overall trading experience and costs.
Verdict
While both brokers offer competitive account features, OANDA provides a more cost-effective spread structure, making it the preferable choice for traders prioritising lower spreads and diverse account options.
Having spent considerable time analysing and testing various brokers, we’ve found that both BlackBull Markets and OANDA offer unique trading experiences. BlackBull Markets stands out with its high leverage and rapid execution, which can be crucial for traders looking to capitalise on quick market movements. On the other hand, OANDA, recognised as the best for beginners, ensures a smooth and user-friendly experience for those new to the trading world.
Verdict
While both brokers provide excellent trading experiences, OANDA‘s user-friendly platform and beginner-friendly features make it the top choice for those seeking the best overall trading experience.
OANDA Trust Score
BlackBull Markets Trust Score
A few factors determine trust, which is broken up below before the CompareForexBrokers team determines the final score. This includes regulation (which is the most important), reputation and popularity.
Regulation
There are three tiers of regulators, and based on the number in each tier, the team determines the score. It’s important to point out that this section is purely for a versus scenario. The most important regulator is the one that covers the residency you live in.
OANDA has four ‘tier 1’ regulators, including:
OANDA also has two ‘tier 2’ regulators including MAS (in Singapore) and FSA (in Japan). It should be noted that OANDA was shortlisted as the best broker for forex Australia list and the best broker for forex UK list. It also was the best broker for Forex US award winner in 2024. Overall, we gave OANDA a score of 40/55 for regulation.
Blackbull Markets has two regulators including:
Blackbull won the best broker for forex NZ award and is recommended for most NZ traders.
Reputation
The team focused on the age of the broker, the headquarters location (is it a reputable region?) and any regulatory issues. When it came to OANDA the broker was founded over 26 years ago in 1996, making it one of the oldest brokers. Its headquarters are located in New York, USA and it hasn’t had any major regulator issues in its history. This gives it a perfect score of 30/30.
Blackbull Markets didn’t score as well as OANDA. This is because the broker is younger (founded in 2014), and has its headquarters in Auckland, New Zealand. While the regulator has an impeccable regulator record, the team still gave it a lower score of 17/30.
Popularity And Reviews
The final focus area focused on popularity, and the best way to determine that is search volume. On average, 550,000 searches are made for OANDA compared to just 8,100 searches. Clearly, OANDA has a much higher brand awareness and traders compared to Blackbull. Then, when it came to reviews, OANDA had 2.5x more reviews than Blackbull but a lower score. OANDA has 324 reviews with an average score of 3.7. Compare this to Blackbull Markets, which has 140 reviews with an average score of 4.4.
Based on the above, BlackBull receives 6/20 compared to OANDA, which received 12/20 based on the broker’s strong brand awareness outside of New Zealand.
Verdict
OANDA clearly has more trust, with a score of 80/100, compared to BlackBull Markets, with 30/100. OANDA has more regulation in more regions, has a higher reputation and is more popular than Blackbull. If trust is important to you, then I recommend choosing OANDA unless you’re in New Zealand, in which Blackbull has a strong enough trust factor (and is locally regulated), making that small forex broker more suited for your trading needs.
| Blackbull Markets | OANDA | |
|---|---|---|
| Tier 1 Regulation | FMA (New Zealand) | NFA/CFTC (USA) MAS (Singapore) CIRO (CANADA) FCA (UK) ASIC (Australia) |
| Tier 2 Regulation | JFSA (Japan) KNF (Poland) MFSA (Europe) |
|
| Tier 3 Regulation | FSA-S (Seychelles) | FSC-BVI |
| Year Founded | 2014 | 1996 |
| Headquarters | New Zealand | USA |
| Search Popularity | 8,100 | 550,000 |
| Regulatory Issues? | None | None |
| TrustPilot Scores | 4.4 - 140 reviews | 3.7 - 324 reviews |
| Publically Listed | No | No |
| Bank Status? | No | No |
View Black Markets ReviewVisit Black Markets
Founded in New Zealand, BlackBull Markets has a solid range of products that includes 64 forex pairs, 15 indices, 11 cryptocurrencies, 21 commodities and over 23,000 shares (spot equities and CFDs) for traders. You will be able to access the maximum leverage of 500:1 with BlackBull for Forex products.
OANDA is a US-based, multi-regulated forex broker that is trusted. You can access 62 forex currency pairs, 16 indices 4 cryptos, as well as 5 spot commodities and 20 fiat cross commodities to trade. Just note that traders in the USA can only trade on the spot, not CFD and the product range is limited to Forex only.
Verdict
BlackBull Markets offers a broader range of products and higher leverage. Traders seeking a more extensive product range might lean towards BlackBull Markets, especially if they are interested in both spot equities and CFDs.
In the realm of forex trading, education is paramount. Both BlackBull Markets and OANDA understand this and have invested in providing traders with a wealth of educational resources. From our analysis and testing, here’s a breakdown of what each broker offers:
Verdict
Based on our team’s testing scores and the depth of educational content, OANDA slightly edges out BlackBull Markets in providing a more comprehensive and structured educational experience for traders.
In the world of forex trading, having access to reliable customer service can make all the difference. Both BlackBull Markets and OANDA have prioritised this aspect, ensuring that traders have the support they need at all times. From our extensive testing and analysis, we’ve observed that both brokers offer multiple channels of communication, including live chat, email, and phone support.
BlackBull Markets prides itself on its quick response times and knowledgeable support team. They offer 24/5 support, ensuring that traders can get assistance no matter the time zone. OANDA, on the other hand, has a global presence with support teams in various regions, ensuring that traders get localized assistance when needed.
| Feature | BlackBull Markets | OANDA |
|---|---|---|
| Live Chat Support | Available | Available |
| Email Support | Available | Available |
| Phone Support | Available | Available |
| Support Hours | 24/5 | 24/5 |
| Multilingual Support | Yes | Yes |
| Localized Support Teams | No | Yes |
Verdict
While both brokers offer robust customer support, OANDA’s localized support teams and global presence give it a slight edge over BlackBull Markets in terms of customer service based on our testing scores.
When it comes to funding options, both BlackBull Markets and OANDA offer a variety of methods to cater to the diverse needs of traders. From traditional bank transfers to modern e-wallet solutions, traders have the flexibility to choose a method that best suits their requirements.
It’s essential for traders to have access to multiple funding options, as it allows for greater flexibility in managing their trading accounts. Moreover, the availability of multiple funding methods can be a deciding factor for many traders when choosing a broker.
The table below provides a comprehensive comparison of the funding options available with BlackBull Markets and OANDA:
| Funding Option | BlackBull Markets | OANDA |
|---|---|---|
| Bank Transfer | ✅ | ✅ |
| Credit Card | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| Neteller | ✅ | ❌ |
| Skrill | ✅ | ❌ |
| UnionPay | ✅ | ✅ |
| FasaPay | ✅ | ❌ |
| Bitcoin | ❌ | ❌ |
| SEPA Transfer | ✅ | ✅ |
| BPay | ❌ | ✅ |
Verdict
When comparing the funding options, OANDA offers a slightly broader range of methods, making it the preferable choice for traders looking for diverse funding options.
Both BlackBull Markets and OANDA require a minimum deposit of $0. Each broker has a set of requirements to meet for their $0 deposit feature.
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 |
OANDA
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £25 Minimum Deposit | $25 Minimum Deposit | €25 Minimum Deposit | $25 |
| Bank Wire | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $0 |
| Trustly | £25 Minimum Deposit | $25 Minimum Deposit | €25 Minimum Deposit | $25 |
| Paypal | N/A | N/A | N/A | N/A |
BlackBull Markets offers a tiered minimum deposit system based on the type of account:
On the other hand, OANDA keeps it simple with:
Verdict
Both BlackBull Markets and OANDA offer a $0 minimum deposit for their basic account types. Traders seeking advanced features might need to consider the deposit requirements of BlackBull’s other account types.
OANDA is the winner because it consistently outperforms BlackBull Markets in most of the key areas we evaluated, offering a comprehensive trading experience for its users. The table below summarises the key information leading to this verdict:
| Criteria | OANDA | 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, OANDA offers a more user-friendly and comprehensive platform, making it the better choice for beginner traders.
For seasoned traders looking for advanced tools and a wider range of products, BlackBull Markets stands out as the preferred broker.
OANDA generally offers lower costs compared to BlackBull Markets. OANDA’s spreads start from as low as 0.6 pips, making it one of the more cost-effective options for traders. BlackBull Markets, while competitive, has slightly higher spreads on certain pairs. For a more detailed comparison, you can check out this comprehensive guide on low commissions.
Both OANDA and BlackBull Markets support MetaTrader 4, but BlackBull Markets offers a slightly enhanced experience with additional plugins. OANDA, however, integrates seamlessly with MT4 and provides a user-friendly interface. For traders specifically looking for the best MT4 experience, this list of top MT4 brokers might be of interest.
BlackBull Markets offers social trading features, allowing traders to follow and replicate the strategies of successful traders. OANDA, on the other hand, focuses more on its proprietary platform and tools. Social trading can be a game-changer, especially for new traders. If you’re keen to explore more about this, here’s a comprehensive guide on the best forex social trading platforms.
Neither OANDA nor BlackBull Markets offer spread betting services. Spread betting is a unique form of trading popular in the UK and some other countries. It allows traders to speculate on price movements without owning the underlying asset. If you’re interested in brokers that do offer this service, you can check out this comprehensive guide on the best spread betting brokers in the UK.
In my opinion, BlackBull Markets stands out for Australian forex traders. Founded in New Zealand, it’s closer to home and understands the specific needs of traders in the region. Both BlackBull Markets and OANDA are ASIC regulated, ensuring a high level of trust and security for Australian traders. However, if you’re looking for a broker with a strong local presence, BlackBull Markets is the way to go. For a broader perspective on the best brokers for Australians, you might want to explore this list of top Australian forex brokers.
For UK traders, I believe OANDA offers a superior trading experience. Being FCA regulated, OANDA ensures that UK traders receive the highest standards of service and security. While BlackBull Markets is also a reputable broker, OANDA’s long-standing reputation and tailored services for the UK market give it an edge. Additionally, OANDA’s global presence and comprehensive platform offerings make it a top choice. If you’re keen to dive deeper into the best options for UK traders, here’s a detailed guide on the best forex brokers in the UK.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
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