This BlackBull Markets vs SwissQuote forex broker review found large differences in account types and spreads. Both brokers also offer MT4 and MT5 trading platforms, with BlackBull Markets also having social trading tools. 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 SwissQuote:
Our 2024 analysis concluded that SwissQuote offers premium discounts for active traders while BlackBull Markets is a cheaper option with a greater range of products overall. Both brokers offer a similarly good range of trading platforms. One thing to note is that when it comes to regulation, Swissquote is best for UK and European clients, while BlackBull Markets is a better choice for Australian and New Zealand clients.
You will have access to ECN style spreads of 0.0 pips due to the no dealing desk STP execution offered by both brokers. SwissQuote, however, requires a $10,000 deposit to open an Elite account to access these low spreads and have 2.5 EUR commissions. BlackBull Markets, however, requires $2000 for its equivalent, an ECN Prime account with a $7.00 commission.
While ECN has spread only trading with their classic account with spreads starting from 0.8 pips, SwissQuote has 2 accounts with no commissions. The Premium account has a 1,000 minimum deposit and spreads from 1.3 pips, while the Prime account has a $ 5,000 deposit and spreads from 0.6 pips.
Standard Account Spreads
When it comes to forex trading, the devil is often in the details. And one of those details is the spread. Let’s take a closer look at the average standard account spreads for two brokers: Blackbull Markets and SwissQuote.
Blackbull Markets offers a spread of 1.2 for EUR/USD, which is lower than SwissQuote’s 1.7. This trend continues across most forex pairs, with Blackbull Markets consistently offering lower spreads. For example, the spread for GBP/USD is 1.4 with Blackbull Markets and 2.0 with SwissQuote.
| Forex Pair | Blackbull Markets | SwissQuote | Industry Average |
|---|---|---|---|
| EUR/USD | 1.2 | 1.7 | 1.18 |
| USD/JPY | 1.3 | 1.6 | 1.37 |
| GBP/USD | 1.4 | 2.0 | 1.51 |
| AUD/USD | 1.7 | 1.6 | 1.41 |
| USD/CAD | 1.5 | 2.7 | 1.70 |
| EUR/GBP | 1.5 | 1.7 | 1.56 |
| EUR/JPY | 1.9 | 2.5 | 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 not just about the numbers. It’s about what those numbers mean for you as a trader. Lower spreads mean lower trading costs, which can make a significant difference in your profitability, especially if you’re a high-volume trader.
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 SwissQuote is above. This suggests that, overall, Blackbull Markets offers more competitive spreads.
Verdict
In conclusion, if cost is a major factor for you, Blackbull Markets appears to be the cheaper option. However, it’s important to consider other factors such as trading platform, customer service, and overall trading experience when choosing a broker.
Black Markets ReviewVisit Black Markets
Both BlackBull Markets and SwissQuote provide MT4 and MT5 trading platforms, but BlackBull Markets stands out with its additional social trading tools. SwissQuote shines with its proprietary Advanced Trader platform, renowned for its top-notch charting tools for technical analysis.
Verdict: With its Advanced Trader platform and exceptional charting capabilities, SwissQuote emerges as the broker with the superior trading platform.
When comparing the account types and features of BlackBull Markets and SwissQuote, several distinctions emerge:
Verdict: Taking into account the diverse account types, features, and more favourable spreads, BlackBull Markets appears to offer superior account options for traders.
Having delved deep into both BlackBull Markets and SwissQuote, it’s evident that the trading experience they offer is distinct in several ways. From our own testing and the data we’ve gathered, BlackBull Markets stands out in certain areas. For instance:
In contrast, SwissQuote, with its long-standing reputation and broader regulatory oversight, provides a sense of security and trustworthiness that many traders value. Their Advanced Trader platform, coupled with their extensive forex pair offerings, makes them a strong contender in the market.
Verdict: While both brokers offer a robust trading experience, BlackBull Markets, with its high leverage, rapid execution, and diverse trading tools, edges out slightly in providing the best overall trading experience.
Swissquote Trust Score
BlackBull Markets Trust Score
It’s important that a trader trusts the broker they select, as there are many forex scams from discredited brokers. We have used a list of criteria to determine the trust factors that give a broker credibility. I have gone through the main trust groupings below before determining which broker has greater ‘trust’ factors.
Swissquote has licences to trade forex with 6 regulators vs 2 regulators for Blackbull. Just as important is the ‘tier’ of the regulator, which I have broken out below.
Firstly, there is Swissquote, which has two ‘tier 1’ regulators, including the UK Regulator (FCA) and the Swiss regulator (FINMA). They also have two ‘tier 2’ regulators, including Singapore (MAS), Malta (MFSA) and finally, one ‘tier 3’ regulator in Hong Kong (SFC). This is a high level of regulation, which is why the team scored the broker 37/50.
When it comes to Blackbull, the broker has just two regulators as it’s a small player. This includes the New Zealand regulator (FMA), which is ‘tier 2’ and the FSA in Seychelles. With only two lower-tier licences, the broker only received a score of 7/50. This means it was 30 points lower than Swissquote, making that broker the winner when it comes to regulation.
Track Record
It’s important to know the history of each broker when determining the past. The first factor here is the age of the broker, and Swissquote comes out with more trust as the broker was founded in 2000, while Blackbull Markets is a relative newcomer, having been established in 2014. Then there is the question of regulator compliance, class actions and other infringements, and in the case of these two brokers, both have a spotless track record. Finally, there is the question of their headquarters, with some locations having a stronger regulatory framework than others. In this case, BlackBull is located in New Zealand, which is less known for global financial institutions compared to Switzerland, which is where Swissquote is located.
The overall score for the track record for Swissqupte is 24 vs 17 for Blackbull.
Popularity and Trust
The final factor looks at the size of the broker, and it’s no surprise that Swissquote is considerably larger. For example, the number of worldwide searches for Swissquote is 135,000 compared to just 8,100 for Blackbull. Swissquote also has 1,271 reviews on Trustpilot compared to 140 for Blackbull. It should be noted that Blackbull’s average score is considerably higher, though at 4.4/5 compared to 3.6/5. The final edge we gave to Swissquote was the fact they are also a bank, enhancing their credibility and sealing the third category.
Verdict
It’s no surprise that as the winner of all three categories from regulation, popularity to track record, SwissQuote scored 75/100 compared to just 30/100 for Blackbull. It’s important to note that this score doesn’t mean Blackbull is a scam broker. In fact, we named the broker the New Zealand forex brokers winner. It’s just that outside the region, the broker has lower trust outside of the region, which is why it was considered in the Australia forex brokers and UK forex brokers winner shortlist.
| Tier 1 Regulators | Tier 2 Regulators | Tier 3 Regulators | Year Founded | Headquarters | Search Popularity | Regulatory Issues? | TrustPilot Scores | Publically Listed | Bank Status? | |
|---|---|---|---|---|---|---|---|---|---|---|
| Blackbull Markets | FMA (New Zealand) | FSA-S (Seychelles) | 2014 | Auckland, New Zealand | 8,100 | None | 4.4 - 140 reviews | No | No | |
| Swissquote | FCA (UK) CYSEC (Cyprus) MAS (Singapore) |
DFSA (Dubai) MFSA (Europe) SFC CSSF FINMA (Switzerland) |
2000 | Gland, Switzerland | 135,000 | None | 3.6 - 1,271 reviews | Yes | No |
Where BlackBull Markets really stands out is in its product offering. With 64 forex pairs and up to 23,000 stocks, you’ll have no shortage of financial instruments to choose from. There is also a smaller range of indices, cryptos and commodities available to trade.
SwissQuote, on the other hand, has a smaller range of markets, although does offer over 80 forex pairs, more than BlackBull Markets. Additionally, the broker lets you trade stocks, indices, commodities and bonds. You can also trade spot, synthetic and forward contracts with SwissQuote, a unique advantage of this broker.
When it comes to educational resources, both BlackBull Markets and SwissQuote have made significant efforts to equip traders with the knowledge and tools they need. Based on our in-depth analysis and testing, here’s a breakdown of what each broker offers:
From our testing, it’s evident that while both brokers have put in the effort to provide quality educational content, there are differences in the depth and breadth of the resources they offer.
Verdict: Based on our team’s scoring and the comprehensive educational resources available, SwissQuote stands out as the broker offering the best educational resources for traders.
In the world of forex trading, the quality of customer service can make or break a trader’s experience. Both BlackBull Markets and SwissQuote understand this and have invested in providing top-notch customer support. From our own testing and the data we’ve gathered, here’s what we found:
BlackBull Markets prides itself on its responsive customer support team, which is available 24/5. They offer multiple channels of communication, including live chat, email, and phone support. Their team is well-trained, ensuring that traders’ queries are addressed promptly and efficiently.
SwissQuote, on the other hand, has a legacy of providing stellar customer service. With their global presence, they offer support in multiple languages, ensuring that traders from different regions feel at home. Their support channels are diverse, and they also provide a comprehensive FAQ section to address common queries.
| Feature | BlackBull Markets | SwissQuote |
|---|---|---|
| Availability | 24/5 | 24/5 |
| Support Channels | Live chat, Email, Phone | Live chat, Email, Phone, FAQ |
| Languages Supported | Multiple | Multiple |
| Response Time | Fast | Fast |
| Knowledgeability of Staff | Highly knowledgeable | Highly knowledgeable |
| User Feedback | Positive | Positive |
Customer service is more than just answering queries; it’s about creating a seamless trading experience for users. Both brokers excel in this domain, but there are subtle differences that set them apart.
Verdict: Based on our team’s scoring and the comprehensive customer service metrics, SwissQuote slightly edges out BlackBull Markets in offering superior customer support.
When it comes to funding options, both BlackBull Markets and SwissQuote offer a variety of choices to cater to the diverse needs of their clients. From traditional bank transfers to modern e-wallet solutions, traders have the flexibility to choose the method that best suits their requirements.
It’s essential for traders to have access to multiple funding options, as it allows them to manage their trading accounts efficiently and ensures that they can quickly deposit or withdraw funds without any hassles.
Moreover, the availability of multiple funding options is a testament to the broker’s commitment to providing convenience to its clients. It’s not just about the number of options available but also the ease of use, processing times, and any associated fees. A broker that offers a wide range of funding options is likely to attract a broader clientele, as it caters to both tech-savvy traders and those who prefer traditional banking methods.
| Funding Option | BlackBull Markets | SwissQuote |
|---|---|---|
| Bank Transfer | ✅ | ✅ |
| Credit/Debit Card | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| Skrill | ✅ | ❌ |
| Neteller | ✅ | ❌ |
| UnionPay | ✅ | ❌ |
| Bitcoin | ❌ | ❌ |
| Ethereum | ❌ | ❌ |
| WebMoney | ❌ | ✅ |
| FasaPay | ❌ | ❌ |
Verdict: Based on the available funding options, BlackBull Markets offers a slightly more diverse range of choices compared to SwissQuote. However, traders should consider other factors, such as processing times and fees, before making a final decision.
The minimum deposit requirement is a crucial factor for many traders, especially those who are just starting out in the world of forex trading. It determines the initial investment required to open an account and start trading.
While some brokers demand a hefty sum, others offer more lenient requirements, making it accessible for traders with varying financial capacities. The minimum deposit not only reflects the broker’s target audience but also gives an insight into the kind of services and features one can expect.
BlackBull Markets and SwissQuote, both renowned names in the industry, have different minimum deposit requirements for their account types. BlackBull Markets offers a range of accounts, from ECN Standard with no minimum deposit requirement to ECN Institutional, demanding a substantial amount. SwissQuote, on the other hand, has a more consistent approach with its Premium and Prime accounts.
| Account Type | BlackBull Markets | SwissQuote |
|---|---|---|
| ECN Standard/Premium | $0 | $1,000 |
| ECN Prime/Prime | $2,000 | $5,000 |
| ECN Institutional | $25,000 | – |
Verdict: When it comes to the lower minimum deposit, BlackBull Markets clearly stands out with its ECN Standard account requiring no initial deposit, making it more accessible for novice traders.
BlackBull Markets is the winner because it consistently outperforms in multiple key areas, offering traders a comprehensive and competitive trading environment. The table below summarises the key information leading to this verdict:
| Criteria | BlackBull Markets | SwissQuote |
|---|---|---|
| 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 world of trading, BlackBull Markets offers a more accessible and user-friendly platform, making it the ideal choice for beginner traders.
For seasoned traders looking for advanced tools and a robust trading environment, SwissQuote stands out as the better option, catering to their sophisticated needs.
BlackBull Markets generally offers lower costs compared to SwissQuote. Specifically, BlackBull Markets boasts competitive spreads, often being more favourable for traders. For instance, their average spread for major pairs like EUR/USD tends to be more competitive. For a more detailed comparison on broker costs, you can check out this comprehensive guide on low commissions.
Both SwissQuote and BlackBull Markets offer MetaTrader 4, but BlackBull Markets provides additional tools and features that enhance the MT4 trading experience. SwissQuote, on the other hand, integrates MT4 seamlessly with its other offerings. If you’re keen on diving deeper into MT4 platforms and their features, this list of the best MT4 brokers might be of interest.
BlackBull Markets stands out when it comes to social and copy trading options. They offer platforms like Myfxbook and ZuluTrade, allowing traders to follow and replicate the strategies of successful traders. SwissQuote, while offering a robust trading platform, doesn’t have as extensive a range in the social trading domain. For those interested in exploring more about social trading platforms, here’s a detailed review of the best forex social trading platforms.
Neither BlackBull Markets nor SwissQuote offer spread betting as part of their services. Spread betting is a unique form of trading popular in the UK and some other regions, 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 comprehensive list of 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 with a strong presence in Australia, they are regulated by ASIC, ensuring a high level of trust and security for traders. SwissQuote, while a reputable broker, is based overseas and doesn’t have the same local presence or understanding of the Australian market. If you’re an Aussie trader looking for more options, this guide on Australian forex brokers might be of interest.
For UK traders, I believe SwissQuote has a slight edge. They are FCA regulated, which is crucial for traders in the UK, ensuring that they adhere to the stringent regulations set by the UK’s financial watchdog. While BlackBull Markets is a strong contender in the forex space, they are not based in the UK, and SwissQuote’s FCA regulation gives them an advantage in this market. For UK traders keen on exploring more options, here’s a detailed review of the best forex trading platforms 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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