This BlackBull Markets vs ThinkMarkets Forex broker comparison found both brokers have similar trading execution, accounts, spreads and forex platforms and products for trade. Find out their similarities and differences.
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Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between BlackBull Markets and ThinkMarkets:
In our forex-focused assessment, we found that despite both brokers having no dealing desk and straight through processing (STP) execution, ThinkMarkets offered a more cost-effective environment.
When it comes to Standard Accounts, ThinkMarkets advertises a general average spread of 1.2 pips, which doesn’t cover any particular currency pairs. It’s hard to determine how ThinkMarkets arrived at this average figure, however, our staff member Ross Collins did some calculus of his own in our comparative testing process.
In his test of Standard Accounts, Ross measured the spreads of 6 major currency pairs over a 24-hour period for BlackBull Markets and found the overall average to be 1.82 pips. If we presume ThinkMarkets’ self-assessment of their average spreads of 1.2 to be a true reflection, then BlackBull Markets’ average spreads look quite poor by comparison.
Unlike with the Standard Account, Ross Collins tested the spreads for the RAW or ECN style trading accounts (meaning with commissions) using each broker. Our tests found ThinkMarkets ThinkZero account averaged 0.46 pips and BlackBull Markets ECN Prime averaged 0.94 pips when we combined the average of 6 major currency pairs. If we use only EUR/USD (the most popular currency pair) as our measure, then ThinkMarkets trump BlackBull Markets 0.22 pips to 0.46 pips–a significant delta for comparable accounts.
While spreads with ThinkMarkets are lower, it is worth keeping in mind that BlackBull actually charges a slightly lower commission (USD 6.00 vs ThinkMarkets’ USD 7.00) commission for each standard lot. With this in mind, we can unpack our findings to get a sense of the real cost:
So, while ThinkMarkets is cheaper, the total cost difference is not as pronounced as it might seem at first glance.
| BlackBull Markets | ThinkMarkets | |
|---|---|---|
| Average Spread | ECN Standard - min 1.0 pips (1.85 pips avg) ECN Prime - min 0.0 pips (0.8 pips avg) |
Standard - min 1.1 pips (avg 1.2 pips) ThinkZero - min 0.0 pips (avg 0.8 pips) |
| Commission (round-turn) 100,000 |
USD $6 per lot (ECN Prime) | USD $7 per lot |
| Inactivity fees | None. | None |
| Active Trader Discount | None | |
| Minimum deposit | ECN Standard - $0 ECN Prime - $2,000 |
Standard - $0 ThinkZero - USD 500 |
| Withdrawal fees | $5 withdrawal per transaction | None |
| Our Cost Score | 5 | 6 |
Standard Account Spreads
When it comes to forex trading, the spread is a crucial factor that can significantly impact your profitability. Let’s take a closer look at the average standard account spreads for two popular brokers: Blackbull Markets and ThinkMarkets.
Blackbull Markets offers competitive spreads across various forex pairs. For instance, the EUR/USD pair has a spread of 1.2, which is slightly higher than the industry average of 1.18. However, for the AUD/USD pair, Blackbull Markets offers a spread of 1.7, which is significantly higher than the industry average of 1.41. This suggests that while Blackbull Markets might be a good choice for some forex pairs, it might not be the most cost-effective option for others.
On the other hand, ThinkMarkets offers a spread of 1.1 for the EUR/USD pair, which is slightly lower than the industry average. For the AUD/USD pair, ThinkMarkets offers a spread of 1.1, which is significantly lower than the industry average. This suggests that ThinkMarkets could be a more cost-effective choice for traders who frequently trade these forex pairs.
| Forex Pair | Blackbull Markets | ThinkMarkets | Industry Average |
|---|---|---|---|
| EUR/USD | 1.2 | 1.1 | 1.18 |
| USD/JPY | 1.3 | 1.4 | 1.37 |
| GBP/USD | 1.4 | 1.3 | 1.51 |
| AUD/USD | 1.7 | 1.1 | 1.41 |
| USD/CAD | 1.5 | 1.2 | 1.70 |
| EUR/GBP | 1.5 | 1.1 | 1.56 |
| EUR/JPY | 1.9 | 1.2 | 1.85 |
| AUD/JPY | 2.1 | 1.2 | 2.09 |
Standard Account Analysis Updated April 2024[1]April 2024 Published And Tested Data
However, it’s important to remember that the spread is just one factor to consider when choosing a forex broker. Other factors, such as customer service, trading platform, and regulatory compliance, are also crucial. As always, I recommend doing your own research and testing out different brokers to find the one that best suits your trading needs and style.
Verdict
As part of the scoring for our methodology, we didn’t just look at the spreads with the brokers’ trading accounts to determine who we think has better costs. We also looked at minimum deposits, funding fees, inactivity charges, and discounts. Overall, we gave ThinkMarkets a score of 6 ahead of BlackBull Markets with 5.
ThinkMarkets ReviewVisit ThinkMarkets
Both brokers at heart are Metatrader brokers, meaning their core trading platforms are MetaTrader 4 and MetaTrader 5. This isn’t a bad thing since you can automate (using expert advisors (EAs) and copy trade (using Signals), making sure most of your bases are covered as far as trading styles are concerned.
All that said, it is nice to have specialised features for when you need them, and this is where BlackBull Markets stands out. With TradingView for charting and technical analysis plus social trading with Myfxbook, ZuluTrade, and BlackBull Social, BlackBull Markets’ suite of trading software is more robust and well-rounded than what ThinkMarkets offers.
ThinkMarkets may not have specialised automation or social trading tools, but they do have a hero feature in ThinkTrader, their award-winning trading platform built for mobiles. We think this platform is a good option that will appeal to digital nomads who rely on Android or iOS to trade.
| BlackBull Markets | ThinkMarkets | |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | No | No |
| TradingView | Yes | No |
| Desktop | Yes | Yes |
| Web app | Yes | Yes |
| Mobile app | Yes | Yes |
| Other trading plarforms | BlackBull Shares BlackBull Trade |
ThinkTraders (mobile) |
| Social trading | MetaTrader Signals with MT4. MT5 Myfxbook ZuluTrade BlackBull Social |
MetaTrader Signals with MT4. MT5 |
| Copy trading | Possible with social trading | Possible with social trading |
| Automated trading | Expert Advisors with MT4, MT5 | Expert Advisors with MT4, MT5 |
| Our Trading Platform Score | 7 | 7 |
Verdict
If you like chart trading or social trading, then BlackBull Markets is the better choice, thanks to TradingView, Myfxbook and DupliTrade. With this in mind, both brokers getting a score of 7 might seem a little odd given the absence of those features on ThinkMarkets, but ThinkMarkets gains points for its mobile capabilities while also including Metatrader 4 and 5, which can perform automation and copy trading functions without the need to look for 3rd party tools.
Both brokers are relatively similar in that they use no dealing desk execution, with STP execution – BlackBull Markets calls their trading execution approach ECN, but whether it actually qualifies as true ECN remains debatable. STP execution is more likely what they are using, and it means the broker connects you to their pool of liquidity providers to find you the best price.
Where the brokers really differ is on leverage. BlackBull Markets not being regulated in Australia or in any major regulatory jurisdiction means they can offer 1:500 leverage to all their clients. ThinkMarkets, for the most part, can only offer 1:30 to their clients in Australia, the UK and Europe unless you have a professional account.
The other notable difference is the outstanding execution speed BlackBull Markets offers. While slippage can be positive or negative, we much prefer to get the spreads at our order price, so we place a high value on fast execution.
| BlackBull Markets | ThinkMarkets | |
|---|---|---|
| Execution Type | STP, with no dealing desk and market execution | STP, with no dealing desk and market execution |
| Demo Account | Yes | Yes |
| Standard Account | ECN Standard | Standard |
| Commission Account | ECN Prime | ThinkZero |
| Fixed-spread Account | No | No |
| Swap-free Account | On request | On request |
| # of Base Currencies | 9 | 7 |
| Maximum Forex Leverage | 1:500 | 1:30 or 1:500 |
| Execution Speed | Limit Order 72 Market Order 90 |
Limit Order 161 ms Market Order 248 ms |
| Our Ease Of Account Opening Score (out of 15) | 10 | 12 |
| Our Overall Trading Experience Score | 8 | 5 |
Verdict
While we found the ThinkMarkets trading experience to be more than satisfactory, especially when it comes to their fast and seamless account opening, they lost points for their poor execution speed.
When it comes to trading accounts, both brokers are similar in that they have a Standard and RAW account, though BlackBull Markets does have a high minimum deposit with the latter account.
Our 8 out of 10 score for BlackBull Markets comes from a better overall experience in our testing, compared to ThinkMarkets with 5.
When it comes to trading, the experience and ease of use can make or break a trader’s journey. Having tested both BlackBull Markets and ThinkMarkets, I’ve found some distinct differences that might influence your choice.
On the other hand, ThinkMarkets, with its user-friendly interface and robust app, provides a seamless trading experience, especially for those who are always on the move. BlackBull, with its vast array of assets and tools, ensures that traders have everything they need at their fingertips.
Verdict
Based on our tests, ThinkMarkets offers a slightly superior trading experience in terms of ease and user-friendliness.
ThinkMarkets Trust Score
BlackBull Markets Trust Score
Engaging with an online broker presents two types of risks: Market risk, inherent to trading CFDs, stocks, or forex, can lead to substantial gains or losses based on market movement predictions.
The second risk, related to the broker’s trustworthiness and regulatory oversight, can be significantly mitigated by choosing a broker licensed by a Tier 1 regulator.
Regulatory bodies such as the UK’s Financial Conduct Authority or the Australian Securities and Investments Commission enforce strict requirements to protect customer funds and prevent fraud. In our comparison, ThinkMarkets stood out with its strong regulatory backing from multiple jurisdictions, providing a secure and verifiably trustable trading environment.
| BlackBull Markets | ThinkMarkets | |
|---|---|---|
| Tier 1 regulators* | FMA (New Zealand) | ASIC (Australia) FCA (UK) CYSEC (Cyprus) |
| Tier 2 regulators | JFSA | |
| Tier 3 regulators | FSA-S (Seychelles) | FSCA (South Africa) FSA-S (Seychelles) CIMA (Cayman) FSC-M (Mauritius) |
| Negative Balance Protection | Yes | Yes |
| Guaranteed Stop Loss | No | No |
| Scalping Allowed | Yes | Yes |
| Trust Score | 3 | 6 |
Verdict
Across trust, regulation, and risk management, we found BlackBull Markets to be somewhat lacking despite its good reputation with active traders.
BlackBull Markets doesn’t have any Tier 1 regulation, whereas ThinkMarkets is regulated by two Tier 1 authorities, the Australian Securities & Investments Commission (ASIC, Australia) and the Financial Conduct Authority (FCA, UK). As traders who sometimes have a lot of skin in the game, this additional safety net made us feel more secure about entrusting assets to the custody of a broker.
Our testing concluded that ThinkMarkets provides a safer and more regulated trading environment, particularly beneficial for those prioritising risk management and security of funds at the higher end of the trading spectrum. For this reason, we gave ThinkMarkets a score of 6 out of 10 for broker trust and BlackBull Markets a score of 3.
In our analysis of both brokers, BlackBull Markets shines with its vast selection of Share CFDs, while ThinkMarkets offers a diverse range of Cryptocurrency pairs and ETFs, catering to the needs of crypto traders and allowing more diversified portfolios.
| BlackBull Markets | ThinkMarkets | |
|---|---|---|
| Forex trading | 72 | 46 |
| Cryptocurrency trading | 9 | 27 |
| Share CFD trading | 26,000+ | 3670 |
| Commodities CFD trading | 9 metals 5 Energies 8 Softs |
4 Metals (3 x Golds) (3 x Silver) 3 Energies |
| ETF CFD trading | 7 | 352 |
| Indices CFD trading | 10 | 16 |
| Bonds/Treasuries CFD trading | 0 | 0 |
| Real Stocks | Yes (selected countries) | 0 |
| Other Products | No | Spread Betting (UK) |
| Our Product Score | 7 | 7 |
Verdict
We liked the wide range of forex pairs BlackBull Markets offers, with 72 pairs compared to ThinkMarkets’ 46. BlackBull Markets provides an extensive selection of over 26,000 CFDs, dwarfing ThinkMarkets’ offering of 3670. This range can be attributed to the 26,000+ shares they offer both as CFDs and as equities.
ThinkMarkets does, however, have more ETFs and indices than BlackBull Markets and even have Spread Betting for their clients in the UK.
Overall, when it comes to products, we gave 7 to each broker.
In the world of trading, continuous learning is paramount. Both BlackBull Markets and ThinkMarkets understand this and offer a range of educational resources to help traders at all levels. Here’s a breakdown of what each broker brings to the table:
While both brokers have made significant efforts to educate their users, it’s essential to consider the depth, quality, and accessibility of these resources. From our testing, it seems that ThinkMarkets has a slight edge in terms of the variety and depth of its educational content.
Verdict
Based on our tests, ThinkMarkets offers superior educational resources, making it the go-to choice for traders keen on continuous learning.
We value a straightforward, hassle-free process when opening a new trading account. The availability and quality of educational resources, customer service responsiveness, and funding methods also play a significant role in shaping the overall customer experience for our testing team.
In our comparison, ThinkMarkets takes the lead with one conspicuously helpful feature: 24/7 customer support, telegraphing a strong commitment to ensuring a positive user experience at all hours.
| BlackBull Markets | ThinkMarkets | |
|---|---|---|
| Education and research tools provided | Yes 5/10 | Yes (7/10) |
| Customer Support - Live chat (bot, human) | Bot, Human | Bot, Human |
| Funding methods | Bank Transfer Credit/Debit Cards (Visa and Mastercard) Fasapay UnionPay NETELLER Discover Skrill AstroPay Interact Crypto Poli |
Bank Transfer Credit/Debit Cards (Visa and Mastercard) BitPay Skrill NETELLER BPay POLi |
| Customer Support | 24/6 | 24/7 |
| Customer Service Score | 6 | 6 |
| Funding methods | 8 | 8 |
Verdict
We found ThinkMarkets to offer a more comprehensive set of resources that were easier for us to access in testing.
We felt that both companies could improve their onboarding and educational offerings by incorporating more diverse types of resources, such as in-house analysts, topical webinars, or a better assortment of how-to guides for beginner traders.
We had a couple of questions for customer service during the testing process and were impressed by Thinkmarkets’ embodiment of the phrase ‘money never sleeps’ with their 24/7 support approach.
Read about CompareForexBrokers’ Head of Research Justin Grossbard’s experiences opening new accounts with a spread of different brokers, and the data science behind how he scores each experience.
ThinkMarkets ReviewVisit ThinkMarkets
When it comes to funding options, both BlackBull Markets and ThinkMarkets offer a diverse range of methods to cater to their global clientele. These methods not only provide convenience but also ensure that traders can deposit and withdraw funds with ease. From our extensive research and testing, we’ve observed that while both brokers have their strengths, there are distinct differences in the options they provide.
ThinkMarkets, for instance, has been known to offer a broader spectrum of funding methods, especially catering to local payment methods in various countries. BlackBull Markets, on the other hand, focuses on more universally accepted methods, ensuring that their clients have no issues regardless of their location. However, to get a clearer picture, let’s delve into a comparative table showcasing the funding options available for each broker:
| Funding Option | BlackBull Markets | ThinkMarkets |
|---|---|---|
| Bank Wire Transfer | ✅ | ✅ |
| Credit/Debit Card | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| Skrill | ✅ | ✅ |
| Neteller | ✅ | ✅ |
| UnionPay | ✅ | ❌ |
| FasaPay | ❌ | ✅ |
| Bitcoin | ❌ | ✅ |
| Local Bank Transfer | ✅ | ✅ |
| Other Methods | ❌ | ✅ |
Verdict
Based on the available funding options, ThinkMarkets appears to offer a more comprehensive range of methods, making it the preferable choice for traders looking for diverse funding options.
BlackBull Markets and ThinkMarkets have a similar minimum deposit requirement of $0. ThinkMarkets does provide a slightly better funding experience with its flexible payment options, as seen below.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £0 | $0 | €0 | $0 |
| Paypal | £0 | $0 | €0 | $0 |
| Bank Wire | £0 | $0 | €0 | $0 |
| Skrill | £0 | $0 | €0 | $0 |
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
While both brokers offer accounts with no minimum deposit, ThinkMarkets stands out for us because its $0 requirement applies across the board.
ThinkMarkets is the winner because it has a majority of advantages in key areas compared to BlackBull Markets. The table below summarises the key information leading to this verdict.
| Criteria | ThinkMarkets | 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 | ✅ | ❌ |
ThinkMarkets is better suited for beginner traders due to its comprehensive educational resources and user-friendly platform.
BlackBull Markets is the preferred choice for experienced traders because of its advanced trading platform and features.
ThinkMarkets generally offers lower costs compared to BlackBull Markets. They have been recognised for their competitive spreads and low commission rates. For instance, traders can benefit from spreads as low as 0.1 pips on major currency pairs. For more detailed insights on low commissions, you can visit this comprehensive guide on low commissions.
Both ThinkMarkets and BlackBull Markets offer MetaTrader 4, but ThinkMarkets is often preferred for its enhanced MT4 features and tools. They provide a seamless trading experience with custom indicators and advanced charting capabilities. If you’re keen on exploring more about the best MT4 brokers, check out this detailed review of top MT4 brokers.
ThinkMarkets provides options for social trading, allowing traders to mimic strategies of successful traders. This feature is especially beneficial for beginners looking to gain insights and learn from seasoned professionals. For a deeper dive into the world of social and copy trading, here’s a comprehensive guide on the best forex social trading platforms.
Neither ThinkMarkets nor BlackBull Markets offer spread betting as a primary service. Spread betting is a unique form of trading popular in the UK and some other regions, and not all brokers provide this service. If you’re specifically interested in spread betting, you might want to explore other brokers. For a comprehensive list of the best spread betting brokers, you can check out this detailed guide on the best spread betting brokers in the UK.
In my opinion, ThinkMarkets has a slight edge for Australian forex traders. Both brokers are ASIC regulated, which ensures a high level of trust and security for traders. However, ThinkMarkets was founded in Australia, giving it a home advantage and a deeper understanding of the local market. BlackBull Markets, on the other hand, is based overseas. For a broader perspective on the best brokers in Australia, here’s a comprehensive review of top Australian forex brokers.
For UK traders, I believe ThinkMarkets stands out. Both brokers are FCA regulated, ensuring a high standard of conduct and protection for UK traders. However, ThinkMarkets has established a strong presence in the UK market, offering tailored services and features for UK traders. BlackBull Markets, while offering competitive services, is not primarily based in the UK. For more insights on the best brokers in the UK, you can visit this detailed guide on the top 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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