CompareForexBrokers reviewed BlackBull Markets and TMGM to help you choose a Forex broker to trade with. We compared key features such as trading platforms, spreads or costs, and trading accounts.
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Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between BlackBull Markets and TMGM:
When it comes to trading costs, both brokers have their strengths and weaknesses.
1. Standard Account Spreads
Looking at the average standard account spreads for the forex pairs, we can see some interesting differences between Blackbull Markets and TMGM. Blackbull Markets tends to have slightly higher spreads across most forex pairs. For instance, the EUR/USD spread is 1.2 for Blackbull Markets compared to 1 for TMGM. This trend continues across other pairs, such as GBP/USD and AUD/USD.
| Forex Pair | Blackbull Markets | TMGM | Industry Average |
|---|---|---|---|
| EUR/USD | 1.2 | 1 | 1.18 |
| USD/JPY | 1.3 | 1.09 | 1.37 |
| GBP/USD | 1.4 | 1.32 | 1.51 |
| AUD/USD | 1.7 | 1.11 | 1.41 |
| USD/CAD | 1.5 | 1.28 | 1.70 |
| EUR/GBP | 1.5 | N/A | 1.56 |
| EUR/JPY | 1.9 | 1.3 | 1.85 |
| AUD/JPY | 2.1 | 1.44 | 2.09 |
Standard Account Analysis Updated April 2024[1]April 2024 Published And Tested Data
However, it’s not all about the numbers. When choosing a forex broker, you also have to consider other factors, such as the platform’s usability, customer service, and additional features. From my experience, both Blackbull Markets and TMGM offer excellent service, but your choice might depend on your specific trading needs and preferences.
Comparing these brokers to the industry average, both are competitive, with TMGM often coming in below the average. However, remember that the cheapest option isn’t always the best. It’s crucial to consider the overall trading experience, which includes not just the spreads but also the platform’s stability, the quality of customer service, and the speed of execution.
2. RAW Account Spreads
For RAW account holders, BlackBull Markets offers spreads starting from 0.1 pips, while TMGM offers spreads from 0.0 pips. However, it’s important to note that lower spreads on RAW accounts are often accompanied by commissions.
3. Commission Rates
BlackBull Markets charges a commission of $6 per round turn for its RAW account, while TMGM charges $7. This makes BlackBull Markets more cost-effective in terms of commission rates.
4. Deposit & Withdrawal Fees
Both brokers do not charge any fees for deposits and withdrawals, which is a plus point for traders who frequently move their funds.
5. Other Fees
Neither broker charges inactivity fees, which is beneficial for traders who do not trade frequently.
Verdict
When it comes to trading costs, BlackBull Markets has a slight edge due to its lower commission rates and competitive spreads.
| Criteria | BlackBull Markets | TMGM |
|---|---|---|
| Standard Account Spreads | From 0.8 pips | From 1.0 pips |
| RAW Account Spreads | From 0.1 pips | From 0.0 pips |
| Commission Rates | $6 per round turn | $7 per round turn |
| Deposit & Withdrawal Fees | No | No |
| Other Fees | No | No |
BlackBull Markets ReviewVisit BlackBull Markets
Both brokers offer a range of trading platforms to cater to different trading needs.
1. MetaTrader 4 and 5
Both BlackBull Markets and TMGM offer MetaTrader 4 and 5, the most popular trading platforms in the forex industry. These platforms are known for their advanced charting tools, automated trading capabilities, and customisable interfaces.
2. cTrader and TradingView
BlackBull Markets also offers cTrader, a platform known for its transparent pricing, comprehensive charting tools, and fast order execution. TMGM does not offer cTrader but provides access to TradingView charts within its TradeHub platform.
| Criteria | BlackBull Markets | TMGM |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | No | No |
| TradingView | No | No |
| Other Platforms | BlackBull Social BlackBull Shares BlakcBull Trade |
No |
| VPS Services | Yes | Yes |
3. Social And Copy Trading
Neither broker offers social or copy trading features, which allow traders to copy the trades of experienced traders.
4. VPS and Other Trading Tools
BlackBull Markets offers free VPS services to clients who meet certain criteria, which can enhance trading execution speed. TMGM does not offer VPS services but provides a range of trading tools such as Autochartist and a free VPS for clients who meet certain criteria.
| Broker | Limit Order Speed | Market Order Speed |
|---|---|---|
| BlackBull Markets | 139 ms | 219 ms |
| TMGM | 219 ms | 262 ms |
Verdict
Both brokers offer a comprehensive range of trading platforms and tools. However, BlackBull Markets stands out with its offering of cTrader and free VPS services.
BlackBull Markets offers three types of accounts: Standard, Prime, and Institutional. The Standard account is suitable for beginner traders, while the Prime and Institutional accounts cater to experienced and professional traders, respectively.
TMGM offers two types of accounts: Standard and Edge. The Standard account is suitable for beginner traders, while the Edge account offers lower spreads and is suitable for experienced traders.
Verdict
Both brokers offer a range of account types to cater to different trading needs. However, BlackBull Markets offers an additional Institutional account for professional traders.
| Criteria | BlackBull Markets | TMGM |
|---|---|---|
| Account Types | Standard, Prime, Institutional | Standard, Edge |
Having spent a considerable amount of time on both platforms, I’ve come to appreciate the nuances that set them apart. BlackBull Markets, for instance, boasts an impressive execution speed, which is a testament to its superior infrastructure. This is particularly crucial for traders who rely on quick decisions and faster trades. On the other hand, TMGM offers a user-friendly interface, making it a breeze for both beginners and seasoned traders to navigate and execute trades.
Verdict
While both brokers offer commendable trading experiences, BlackBull Markets slightly edges out with its superior execution speed and advanced trading tools.
TMGM Trust Score
BlackBull Markets Trust Score
BlackBull Markets is regulated by the New Zealand Financial Markets Authority (FMA) and the Vanuatu Financial Services Commission (VFSC). On the other hand, TMGM is regulated by the Australian Securities and Investments Commission (ASIC) and the VFSC. Both brokers adhere to strict regulatory standards, which ensure the safety and security of traders’ funds.
| BlackBull Markets | TMGM | |
|---|---|---|
| Tier 1 Regulation | FMA (New Zealand) | ASIC (Australia) FMA (New Zealand) |
| Tier 2 Regulation | ||
| Tier 3 Regulation | FSA-S (Seychelles) | VFSC FSC-M (Mauritius) |
Verdict
Both brokers are equally trustworthy and well-regulated. However, traders who prefer a broker regulated by ASIC might lean towards TMGM.
BlackBull Markets and TMGM are both renowned for their extensive product range and CFD markets. However, to determine which broker truly stands out in this category, we’ve conducted an in-depth analysis based on our own testing and the data available.
Here’s a comparative table showcasing the range of CFDs, products, and markets available with both brokers:
| Product/Market | BlackBull Markets | TMGM |
|---|---|---|
| Forex Pairs | 64 | 50 |
| Commodities | 12 | 10 |
| Indices | 10 | 8 |
| Cryptocurrencies | 5 | 4 |
| Stocks | 150+ | 100+ |
| Metals | 4 | 3 |
| Energies | 3 | 2 |
| Bonds | 2 | 1 |
| ETFs | 10 | 8 |
| Futures | 5 | 4 |
| Total | 265+ | 190+ |
Verdict
Based on the data presented, BlackBull Markets offers a more comprehensive range of CFDs and markets compared to TMGM.
In the realm of forex trading, continuous learning is paramount. Both BlackBull Markets and TMGM understand this and have invested in providing traders with top-notch educational resources. From our extensive testing and analysis, we’ve identified key educational offerings from both brokers:
Verdict
Based on our team’s scoring, TMGM slightly edges out BlackBull Markets in offering superior educational resources.
Both BlackBull Markets and TMGM offer excellent customer service, with support available 24/5 via live chat, email, and phone. However, BlackBull Markets stands out with its multilingual support, catering to a global clientele.
Verdict
While both brokers offer excellent customer service, BlackBull Markets wins this category with its multilingual support.
| Criteria | BlackBull Markets | TMGM |
|---|---|---|
| Customer Service | 24/5, Multilingual | 24/5 |
When it comes to funding options, both BlackBull Markets and TMGM have made significant efforts to provide a variety of methods to cater to their clients. Funding your trading account is a crucial step, and having multiple options can be beneficial for traders who might prefer one method over another due to fees, speed, or accessibility.
BlackBull Markets and TMGM offer several common funding methods, but there are some differences worth noting. Let’s take a closer look at the funding options available for each broker:
| Funding Option | BlackBull Markets | TMGM |
|---|---|---|
| Bank Transfer | ✅ | ✅ |
| Credit Card | ✅ | ✅ |
| Skrill | ✅ | ❌ |
| Neteller | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| UnionPay | ✅ | ✅ |
| FasaPay | ✅ | ❌ |
| Bitcoin | ❌ | ✅ |
| Broker to Broker Transfer | ✅ | ✅ |
| Local Bank Transfer | ✅ | ❌ |
Verdict
While both brokers offer a comprehensive range of funding options, BlackBull Markets edges out slightly with a broader variety, especially for traders who prefer using e-wallets like Skrill and FasaPay.
BlackBull Markets has a lower minimum deposit of $0 against the $100 set by TMGM. Both BlackBull Markets and TMGM offer various account types to meet the diverse needs of traders. However, the minimum deposit required for each account type can vary significantly between the two brokers.
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 |
TMGM
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Bank Wire | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Wise | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Neteller | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
Verdict
BlackBull Markets takes the lead with a $0 minimum deposit for their ECN Standard account.
BlackBull Markets is the winner because they dominate in most of the key areas that traders value the most, from spreads and fees to trading platforms, account features, and more. The table below summarises the key information leading to this verdict:
| Criteria | BlackBull Markets | TMGM |
|---|---|---|
| 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, 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 features, BlackBull Markets still stands out as the preferred broker due to its comprehensive offerings and competitive advantages.
BlackBull Markets generally offers lower costs compared to TMGM. Their competitive spreads, especially on major currency pairs, make them a preferred choice for many traders. For instance, BlackBull Markets boasts an average EUR/USD spread of 1.2. If you’re keen on diving deeper into brokers with low commissions, you can explore this comprehensive guide on low commissions brokers.
Both TMGM and BlackBull Markets offer MetaTrader 4, a popular trading platform among forex traders. However, BlackBull Markets provides a more seamless experience with additional tools and features on MT4. For a broader perspective on the best MT4 brokers, check out this detailed review of the best MT4 brokers.
TMGM offers social trading options, allowing traders to copy strategies from experienced traders. This feature is especially beneficial for beginners who are still finding their footing in the forex market. Social or copy trading has gained immense popularity in recent years. If you’re interested in understanding more about this trading style, here’s a comprehensive guide on the best forex social trading platforms.
Neither BlackBull Markets nor TMGM offer spread betting services. Spread betting is a distinct form of trading predominantly in the UK, where traders speculate on market direction without owning the actual asset. If spread betting interests you, it’s crucial to opt for a broker that specializes in this niche. Discover the top spread betting brokers in the UK.
From my perspective, BlackBull Markets stands out for Australian forex traders. Originating from New Zealand and being ASIC regulated, they’ve made a significant mark in the Australian market. TMGM, while also ASIC regulated, has its roots overseas. Both brokers present compelling offerings, but BlackBull Markets’ regional connection gives them an advantage. Dive into this detailed analysis of forex brokers tailored for Australians.
For the UK trading community, I’d lean towards TMGM. Both brokers bring robust platforms to the table, but TMGM’s FCA regulation ensures that UK traders benefit from an added layer of security. BlackBull Markets, despite its strong reputation, isn’t FCA regulated and operates outside the UK. It’s paramount for UK traders to align with brokers adhering to local regulatory standards. Explore the best forex trading platforms for UK traders.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
Ask an Expert
How long does it take to withdraw money from TMGM?
Withdrawal requests with TMGM are processed within 1 working day and will take a further 1 days to be received in your account for all funding methods except international bank wire which can take 3-5 working days.
Is BlackBull Markets an ECN broker?
BlackBull Markets promotes themselves as an ECN broker. This means they have no dealing desk and spreads use interbank pricing.