BlackBull Markets vs XM: Which One Is Best?
With this review, you will see subtle differences between BlackBull Markets and XM, which are very significant for traders who are opting for the best experience in their trading journey. See which one is meant for you. Read all the important details here.
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Our full comparison covers the 10 most important trading factors. Here are five key differences between BlackBull Markets and XM:
- BlackBull Markets has spreads from 0 pips with a $3.00 commission on its STP Prime account, while
- XM operates as a market maker with spread-only accounts starting from 0.6 pips.
- BlackBull Markets charges a commission of $9 per lot, whereas
- XM mostly operates on a commission-free model, charging only the spread.
- BlackBull Markets boasts superior order execution speed.
1. Lowest Spreads And Fees – XM
Our research shows that XM tends to have slightly tighter spreads on average despite both brokers, BlackBull Markets and XM, offer competitive rates regarding spreads. For instance, the average spread for the EUR/USD pair at XM is 0.8 pips, while at BlackBull Markets, it’s around 0.9 pips. This difference might seem small, but for active traders, it can add up over time.
Apparently, there are some differences between BlackBull Markets and XM Comparison when you look at the average standard account spreads for forex pairs. BlackBull Markets tends to have slightly lower spreads across the board, with the most noticeable differences seen in the AUD/JPY and USD/CAD pairs. This suggests that BlackBull Markets may offer more competitive pricing for these pairs.
| Standard Account | BlackBull Markets Spreads | XM Spreads | Industry Spreads |
|---|---|---|---|
| Overall Average | 1.5 | 2.11 | 1.6 |
| EUR/USD | 1.1 | 1.6 | 1.2 |
| USD/JPY | 1.4 | 2 | 1.4 |
| GBP/USD | 1.4 | 1.8 | 1.6 |
| AUD/USD | 1.2 | 2.3 | 1.5 |
| USD/CAD | 1.4 | 2.3 | 1.8 |
| EUR/GBP | 1.7 | 1.8 | 1.5 |
| EUR/JPY | 1.8 | 2.1 | 1.9 |
| AUD/JPY | 2 | 3 | 2.1 |
Standard Account Analysis Updated April 2025[1]April 2025 Published And Tested Data
But when choosing a forex broker, it’s also important to consider other factors such as the broker’s reputation, customer service, and trading platform. In my experience, both BlackBull Markets and XM Comparison offer high-quality services, so it’s just not about the numbers, and you can’t go wrong with either choice.
BlackBull Markets often comes out slightly ahead when both brokers are compared to the industry average. And this only suggests that BlackBull Markets may be the better choice if cost is a major factor for you. But always bear this in mind: Cost isn’t everything. Make sure to consider all factors before making your decision.
Commission
BlackBull Markets charges $9 per lot, which is higher than many other forex brokers in regard to commission. That said, XM operates on a mostly commission-free model, charging only the spread on most of its account types. This makes XM a more cost-effective choice for traders who trade frequently or in large volumes.
Verdict
XM comes out on top here as a result of their lowest spreads and fees.
2. Better Trading Platform – XM
| Trading Platform | BlackBull Markets | XM |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | Yes | No |
| TradingView | Yes | No |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | Yes |
BlackBull Markets and XM offer MetaTrader 4 and MetaTrader 5, the world’s most popular trading platforms, and these platforms are known for their advanced charting tools, automated trading capabilities, and extensive customizability. In addition, XM provides its proprietary platform as well in which it offers additional features and tools.
Verdict
XM takes the lead in this category due to having better trading platform.
3. Superior Accounts And Features – BlackBull Markets
BlackBull Markets offers three account types:
- ECN Standard.
- ECN Prime.
- ECN Institutional.
These accounts cater to different types of traders, from beginners to experienced and institutional traders.
XM, on the other hand, offers two main account types:
- Standard.
- Micro.
These mentioned comes along with a suite of professional accounts as well. While XM’s account types are simpler and more straightforward, BlackBull Markets provides more options for customization and scalability.
| Blackbull Markets | XM | |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | Yes | Yes |
| Swap Free Account | Yes | Yes |
| Active Traders | Yes | No |
| Spread Betting (UK) | No | No |
Verdict
BlackBull Markets outperforms in this area because of their superior accounts and fees.
4. Best Trading Experience And Ease – BlackBull Markets
The trading environment is another crucial aspect to consider when choosing a forex broker, and our research shows that, in regard to execution speeds, BlackBull Markets outperforms XM. BlackBull Markets’ execution speed is impressive and exemplary, which ranked first in our tests, making it an excellent choice for traders who value quick order execution, absolutely vital to avoid slippage.
| Limit Order Speed | Limit Order Global Rank | Market Order Speed | Market Order Global Rank | |
|---|---|---|---|---|
| BlackBull Markets | 72ms | 1/36 | 90ms | 5/36 |
| XM | 148ms | 21/36 | 184ms | 28/36 |
Verdict
BlackBull Markets is the clear winner to their best trading experience and ease.
5. Stronger Trust And Regulation – XM
We can see that XM has a higher trust score of 67 while BlackBull Markets has 50. This is largely because of XM being overseen by three tier-1 regulators compared to BlackBull Markets with one.
BlackBull Markets Trust Score
XM Trust Score
Regulation
Still, both BlackBull Markets and XM are well-regulated brokers and considered trustworthy. Take note: BlackBull Markets is regulated by Financial Markets Authority (FMA) in New Zealand, making it well-suited to Kiwi traders.
While XM is licensed by the Cyprus Securities and Exchange Commission (CySEC), the UK’s Financial Conduct Authority (FCA), and the Australian Securities and Investments Commission (ASIC).
Both online brokers have offshore tier-2 and tier-3 licenses as well in locations such as Dubai (DFSA) and Belize (FSC) for XM and Seychelles (FSA) for Blackbull.
| BlackBull Markets | XM | |
|---|---|---|
| Tier 1 Regulation | FMA (New Zealand) | ASIC (Australia) FCA (UK) CYSEC (Cyprus) |
| Tier 2 Regulation | DFSA (Dubai) | |
| Tier 3 Regulation | FSA-S (Seychelles) | FSC-BZ |
Overview:
BlackBull Markets boasts a TrustPilot score of 4.3 out of 5 based on 14 reviews, whereas XM, with over 500 reviews, has a lower rating of 3.2. BlackBull was established in 2014 in New Zealand, while XM began its journey in 2009. Both companies have more than ten years of experience in the forex trading sector, and, apparently, are trustworthy and well-regulated.
Verdict
XM’s tops this category owing to having stronger trust and regulation.
6. Top Product Range And CFD Markets – XM
BlackBull Markets and XM are both renowned for their extensive range of CFDs, products, and markets. But there are some differences between the two that traders should be aware of.
| CFDs | BlackBull Markets | XM |
|---|---|---|
| Forex Pairs | 72 | 55 |
| Indices | 10 | 14 |
| Commodities | 9 Metals 5 Energies 8 Softs | 2 Metals 5 Energies 8 Softs |
| Cryptocurrencies | 9 | - |
| Shares | 26000+ | 1261 |
| ETFs | 7 | - |
| Bonds/Treasuries | No | No |
| Other Products(Options,Futures) | No | No |
Table: Comparison of CFDs, Products, and Markets
Basing from the table above, it’s clear that while BlackBull Markets offers a decent range of products, XM has a significantly broader offering, especially in the stocks and shares categories.
Verdict
XM stands out as having the top product range and CFD markets.
7. Superior Educational Resources – XM
BlackBull Markets and XM have made significant efforts to provide traders with the tools they need to succeed in regard to having educational resources, because to these brokers, this is crucial. Here’s a comparison of the educational resources each broker offers:
- Webinars: Both brokers offer regular webinars, but XM’s sessions are more frequent and cover a wider range of topics.
- Tutorials: BlackBull Markets provides detailed tutorials on its platform, while XM offers comprehensive video tutorials for beginners.
- E-books: XM boasts a vast library of e-books, whereas BlackBull Markets has a limited selection.
- Trading Glossary: Both brokers provide a trading glossary, but XM’s is more extensive and user-friendly.
- Market Analysis: BlackBull Markets offers daily market analysis, while XM provides in-depth weekly market insights.
- Trading Courses: XM offers structured trading courses for beginners and advanced traders, while BlackBull Markets focuses on specific trading strategies.
Evidently, both brokers have invested much in their educational resources based on the provided link, but when it comes to breadth and depth of the materials provided, still, there are slight differences.
Verdict
XM takes the lead for their superior educational resources.
8. Superior Customer Service – XM
BlackBull Markets and XM offer excellent customer support, providing multiple channels of communication, including live chat, email, and phone support because for them, this is a vital aspect for any forex brokers. However, XM stands out with its 24/7 customer service, while BlackBull Markets’ support is available 24/5.
Verdict
XM outshines through their superior customer services.
9. Better Funding Options – BlackBull Markets
Apparently, BlackBull Markets and XM offer a variety of methods to cater to the diverse needs of their clients regarding to their funding options. For instance, BlackBull Markets provides options such as Bank Transfer, Credit Card, and Skrill, among others.
Even so, XM presents a wide array of choices, including, but not limited to, Bank Transfer, Credit Card, and Neteller. It clearly shows that both brokers have made significant efforts to ensure that their clients have multiple avenues for depositing and withdrawing funds.
Unfortunately, though, not all funding options are available with both brokers. While some methods are universally accepted, there are certain discrepancies in the offerings. To get a clearer picture of which broker provides what, let’s take a look at the table below:
| Funding Option | BlackBull Markets | XM |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit Card | Yes | Yes |
| Skrill | Yes | No |
| Neteller | No | Yes |
| PayPal | No | No |
| UnionPay | Yes | No |
| FasaPay | Yes | No |
| Bitcoin | No | No |
| WebMoney | No | Yes |
| Perfect Money | No | No |
Verdict
BlackBull Markets excels in this part owing to having better funding options.
10. Lower Minimum Deposit – BlackBull Markets
BlackBull Markets has a lower minimum deposit of $0 against the $5 minimum from XM. The ECN Standard account from BlackBull Markets requires no initial deposit. However, the ECN Prime and ECN Institutional accounts come with higher deposit requirements.
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 |
XM
| Minimum Deposit | GBP | USD | EUR | AUD |
|---|---|---|---|---|
| Credit Card / Debit Card | £5 | $5 | €5 | $5 |
| Bank Wire | £5 | $5 | €5 | $5 |
| Electronic Wallets | £5 | $5 | €5 | $5 |
Verdict
BlackBull Markets dominates this part because of having lower minimum deposit.
So Is XM or BlackBull Markets The Best Broker?
XM outperforms in some aspects as it excels in a majority of the key areas we evaluated, including spreads, fees, trading platforms, educational resources, customer service, and minimum deposit requirements. The table below summarises the key information leading to this verdict:
| Criteria | BlackBull Markets | XM |
|---|---|---|
| Better Trading Platform | No | Yes |
| Superior Accounts And Features | Yes | No |
| Top Product Range And CFD Markets | No | Yes |
| Lowest Spreads And Fees | No | Yes |
| Best Trading Experience And Ease | Yes | No |
| Stronger Trust And Regulation | No | Yes |
| Superior Educational Resources | No | Yes |
| Superior Customer Service | No | Yes |
| Better Funding Options | Yes | No |
| Lower Minimum Deposit | No | Yes |
XM: Best For Beginner Traders
Apparently, XM offers a more beginner-friendly environment with its low deposit requirements and comprehensive educational resources, especially meant for beginner traders.
BlackBull Markets: Best For Experienced Traders
Nevertheless, BlackBull Markets stands out as the preferred choice for seasoned traders looking for advanced features and a wider range of accounts.
FAQs Comparing BlackBull Markets Vs XM
Does XM or BlackBull Markets Have Lower Costs?
XM generally offers lower costs compared to BlackBull Markets. XM boasts competitive spreads, often starting from as low as 0.6 pips. BlackBull Markets, while offering spreads from 0 pips, charges a commission which can add to the trading costs. For a deeper dive into brokers with competitive rates, explore the Lowest Commission Brokers.
Which Broker Is Better For MetaTrader 4?
Both XM and BlackBull Markets offer MetaTrader 4, but XM provides a more enhanced experience with additional tools and features. XM’s integration with MT4 is seamless, and they often roll out updates to improve the trading experience. For a comprehensive review of top-performing brokers on this platform, check out the best MT4 brokers.
Which Broker Offers Social Trading?
XM offers social trading features, allowing traders to copy the strategies of experienced traders. Social or copy trading has become a popular trend, especially among new traders. If you’re keen on understanding the nuances of social trading, delve into this guide on the best social trading platforms.
Does Either Broker Offer Spread Betting?
Neither XM nor BlackBull Markets offer spread betting as a primary service. Spread betting is a unique form of trading popular in the UK, allowing traders to bet on the direction of market movements. For those interested in brokers that do offer this service, you can explore the best spread betting brokers in the UK.
What Broker is Superior For Australian Forex Traders?
In my opinion, BlackBull Markets is superior for Australian forex traders. Founded in New Zealand and with a strong presence in Australia, BlackBull Markets is ASIC regulated, ensuring a high level of trust and security for Australian traders. XM, on the other hand, is based overseas. For a broader perspective on top brokers in the region, you might want to check out this list of Best Forex Brokers In Australia.
What Broker is Superior For UK Forex Traders?
For UK traders, I believe XM has the edge. While both brokers offer services to UK traders, XM is FCA regulated, ensuring compliance with the stringent regulations set by the UK’s financial authority. BlackBull Markets, although reputable, is not founded in the UK. If you’re a UK trader looking for more options, this guide on the Best Forex Brokers In UK might be of interest.
Article Sources
No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.
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