This BlackBull Markets vs XM forex broker review found BlackBull has spreads from 0 pips (plus $7.00 commission with its STP Prime account while XM is a market maker with a strong spread-only account that starts from 0.6 pips. See how each broker compares.
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Our full comparison covers the 10 most important trading factors. Here are five key differences between BlackBull Markets and XM:
When it comes to spreads, both Blackbull Markets and XM offer competitive rates. However, our research shows that XM tends to have slightly tighter spreads on average. 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.
Looking at the average standard account spreads for the forex pairs, it’s clear that there are some differences between Blackbull Markets and XM Comparison. 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.
| Forex Pair | Blackbull Markets | XM Comparison | Industry Average |
|---|---|---|---|
| EUR/USD | 1.2 | 1.6 | 1.18 |
| USD/JPY | 1.3 | 1.5 | 1.37 |
| GBP/USD | 1.4 | 1.9 | 1.51 |
| AUD/USD | 1.7 | 1.6 | 1.41 |
| USD/CAD | 1.5 | 2.0 | 1.70 |
| EUR/GBP | 1.5 | 1.8 | 1.56 |
| EUR/JPY | 1.9 | 2.1 | 1.85 |
| AUD/JPY | 2.1 | 3.2 | 2.09 |
Standard Account Analysis Updated April 2024[1]April 2024 Published And Tested Data
However, it’s not just about the numbers. 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 you can’t go wrong with either choice.
Comparing these brokers to the industry average, it’s clear that both are competitive. However, Blackbull Markets often comes out slightly ahead. This suggests that if cost is a major factor for you, Blackbull Markets may be the better choice. But remember, cost isn’t everything. Make sure to consider all factors before making your decision.
Commission
In terms of commission, Blackbull Markets charges $9 per lot, which is higher than many other forex brokers. On the other hand, 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
When it comes to spreads and fees, XM wins due to its lower spreads and commission-free trading.
| Broker | Average Spread EUR/USD | Commission |
|---|---|---|
| XM | 0.8 pips | None |
| Blackbull Markets | 0.9 pips | $9 per lot |
Both Blackbull Markets and XM offer MetaTrader 4 and MetaTrader 5, the world’s most popular trading platforms. These platforms are known for their advanced charting tools, automated trading capabilities, and extensive customizability. However, XM also provides its proprietary platform, which offers additional features and tools.
Verdict
XM takes the lead in this category due to the additional choice of a proprietary platform.
| Broker | Trading Platforms |
|---|---|
| XM | MT4, MT5, XM WebTrader |
| Blackbull Markets | MT4, MT5 |
Blackbull Markets offers three account types: ECN Standard, ECN Prime, and 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 and Micro, along with a suite of professional accounts. While XM’s account types are simpler and more straightforward, Blackbull Markets provides more options for customization and scalability.
Verdict
BlackBull Markets wins this category due to its wider range of account types catering to different trader needs.
| Broker | Account Types |
|---|---|
| Blackbull Markets | ECN Standard, ECN Prime, ECN Institutional |
| XM | Standard, Micro, XM Zero |
The trading environment is another crucial aspect to consider when choosing a forex broker. Our research on execution speeds shows that Blackbull Markets outperforms XM. Blackbull Markets has an impressive execution speed, ranking first in our tests, making it an excellent choice for traders who value quick order execution, which is vital to avoid slippage.
Verdict
In terms of trading environment, BlackBull Markets is the clear winner due to its superior order execution speed.
| Broker | Execution Speed |
|---|---|
| Blackbull Markets | 1st |
| XM | Not in top 5 |
XM is has a higher trust score of 67 vs 37 for Blackbull largely due to XM being overseen by three tier-1 regulators compared to Blackbull with one.
BlackBull Markets Trust Score
XM Trust Score
Regulation
Both BlackBull Markets and XM are well-regulated brokers and considered trustworthy. Blackbull Markets is regulated by Financial Markets Authority (FMA) in New Zealand, making it well-suited to Kiwi traders.
XM on the other hand 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 |
Reviews
BlackBull Markets has a TrustPilot score of 4.3 out of 5, yet the broker only has 14 reviews. XM on the other hand, has over 500 reviews but a poorer rating of 3.2.
Reputation
BlackBull was established in 2014 in New Zealand, while XM was founded in 2009, therefore both brokers have a decade of experience in the forex trading industry.
Verdict
Both brokers are trustworthy and well-regulated, yet due to XM’s higher trust score they are the more trusted broker overall.
BlackBull Markets and XM are both renowned for their extensive range of CFDs, products, and markets. However, there are some differences between the two that traders should be aware of.
Table: Comparison of CFDs, Products, and Markets
| Product/Market Category | BlackBull Markets | XM |
|---|---|---|
| Forex Pairs | 64 | 57 |
| Commodities | 12 | 15 |
| Indices | 15 | 20 |
| Stocks | 150+ | 1200+ |
| Cryptocurrencies | 5 | 10 |
| Metals | 6 | 8 |
| Energies | 3 | 5 |
| Shares | 60+ | 700+ |
| Bonds | 2 | 4 |
| ETFs | 10 | 12 |
| Total Products | 327+ | 2031+ |
From the table above, it’s evident that while BlackBull Markets offers a decent range of products, XM has a significantly broader offering, especially in the stocks and shares categories.
Verdict
Based on the range of CFDs and markets available, XM stands out as the broker offering the best range of CFDs and Markets.
When it comes to educational resources, both BlackBull Markets and XM have made significant efforts to provide traders with the tools they need to succeed. Here’s a comparison of the educational resources each broker offers:
Based on the content from the provided link and our own testing, it’s evident that both brokers have invested in educational resources. However, there are some differences in the depth and breadth of the materials provided.
Verdict
Based on our testing scores and the range of educational resources available, XM stands out as the broker offering the best educational resources.
Customer service is a vital aspect of any forex broker. Both Blackbull Markets and XM offer excellent customer support, providing multiple channels of communication, including live chat, email, and phone support. However, XM stands out with its 24/7 customer service, while Blackbull Markets’ support is available 24/5.
Verdict
XM wins this category due to its 24/7 customer support availability.
| Broker | Customer Support Availability |
|---|---|
| XM | 24/7 |
| Blackbull Markets | 24/5 |
When it comes to funding options, both BlackBull Markets and XM offer a variety of methods to cater to the diverse needs of their clients. BlackBull Markets, for instance, provides options such as Bank Transfer, Credit Card, and Skrill, among others.
On the other hand, XM also presents a wide array of choices, including but not limited to Bank Transfer, Credit Card, and Neteller. It’s evident that both brokers have made significant efforts to ensure that their clients have multiple avenues for depositing and withdrawing funds.
However, 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 | ✅ | ✅ |
| Credit Card | ✅ | ✅ |
| Skrill | ✅ | ❌ |
| Neteller | ❌ | ✅ |
| PayPal | ❌ | ❌ |
| UnionPay | ✅ | ❌ |
| FasaPay | ✅ | ❌ |
| Bitcoin | ❌ | ❌ |
| WebMoney | ❌ | ✅ |
| Perfect Money | ❌ | ❌ |
Verdict
Based on the available funding options, BlackBull Markets appears to offer a slightly broader range of choices compared to XM.
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
When it comes to the lowest minimum deposit, BlackBull Markets takes the lead with its $0 requirement. That said, remember that not all payment methods have this feature.
XM is the winner because 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 |
|---|---|---|
| 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, XM offers a more beginner-friendly environment with its low deposit requirements and comprehensive educational resources.
For seasoned traders looking for advanced features and a wider range of accounts, BlackBull Markets stands out as the preferred choice.
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 forex brokers.
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 forex brokers.
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 forex social trading platforms guide.
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.
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 top Australian forex brokers.
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 trading platforms in the UK might be of interest.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
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