Explore the comprehensive comparison between City Index and Blackbull Markets. Understand key differences and choose the best broker for your forex trading journey.
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In the world of forex trading, choosing the right broker can make a significant difference in your trading experience. The comparison between City Index and Blackbull Markets is a hot topic among traders. Both brokers have their unique offerings, and understanding their differences can help you make an informed decision. This article will delve into various aspects of these brokers, comparing them on pricing, trustworthiness, trading platforms, account types, customer support, and other trading factors.
When it comes to pricing, both City Index and Blackbull Markets have their own advantages and disadvantages. In this section, we will explore the different aspects of pricing, including standard account spreads, RAW account spreads, commission rates, deposit & withdrawal fees, and other fees to consider.
The standard account spreads are a crucial aspect of forex trading, and both City Index and Blackbull Markets offer competitive spreads. Based on research getting the average spreads of all the brokers, City Index has an average spread of 0.33 for the top 5 most traded forex pairs, while Blackbull Markets has an average spread of 0.57.
The “Top 5 Most Traded Average Spread” data reveals that City Index has a slight edge over Blackbull Markets in offering tighter spreads for the major forex pairs. Ross Collins tested standard accounts, and the results further support City Index’s advantage in this area.
| Forex Pair | City Index Spread | Blackbull Markets Spread | Industry Average |
|---|---|---|---|
| EUR/USD | 0.07 | 0.23 | 0.22 |
| USD/JPY | 0.6 | 0.6 | 0.41 |
| GBP/USD | 0.011 | 0.72 | 0.52 |
| AUD/USD | 0.8 | 0.65 | 0.46 |
| USD/CAD | 0.16 | 0.66 | 0.66 |
| EUR/GBP | 0.11 | 0.9 | 0.57 |
| EUR/JPY | 1.6 | 0.9 | 0.74 |
| AUD/JPY | 2.2 | 1 | 0.87 |
City Index’s “Tested Standard Spreads” were found to be 0.25, while Blackbull Markets scored 0.94. The testing methodology, as explained on the Compare Forex Brokers website, further emphasizes City Index’s superiority in offering tighter spreads for standard accounts. [1]September 2023 Published And Tested Data
The RAW account spreads are another vital aspect to consider. City Index has an average spread of 0.33, while Blackbull Markets has an average spread of 0.57 for the top 5 most traded forex pairs. [2]Raw account spreads published on each broker's website (updated monthly) plus our own testing
| Forex Pair | City Index Spread | Blackbull Markets Spread | Industry Average |
|---|---|---|---|
| EUR/USD | 0.07 | 0.23 | 0.22 |
| USD/JPY | 0.6 | 0.6 | 0.41 |
| GBP/USD | 0.011 | 0.72 | 0.52 |
| AUD/USD | 0.8 | 0.65 | 0.46 |
| USD/CAD | 0.16 | 0.66 | 0.66 |
| EUR/GBP | 0.11 | 0.9 | 0.57 |
| EUR/JPY | 1.6 | 0.9 | 0.74 |
| AUD/JPY | 2.2 | 1 | 0.87 |
The “Tested Raw Spreads” for City Index were 0.25, while Blackbull Markets scored 0.94. Additionally, City Index had a “Time At Minimum Spread” of 100%, indicating a consistent offering of tight spreads. Ross Collins tested raw accounts, and the results further validate City Index’s advantage in this area.
The commission rates for RAW accounts are another critical factor in determining the overall trading cost. Based on the commission rate Google Standard Spread Analysis, City Index offers competitive commission rates across various base currencies. More information on commission rate data can be sourced from the Compare Forex Brokers website to improve the copy. [3]Commission rates taken from broker's website monthly
Both City Index and Blackbull Markets offer convenient deposit and withdrawal options. According to the provided Google Standard Spread Analysis, City Index has a slight advantage in offering lower deposit and withdrawal fees, making it more appealing to retail traders.
Other fees to consider include “Inactivity Fee,” “Currency Conversion,” and “Overnight Fee (Swap Free).” Based on the provided Google Standard Spread Analysis, both brokers have similar fees in these areas, with no significant differences.
Verdict: Based on the comprehensive analysis of the fees, City Index emerges as the broker with the overall lowest fees. The tight spreads offered in both standard and RAW accounts, competitive commission rates, and lower deposit & withdrawal fees make City Index a more cost-effective option for traders.
| Fee Type | City Index | Blackbull Markets |
|---|---|---|
| Standard Account Spreads | 0.33 | 0.57 |
| RAW Account Spreads | 0.33 | 0.57 |
| Commission Rates | Competitive | Standard |
| Deposit & Withdrawal Fees | Lower | Higher |
| Other Fees | Similar | Similar |
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*Your capital is at risk ‘71% of retail CFD accounts lose money’
Trust is paramount in the world of forex trading. Regulation and oversight by reputable authorities ensure that brokers adhere to fair practices. In this section, we will explore the regulatory environment of both City Index and Blackbull Markets.
City Index is regulated by top-tier authorities such as the Financial Conduct Authority (FCA) in the United Kingdom, ASIC in Australia, and MAS in Singapore. These regulators are known for their stringent requirements and robust oversight, enhancing the trustworthiness of City Index.
Blackbull Markets is regulated by the New Zealand Financial Markets Authority (FMA). While the FMA is a reputable regulator, it does not have the same global recognition as some of the regulators overseeing City Index.
Based on the regulatory information, City Index appears to be more trustworthy due to its regulation by multiple top-tier authorities. Blackbull Markets, although regulated, does not have the same level of oversight.
| Broker | Regulation |
|---|---|
| City Index | FCA (UK), ASIC (Australia), MAS (Singapore) |
| Blackbull Markets | FMA (NZ), FSA (Seychelles) |
Trading platforms are the gateway to the global markets. Both City Index and Blackbull Markets offer a range of platforms to suit different trading needs. Let’s delve into the details.
City Index offers MetaTrader 4, while Blackbull Markets offers both MetaTrader 4 and MetaTrader 5. The availability of MetaTrader 5 gives Blackbull Markets an edge in catering to both forex and CFD traders.
Neither broker offers cTrader or TradingView platforms. This is a neutral point and does not favour either broker.
| Criteria | City Index | Blackbull Markets |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | No | Yes |
| cTrader | No | No |
| TradingView | Yes | Yes |
| Other Platforms | City Index WebTrader | BlackBull Social BlackBull Shares BlakcBull Trade |
| VPS Services | Yes | Yes |
Both brokers offer social trading and copy trading options. However, Blackbull Markets has a more extensive range of social trading features, providing traders with more opportunities to learn and grow.
City Index offers VPS services and a variety of other trading tools, while Blackbull Markets does not offer VPS but has a good range of trading tools. This makes the comparison balanced in terms of additional trading tools.
| Broker | Limit Order Speed | Market Order Speed |
|---|---|---|
| City Index | 117 ms | 144 ms |
| Blackbull Markets | 139 ms | 219 ms |
Verdict: Based on the comprehensive analysis of trading platforms, Blackbull Markets emerges as the broker with the best trading platform offering. The availability of MetaTrader 5 and a more extensive range of social trading features gives Blackbull Markets an edge.
Other trading factors include aspects like minimum deposit, payment methods, and execution speeds. Let’s explore these factors for both brokers.
City Index requires a minimum deposit of £100, while Blackbull Markets has a minimum deposit requirement of $200. This makes City Index more accessible for beginner traders.
| Criteria | City Index | Blackbull Markets |
|---|---|---|
| Forex CFD | 84 | 72 |
| Shares CFD | 4500+ | 26000+ |
| Cryptos CFD | 25+ | 9 |
| Commodities CFD | 4 Metals 8 Energies 18 Softs |
9 Metals 5 Energies 8 Softs |
| Indices CFD | 20 | 10 |
| Bonds/Treasuries CFD | 11 | No |
| Spread Betting (UK only) | Yes | No |
| Other Products | No | No |
| Shares (underlying) | No | Yes |
Both brokers offer a variety of payment methods, including credit/debit cards, bank transfers, and e-wallets. Here’s a comparison table:
| Payment Method | City Index | Blackbull Markets |
|---|---|---|
| Credit/Debit Card | Yes | Yes |
| Bank Transfer | Yes | Yes |
| E-Wallets | Yes | Yes |
City Index boasts an execution speed of 0.005 seconds, while Blackbull Markets has an execution speed of 0.002 seconds. This gives Blackbull Markets a slight advantage in providing faster trade execution.
Verdict: Based on the analysis of other trading factors, Blackbull Markets emerges as the broker with the best trading factors. The faster execution speed and a similar range of payment methods give Blackbull Markets an edge.
| Criteria | Execution Speed | Limit Order | Market Order |
|---|---|---|---|
| City Index | 0.005 seconds | 7 ms | 8 ms |
| Blackbull Markets | 0.002 seconds | 1 ms | 2 ms |
Account types and base currencies are essential considerations for traders. Both City Index and Blackbull Markets offer various account options to suit different trading needs.
City Index offers three main account types, while Blackbull Markets offers four. The additional account option in Blackbull Markets provides more flexibility for traders.
City Index offers 14 base currencies, while Blackbull Markets offers 10. This gives City Index a slight advantage in catering to a more diverse clientele.
| Account Feature | City Index | Blackbull Markets |
|---|---|---|
| Trading Accounts | 3 | 3 |
| Base Currencies | 14 | 10 |
Customer support is vital for a smooth trading experience. Based on the information from the provided Google Standard Spread Analysis, both brokers offer similar customer support features, including 24/5 support, live chat, and multiple languages.
| Support Feature | City Index | Blackbull Markets |
|---|---|---|
| 24/5 Support | Yes | Yes |
| Live Chat | Yes | Yes |
| Multiple Languages | Yes | Yes |
In my analysis, both City Index and Blackbull Markets have their unique strengths and offerings. City Index excels in trustworthiness and pricing, while Blackbull Markets shines in trading platforms and other trading factors.
Best For Beginner Traders: City Index, with its lower minimum deposit and robust regulation, is best for beginner traders.
Best For Experienced Traders: Blackbull Markets, with its advanced trading platforms and faster execution speeds, is best for experienced traders.
| Feature | City Index | Blackbull Markets |
|---|---|---|
| Trustworthiness | Higher | Lower |
| Pricing | Lower | Higher |
| Trading Platforms | Good | Better |
| Account Types | Flexible | More Options |
| Customer Support | Similar | Similar |
| Other Trading Factors | Balanced | Balanced |
| Best for Beginners | Yes | No |
| Best for Experienced | No | Yes |
Yes, City Index’s lower minimum deposit and robust regulation make it a better choice for beginners.
Blackbull Markets offers better trading platforms, including MetaTrader 5 and more extensive social trading features.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
Raw account spreads (no commission) published on each broker's website (updated monthly) plus our proprietary tests by Ross Collins.
https://www.compareforexbrokers.com/our-methodology/forex-fees/tightest-spreads/
Published commission rates taken from each broker's website (updated monthly) for each base currency rate.
https://www.compareforexbrokers.com/our-methodology/forex-fees/commissions/
