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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Our comprehensive comparison delves into the 10 most crucial trading factors. Here’s a snapshot of the standout differences:
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. Try the BlackBull Markets vs City Index fee calculator below based on the most popular forex pairs and base currencies.
Standard Account Spreads
After analysing the average spreads of the top 5 most traded forex pairs, City Index has an average spread of 0.33, 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 2024 Published And Tested Data
RAW Account Spreads
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
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.
RAW Account Commission Rates
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
Other Fees To Consider
Other fees to consider include “Inactivity Fee,” “Currency Conversion,” and “Overnight Fee (Swap Free).” Both brokers have similar fees in these areas, with no significant differences.
Verdict
City Index emerges as the broker with the overall lowest fees. The tight spreads offered in both standard and RAW accounts and competitive commission rates make City Index a more cost-effective option for traders.
City Index ReviewVisit City Index
Your capital is at risk ‘69% of retail CFD accounts lose money with City Index’
Trading platforms serve as an entry point to the worldwide financial markets. City Index and Blackbull Markets both provide a variety of platforms to meet different trading needs.
MetaTrader 4 and MetaTrader 5
Blackbull Markets offers both MetaTrader 4 and 5, while City Index only offers MetaTrader 4. This gives Blackbull Markets an edge in catering to both forex and CFD traders.
cTrader and TradingView
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 BlackBull Trade |
| VPS Services | Yes | Yes |
Social Trading And Copy Trading
Both brokers offer social and copy trading options, but Blackbull Markets provides a wider array of social trading features, creating more learning and growth opportunities for traders.
Verdict
Blackbull Markets emerges as the broker with the best trading platform feature. The availability of MetaTrader 5, coupled with an expanded range of social trading features, gives BlackBull Markets a competitive advantage.
Traders need to consider the types of accounts and base currencies before they start trading. Both City Index and BlackBull Markets offer various account options to suit different trading needs.
Trading Accounts
City Index offers three types of accounts, while Blackbull Markets offers four. The additional account option in Blackbull Markets provides traders with more flexibility.
Base Currencies
City Index offers 14 base currencies, while Blackbull Markets offers 10, giving City Index an advantage in catering to a more diverse clientele.
| Account Feature | City Index | Blackbull Markets |
|---|---|---|
| Trading Accounts | 3 | 3 |
| Base Currencies | 14 | 10 |
Verdict
BlackBull Markets leads with ECN accounts, featuring raw spreads and high leverage, ideal for experienced traders seeking an edge in fast-moving markets.
City Index’s platforms, particularly the web trader, are designed with the user in mind, making it a top pick for those new to the markets. The AT Pro platform stands out by offering advanced charting and custom indicators which are invaluable for strategy development.
BlackBull Markets offers a superior trading environment with its ECN model, providing unmatched speed and price transparency. The absence of a dealing desk means trades are executed with minimal interference, which is an advantage during volatile market conditions.
VPS and Other Trading Tools
City Index provides VPS services, while Blackbull Markets offers a diverse range of trading tools but does not offer VPS.
| Broker | Limit Order Speed | Market Order Speed |
|---|---|---|
| City Index | 117 ms | 144 ms |
| Blackbull Markets | 139 ms | 219 ms |
Verdict
City Index offers a top-notch trading experience with user-friendly platforms, advanced features, and a comprehensive mobile app, catering to traders of all levels of experience.
City Index ReviewVisit City Index
Your capital is at risk ‘69% of retail CFD accounts lose money with City Index’
City Index has a trust score of 67, while BlackBull Markets has 37. The brokers’ regulation, reputation and reviews determined their overall scores.
City Index Trust Score
BlackBull Markets Trust Score
Regulation
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. The broker is known for adhering to strict regulations and being overseen closely, promoting trust.
| City Index | BlackBull Markets | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) FCA (UK) MAS (Singapore) |
FMA (New Zealand) |
| Tier 2 Regulation | ||
| Tier 3 Regulation | FSA-S (Seychelles) |
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.
Reputation
City Index has been around since 1983 in London, UK. In contrast, BlackBull Markets seems like a younger broker, having been born in 2014 in Auckland, New Zealand.
City Index gets low monthly searches in Google at 12,100 hits, while BlackBull Markets are even lower at 8,100 hits.
Reviews
TrustPilot score for City Index is 4.3 out of 5.0 from 284 reviews, while it’s 4.1 from only 9 reviews for BlackBull Markets.
Verdict
City Index is the more trustworthy option due to its regulation by the FCA, one of the most respected authorities in the industry, ensuring a high level of security and operational standards.
City Index ReviewVisit City Index
Your capital is at risk ‘69% of retail CFD accounts lose money with City Index’
Both brokers offer diverse instruments, but City Index takes the lead with its extensive products. They offer a comprehensive range of products, including forex and bonds, to cater to traders looking to diversify their portfolios. BlackBull Markets, while more focused, provides a solid selection, particularly in forex and commodities.
Comparison Table:
| Instrument | City Index | BlackBull Markets |
|---|---|---|
| Forex Pairs | 84 | 64 |
| Indices | 21 | 23 |
| Commodities | 25 | 17 |
| Shares | 4500+ | 26 |
| Cryptocurrencies | 5 | 4 |
| Spread Betting | Yes | No |
| Options | Yes | No |
| ETFs | Yes | No |
| Bonds | Yes | No |
| Interest Rates | Yes | No |
Verdict
City Index offers a wide range of CFDs and markets, making it the preferred broker for traders looking for variety and depth in their trading.
City Index ReviewVisit City Index
Your capital is at risk ‘69% of retail CFD accounts lose money with City Index’
Traders can access a wide range of educational resources on City Index’s platform to help them develop their skills and knowledge. BlackBull Markets offers quality educational content, but City Index provides more structured and comprehensive learning materials.
Verdict
City Index‘s educational resources are more extensive and structured, offering a superior learning experience that can benefit traders at all levels.
City Index ReviewVisit City Index
Your capital is at risk ‘69% of retail CFD accounts lose money with City Index’
City Index provides easily accessible support from knowledgeable professionals. BlackBull Markets offers a personalised touch, while City Index’s multilingual and comprehensive support gives it an edge.
Customer Service Features:
| Feature | City Index | BlackBull Markets |
|---|---|---|
| 24/5 Support | Yes | Yes |
| Live Chat | Yes | Yes |
| Email Support | Yes | Yes |
| Phone Support | Yes | Yes |
| Multilingual Support | Yes | No |
| Personal Account Manager | Yes | Yes |
Verdict
City Index provides a superior support experience with multilingual support and a wider array of contact options.
City Index ReviewVisit City Index
Your capital is at risk ‘69% of retail CFD accounts lose money with City Index’
City Index provides numerous deposit methods without any additional fees, which is a significant benefit. BlackBull Markets offers a decent selection of options, although some of them may involve additional fees.
Funding Options Comparison:
| Funding Method | City Index | BlackBull Markets |
|---|---|---|
| Bank Transfer | ✓ | ✓ |
| Credit/Debit Card | ✓ | ✓ |
| PayPal | ✓ | X |
| Skrill | ✓ | ✓ |
| Neteller | ✓ | ✓ |
| UnionPay | ✓ | ✓ |
| FasaPay | X | ✓ |
| Bitcoin | X | ✓ |
| Broker to Broker | ✓ | ✓ |
Verdict
With a wider range of fee-free options, City Index takes the lead, offering greater convenience and cost savings for traders.
City Index ReviewVisit City Index
Your capital is at risk ‘69% of retail CFD accounts lose money with City Index’
City Index and BlackBull Markets have a minimum deposit requirement of $0. However, it will depend on your location and payment method.
City Index
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $150 |
| Paypal | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $150 |
| Bank Wire | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $150 |
| Skrill | N/A | N/A | N/A | N/A |
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 a $0 minimum deposit feature, it’s important to know if it’s applicable to your region.
City Index is the winner because it offers a more comprehensive package for traders, balancing fees, platform technology, and market range with robust educational resources and customer service.
The table below summarises the key information leading to this verdict:
| Comparison Aspect | City Index | BlackBull Markets |
|---|---|---|
| Lowest Spreads And Fees | ✓ | X |
| Better Trading Platform | X | ✓ |
| Superior Accounts And Features | X | ✓ |
| Best Trading Experience And Ease | ✓ | X |
| Stronger Trust And Regulation | ✓ | X |
| Top Product Range And CFD Markets | ✓ | X |
| Superior Educational Resources | ✓ | X |
| Superior Customer Service | ✓ | X |
| Better Funding Options | ✓ | X |
| Lower Minimum Deposit | ✓ | ✓ |
City Index is better for beginner traders, offering a more user-friendly platform and extensive educational resources.
BlackBull Markets is better for experienced traders, providing superior accounts and features that cater to advanced trading strategies.
City Index has lower costs, with competitive spreads that can significantly reduce trading expenses. For instance, their EUR/USD spread starts as low as 0.5 pips. This, coupled with no commission on spread betting and CFDs, makes it a cost-effective choice. For traders looking to keep costs down, City Index is a strong contender, as seen in our awards for Lowest Spread Forex Brokers.
BlackBull Markets is better for MetaTrader 4 users, offering an ECN environment that maximises the platform’s potential. Their MT4 platform is enhanced with faster execution speeds and customisation options, ideal for the more technical trader. For those seeking a top-tier MT4 experience, BlackBull Markets stands out, as detailed in our guide to the Best MT4 Forex Brokers.
Neither City Index nor BlackBull Markets offers social trading directly. However, traders can utilise third-party platforms like ZuluTrade or Myfxbook for copy trading with BlackBull Markets. For those interested in social trading, exploring dedicated platforms might be the way forward, as outlined in our Best Copy Trading Platforms review.
City Index offers spread betting, a tax-efficient way of trading in the UK, while BlackBull Markets does not provide this service. Spread betting with City Index is a major advantage for UK traders looking to maximise their trading strategy, as featured in our Best Spread Betting Broker comparison.
In my opinion, City Index stands out for Australian Forex traders. It’s ASIC regulated, providing a level of trust and security that’s vital. While both brokers are founded overseas, City Index’s commitment to regulation and comprehensive offer makes it a top pick, as highlighted in our Best Forex Brokers In Australia guide.
For UK Forex traders, City Index takes the lead, being FCA regulated and offering spread betting. Its UK foundation and strong regulatory adherence make it a reliable choice for traders in the region. For more on top UK brokers, take a look at our Best Forex Brokers In UK list.
No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.
Raw account spreads (no commission) published on each broker's website (updated monthly) plus our proprietary tests by Ross Collins.
Raw Account Spreads
Published commission rates taken from each broker's website (updated monthly) for each base currency rate.
Commission Fees
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