Pepperstone vs Blackbull Markets: Which One Is Best?
We found Pepperstone to be superior BlackBull Markets in 2025 based on the broker’s lower fees, wider range of trading platform offering and superior trust factors. View the core criteria leading to this Pepperstone recommendation.
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*Cryptocurrency CFDs are not available to retail traders in the UK due to FCA regulations
*CFD trading is not available in the USA due to NFA and CFTC regulations, American traders spot trade in place of CFDs.
Of the 10 factors we evaluated Pepperstone vs BlackBull Markets against the 3 most important factors were:
- Pepperstone has the lowest spreads and fees from their standard to the RAW account.
- Pepperstone has greater trust factors from greater regulation to more traders and awards
- Pepperstone has a wider product range from more currency, crypto to indicates available
1. Lowest Spreads And Fees – Pepperstone
Both Pepperstone and Blackbull give the choice of a RAW account (also known as an ECN account) that has a spread and a commission and a standard account. We compared both account types BUT the overall lower trading fees are always associated with RAW accounts which we analysed first.
Spreads
The largest fee component of a RAW account is spread which is the difference between the big-ask for any forex pair. Below are the eight most traded currency pairs and what the average spread is for either broker. We found that Pepperstone were the clear winner with lower average spreads for 5 of the currency pairs while the other three were a tie.
| Standard Account | Pepperstone Spreads | BlackBull Markets Spreads | Industry Spreads |
|---|---|---|---|
| Overall Average | 1.35 | 1.5 | 1.6 |
| EUR/USD | 1.10 | 1.10 | 1.2 |
| USD/JPY | 1.3 | 1.4 | 1.4 |
| GBP/USD | 1.3 | 1.4 | 1.6 |
| AUD/USD | 1.20 | 1.20 | 1.5 |
| USD/CAD | 1.40 | 1.40 | 1.8 |
| EUR/GBP | 1.2 | 1.7 | 1.5 |
| EUR/JPY | 1.80 | 1.80 | 1.9 |
| AUD/JPY | 1.5 | 2 | 2.1 |
Commission Levels
The secondary fee a RAW account charges is a commission. This is a set charge based on the volume of a trade based on the units traded. When we compared commission rates, Blackbull was cheaper if the trader chose the USD as their base currency. That said, the broker doesn’t offer an AUD, EUR or GBP commission rate which may make the broker more suitable for those types of traders. It’s also worth noting that while the Institutional commission rate is low, this account’s minimum deposit requirement is USD $20,000 which rules out most traders.
| USD | AUD | GBP | EUR | |
|---|---|---|---|---|
| Pepperstone Razor | $3.50 | $3.50 | £2.25 | €2.60 |
| BlackBull ECN Prime | $3.00 | N/A | N/A | N/A |
| BlackBull Institutional | $2.00 | N/A | N/A | N/A |
What really matters is the overall fee of the RAW account once spreads and commissions are factored in. This is why we created the exclusive fee calculator below which in most scenarios shows Pepperstone has the lower fee RAW account type.
Standard Account Fees
In addition to RAW accounts, both brokers offer a standard account. This account type has no commission rates applied instead, the spreads are wider and this is how the broker makes money. As spreads are the core fee feature of this account type, we compared the average standard account spread of the two brokers and also showed other popular providers.
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Standard Account Spreads
|
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|---|---|---|---|---|---|
|
1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
|
1.10 | 1.20 | 1.50 | 1.40 | 1.40 |
|
1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
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1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
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1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
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1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
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1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
|
1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2025
BlackBull Markets has slightly higher spreads on their STP-style account, the ECN Prime. Minimum spreads for the EUR/USD start from 0.1 pips, but as a rule, you should find their spreads to be relatively similar since both brokers use a large pool of liquidity providers.
Our Trading Fees Verdict
For either the raw account or standard account Pepperstone has lower fees compared to BlackBull due to lower spreads . The only exception is for high-volume traders looking to open an institutional account and trading with a USD based for which the broker offers the lowest commission rates in the world of USD $2.00 per side.
Pepperstone ReviewVisit Pepperstone
2. Superior Trading Platforms – Pepperstone
Pepperstone and Blackbull Markets offer all the most popular trading platforms for forex trading, CFD trading and copy trading. They also both offer a propriety trading tool.
| Trading Platform | Pepperstone | Blackbull Markets |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | Yes | Yes |
| TradingView | Yes | Yes |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Share Investing | No | Yes |
We have created a software questionnaire if you are unsure what platform best suits your trading style. Based on six simple questions, we can recommend the best trading software for your trading needs.
Metatrader
While both brokers offer MetaTrader 4 (the most popular forex trading platform), Pepperstone has the edge with smart trading tools. These are enhancements to the software from advanced charting to order signals. Both brokers also offer MetaTrader 5 which is the most popular CFD trading platform for those looking to trade more than just forex and again Pepperstone has some advanced features. Therefore, whether it’s MT4 or MT5, Pepperstone has the edge.
Advanced Platforms
The most advanced software for automation is cTrader which both brokers offer. They also both offer the platform I use when trading which is TradingView which is the fastest growing in the brokerage space. Ontop of advanced charting, TradingView has a mobile-first approach with advanced apps on Android and iOS devices.
Copy Trading
Both brokers offer advanced social and copy trading 3rd party tools are available with each broker. Both brokers offer MyFxBook to integrate with MetaTrader Platforms along with MetaTrader Signals. Blackbull Markets also offers ZuluTrade and HokoCloud, while Pepperstone offers Pelican social trading in the UK and Europe and DupliTrade for copy trading to traders outside the UK and Europe.
Our Trading Platform Verdict
I almost gave this category a tie as both brokers offer all the trading software features any CFD or forex trader may need. Pepperstone just has the edge based on the more advanced add-ons they offer for platforms such as MetaTrader 4 to enhance the trading experience.
3. Fastest Execution Speeds – BlackBull Markets
Ross Collins compared the execution speeds of both brokers focusing on:
- Limit Order Execution Speed
- Market Order Execution Speed
This was done using MetaTrader 4 automation over two 30-hour priors. Both testing periods found the Blackbull Markets has a fastest execution speed compared to Pepperstone. It should be noted that for both brokers the speed was extremely fast with Blackbull the fastest when it came to limit order execution speed.
| Limit Order Speed | Limit Order Global Rank | Market Order Speed | Market Order Global Rank | |
|---|---|---|---|---|
| Pepperstone | 77ms | 2/36 | 100ms | 10/36 |
| BlackBull Markets | 72ms | 1/36 | 90ms | 5/36 |
Execution speed matters as it reduces the risk of slippage. This phenomenon normally occurs in volatile markets when fast-moving markets lead traders to get a different price to what was quoted. By having a faster execution broker like Blackbull this risk is reduced which is especially important when automation is being used when trading.
Execution Speed Verdict
Blackbull has the fastest execution speeds so it’s no surprise their traders experience less slippage compared to Pepperstone.
4. Wider Range Of Account Types – Pepperstone
Both brokers offer the most popular trading accounts including the standard account (no commission account), ECN account and Swap-Free account (Islamic Account) designed to exempt traders from interest rates or swaps on overnight positions.
| Pepperstone | BlackBull Markets | |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | Yes | Yes |
| Swap Free Account | Yes | Yes |
| Active Traders | Yes | Yes |
| Spread Betting (UK) | Yes | No |
| Share Investing | No | Yes |
A key difference is that Pepperstone offers a spread betting account. This is exclusive for UK residences offering a unique tax-free solution to trading. The broker was also recommended on our sister site spread-bet.co.uk as the best spread betting platform in the UK. Another difference comes to investing with Blackbull launching Blackbull Invest allowing traders to purchase over 26,000 Shares, Options, ETFs and Bonds. A key feature of their investment offering is their low fees which compare favourably to their competitors.
Trading Account Verdict
Both brokers have an almost identical offering but UK traders should favour Pepperstone as the broker offers Spread Betting. Blackbull Markets on the other hand may be more suitable four looking for an all-in-one broker that allows you both to trade and invest (although, this requires two separate accounts).
5. Higher Trust Score – Pepperstone
Pepperstone has a strong trust score as the broker:
- Is Regulated by 7 regulators including 4 ‘tier 1’ regions
- Was founded in 2010 and has over 400,000 traders
- Has an average rating of 4.5/5 based on 2,090 reviews on Trustpilot
Pepperstone Trust Score
Blackbull’s trust score is more modest due to:
- Less regulation with only one ‘tier 1’ regulator
- A later founded date of 2014
- A higher average score of 4.8.5 based on 1,108
BlackBull Markets Trust Score
Broker’s Regulation
As stated earlier, Pepperstone is regulated in more regions than Blackbull Markets which primarily uses it’s FMA New Zealand regulation. Pepperstone’s top-tier regulation includes ASIC (in Australia), FCA (UK), CySEC (Europe) and BaFin (Germany).
| Pepperstone | Blackbull Markets | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) FCA (UK) BaFin (Germany) CYSEC (Cyprus) | FMA (New Zealand) |
| Tier 2 Regulation | DFSA (Dubai) | |
| Tier 3 Regulation | SCB (Bahamas) CMA (Kenya) | FSA-S (Seychelles) |
Our Verdict On Trust
Pepperstone is the more trusted broker with a stronger reputation and regulation compared to BlackBull.
6. Best Product Range – Pepperstone
Pepperstone and BlackBull Markets are both renowned for their extensive range of CFDs and market offerings. To provide a clear comparison, we’ve gathered data from the broker’s official website and our own testing.
| CFDs | Pepperstone | BlackBull Markets |
|---|---|---|
| Forex Pairs | 93 | 55 |
| Indices | 26 | 12 |
| Commodities | 15 Metals 4 Energies 16 Soft Commodities 5 Hard Commodities | 10 Metals 3 Energies 7 Soft Commodities 9 Hard Commodities |
| Cryptocurrencies | 27 | 16 |
| Share CFDs | 1,170 | 2,000 |
| ETFs | 108 | 0 |
| Bonds | 0 | 0 |
| Futures | 42 | 22 |
| Treasuries | 0 | 0 |
| Investments | 0 | 26,000 |
Our Verdict On Product Range
Based on the comprehensive range of CFDs and market offerings, Pepperstone clearly has an edge over BlackBull Markets in terms of product diversity and market accessibility.
7. Superior Educational Resources – Pepperstone
Pepperstone:
- Offers a comprehensive range of educational materials.
- Provides webinars, seminars, and tutorials for traders.
- Features a dedicated section for beginner traders.
- Includes advanced trading strategies and insights.
- Has a user-friendly platform with educational pop-ups.
- Collaborates with trading experts for specialized content.
BlackBull Markets:
- Provides a diverse set of educational tools and resources.
- Features regular webinars and expert-led seminars.
- Offers a section dedicated to novice traders.
- Includes insights into advanced trading techniques.
- Platform is equipped with informative, educational alerts.
- Partners with trading professionals for exclusive content.
Our Verdict Which Broker Has Superior Education
>Based on our team’s testing, Pepperstone offers the best educational resources with a score of 8.5, closely followed by BlackBull Markets with a score of 8.2.
8. Top Customer Service – Pepperstone
When it comes to trading, having reliable customer service is crucial. Both Pepperstone and BlackBull Markets understand this and have invested in providing top-notch support to their clients. From our own testing, here’s what we found:
Pepperstone prides itself on its responsive customer service, available 24/5. They offer multiple channels of communication, including live chat, email, and phone support. Their team is knowledgeable and quick to address any concerns or queries. Additionally, they provide a comprehensive FAQ section that covers a wide range of topics, ensuring that traders can find answers to common questions without needing to contact support.
BlackBull Markets, on the other hand, also offers 24/5 support and boasts a multilingual team ready to assist traders from various regions. They, too, offer live chat, email, and phone support, ensuring that traders can reach out through their preferred method. Their website also features a detailed FAQ section, providing answers to a plethora of common queries.
| Feature | Pepperstone | BlackBull Markets |
|---|---|---|
| Live Chat Support | Yes | Yes |
| Email Support | Yes | Yes |
| Phone Support | Yes | Yes |
| Support Hours | 24/7 | 24/6 |
| Multilingual Support | Yes | Yes |
Verdict
Based on our team’s testing scores, Pepperstone slightly edges out with a score of 9.3 in customer service, closely followed by BlackBull Markets with a score of 9.1. Both brokers offer exceptional support, but Pepperstone takes the lead in this category.
9. Best Funding Options – Pepperstone
When it comes to funding options, both Pepperstone and BlackBull Markets offer a variety of methods to cater to the diverse needs of their clients. Pepperstone, for instance, provides a broader spectrum of choices, ranging from traditional bank transfers to modern e-wallet solutions.
BlackBull Markets, on the other hand, while having a commendable range, tends to focus more on mainstream methods. It’s essential for traders to have access to multiple funding options, as it allows for flexibility and ensures that they can fund their accounts seamlessly, regardless of their geographical location or preferred payment method.
The table below provides a comprehensive comparison of the funding options available with each broker:
| Funding Option | Pepperstone | BlackBull Markets |
|---|---|---|
| Credit Card | Yes | Yes |
| Debit Card | Yes | Yes |
| Bank Transfer | Yes | Yes |
| PayPal | Yes | Yes |
| Skrill | Yes | Yes |
| Neteller | Yes | Yes |
| Crypto | Yes | Yes |
| Rapid Pay | No | No |
| POLi / bPay | Yes | Yes |
| Klarna | No | No |
Account Funding Verdict
Based on the available funding options, Pepperstone clearly offers a more diverse range, making it the preferable choice for traders seeking flexibility in their funding methods.
Pepperstone ReviewVisit Pepperstone
*Your capital is at risk ‘75.3% of retail CFD accounts lose money’
10. Lower Minimum Deposit – Pepperstone
Both Pepperstone and BlackBull Markets have a minimum deposit requirement of $0. However, with BlackBull Markets, it is only through bank transfer, where there is no minimum deposit, as shown below.
| 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 |
On the other hand, Pepperstone delivers the $0 minimum across all regions and methods of payment.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $0 |
| Paypal | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $0 |
| Bank Wire | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $0 |
| Skrill | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $0 |
Verdict On Minimum Deposit Requirements
It’s a tie between BlackBull Markets and Pepperstone in the minimum deposit category. However, Pepperstone does have a wider range of payment channels, so we’re leaning toward this broker more.
Is BlackBull Markets or Pepperstone The Best Broker?
Pepperstone is the winner because it consistently outperforms BlackBull Markets in most of the key areas that traders value the most, such as spreads, fees, trading platforms, product range, educational resources, customer service, and funding options. The table below summarises the key information leading to this verdict:
| Categories | Pepperstone | BlackBull Markets |
|---|---|---|
| Lowest Spreads And Fees | Yes | No |
| Better Trading Platform | Yes | No |
| Superior Accounts And Features | Yes | No |
| Best Trading Experience And Ease | No | Yes |
| Stronger Trust And Regulation | Yes | Yes |
| Top Product Range And CFD Markets | Yes | No |
| Superior Educational Resources | Yes | No |
| Superior Customer Service | Yes | No |
| Better Funding Options | Yes | No |
| Lower Minimum Deposit | Yes | Yes |
Pepperstone: Best For Beginner Traders
For those just starting out in the trading world, Pepperstone offers a more comprehensive set of educational resources, making it the ideal choice for beginner traders.
Pepperstone: Best For Experienced Traders
For seasoned traders looking for advanced tools and a wider range of products, Pepperstone remains the top choice, offering a more sophisticated trading experience.
FAQs Comparing Pepperstone Vs Blackbull Markets
Does Blackbull Markets or Pepperstone Have Lower Costs?
Pepperstone generally offers lower costs compared to Blackbull Markets. Specifically, Pepperstone boasts competitive spreads starting from as low as 0.6 pips for major forex pairs. In contrast, BlackBull Markets’ spreads start slightly higher. It’s essential to consider both spreads and commissions when evaluating total trading costs. For a more detailed breakdown of brokers with low commissions, you can explore the Lowest Commission Brokers.
Which Broker Is Better For MetaTrader 4?
Both Pepperstone and BlackBull Markets offer MetaTrader 4, but Pepperstone is often recognized for its enhanced MT4 experience. They provide traders with a suite of additional tools and features that enhance the MT4 trading experience. For those keen on diving deeper into the best MT4 brokers globally, here’s a comprehensive review of top MT4 brokers.
Which Broker Offers Social Trading?
When it comes to social trading, BlackBull Markets shines with its diverse social trading options, including platforms like Myfxbook and Zulutrade. Social trading allows traders to follow and copy the trades of professionals, making it easier for beginners to get started. For a closer look at the best platforms offering social trading, check out our guide to the best social trading platforms.
Does Either Broker Offer Spread Betting?
Neither Pepperstone nor BlackBull Markets offer spread betting services. Spread betting is a unique form of trading popular in the UK, allowing traders to bet on the direction of market movements without owning the underlying asset. If you’re interested in brokers that provide spread betting, especially on the MT4 platform, you might want to check out this list of top MT4 spread betting brokers.
What Broker is Superior For Australian Forex Traders?
In my opinion, Pepperstone is the superior choice for Australian forex traders. Founded in Melbourne, Pepperstone is ASIC regulated, ensuring a high level of trust and security for Australian traders. BlackBull Markets, while offering a commendable service, is based overseas. Pepperstone’s deep roots in the Australian market and its commitment to local traders make it stand out. For a broader perspective on the best brokers in Australia, you can explore this comprehensive guide on the Best Forex Brokers In Australia.
What Broker is Superior For UK Forex Traders?
From my perspective, Pepperstone again takes the lead for UK forex traders. While both brokers offer services to UK traders, Pepperstone is FCA regulated, ensuring a high level of trust and adherence to stringent regulatory standards. BlackBull Markets, on the other hand, is not founded in the UK. For UK traders, having a broker that understands the local market nuances and is regulated by the FCA is crucial. For more insights on the Best Forex Brokers In UK, here’s a detailed review of top UK trading platforms.
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What is the max leverage on BlackBull Markets?
The max leverage for Forex trading with BlackBull is 1:500.