This is a rundown comparison between BlackBull Markets versus OANDA regarding their execution, accounts, products and platforms. While both brokers have 60+ forex pairs, BlackBull Markets utilises STP trading conversely, OANDA is a market maker.
Our broker reviews are reader supported and we may receive payment when you click on a partner site. For more information, visit our About Us page.
Our full comparison covers the 10 most important trading factors. Below are key differences:
BlackBull Markets and OANDA are reputable brokers offering competitive features. BlackBull markets excel in STP trading with spreads starting at 0.0 pips and a $6.00 commission per lot. OANDA, primarily a spread-only broker, offers tighter spreads on standard accounts, starting at 0.92 pips for EUR/USD. Both cater to different trading styles, making them appealing to a wide range of traders.
BlackBull Markets offers RAW spreads starting as low as 0.14 pips for EUR/USD, catering to traders seeking tight spreads, especially with STP accounts. OANDA provides tighter standard spreads, like 0.92 pips for EUR/USD and 0.9 pips for GBP/USD, making it more cost-effective for spread-only account users. This balance of RAW and standard spreads gives both strong appeal across trading styles.
| Standard Account | BlackBull Markets Spreads | OANDA Spreads | Industry Spreads |
|---|---|---|---|
| Overall Average | 1.5 | 1.2 | 1.6 |
| EUR/USD | 1.1 | 0.92 | 1.2 |
| USD/JPY | 1.4 | 1.2 | 1.4 |
| GBP/USD | 1.4 | 0.9 | 1.6 |
| AUD/USD | 1.2 | 1.1 | 1.5 |
| USD/CAD | 1.4 | 1.5 | 1.8 |
| EUR/GBP | 1.7 | 1.16 | 1.5 |
| EUR/JPY | 1.8 | 1.5 | 1.9 |
| AUD/JPY | 2 | 1.3 | 2.1 |
Standard Account Analysis Updated April 2025[1]April 2025 Published And Tested Data
BlackBull Markets charges $3.00 per lot for RAW accounts and $6.00 for STP trading, delivering transparency for active traders. OANDA has no commissions on standard accounts but charges $7.00 per lot in specific regions, while suits spread-only traders.
Both waive for inactivity fees, providing cost-friendly environments. BlackBull Markets focuses on commission-free standard accounts with slightly wider spreads. OANDA shines with its competitive spread-only pricing, minimising trading costs for standard account users. This makes them accessible and attractive to various traders.
|
Standard Account Spreads
|
|||||
|---|---|---|---|---|---|
|
1.10 | 1.20 | 1.50 | 1.40 | 1.40 |
|
0.60 | 0.70 | 0.80 | 0.90 | 0.60 |
|
1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
|
1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
|
1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
|
1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
|
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
OANDA leads with tighter spreads on standard accounts, making it cost-effective for traders to prioritise low spreads. BlackBull markets shine in STP trading, offering flexibility and competitive RAW spreads. Both enhance trading experiences through their unique offerings, catering to diverse trader needs. The choice ultimately depends on individual trading strategies and preferences.
Our Lowest Spreads and Fees Verdict
OANDA takes the cake in this category due to lowest spreads and fees.
*Your capital is at risk ‘76.6% of retail CFD accounts lose money’
BlackBull markets and OANDA are strong contenders in the trading platform segment. BlackBull Markets excels with its support for MetaTrader 5 and cTrader, offering advanced tools for professional traders. Both provide MetaTrader 4 and TradingView, ensuring robust charting and analysis capabilities. OANDA stands out with its proprietary platform, known for its user-friendly interface and advanced features. These brokers cater to diverse trading preferences.
| Trading Platform | BlackBull Markets | OANDA |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | No |
| cTrader | Yes | No |
| TradingView | Yes | Yes |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | 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.
BlackBull Markets supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), offering advanced charting, algorithmic trading, and a vast range of analytical tools. MT5 adds enhanced features like more timeframes and better depth of market analysis, making it a robust choice for modern traders. OANDA, on the other hand, supports only MT4, which remains popular for its reliability but lacks MT5’s latest enhancements. Both leverage MetaTrader’s global community and tools to cater to diverse trader needs.
BlackBull Markets takes the lead here by including cTrader and TradingView alongside MetaTrader. cTrader provides a user-friendly interface with advanced analytical tools and quick execution speed. TradingView integration offers top-notch charting and social networking for traders to share strategies globally. OANDA counters with a proprietary platform known for its simplicity, offering advanced tools. seamless functionality, and integration with TradingView, ensuring a high-quality trading experience.
Both support copy trading, enabling users to replicate strategies from experienced traders. BlackBull Markets integrates Myfxbook, which is particularly favoured for its robust analytics and performance tracking. OANDA also offers accessible copy trading tools, ensuring inclusivity for traders seeking collaborative strategies. These features empower traders of all skill levels to leverage expertise from the community while personalising their trading approaches.
Our Better Trading Platform Verdict
Due to a better trading platform, BlackBull Markets edges ahead with its superior platform variety and advanced tools.
BlackBull Markets and OANDA cater to diverse trading needs with tailored account offerings. OANDA operates primarily as a spread-only broker, providing tight spreads starting from 0.92 pips and ECN-style trading in specific regions, with commission fees ranging from $7 to $10 per lot. BlackBull Markets excels in STP trading, offering spreads as low as 0.0 pips and a competitive commission of $3 per lot. Both deliver options suited to varying trading preferences.
| Blackbull Markets | OANDA | |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | Yes | Yes |
| Swap Free Account | Yes | No |
| Active Traders | Yes | No |
| Spread Betting (UK) | No | Yes |
OANDA stands out for its tight spreads on standard accounts, appealing to traders focused on minimising costs. BlackBull Markets, on the other hand, offers stronger features for STP trading, backed by competitive spreads and commissions that benefit active traders. Additional features such as SWAP-free accounts with BlackBull Markets provide flexibility, while OANDA enhances its appeal with spread betting options for UK residents. Each broker’s offerings contribute significantly to supporting traders’ strategies and improving overall trading efficiency.
OANDA takes the lead with its superior account structure, tight spreads, and diverse trading features, making it a strong choice for cots-conscious traders. BlackBull Markets impresses with its STP trading capabilities and SWAP-free account option, serving a wider range of preferences. Both excel in providing tailored solutions that enhance trading experiences across different profiles.
Our Superior Accounts and Features Verdict
Thanks to its superior accounts and features, OANDA takes the lead due to its robust account features and competitive spreads.
*Your capital is at risk ‘76.6% of retail CFD accounts lose money’
BlackBull Markets and OANDA cater to distinct trader preferences, offering unique trading experiences. BlackBull Markets shines with its high leverage and rapid execution speeds, making it an ideal choice for scalpers and day traders. Meanwhile, OANDA stands out for its user-friendly platform, tailored for beginner traders looking for a seamless introduction to forex trading. Both showcase their strengths in delivering efficient and accessible trading environments.
| Limit Order Speed | Limit Order Global Rank | Market Order Speed | Market Order Global Rank | |
|---|---|---|---|---|
| BlackBull Markets | 72ms | 1/36 | 90ms | 5/36 |
| OANDA | 86ms | 5/36 | 84ms | 2/36 |
BlackBull Markets boasts industry-leading execution speeds, such as a 72ms limit order speed, making it a top pick for fast-paced traders seeking minimal delays. Its highest leverage options further enhance its appeal to active and experienced traders. OANDA, on the other hand, focuses on simplicity and ease of use with an intuitive platform that makes navigation and execution stress-free. These elements contribute significantly to the forex industry supporting seasoned professionals and those just entering the market.
Our Best Trading Experience and Ease Verdict
In light of their best trading experience and ease, OANDA steps ahead with its emphasis on ease and accessibility.
*Your capital is at risk ‘76.6% of retail CFD accounts lose money’
BlackBull Markets and OANDA differ significantly in trust and regulation. OANDA boasts tier 1 regulation in four major regions, including the U.S., UK, Canada, and Australia, ensuring comprehensive global oversight. BlackBull Markets, regulated locally in New Zealand (tier 2) and Seychelles (tier 3), focuses on regional traders. With a stellar reputation and over 26 years in operation, OANDA has a higher trust score, while BlackBull markets maintain localised credibility, ideal for specific markets.
Without any doubt, OANDA’s trust score is impressive at the rate of 96 compared to BlackBull Markets 50. But let us see how they fare with other features and platforms.
OANDA Trust Score
BlackBull Markets Trust Score
OANDA has four ‘tier 1’ regulators, including:
BlackBull Markets has two regulators including:
BlackBull Markets won the best forex brokers in NZ award and is recommended for most NZ traders.
OANDA’s global reach is supported by robust tier 1 regulators, making it a top choice for traders prioritising security and international compliance. Its headquarters are in New York and consistent awards solidify its trusted position. BlackBull Markets excels in local regulation via New Zealand’s FMA, appealing to traders in the region. Despite fewer global recognitions, it has a TrustPilot rating of 4.7, higher than OANDA’s 3.7, showcasing positive user feedback. Both offer reliability but cater to different markets and trader expectations.
| Blackbull Markets | OANDA | |
|---|---|---|
| Tier 1 Regulation | FMA (New Zealand) | NFA/CFTC (USA) MAS (Singapore) CIRO (CANADA) FCA (UK) ASIC (Australia) |
| Tier 2 Regulation | JFSA (Japan) KNF (Poland) MFSA (Europe) |
|
| Tier 3 Regulation | FSA-S (Seychelles) | FSC-BVI |
| Year Founded | 2014 | 1996 |
| Headquarters | New Zealand | USA |
| Search Popularity | 8,100 | 550,000 |
| Regulatory Issues? | None | None |
| TrustPilot Scores | 4.4 - 140 reviews | 3.7 - 324 reviews |
| Publically Listed | No | No |
| Bank Status? | No | No |
OANDA leads with its stronger regulatory framework, long-standing reputation, and global popularity, making it ideal for traders seeking trust and security across diverse markets. BlackBull Markets, while less extensive, shines for its regional expertise and excellent user ratings, positioning it as a reliable option for New Zealand traders. Both are well-equipped, depending on individual needs.
Our Stronger Trust and Regulation Verdict
OANDA ranks highest due to its superior global trust and regulation.
*Your capital is at risk ‘76.6% of retail CFD accounts lose money’
BlackBull Markets and OANDA offer strong yet distinct product ranges tailored to diverse trader needs. BlackBull Markets excels with over 23,000 share CFDs, 64 forex Paris, and 11 cryptocurrencies, alongside higher leverage of up to 500:1. OANDA, with its multi-regulated trust, offers 62 forex Paris, 16 indices, and a limited but reliable selection of 4 cryptocurrencies and 5 spot commodities. Both caters to varied strategies, making them significant contenders in the forex industry.
BlackBull Markets stands out with its extensive range of CFDs, including equities, commodities, and futures, appealing to traders seeking portfolio diversity. With a maximum leverage of 500:1, it’s particularly attractive to high-leverage traders. OANDA focuses on a simpler yet effective product offering, primarily centred on forex and indices, with limited options for cryptocurrency CFDs and spot commodities. Its streamlined approach suits traders in the USA, where CFD trading is restricted, ensuring compliance with regulatory requirements. Both enhance forex trading, providing tailored options to address trader preferences globally.
| CFDs | BlackBull Markets | OANDA |
|---|---|---|
| Forex Pairs | 55 | 68 |
| Indices | 12 | 15 |
| Commodities | 10 Metals 3 Energies 7 Soft Commodities 9 Hard Commodities | 3 Metals (Gold x 10) (Silver x 10) 3 Energies 4 Softs |
| Cryptocurrencies | 16 | 4 |
| Share CFDs | 2,000+ | No |
| ETFs | No | No |
| Bonds | No | 5 |
| Futures | Futures 22 | No |
| Treasuries | No | 5 |
| Investments | Yes 26,000 | No |
BlackBull Markets takes the lead with its comprehensive product range and CFD offerings, making it ideal for traders seeking extensive market access. Meanwhile, OANDA provides a regulated and trusted environment, catering to traders who prioritise simplicity and compliance. These brokers elevate the trading experience by addressing varied trader needs with their unique strengths.
Our Top Product Range and CFD Markets Verdict
BlackBull Markets secure success in this category due to top product range and CFD markets.
Education is a priority for BlackBull markets and OANDA, as they invest heavily in equipping traders with valuable resources. BlackBull markets cater to a broad audience, offering advanced trading strategy guides for experienced traders alongside content for beginners. OANDA, however, takes a more structured approach, presenting beginner-friendly webinars, tutorials, and a streamlined portal for traders to access relevant material. Both provide demo accounts for practice, helping traders build confidence before entering live markets.
BlackBull Markets excels in delivering in-depth educational content, tailored for traders advancing their strategies in complex markets. OANDA shines with its intuitive and beginner-oriented offerings, such as interactive quizzes and structured learning paths that simplify trading for novices. Both ensure comprehensive access to insights, including market analysis and expert tips, fostering growth for traders at every level. Their focus on accessible education enhances the overall forex trading experience by promoting well-informed decision-making.
Here’s a breakdown of what each broker can offer:
OANDA emerges as the leader in this segment with its superior, structured educational resources that provide a seamless entry point for beginners. BlackBull Markets remains a strong contender with its focus on advanced trading knowledge, catering to seasoned traders. Both significantly contribute to enhancing forex education, addressing the diverse needs of their trader communities.
Our Superior Educational Resources Verdict
Due to OANDA’s superior educational resources, they win this distinction.
*Your capital is at risk ‘76.6% of retail CFD accounts lose money’
Customer service is a top priority for both BlackBull Markets and OANDA, offering multiple communication channels such as live chat, email, and phone support. BlackBull Markets emphasises swift response times and knowledgeable staff, providing support during active trading hours (24/6). OANDA delivers a global presence with support teams in various regions, ensuring seamless assistance through its multilingual support and 24/5 availability. Both showcase their commitment to reliable customer service.
BlackBull markets cater to traders seeking prompt and effective solutions, emphasising a knowledgeable team and availability throughout key trading hours. Its quick support response builds trust and ensures a positive experience for users. OANDA, with its localised and global presence, ensures traders from multiple regions receive tailored assistance. Its multilingual capabilities further enhance accessibility, providing an inclusive service for a global clientele. These brokers demonstrate the importance of reliable customer care in the competitive forex trading world.
OANDA takes the lead with its globally localised approach, ensuring unmatched accessibility and comprehensive support. BlackBull Markets impresses with fast response times and a strong team that delivers efficient service during trading hours. Both contribute to trader satisfaction and address user concerns, making customer support a defining factor in their competitive edge.
| Feature | BlackBull Markets | OANDA |
|---|---|---|
| Live Chat Support | Yes | Yes |
| Email Support | Yes | Yes |
| Phone Support | Yes | Yes |
| Support Hours | 24/6 | 24/5 |
| Multilingual Support | Yes | Yes |
Our Superior Customer Service Verdict
OANDA claims the title in this segment due to superior customer service.
*Your capital is at risk ‘76.6% of retail CFD accounts lose money’
BlackBull markets and OANDA provide diverse funding methods to accommodate traders’ varying needs. BlackBull Markets offers Neteller, Skrill, UnionPay, and FassaPay, catering to traders who prefer modern e-wallets. OANDA, on the other hand, includes popular options like PayPal and BPay, ensuring a globally accessible and user-friendly experience. Both prioritise flexibility, helping traders manage their accounts with ease.
BlackBull markets excel in offering a broad range of funding options, particularly with its inclusion of multiple e-wallet services such as Skrill and Neteller, which appeal to tech-savvy traders. OANDA’s inclusion of PayPal adds. convenience for traders familiar with this global payment platform. SEPA transfers and traditional bank transfer options are available with both brokers, ensuring accessibility for traders worldwide. These varied funding methods contribute significantly to enhancing the overall trading experience, enabling seamless account management.
The table below provides a comprehensive comparison of the funding options available with BlackBull Markets and OANDA:
| Funding Option | BlackBull Markets | OANDA |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit Card | Yes | Yes |
| PayPal | No | Yes |
| Neteller | Yes | No |
| Skrill | Yes | No |
| UnionPay | Yes | Yes |
| FasaPay | Yes | No |
| Bitcoin | No | No |
| SEPA Transfer | Yes | Yes |
| BPay | No | Yes |
OANDA takes the lead in this segment with its globally recognised payment methods such as PayPal, which ensure better accessibility for traders across different regions. BlackBull Markets remains a competitive option with its wider range of e-wallet offerings. Both succeed in providing efficient and diverse funding solutions, emphasising trader convenience and flexibility in managing accounts.
Our Better Funding Options Verdict
OANDA’s better funding options achieve victory here.
*Your capital is at risk ‘76.6% of retail CFD accounts lose money’
BlackBull Markets and OANDA offer $0 minimum deposits, providing traders with cost-effective entry points. Blackbull Markets employs a tiered system, m making $0 deposits available for its ECN Standard account, while higher-tier accounts require $2,000 to $25,000. OANDA simplifies its structure with $0 minimum deposits for Spread Only and Core Pricing accounts. These features ensure flexibility and accessibility for various trader profiles.
BlackBull Markets appeals to traders seeking advanced account types with its tiered deposits and additional features like ECN Prime and Institutional accounts. OANDA focuses on simplicity, offering lower minimum deposits across its account types with no complex tiers. Both provide $0 minimum deposits for bank wire transfers and accessible thresholds for other payment methods, including Trustly for OANDA and Sskrill for BlackBull Markets. By accommodating diverse deposit requirements, both make forex trading more approachable for all levels.
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 |
OANDA
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £25 Minimum Deposit | $25 Minimum Deposit | €25 Minimum Deposit | $25 |
| Bank Wire | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $0 |
| Trustly | £25 Minimum Deposit | $25 Minimum Deposit | €25 Minimum Deposit | $25 |
| Paypal | N/A | N/A | N/A | N/A |
BlackBull Markets offers a tiered minimum deposit system based on the type of account:
On the other hand, OANDA keeps it simple with:
| Minimum Deposit | Recommended Deposit | |
| BlackBull Markets | $0 | $500 |
| OANDA | $0 | $25 |
This category ends in a tie, as both BlackBull Markets and OANDA excel in offering $0 minimum deposit options to traders. BlackBull Markets caters to those aiming for advanced trading setups, while OANDA simplifies processes with accessible accounts and straightforward deposits. They empower traders by reducing barriers to entry and enhancing the overall trading experience.
Our Lower Minimum Deposit Verdict
Both BlackBull Markets and OANDA are tied in this category for having lower minimum deposit.
In most key areas we have evaluated, OANDA takes the lead due to its consistency, while BlackBull Markets offers a comprehensive trading experience for its users.
The table below summarises the key information leading to this verdict:
| Criteria | BlackBull Markets | OANDA |
|---|---|---|
| Lowest Spreads And Fees | No | Yes |
| Better Trading Platform | Yes | No |
| Superior Accounts And Features | No | Yes |
| Best Trading Experience And Ease | No | Yes |
| Stronger Trust And Regulation | No | Yes |
| Top Product Range And CFD Markets | Yes | No |
| Superior Educational Resources | No | Yes |
| Superior Customer Service | No | Yes |
| Better Funding Options | No | Yes |
| Lower Minimum Deposit | Yes | Yes |
BlackBull Markets offers a more user-friendly and comprehensive platform, making it the better choice for starters and beginner in the trading world.
For having advanced tools and features such as MetaTrader 5 and cTrader, and top product range and CFDs, OANDA dominates in this category as the preferred broker for seasoned traders.
OANDA generally offers lower costs compared to BlackBull Markets. OANDA’s spreads start from as low as 0.6 pips, making it one of the more cost-effective options for traders. BlackBull Markets, while competitive, has slightly higher spreads on certain pairs. For a more detailed comparison, you can check out this comprehensive guide on Lowest Commission Brokers.
Both OANDA and BlackBull Markets support MetaTrader 4, but BlackBull Markets offers a slightly enhanced experience with additional plugins. OANDA, however, integrates seamlessly with MT4 and provides a user-friendly interface. For traders specifically looking for the best MT4 experience, this list of top MT4 brokers might be of interest.
BlackBull Markets offers social trading features, allowing traders to follow and replicate the strategies of successful traders. OANDA, on the other hand, focuses more on its proprietary platform and tools. Social trading can be a game-changer, especially for new traders. If you’re keen to explore more about this, here’s a comprehensive guide on the best social trading platforms.
Neither OANDA nor BlackBull Markets offer spread betting services. Spread betting is a unique form of trading popular in the UK and some other countries. It allows traders to speculate on price movements without owning the underlying asset. If you’re interested in brokers that do offer this service, you can check out this comprehensive guide on the best spread betting brokers in the UK.
In my opinion, BlackBull Markets stands out for Australian forex traders. Founded in New Zealand, it’s closer to home and understands the specific needs of traders in the region. Both BlackBull Markets and OANDA are ASIC regulated, ensuring a high level of trust and security for Australian traders. However, if you’re looking for a broker with a strong local presence, BlackBull Markets is the way to go. For a broader perspective on the best brokers for Australians, you might want to explore this list of the Best Forex Brokers In Australia.
For UK traders, I believe OANDA offers a superior trading experience. Being FCA regulated, OANDA ensures that UK traders receive the highest standards of service and security. While BlackBull Markets is also a reputable broker, OANDA’s long-standing reputation and tailored services for the UK market give it an edge. Additionally, OANDA’s global presence and comprehensive platform offerings make it a top choice.
No commission account spread testing data and published wesbite spread information, centralised on our standard account spread page.
Ask an Expert
What is OANDA margin requirements?
The margin rates on OANDA may vary based on the size of your position. As your position size increases so does the incremental margin rate on a tiered basis.