FP Markets vs BlackBull Markets: Which One Is Best?

Let’s explore our evaluations of BlackBull Markets and FP Markets to determine which broker stands out in Forex trading. Our review examines the various strategies and trading styles offered by each broker, catering to both beginner and seasoned traders. Discover which option aligns with your needs. The choice is yours to make.

Written by Noam Korbl

Updated: 02/04/2025

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

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Our Rating

FP Markets Review

BlackBull Markets Review

The vast majority of retail investor accounts lose money when trading CFDs.

Regulations and Licenses

ASIC (Australia)

FSCA (South Africa)

CYSEC (Cyprus)

FMA (New Zealand)

FSA (Seychelles)

FSC (Mauritius)

Brokerage

EUR/USD Avg. Raw Spread

0.2

0.14

GBP/USD Avg. Raw Spread

0.29

0.43

AUD/USD Avg. Raw Spread

0.21

0.30

EUR/USD Standard Spread

1.2

1.10

EUR/USD Fixed Spreads

GBP/USD Avg. Standard Spread

1.4

1.40

AUD/USD Avg. Standard Spread

1.3

1.20

Commissions (USD Base)

$3.00

Minimum Deposit

$100

Swap Free Account

No Inactivity Fees

Funding Methods

10+

No Funding Fees

Markets and Instruments

Currency Pairs

Cryptocurrency CFDs*

Index CFDs

Share CFDs

10000+

26000+

Commodities CFD

21+

Stockbroking

23,000+

Retail Max Leverage (Australia)

Major Pairs 30:1
Minor Pairs 20:1

Pro. Max Leverage (Australia)

500:1

Retail Max. Leverage (United Kingdom)

Major Pairs 30:1
Minor Pairs 20:1

Pro. Max. Leverage (United Kingdom)

500:1

Retail Max. Leverage (Europe)

Major Pairs 30:1
Minor Pairs 20:1

Pro. Max. Leverage (Europe)

500:1

Retail Max. Leverage (With offshore regulators)

500:1

*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.

Trading Platforms + Tools

MetaTrader 4 (MT4)

MetaTrader 5 (MT5)

cTrader

(not Australia & EU)

TradingView

Proprietary Platform

Automated Trading

Social + Copy Trading

Standard Stop Loss

Guaranteed Stop Loss

Demo Account

Overall

Our Rating

Visit Site

Our detailed comparison delves into the 10 most important trading factors. Here are five other key differences between FP Markets and BlackBull Markets:

FP Markets is regulated by ASIC and CySEC, offering a higher level of trust and security.
BlackBull Markets offers a more diverse range of products, including Bonds and ETFs.
FP Markets has a more comprehensive range of Forex Pairs and Commodities.
BlackBull Markets is notable in their customer service with multilingual support.
FP Markets offers more diverse funding options, including PayPal.

1. Lowest Spreads And Fees – FP Markets

In this review, we will see that both FP Markets and BlackBull Markets have their strengths and weaknesses when it comes to trading costs. Note: Try the BlackBull Markets vs FP Markets fee calculator below based on the most popular forex pairs and base currencies.

Spreads

When it comes to standard account spreads, the devil is in the details. FP Markets has consistent lower spreads across the board. For instance, the EUR/USD pair has a spread of 1.2 with FP Markets, compared to 1.1 with BlackBull Markets. This trend continues with other pairs, such as the GBP/USD and AUD/USD, where FP Markets edges out with lower spreads again.

Standard Account	FP Markets Spreads	BlackBull Markets Spreads	Industry Spreads
Overall Average	1.38	1.50	1.6
EUR/USD	1.2	1.1	1.2
USD/JPY	1.5	1.4	1.4
GBP/USD	1.40	1.40	1.6
AUD/USD	1.3	1.2	1.5
USD/CAD	1.40	1.40	1.8
EUR/GBP	1.2	1.7	1.5
EUR/JPY	1.4	1.8	1.9
AUD/JPY	1.6	2	2.1

Standard Account Analysis Updated April 2025[1]April 2025 Published And Tested Data

While both FP Markets and BlackBull Markets offer competitive spreads, they’re both consistently below the industry average. This is a testament to their commitment to providing value to their clients. But among the two, BlackBull Markets stands out as the more cost-effective option. So, if you’re looking for a broker that combines competitive spreads with a robust trading environment, BlackBull Markets gets my vote.

Commissions

FP Markets charges a commission of $6 per lot on its Raw account, while BlackBull Markets charges a commission of $7 per lot on its ECN Prime account.

‏‏‎	USD	AUD	GBP	EUR
FP Markets	$3.00	N/A	£2.25	€2.75
BlackBull Markets	$3.00	N/A	N/A	N/A

Other Fees

Both brokers do not charge any inactivity or account maintenance fees, which is a plus for traders who may not trade frequently.

We see here that FP Markets comes out on top regarding lower trading costs, this is based on our comparison, thanks to its lower spreads and commissions. However, traders should consider other factors such as trading platform, customer service, and regulatory environment when choosing a broker.


1.10	1.20	1.30	1.30	1.30
1.10	1.20	1.50	1.40	1.40
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
1.20	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

Our Lowest Spreads and Fees Verdict

FP Markets takes the lead because of their lowest spreads and fees.

FP Markets Review Visit FP Markets

2. Better Trading Platform – FP Markets

Both FP Markets and BlackBull Markets offer MetaTrader 4 and MetaTrader 5, the most popular trading platforms in the forex industry. Also, both BlackBull Markets and FP Markets offers cTrader and TradingView, a platform known for its intuitive interface and advanced order capabilities, FP Markets’ cTrader is not available in Australia and UK. does not.

Trading Platform	FP Markets	BlackBull Markets
MetaTrader 4	Yes	Yes
MetaTrader 5	Yes	Yes
cTrader	Yes	Yes
TradingView	Yes	Yes
Copy Trading	Yes	Yes
Proprietary Platform	Yes	Yes

MetaTrader 4 and 5

MetaTrader 4 and 5 are renowned for their advanced charting tools, technical analysis indicators, and automated trading capabilities. FP Markets and BlackBull Markets both provide these platforms, allowing traders to take advantage of their features.

Social And Copy Trading

FP Markets offers MetaTrader Signals as part of their social and copy trading features. This allows traders to follow and copy the trades of experienced traders directly on the MetaTrader platforms.

BlackBull Markets offers a more diverse range of social and copy trading platforms, including MetaTrader Signals, ZuluTrade, MyFxBook, and their proprietary BlackBull Social platform. This gives traders more options to choose from when looking to follow and copy successful traders.

Automated Trading

FP Markets supports automated trading through Expert Advisors (EAs) on the MetaTrader platforms. This allows traders to automate their trading strategies and execute trades automatically based on predefined conditions.

BlackBull Markets also supports automated trading through Expert Advisors (EAs) on the MetaTrader platforms. Traders can use these tools to automate their trading strategies and take advantage of market opportunities even when they’re not actively trading.

VPS and Other Trading Tools

FP Markets offers a free VPS service for traders who meet certain criteria, which can enhance trading execution speeds. BlackBull Markets does not offer a VPS service. Both brokers offer additional trading tools such as economic calendars, market news, and analysis.

Our Better Trading Platform Verdict

In terms of trading platforms, FP Markets offers a wider range of options with the inclusion of cTrader. Both brokers support automated trading, but FP Markets’ free VPS service gives it an edge for traders seeking faster execution speeds.

FP Markets Review Visit FP Markets

3. Superior Accounts And Features – FP Markets

FP Markets offers three main types of accounts:

Standard.
Raw.
Swap-Free.

The Standard account offers no commission trading with spreads starting from 1.0 pips. The Raw account, on the other hand, offers lower spreads starting from 0 pips but charges a commission of $6 per lot. The Swap-Free account is designed for traders who cannot earn or pay interest due to religious beliefs.

BlackBull Markets offers two types of accounts:

ECN.
Standard.
ECN Prime.

The ECN Standard account offers no commission trading with spreads starting from 0.8 pips. The ECN Prime account offers lower spreads starting from 0.1 pips but charges a commission of $7 per lot.

‏‏‎	FP Markets	BlackBull Markets
Standard Account	Yes	Yes
Raw Account	Yes	Yes
Swap Free Account	Yes	Yes
Active Traders	Yes	Yes
Spread Betting (UK)	No	No

As you can see, FP Markets offers a wider range of account types, catering to a broader range of traders. Meanwhile, BlackBull Markets’ ECN Prime account offers slightly lower commissions, which may be more attractive to high-volume traders.

Our Superior Accounts and Features Verdict

FP Markets dominates in this category due to having superior accounts and features.

BlackBull Markets Review Visit BlackBull Markets

4. Best Trading Experience And Ease – FP Markets

FP Markets and BlackBull Markets offer unique trading experiences for different types of traders. FP Markets offers a free VPS service for traders who need high-speed execution. BlackBull Markets, on the other hand, shines in the area of social and copy trading, offering a variety of platforms like ZuluTrade and MyFxBook.

FP Markets offers a free VPS service, enhancing execution speeds.
BlackBull Markets provides a diverse range of social and copy trading platforms.
Both brokers support MetaTrader 4 and 5, the industry standards.
FP Markets includes additional trading tools like economic calendars, giving traders an edge.

‏‏‎	Limit Order Speed	Limit Order Global Rank	Market Order Speed	Market Order Global Rank
FP Markets	225ms	31/36	96ms	8/36
BlackBull Markets	72ms	1/36	90ms	5/36

Based on our research and thorough testing, it’s clear that FP Markets offers a more robust set of trading tools and faster execution speeds. On the other hand, BlackBull Markets shouldn’t be overlooked, especially by traders interested in social and copy trading.

Our Best Trading Experience and Ease Verdict

FP Markets excels in this category because of best trading experience.

FP Markets Review Visit FP Markets

5. Stronger Trust And Regulation – FP Markets

FP Markets has a higher trust score of 61 than BlackBull Markets, in which we scored 50.

FP Markets Trust Score

Trust Score

regulation

reputation

reviews

BlackBull Markets Trust Score

Trust Score

regulation

reputation

reviews

Broker’s Regulation

FP Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySec), two of the most reputable regulatory bodies in the world. This provides traders with a high level of trust and confidence in the broker.

‏‏‎	FP Markets	BlackBull Markets
Tier 1 Regulation	ASIC (Australia) CYSEC (Cyprus)	FMA (New Zealand)
Tier 2 Regulation
Tier 3 Regulation	FSA-S (Seychelles) FSC-M (Mauritius) FSCA (South Africa)	FSA-S (Seychelles)

BlackBull Markets is regulated by the Financial Markets Authority (FMA) in New Zealand and the Financial Services Authority in St Vincent and the Grenadines (FSA-S). While these regulators are less well-known than ASIC or CySec, they still provide a level of oversight and protection for traders.

Reputation

FP Markets was founded in 2005 in Sydney, Australia and has almost two decades of experience in the industry. In comparison, BlackBull Markets appears to be a younger broker, having been established in 2014 in Auckland, New Zealand.

Both brokers, however, have low search volumes in Google, with FP Markets having 27,100 monthly hits and BlackBull Markets with just 8,100 hits.

Reviews

FP Markets has an excellent TrustPilot score of 4.9/5.0 from 5,478 reviews. On the other hand, BlackBull Markets scored 4.10/5.0 from 9 reviews.

Our Stronger Trust and Regulation Verdict

FP Markets prevails in this field due to their stronger trust and regulation.

FP Markets Review Visit FP Markets

6. Top Product Range And CFD Markets – FP Markets

FP Markets and BlackBull Markets offer a wide variety of trading products to cater to different trading needs. Traders can choose from multiple asset classes, including forex, stocks, commodities, and indices, to diversify their portfolios and optimise their trading strategies.

CFDs	FP Markets	BlackBull Markets
Forex Pairs	63	55
Indices	19	12
Commodities	4 Metals (vs USD, AUD, EUR) 4 Energies 5 Softs	10 Metals 3 Energies 7 Soft Commodities 9 Hard Commodities
Cryptocurrencies	12	16
Shares CFDs	10000+ (with IRESS) 814 (with MT5)	2,000+
ETFs	46	No
Bonds	2	No
Futures	No	22
Treasuries	2	No
Investment	No	26,000

Based on our studies, FP Markets offers a more comprehensive range of Forex Pairs and Commodities, making it a better choice for traders focusing on these markets. BlackBull Markets, however, offers a unique set of products like Bonds and ETFs that FP Markets doesn’t provide.

Apparently, FP Markets assumes control due to having top product range and CFD markets offers a more comprehensive range of Forex Pairs and Commodities, making it a better choice for traders focusing on these markets. BlackBull Markets, however, offers a unique set of products like Bonds and ETFs that FP Markets doesn’t provide.

Our Top Product Range and CFD Markets Verdict

FP Markets aces it high here due to their top product range and CFD markets.

FP Markets Review Visit FP Markets

7. Superior Educational Resources – FP Markets

FP Markets and BlackBull Markets offer different levels of educational resources. Traders can expand their knowledge base by accessing FP Markets’ webinars, eBooks, and video tutorials.

FP Markets offers webinars, great for real-time learning.
BlackBull Markets provides eBooks that are perfect for in-depth study.
Both brokers offer video tutorials for visual learners.
FP Markets includes a glossary, essential for beginners.
BlackBull Markets offers trading courses, excellent for structured learning.
Both brokers provide market analysis, which is crucial for informed trading.

Evidently, FP Markets takes the lead in offering a more comprehensive and diverse set of educational resources, this is based on our team’s scoring.

Our Superior Educational Resources Verdict

FP Markets crushes this portion owing to their superior educational resources.

FP Markets Review Visit FP Markets

8. Superior Customer Service – BlackBull Markets

In this portion, we see that both BlackBull Markets and FP Markets offer 24/7 customer support, but their methods differ from one broker to another. FP Markets provides support via live chat, email, and phone, while BlackBull Markets adds the benefit of multilingual support.

BlackBull Markets Wins Customer Service

Feature	FP Markets	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

After evaluating the customer service features, it is safe to say that BlackBull Markets comes out on top, mainly due to its multilingual support, which can be a significant advantage for international traders.

Our Superior Customer Service Verdict

BlackBull Markets earns high points for their superior customer services.

FP Markets Review Visit FP Markets

9. Better Funding Options – FP Markets

Both brokers offer multiple funding options, but FP Markets has an edge due to including PayPal, a widely-used online payment system making it more convenient for traders to deposit and withdraw funds. Meanwhile, BlackBull Markets offers a variety of funding options, including bank wire transfers, credit/debit cards, and e-wallets such as Skrill and Neteller.

Funding Option	FP Markets	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

Our Better Funding Options Verdict

FP Markets definitely takes the crown owing to their better funding options.

FP Markets Review Visit FP Markets

10. Lower Minimum Deposit – BlackBull Markets

BlackBull Markets has a lower minimum deposit requirement of $0 than FP Markets’ $100. Depending on the payment method, you can deposit as low as $1 with the former.

Our studies have shown that lower minimum deposits benefit brokers by attracting a wider range of traders, fostering client loyalty, and increasing the broker’s client base, thus enhancing competitiveness. At the same time, traders, including beginners and small investors, benefit from ease of use, accessibility, and reduced financial risk.

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

FP Markets

	GBP	USD	EUR	AUD
Credit Card / Debit Card	£100 Minimum Deposit	$100 Minimum Deposit	€100 Minimum Deposit	$100
Paypal	£100 Minimum Deposit	$100 Minimum Deposit	€100 Minimum Deposit	$100
Bank Wire	£100 Minimum Deposit	$100 Minimum Deposit	€100 Minimum Deposit	$100
Skrill	£100 Minimum Deposit	$100 Minimum Deposit	€100 Minimum Deposit	$100

‏‏‎ ‎	Minimum Deposit	Recommended Deposit
FP Markets	$100	$100
BlackBull Markets	$0	$500

Our Lower Minimum Deposit Verdict

BlackBull Markets secures first place owing to their lower minimum deposit.

BlackBull Markets Review Visit BlackBull Markets

So Is BlackBull Markets or FP Markets The Best Broker?

FP Markets aces it because it offers a more comprehensive set of trading tools, lower spreads, and a more robust educational platform. The table below summarises the key information leading to this verdict.

Criteria	FP Markets	BlackBull Markets
Lowest Spreads And Fees	Yes	No
Better Trading Platform	Yes	No
Superior Accounts And Features	Yes	No
Best Trading Experience And Ease	Yes	No
Stronger Trust And Regulation	Yes	No
Top Product Range And CFD Markets	Yes	No
Superior Educational Resources	Yes	No
Superior Customer Service	No	Yes
Better Funding Options	Yes	No
Lower Minimum Deposit	No	Yes

FP Markets: Best For Beginner Traders

FP Markets is the better choice for beginner traders due to its comprehensive educational resources.

BlackBull Markets: Best For Experienced Traders

BlackBull Markets is more suited for experienced traders who are looking for diverse social and copy trading platforms.

FAQs Comparing FP Markets vs BlackBull Markets

Does BlackBull Markets or FP Markets Have Lower Costs?

FP Markets has lower costs. They offer more competitive spreads, making trading more cost-effective. For more details on low-cost brokers, you can visit our lowest spread forex brokers in the UK.

Which Broker Is Better For MetaTrader 4?

FP Markets is the better choice for MetaTrader 4 users. They offer a more comprehensive set of trading tools and resources. For more information, check out our best MT4 forex brokers in the UK.

Which Broker Offers Social Trading?

BlackBull Markets is the go-to broker for social and copy trading. They offer platforms like ZuluTrade and MyFxBook. For more on this, visit our best copy trading platforms in the UK.

Does Either Broker Offer Spread Betting?

Neither FP Markets nor BlackBull Markets offer spread betting. For those interested in spread betting, you can check out our best spread betting brokers in the UK.

What Broker is Superior For Australian Forex Traders?

In my opinion, FP Markets is superior for Australian Forex traders. They are ASIC regulated and founded in Australia, offering a sense of trust and local expertise. For more, visit the Best Forex Brokers In Australia.

What Broker is Superior For UK Forex Traders?

For UK traders, I’d recommend FP Markets. They are FCA regulated and offer a robust set of trading tools and educational resources. For more information, you can visit Best Forex Brokers in UK.

Article Sources

No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.

About the author:

Noam Korbl

Noam Korbl is the co-founder and has been a trader since 2014. He has Finance degree at Monash University and is an investor in shares and equities and successfully started and sold the online business Hearing Choices.

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