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Alison Heyerdahl is the Head of Content at FxScouts, a Chartered Market Technician (CMT), and an experienced trader, as well as a financial writer with extensive expertise in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast.
In the fast-paced world of forex trading, choosing the right broker is crucial. FXCM and BlackBull Markets are two popular options, each with unique strengths and weaknesses. This comparison will dive into the key features of both platforms,helping you decide which one best suits your trading style and goals.
The radar chart above illustrates the comparison between FXCM and BlackBull Markets across several key metrics, with the highest possible score being 100 in each category.
At FxScouts, our mission is to assist traders in finding the broker that best suits their needs. Comparing brokers side-by-side is an effective method to achieve this goal. We evaluated FXCM and BlackBull Markets, using our standard criteria: trust and regulation, trading platforms, costs and trading conditions, and educational and market analysis resources.
Trust and regulation are crucial when selecting a Forex broker. A broker’s credibility is largely built on its regulatory status. We spend considerable time verifying the safety of each broker by examining their regulatory licenses. We also consider numerous factors when deciding which tier a regulator belongs to. Regulators that we rank as the world’s top regulators, gets a tier 1 rank, while regulators who only scores a tier 5-rank, provide virtually no regulatory oversight. The more top-tier authorities regulating a broker, the higher its trust rating. Read more about regulation and our tier system here.
In our comparison:
Based on these findings, FXCM earned a higher trust rating than BlackBull Markets.
When comparing brokers, trading costs are a significant factor. We consider the minimum deposit required to open an account and ongoing costs, including spreads and commissions. We measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit, including both the spread and any commission charged.
We found that FXCM has overall lower trading costs than BlackBull Markets.
Trading Platforms Offered Traders prefer brokers that offer a variety of trading platforms. We rate brokers higher if they support multiple platforms like MetaTrader4, MetaTrader5, cTrader, and proprietary platforms.
Copy trading is beneficial for beginner traders or those unable to trade full-time. In this case both BlackBull Markets and FXCM offer copy trading.
A broader range of CFD instruments provides more trading opportunities. BlackBull Markets offers a greater variety of instruments compared to FXCM:
For those interested in trading cryptocurrencies, BlackBull Markets offers 40 cryptocurrencies, while FXCM offers 6 cryptocurrencies. Therefore, BlackBull Markets is the better choice for cryptocurrency trading.
Traders prefer brokers with quick and cost-effective deposit and withdrawal processes. We favor brokers that process withdrawals within 24 hours using multiple methods without charging fees.We found that both BlackBull Markets and FXCM charges a withdrawal fee. Overall, BlackBull Markets has better deposit and withdrawal processes than FXCM.
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
BlackBull Markets has better educational support than FXCM. Both BlackBull Markets and FXCM offer educational support for more experienced traders.Access to frequent and high-quality market research and analysis is crucial.
We found that FXCM offers better research analysis than BlackBull Markets and that both BlackBull Markets and FXCM offer frequent webinars.
FXCM may appeal to high-volume traders who appreciate a wide platform choice and an extensive suite of advanced trading tools. However, its fixed leverage, high trading costs, high currency conversion fees, and high interest rates may deter some traders.
A well-regulated broker, FXCM offers an average number of financial instruments compared to other brokers, including Forex, commodities, indices, share CFDs, and cryptocurrencies. FXCM's single account has a minimum deposit of 50 USD and average spreads of 0.30 pips (EUR/USD), which is wider than other brokers. Clients with a notional trading volume of more than 10 million USD per month are eligible for rebates, dedicated customer support, free VPS services, and free access to multiple APIs.
FXCM 's range of trading platforms includes MT4, various advanced specialty platforms, and FXCM's award-winning proprietary platform, Trading Station. It also offers numerous trading tools, including various API tools, TradingView and a host of FXCM apps.
Founded in New Zealand in 2014, BlackBull Markets is an ECN broker that offers trading on a wide range of assets, including Forex, crypto, commodities, indices, over 1,700 share CFDs, and 26,000 real shares.
BlackBull Markets offers three CFD accounts. Trading costs are low on its entry-level account, with average spreads of 0.8 pips on the EUR/USD. Trading costs improve further on its Prime and Prime+ accounts, with spreads down to 0.1 pips (EUR/USD), but this is in addition to a commission.
BlackBull Markets provides direct market access on the MT4, MT5, cTrader, TradingView, BlackBull, and BlackBull Invest trading platforms and offers several useful trading tools, including a VPS service and copy trading through third-party providers Zulutrade and Myfxbook Autotrade.
BlackBull Markets’ educational and market analysis materials are excellent compared to most other brokers, with thousands of video tutorials, frequent webinars, and daily market commentary.
For more detailed reviews, please read our comprehensive assessments of FXCM and BlackBull Markets.
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Broker | Overall Rating Our overall rating evaluates brokers on platform quality, fees, service, regulation, and instruments. Higher scores reflect better performance and reliability. | Official Site Click to visit the broker’s official website for more information and to open an account. | Min. Deposit The minimum amount of money required to open an account with this broker. | Min. Spread | Trading Cost | Licenced by Displays the financial regulators licensing the broker, shown by national flags, ensuring compliance with financial standards for safer trading. | Accepts Traders from %s | Compare Select two brokers using the checkboxes to compare their features, fees, platforms, and more side by side. |
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 | USD 0 | 0 pips | USD 7 |    | jp, es, us, ca | |||
 | USD 3 | 0.10 pips | USD 7 |     | at, be, bg, cy, cz, de, dk, ee, el*, es, fi, fr, hr, hu, ie, it, lt, lu, lv, mt, nl, pl, pt, ro, se, si, sk, us, ca, au, nz, il, iq, sy, ir, kp, my, ye, sg, pr, gu | |||
 | USD 0 | 0 pips | USD 10 | | jp, be, el, lt, pt, bg, es, lu, ro, cz, fr, hu, si, dk, hr, mt, sk, de, it, nl, fi, ee, cy, at, se, ie, lv, pl | |||
| USD 5 | 0.60 pips | USD 6 |  | us, es, ca, ir, il | |||
 | USD 100 | 0.90 pips | USD 9 |     | es, be, cu, ir, kp, sy, us, nz, ru, by, lb, ye, im, uk, je, gg, af, dz, iq, ps, in | |||
 | USD 100 | 1 pips | USD 10 |  | jp, es | |||
 | USD 100 | 0.40 pips | USD 14 | | es | |||
 | USD 100 | 0 pips | USD 6 | | jp, es | |||
 | USD 200 | 0.10 pips | USD 8 | | jp, es | |||
 | USD 0 | 0.80 pips | USD 7 |  | us, es |
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Alison and Chris cover a range of topics, including how to choose a Forex broker, safety and regulation, how to reduce your risk, trading psychology, trading platforms, and trading strategies, among others.
The FxScouts podcast helps beginner Forex traders get the best start to their trading careers.
