Head to head

BlackBull Markets vs Eightcap — which broker is better?

BlackBull Markets or Eightcap? Fees, regulation, platform and product range compared side by side — with a verdict drawn from the data.

Risk warning: CFDs and leveraged products are complex instruments and come with a high risk of losing money rapidly. Investments can fall in value. Past performance is not an indicator of future results.

BlackBull Markets

A New Zealand ECN broker with excellent platforms, real institutional plumbing — and no investor compensation anywhere.

3,7

Group index 73/100Protection depends on your legal entity

FMAFSA

Stocks (per order): US$0.02/share
Minimum deposit: None
EUR/USD spread: 1.16 pips

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Eightcap

A cost-competitive CFD broker with the best TradingView integration in the business — and a regulatory structure you need to read carefully.

3,8

Group index 74/100Protection depends on your legal entity

ASICFCACySEC+3

Stocks (per order): in the spread
Minimum deposit: US$100
EUR/USD spread: 1.0 pips

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Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.

The verdict in numbers

Four decision axes, each derived from the recorded data.

Overall Eightcap takes it, 3.8 against 3.7 out of 5. BlackBull Markets is the cheaper of the two: a reference EUR 5,000 stock order costs €0.92 there against €5.00. Eightcap scores 74 against 73 out of 100 on the group index. Your account's protection depends on its legal entity. BlackBull Markets covers more ground with 11 of 14 asset classes against 6. On platform and app Eightcap is ahead, 4.0 against 3.8 out of 5. Which one is right depends on which of these axes matters for your trading profile.

Overall score

BlackBull Markets: 3.7
Eightcap: 3.8 — Better

Costs

BlackBull Markets: €0.92 — Better
Eightcap: €5.00

Group indexNo winner

BlackBull Markets: 73 of 100
Eightcap: 74 of 100

Product range

BlackBull Markets: 11/14 — Better
Eightcap: 6/14

Platform & app

BlackBull Markets: 3.8
Eightcap: 4.0 — Better

Compare brokers side by side

Up to four brokers at once — every row a decision point.

Data as of: 30 Aug 2026

Best value in the row

BlackBull Markets · Eightcap
Criterion	BlackBull Markets 3,7 Visit broker	Eightcap 3,8 Visit broker

Overall score	3.7	3.8 — Better
Group index	73 of 100	74 of 100
Best for	Active forex and CFD traderscTrader and TradingView usersCopy tradersTraders with no minimum capitalSwiss and non-EU clients wanting high leverage	TradingView-native tradersFX and index CFD scalpersMetaTrader EA usersCost-sensitive active tradersTraders wanting a low entry deposit

Regulation	FMAFSA	ASICFCACySECSCBFSAFSC
Top-tier licences	1	2 — Better
Investor protection	None	£85,000 — Better
Listed group	No	No
Banking licence	No	No
Segregated client accounts	Yes	Yes
Negative balance protection	Yes	No
Audited financials	Yes	Yes
Disclosed regulatory actions	None	None
Founded	2014	2009
Headquarters	Auckland, NZ	Melbourne, AU

Fees	4.0	4.2 — Better
Safety & regulation	3.0	3.0
Trading platform	3.9	4.2 — Better
Product range	3.6 — Better	3.2
Mobile app	3.6	3.8 — Better
Research	3.0	3.4 — Better
Customer support	4.1 — Better	4.0
Deposit & withdrawal	3.8	4.4 — Better
Account opening	4.8 — Better	4.3
Education	3.9 — Better	3.5

Reference order EUR 5,000	€0.92 — Better	€5.00
Minimum deposit	None — Better	US$100
Stocks (per order)	US$0.02/share	in the spread
US stocks	n/a	n/a
ETFs	Not offered	Not offered
Options	Not offered	Not offered
Futures	in the spread	Not offered
Crypto	in the spread	in the spread
Bonds (order)	n/a	n/a
Funds (order)	n/a	n/a
EUR/USD spread	1.16 pips	1.0 pips — Better
Index CFD spread	0.6 points	n/a
FX conversion	0.01 %	n/a
Inactivity fee	None	None
Custody fee	None	n/a
Withdrawal fee	US$5	free — Better
Deposit fee	free	free
Overnight financing	n/a	n/a
Other fees	ECN Prime / Prime+ commission: USD 3.00 per lot per side (USD 6 per round turn) on top of the raw spread; EUR/USD averaged 0.16 pips over the twelve months to October 2025, so a standard-lot round turn lands at roughly USD 7.60 all-in ECN Standard commission: None — the whole cost sits in the spread. Advertised from 0.8 pips, but EUR/USD averaged 1.16 pips over the twelve months to October 2025, roughly USD 11.60 per standard-lot round turn Inactivity fee: None Custody / account fee: None Currency conversion: Liquidity-provider rate plus a mark-up, measured at roughly 0.01% in independent testing Swap-free (Islamic) accounts: Available on all account types, but subject to administrative fees; BlackBull reserves the right to revoke swap-free status +2	Standard account: No commission on FX, indices, commodities and crypto; spreads from 1.0 pip on EUR/USD. Minimum deposit USD 100. Raw account: Spreads from 0.0 pips plus commission per side per standard lot: 3.50 in AUD/USD/NZD/SGD/CAD, 2.75 in EUR, 2.25 in GBP. Minimum deposit USD 100. Inactivity fee: None published Deposit and withdrawal fees: Eightcap charges no internal fees; card, wallet and bank intermediaries may still charge Margin call / stop-out: 80% margin call, 50% stop-out Trade size: 0.01 lots minimum, 100 lots maximum per order +1

Asset classes (of 14)	11 — Better	6
Exchanges	n/a	n/a
Stocks	Yes	Yes
ETFs	Yes	No
Options	Yes	No
Futures	Yes	No
Forex	Yes	Yes
CFDs	Yes	Yes
Crypto	Yes	Yes
Bonds	Yes	No
Funds	No	No
Commodities	Yes	Yes
Indices	Yes	Yes
Warrants	No	No
Spread betting	No	No
Social trading	Yes	No

Platforms	MetaTrader 4MetaTrader 5cTraderTradingViewBlackBull CopyTraderBlackBull InvestBlackBull Client PortalZuluTrade and Myfxbook AutoTrade	MetaTrader 4MetaTrader 5TradingViewTradeLockerMetaTrader mobile apps
Demo account	Yes	Yes
Fractional shares	No	No
Maximum leverage	1:500	1:500 · Pro 1:500
Account opening	Fully online in roughly 10–15 minutes; usually approved within one business day	Fully online — form plus ID and proof-of-address upload; usually approved within one business day
Account types	ECN StandardECN PrimePrime+Swap-free (Islamic)BlackBull Invest	StandardRaw

Payment methods	Bank transferCredit cardDebit cardSkrillNeteller	Bank transferCredit cardDebit cardPayPalSkrillNetellerCrypto
Account currencies	USDEURGBPAUDNZDSGDCADJPYZAR	AUDCADEURGBPNZDSGDUSD
Deposit time	Cards and e-wallets typically instant; bank transfers 1–3 business days	Instant for cards, PayPal, Skrill, Neteller and crypto; 1–5 business days for wire transfer
Withdrawal time	Around 1 business day in independent testing; card and e-wallet withdrawals are capped at the amount deposited by that method	1 business day for Skrill and Neteller, instant for crypto, 1–5 business days for cards and wire
Free withdrawals	n/a	n/a

Languages	EnglishSpanishThaiArabicChinesePortugueseRussianUzbek	EnglishGermanSpanishFrenchItalianPortugueseChineseThaiIndonesian
Channels	PhoneEmailLive chatWhatsApp	Live chatEmailPhone
Availability	24/7, with separate English and Spanish WhatsApp lines and a New Zealand freephone number	24/5, market hours

Strengths and weaknesses side by side

Editorial assessment based on the recorded data.

BlackBull Markets

A New Zealand ECN broker with excellent platforms, real institutional plumbing — and no investor compensation anywhere.

3,7

Pros

No minimum deposit at all — every account tier including Prime opens from USD 0
Prime pricing of USD 3.00 per lot per side with EUR/USD averaging 0.16 pips — about USD 7.60 all-in on a standard-lot round turn
Platform range beats brokers many times its size: MT4, MT5, cTrader, native TradingView, in-house CopyTrader, ZuluTrade and Myfxbook
LMAX ECN liquidity into Equinix-hosted servers with sub-100ms average execution — genuine institutional plumbing rather than marketing language
24/7 support across phone, email, live chat and dedicated English and Spanish WhatsApp lines, consistently praised in recent public feedback
No inactivity fee, no custody fee, no account fee, and nine base currencies including NZD, SGD and ZAR
Milford Asset Management, a NZ$34bn manager, holds a minority stake — an outside investor with reputational skin in the game
BlackBull Invest adds real ownership of 26,000+ shares, options, ETFs and bonds alongside the leveraged accounts

Cons

No investor compensation scheme under either entity — New Zealand has none and the Seychelles has none, so segregation is the only protection if the firm fails
USD 5 charged on every withdrawal, in the account base currency, which almost no direct competitor does; small or frequent withdrawals get expensive fast
The commission-free ECN Standard tier is not the cheap option it looks like — EUR/USD averaged 1.16 pips over the twelve months to October 2025, about USD 11.60 per standard-lot round turn against USD 7.60 on Prime
Not available to EU, UK or Indian residents by BlackBull's own disclosure, which rules it out for German and Austrian readers entirely
BlackBull does not publish which countries are onboarded to which legal entity, so you may not know which regulator covers you until you read the agreement
Research is thin — a hub of daily snapshots and a podcast, with no screener depth or serious analytical tooling
Privately held with no banking licence and no exchange listing — audited accounts surface once a year on the New Zealand register and not in between; the credit ratings quoted on its compliance page are those of custodian banks, not of BlackBull

Best for

Active forex and CFD traderscTrader and TradingView usersCopy tradersTraders with no minimum capitalSwiss and non-EU clients wanting high leverage

Eightcap

A cost-competitive CFD broker with the best TradingView integration in the business — and a regulatory structure you need to read carefully.

3,8

Pros

Raw account is cheap for the segment: 0.0-pip spreads plus roughly USD 3.50 per side per standard lot, or about USD 7 round turn on EUR/USD
Best-in-class TradingView integration — trade the live account from TradingView charts across 1,000+ symbols, not just a read-only feed
Four platforms on one account: MT4, MT5, TradingView and TradeLocker, so you are not locked into MetaTrader
No inactivity fee and no internal deposit or withdrawal fees, including on PayPal, Skrill, Neteller and crypto rails
Low USD 100 minimum on both account types, with seven base currencies including EUR and GBP
Broad funding menu with regional rails (INTERAC, PIX, UnionPay, Thai QR) and instant card, wallet and crypto deposits
The regulated entities check out on primary sources: Eightcap Pty Ltd has held ASIC AFSL 391441 since 2009, Eightcap Group Ltd appears on the FCA register under FRN 921296, and Eightcap EU Ltd holds CySEC licence 246/14 granted in July 2014
Negative balance protection on the ASIC-, FCA- and CySEC-booked entities, and an 80% margin call / 50% stop-out ladder that is stated up front

Cons

The group's legal-documents page still lists only Bahamas (SIA-F220), Seychelles (SD100), Mauritius (GB25204603) and a St Vincent company, so the one page built to tell you who you contract with names none of the regulated entities — and the FCA has published a clone warning for 'Eightcap VIP' / eightcap.vip, which is not the authorised firm
CFDs only: no real shares, no ETFs, no bonds, no funds, no listed options or futures, and no spot crypto you can withdraw
Share-CFD commissions are not published on the public account-comparison page, so equity traders cannot price a trade before opening an account
No proprietary mobile app — you are handed MetaTrader, TradingView or TradeLocker, none of which carry Eightcap's own onboarding, funding and reporting flow
Up to 500:1 leverage on the offshore entities, which is a retail-harm risk dressed as a selling point
No withholding of German Abgeltungsteuer or Austrian KESt — CFD gains must be declared yourself, and German losses from Termingeschäfte face restrictive offsetting rules

Best for

TradingView-native tradersFX and index CFD scalpersMetaTrader EA usersCost-sensitive active tradersTraders wanting a low entry deposit

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Visit broker: BlackBull Markets Visit broker: Eightcap