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Head to head
BlackBull Markets or IC Markets? 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.
A New Zealand ECN broker with excellent platforms, real institutional plumbing — and no investor compensation anywhere.
One of the cheapest routes to raw institutional FX pricing - as long as you check which entity you are signing with.
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.
Four decision axes, each derived from the recorded data.
Overall IC Markets takes it, 4.2 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. BlackBull Markets scores 73 against 70 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 9. On platform and app IC Markets is ahead, 4.1 against 3.8 out of 5. Which one is right depends on which of these axes matters for your trading profile.
BlackBull MarketsBlackBull MarketsBlackBull MarketsBlackBull MarketsBlackBull MarketsUp to four brokers at once — every row a decision point.
Data as of: 30 Aug 2026
| Criterion | ||
|---|---|---|
| Overall score | 3.7 | 4.2 — Better |
| Group index | 73 of 100 | 70 of 100 |
| Best for | Active forex and CFD traderscTrader and TradingView usersCopy tradersTraders with no minimum capitalSwiss and non-EU clients wanting high leverage | Algorithmic and EA tradersScalping and high-frequency FXcTrader usersHigh-volume tradersCopy trading |
| Regulation | FMAFSA | ASICCySECFSCAFSASCBCMA |
| Top-tier licences | 1 | 1 |
| Investor protection | None | €20,000 — Better |
| Listed group | No | No |
| Banking licence | No | No |
| Segregated client accounts | Yes | Yes |
| Negative balance protection | Yes | Yes |
| Audited financials | Yes | Yes |
| Disclosed regulatory actions | None | 1 |
| Founded | 2014 | 2007 |
| Headquarters | Auckland, NZ | Sydney, AU |
| Fees | 4.0 | 4.7 — Better |
| Safety & regulation | 3.0 | 3.9 — Better |
| Trading platform | 3.9 | 4.5 — Better |
| Product range | 3.6 | 3.7 — Better |
| Mobile app | 3.6 | 3.6 |
| Research | 3.0 | 3.6 — Better |
| Customer support | 4.1 | 4.5 — Better |
| Deposit & withdrawal | 3.8 | 4.4 — Better |
| Account opening | 4.8 — Better | 4.3 |
| Education | 3.9 — Better | 3.3 |
| Reference order EUR 5,000 | €0.92 — Better | €5.00 |
| Minimum deposit | None — Better | €200 |
| Stocks (per order) | US$0.02/share — Better | 0.1 % |
| US stocks | n/a | US$0.02/share |
| ETFs | Not offered | Not offered |
| Options | Not offered | Not offered |
| Futures | in the spread | in the spread |
| Crypto | in the spread | in the spread |
| Bonds (order) | n/a | in the spread |
| Funds (order) | n/a | n/a |
| EUR/USD spread | 1.16 pips | 0.8 pips — Better |
| Index CFD spread | 0.6 points | n/a |
| FX conversion | 0.01 % | n/a |
| Inactivity fee | None — Better | €10 · after 6 months |
| Custody fee | None | None |
| Withdrawal fee | US$5 | free — Better |
| Deposit fee | free | free |
| Overnight financing | n/a | n/a |
| Other fees |
|
|
| Asset classes (of 14) | 11 — Better | 9 |
| Exchanges | n/a | n/a |
| Stocks | Yes | Yes |
| ETFs | Yes | No |
| Options | Yes | No |
| Futures | Yes | Yes |
| Forex | Yes | Yes |
| CFDs | Yes | Yes |
| Crypto | Yes | Yes |
| Bonds | Yes | Yes |
| Funds | No | No |
| Commodities | Yes | Yes |
| Indices | Yes | Yes |
| Warrants | No | No |
| Spread betting | No | No |
| Social trading | Yes | Yes |
| Platforms | MetaTrader 4MetaTrader 5cTraderTradingViewBlackBull CopyTraderBlackBull InvestBlackBull Client PortalZuluTrade and Myfxbook AutoTrade | MetaTrader 4MetaTrader 5cTraderTradingViewIC Markets appFIX API |
| Demo account | Yes | Yes |
| Fractional shares | No | No |
| Maximum leverage | 1:500 | 1:30 · Pro 1:500 |
| Account opening | Fully online in roughly 10–15 minutes; usually approved within one business day | Digital application, usually approved within one business day |
| Account types | ECN StandardECN PrimePrime+Swap-free (Islamic)BlackBull Invest | Raw Spread (MT4/MT5)cTrader RawStandardRaw ProRaw Pro+Swap-free |
| Payment methods | Bank transferCredit cardDebit cardSkrillNeteller | Bank transferSEPACredit cardDebit cardPayPalSkrillNetellerApple PayGoogle PayCrypto |
| Account currencies | USDEURGBPAUDNZDSGDCADJPYZAR | EURUSDGBP |
| Deposit time | Cards and e-wallets typically instant; bank transfers 1–3 business days | Instant to 12 hours on cards and e-wallets, 1-3 business days by bank transfer |
| Withdrawal time | Around 1 business day in independent testing; card and e-wallet withdrawals are capped at the amount deposited by that method | Same day to 1 business day on e-wallets and crypto, 2-5 business days by bank wire |
| Free withdrawals | n/a | n/a |
| Languages | EnglishSpanishThaiArabicChinesePortugueseRussianUzbek | EnglishGermanSpanishFrenchItalianPortugueseChineseVietnameseThaiArabic |
| Channels | PhoneEmailLive chatWhatsApp | PhoneEmailLive chat |
| Availability | 24/7, with separate English and Spanish WhatsApp lines and a New Zealand freephone number | 24/7 |
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.
Pros
Cons
Best for
IC Markets
One of the cheapest routes to raw institutional FX pricing - as long as you check which entity you are signing with.
Pros
Cons
Best for
Open an account with either
A demo account costs nothing and answers the platform question in ten minutes.
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.
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