Head to head

BlackBull Markets vs OANDA — which broker is better?

BlackBull Markets or OANDA? 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

Visit broker Full review

OANDA

Thirty years, six top-tier licences and the best mobile app in FX - attached to spreads you have to work around.

4,1

Group index 89/100Protection depends on your legal entity

CFTC/NFAFCAASIC+5

Stocks (per order): 0.06 %
Minimum deposit: None
EUR/USD spread: 1.7 pips

Visit broker Full review

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 OANDA takes it, 4.1 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 €3.00. OANDA scores 89 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 10. On platform and app OANDA is ahead, 4.4 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
OANDA: 4.1 — Better

Costs

BlackBull Markets: €0.92 — Better
OANDA: €3.00

Group indexNo winner

BlackBull Markets: 73 of 100
OANDA: 89 of 100

Product range

BlackBull Markets: 11/14 — Better
OANDA: 10/14

Platform & app

BlackBull Markets: 3.8
OANDA: 4.4 — 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 · OANDA
Criterion	BlackBull Markets 3,7 Visit broker	OANDA 4,1 Visit broker

Overall score	3.7	4.1 — Better
Group index	73 of 100	89 of 100
Best for	Active forex and CFD traderscTrader and TradingView usersCopy tradersTraders with no minimum capitalSwiss and non-EU clients wanting high leverage	BeginnersMobile-first tradersUS and Canadian residentsResearch-led discretionary tradingAPI and algo access

Regulation	FMAFSA	CFTC/NFAFCAASICCIROMASJFSAKNFBVI FSC
Top-tier licences	1	6 — Better
Investor protection	None	CA$1,000,000 — 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	None
Founded	2014	1996
Headquarters	Auckland, NZ	New York, US

Fees	4.0 — Better	3.5
Safety & regulation	3.0	4.7 — Better
Trading platform	3.9	4.2 — Better
Product range	3.6 — Better	3.5
Mobile app	3.6	4.5 — Better
Research	3.0	4.6 — Better
Customer support	4.1 — Better	3.9
Deposit & withdrawal	3.8	3.8
Account opening	4.8 — Better	4.3
Education	3.9 — Better	3.6

Reference order EUR 5,000	€0.92 — Better	€3.00
Minimum deposit	None	None
Stocks (per order)	US$0.02/share — Better	0.06 %
US stocks	n/a	0.06 %
ETFs	Not offered	0.06 %
Options	Not offered	Not offered
Futures	in the spread	Not offered
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 — Better	1.7 pips
Index CFD spread	0.6 points — Better	1 points
FX conversion	0.01 % — Better	1 %
Inactivity fee	None — Better	US$20 · after 12 months
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	EUR/USD spread (spread-only account): Advertised from 0.6 pips; ForexBrokers.com measured a 1.68 to 1.69 pip average in 2026 testing, and BestBrokers put it at 1.4 pips EUR/USD core pricing: From 0.0 to 0.4 pips plus commission - USD 7 per USD 100,000 per side in the US (OANDA states 0.70 per 10,000 units on each leg), USD 3 per 100,000 per side in Singapore. Round turn is double: USD 14 and USD 6 Core pricing eligibility: OANDA states it directly: core spread and commission pricing is available to clients with a balance of USD 10,000 or greater Currency conversion: 1.0 percent mark-up or mark-down on the mid-market rate (OANDA Europe Limited) Index CFD spreads: UK 100 from 1.0 point, Germany 40 from 1.2 points, USD/JPY from 1.3 pips Guaranteed stop-loss order: A fixed premium is charged only if the GSLO is actually triggered +2

Asset classes (of 14)	11 — Better	10
Exchanges	n/a	n/a
Stocks	Yes	Yes
ETFs	Yes	Yes
Options	Yes	No
Futures	Yes	No
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	Yes
Social trading	Yes	Yes

Platforms	MetaTrader 4MetaTrader 5cTraderTradingViewBlackBull CopyTraderBlackBull InvestBlackBull Client PortalZuluTrade and Myfxbook AutoTrade	OANDA Trade (web)OANDA Trade (mobile)MetaTrader 4MetaTrader 5TradingViewAlgo Labs API
Demo account	Yes	Yes
Fractional shares	No	No
Maximum leverage	1:500	1:30
Account opening	Fully online in roughly 10–15 minutes; usually approved within one business day	Online application, usually approved within one business day
Account types	ECN StandardECN PrimePrime+Swap-free (Islamic)BlackBull Invest	Standard (spread-only)Core pricing + commissionPremium and Premium PlusSpread betting (UK only)Professional (UK)

Payment methods	Bank transferCredit cardDebit cardSkrillNeteller	Bank transferSEPACredit cardDebit cardSkrillNeteller
Account currencies	USDEURGBPAUDNZDSGDCADJPYZAR	USDEURGBPAUDCADJPYSGDHKD
Deposit time	Cards and e-wallets typically instant; bank transfers 1–3 business days	Instant on cards, 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	1-3 business days; bank wires can take longer
Free withdrawals	n/a	n/a

Languages	EnglishSpanishThaiArabicChinesePortugueseRussianUzbek	EnglishGermanSpanishChineseJapanesePolish
Channels	PhoneEmailLive chatWhatsApp	PhoneEmailLive chat
Availability	24/7, with separate English and Spanish WhatsApp lines and a New Zealand freephone number	24/5

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

OANDA

Thirty years, six top-tier licences and the best mobile app in FX - attached to spreads you have to work around.

4,1

Pros

Regulated by six tier-1 authorities - CFTC/NFA, FCA (542574), CIRO, ASIC (AFSL 412981), MAS and the JFSA - a licence footprint almost nobody in retail FX matches
Trading since 1996, with client money segregated and FSCS cover up to GBP 85,000 for UK clients and CIPF cover up to CAD 1,000,000 in Canada
No minimum deposit at all - you can open and fund a live account with any amount you choose
The mobile app is the strongest in this comparison set: full order management, alerts and charting rather than a cut-down position viewer
Research rated 5 out of 5 by ForexBrokers.com - MarketPulse commentary, Autochartist integration, news feeds and podcasts, all in-house rather than bought in
Share CFD commission of 0.06 percent of notional per side with no minimum, which is cheap on small tickets where per-order minimums usually bite
Open REST and streaming API through Algo Labs, with no punitive volume threshold attached
Available to US, Canadian and Japanese residents, who cannot open accounts at most global CFD brokers

Cons

The default spread-only account is expensive: EUR/USD has been measured at 1.4 to 1.7 pips against roughly 0.8 pips all-in at raw-spread competitors
Core pricing closes most of that gap but is reported to require a USD 10,000 balance, so the cheap tariff is not available to the clients who need it most
A 1.0 percent currency conversion mark-up applies whenever the instrument currency differs from your account currency - the largest hidden cost in this review
Inactivity fee of up to USD 20 a month - GBP 20 at the UK entity - after twelve months without an open or active position, though up to three months are refundable once you trade again
No options, no futures and no mutual funds; outside the EU no share ownership either (the EU entity, OANDA TMS Brokers S.A., offers real shares and ETFs, held by a custodian in an omnibus account in OANDA TMS's name) - and the product list varies so much by entity that US clients get forex and spot crypto only
Support is 24/5 rather than 24/7, with narrower language coverage than the Australian competitors

Best for

BeginnersMobile-first tradersUS and Canadian residentsResearch-led discretionary tradingAPI and algo access

Open an account with either

A demo account costs nothing and answers the platform question in ten minutes.

Visit broker: BlackBull Markets Visit broker: OANDA

More comparisons

Alternatives people weigh up alongside these two.

BlackBull Markets vs OANDA — which broker is better?

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

The verdict in numbers

Four decision axes, each derived from the recorded data.

BlackBull Markets · OANDA
Criterion	BlackBull Markets 3,7 Visit broker	OANDA 4,1 Visit broker

Overall score	3.7	4.1 — Better
Group index	73 of 100	89 of 100
Best for	Active forex and CFD traderscTrader and TradingView usersCopy tradersTraders with no minimum capitalSwiss and non-EU clients wanting high leverage	BeginnersMobile-first tradersUS and Canadian residentsResearch-led discretionary tradingAPI and algo access

Regulation	FMAFSA	CFTC/NFAFCAASICCIROMASJFSAKNFBVI FSC
Top-tier licences	1	6 — Better
Investor protection	None	CA$1,000,000 — 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	None
Founded	2014	1996
Headquarters	Auckland, NZ	New York, US

Fees	4.0 — Better	3.5
Safety & regulation	3.0	4.7 — Better
Trading platform	3.9	4.2 — Better
Product range	3.6 — Better	3.5
Mobile app	3.6	4.5 — Better
Research	3.0	4.6 — Better
Customer support	4.1 — Better	3.9
Deposit & withdrawal	3.8	3.8
Account opening	4.8 — Better	4.3
Education	3.9 — Better	3.6

Reference order EUR 5,000	€0.92 — Better	€3.00
Minimum deposit	None	None
Stocks (per order)	US$0.02/share — Better	0.06 %
US stocks	n/a	0.06 %
ETFs	Not offered	0.06 %
Options	Not offered	Not offered
Futures	in the spread	Not offered
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 — Better	1.7 pips
Index CFD spread	0.6 points — Better	1 points
FX conversion	0.01 % — Better	1 %
Inactivity fee	None — Better	US$20 · after 12 months
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	EUR/USD spread (spread-only account): Advertised from 0.6 pips; ForexBrokers.com measured a 1.68 to 1.69 pip average in 2026 testing, and BestBrokers put it at 1.4 pips EUR/USD core pricing: From 0.0 to 0.4 pips plus commission - USD 7 per USD 100,000 per side in the US (OANDA states 0.70 per 10,000 units on each leg), USD 3 per 100,000 per side in Singapore. Round turn is double: USD 14 and USD 6 Core pricing eligibility: OANDA states it directly: core spread and commission pricing is available to clients with a balance of USD 10,000 or greater Currency conversion: 1.0 percent mark-up or mark-down on the mid-market rate (OANDA Europe Limited) Index CFD spreads: UK 100 from 1.0 point, Germany 40 from 1.2 points, USD/JPY from 1.3 pips Guaranteed stop-loss order: A fixed premium is charged only if the GSLO is actually triggered +2

Asset classes (of 14)	11 — Better	10
Exchanges	n/a	n/a
Stocks	Yes	Yes
ETFs	Yes	Yes
Options	Yes	No
Futures	Yes	No
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	Yes
Social trading	Yes	Yes

Platforms	MetaTrader 4MetaTrader 5cTraderTradingViewBlackBull CopyTraderBlackBull InvestBlackBull Client PortalZuluTrade and Myfxbook AutoTrade	OANDA Trade (web)OANDA Trade (mobile)MetaTrader 4MetaTrader 5TradingViewAlgo Labs API
Demo account	Yes	Yes
Fractional shares	No	No
Maximum leverage	1:500	1:30
Account opening	Fully online in roughly 10–15 minutes; usually approved within one business day	Online application, usually approved within one business day
Account types	ECN StandardECN PrimePrime+Swap-free (Islamic)BlackBull Invest	Standard (spread-only)Core pricing + commissionPremium and Premium PlusSpread betting (UK only)Professional (UK)

Payment methods	Bank transferCredit cardDebit cardSkrillNeteller	Bank transferSEPACredit cardDebit cardSkrillNeteller
Account currencies	USDEURGBPAUDNZDSGDCADJPYZAR	USDEURGBPAUDCADJPYSGDHKD
Deposit time	Cards and e-wallets typically instant; bank transfers 1–3 business days	Instant on cards, 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	1-3 business days; bank wires can take longer
Free withdrawals	n/a	n/a

Languages	EnglishSpanishThaiArabicChinesePortugueseRussianUzbek	EnglishGermanSpanishChineseJapanesePolish
Channels	PhoneEmailLive chatWhatsApp	PhoneEmailLive chat
Availability	24/7, with separate English and Spanish WhatsApp lines and a New Zealand freephone number	24/5

Criterion

3,7

4,1

Overall score

3.7

4.1

Group index

73 of 100

89 of 100

Best for

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

BeginnersMobile-first tradersUS and Canadian residentsResearch-led discretionary tradingAPI and algo access

Regulation

FMAFSA

CFTC/NFAFCAASICCIROMASJFSAKNFBVI FSC

Top-tier licences

Investor protection

None

CA$1,000,000

Listed group

Banking licence

Segregated client accounts

Negative balance protection

Audited financials

Disclosed regulatory actions

None

Founded

2014

1996

Headquarters

Auckland, NZ

New York, US

Fees

4.0

3.5

Safety & regulation

3.0

4.7

Trading platform

3.9

4.2

Product range

3.6

3.5

Mobile app

3.6

4.5

Research

3.0

4.6

Customer support

4.1

3.9

Deposit & withdrawal

3.8

Account opening

4.8

4.3

Education

3.9

3.6

Reference order EUR 5,000

€0.92

€3.00

Minimum deposit

None

Stocks (per order)

US$0.02/share

0.06 %

US stocks

n/a

0.06 %

ETFs

Not offered

0.06 %

Options

Not offered

Futures

in the spread

Not offered

Crypto

in the spread

Bonds (order)

n/a

in the spread

Funds (order)

n/a

EUR/USD spread

1.16 pips

1.7 pips

Index CFD spread

0.6 points

1 points

FX conversion

0.01 %

1 %

Inactivity fee

None

US$20 · after 12 months

Custody fee

None

n/a

Withdrawal fee

US$5

free

Deposit fee

free

Overnight financing

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

EUR/USD spread (spread-only account): Advertised from 0.6 pips; ForexBrokers.com measured a 1.68 to 1.69 pip average in 2026 testing, and BestBrokers put it at 1.4 pips
EUR/USD core pricing: From 0.0 to 0.4 pips plus commission - USD 7 per USD 100,000 per side in the US (OANDA states 0.70 per 10,000 units on each leg), USD 3 per 100,000 per side in Singapore. Round turn is double: USD 14 and USD 6
Core pricing eligibility: OANDA states it directly: core spread and commission pricing is available to clients with a balance of USD 10,000 or greater
Currency conversion: 1.0 percent mark-up or mark-down on the mid-market rate (OANDA Europe Limited)
Index CFD spreads: UK 100 from 1.0 point, Germany 40 from 1.2 points, USD/JPY from 1.3 pips
Guaranteed stop-loss order: A fixed premium is charged only if the GSLO is actually triggered
+2

Asset classes (of 14)

Exchanges

n/a

Stocks

ETFs

Options

Futures

Forex

CFDs

Crypto

Bonds

Funds

Commodities

Indices

Warrants

Spread betting

Social trading

Platforms

MetaTrader 4MetaTrader 5cTraderTradingViewBlackBull CopyTraderBlackBull InvestBlackBull Client PortalZuluTrade and Myfxbook AutoTrade

OANDA Trade (web)OANDA Trade (mobile)MetaTrader 4MetaTrader 5TradingViewAlgo Labs API

Demo account

Fractional shares

Maximum leverage

1:500

1:30

Account opening

Fully online in roughly 10–15 minutes; usually approved within one business day

Online application, usually approved within one business day

Account types

ECN StandardECN PrimePrime+Swap-free (Islamic)BlackBull Invest

Standard (spread-only)Core pricing + commissionPremium and Premium PlusSpread betting (UK only)Professional (UK)

Payment methods

Bank transferCredit cardDebit cardSkrillNeteller

Bank transferSEPACredit cardDebit cardSkrillNeteller

Account currencies

USDEURGBPAUDNZDSGDCADJPYZAR

USDEURGBPAUDCADJPYSGDHKD

Deposit time

Cards and e-wallets typically instant; bank transfers 1–3 business days

Instant on cards, 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

1-3 business days; bank wires can take longer

Free withdrawals

n/a

Languages

EnglishSpanishThaiArabicChinesePortugueseRussianUzbek

EnglishGermanSpanishChineseJapanesePolish

Channels

PhoneEmailLive chatWhatsApp

PhoneEmailLive chat

Availability

24/7, with separate English and Spanish WhatsApp lines and a New Zealand freephone number

24/5