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Head to head
IC Markets or BlackBull 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.
One of the cheapest routes to raw institutional FX pricing - as long as you check which entity you are signing with.
A New Zealand ECN broker with excellent platforms, real institutional plumbing — and no investor compensation anywhere.
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. The two pricing models cannot be converted like for like; the fee rows in the table carry the detail. 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 | 4.2 — Better | 3.7 |
| Group index | 70 of 100 | 73 of 100 |
| Best for | Algorithmic and EA tradersScalping and high-frequency FXcTrader usersHigh-volume tradersCopy trading | Active forex and CFD traderscTrader and TradingView usersCopy tradersTraders with no minimum capitalSwiss and non-EU clients wanting high leverage |
| Regulation | ASICCySECFSCAFSASCBCMA | FMAFSA |
| Top-tier licences | 1 | 1 |
| Investor protection | €20,000 — Better | None |
| 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 | 1 | None |
| Founded | 2007 | 2014 |
| Headquarters | Sydney, AU | Auckland, NZ |
| Fees | 4.7 — Better | 4.0 |
| Safety & regulation | 3.9 — Better | 3.0 |
| Trading platform | 4.5 — Better | 3.9 |
| Product range | 3.7 — Better | 3.6 |
| Mobile app | 3.6 | 3.6 |
| Research | 3.6 — Better | 3.0 |
| Customer support | 4.5 — Better | 4.1 |
| Deposit & withdrawal | 4.4 — Better | 3.8 |
| Account opening | 4.3 | 4.8 — Better |
| Education | 3.3 | 3.9 — Better |
| Reference order EUR 5,000 | 0.1 % (CFD) | US$0.02/share (CFD) |
| Minimum deposit | €200 | None — Better |
| Stocks (per order) | 0.1 % (CFD) | US$0.02/share (CFD) |
| US stocks | US$0.02/share (CFD) | n/a |
| 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) | in the spread | n/a |
| Funds (order) | n/a | n/a |
| EUR/USD spread | 0.8 pips — Better | 1.16 pips |
| Index CFD spread | n/a | 0.6 points |
| FX conversion | n/a | 0.01 % |
| Inactivity fee | €10 · after 6 months | None — Better |
| Custody fee | None | None |
| Withdrawal fee | free — Better | US$5 |
| Deposit fee | free | free |
| Overnight financing | n/a | n/a |
| Other fees |
|
|
| Asset classes (of 14) | 9 | 11 — Better |
| Exchanges | n/a | n/a |
| Stocks | Yes | Yes |
| ETFs | No | Yes |
| Options | No | Yes |
| 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 5cTraderTradingViewIC Markets appFIX API | MetaTrader 4MetaTrader 5cTraderTradingViewBlackBull CopyTraderBlackBull InvestBlackBull Client PortalZuluTrade and Myfxbook AutoTrade |
| Demo account | Yes | Yes |
| Fractional shares | No | No |
| Maximum leverage | 1:30 · Pro 1:500 | 1:500 |
| Account opening | Digital application, usually approved within one business day | Fully online in roughly 10–15 minutes; usually approved within one business day |
| Account types | Raw Spread (MT4/MT5)cTrader RawStandardRaw ProRaw Pro+Swap-free | ECN StandardECN PrimePrime+Swap-free (Islamic)BlackBull Invest |
| Payment methods | Bank transferSEPACredit cardDebit cardPayPalSkrillNetellerApple PayGoogle PayCrypto | Bank transferCredit cardDebit cardSkrillNeteller |
| Account currencies | EURUSDGBP | USDEURGBPAUDNZDSGDCADJPYZAR |
| Deposit time | Instant to 12 hours on cards and e-wallets, 1-3 business days by bank transfer | Cards and e-wallets typically instant; bank transfers 1–3 business days |
| Withdrawal time | Same day to 1 business day on e-wallets and crypto, 2-5 business days by bank wire | Around 1 business day in independent testing; card and e-wallet withdrawals are capped at the amount deposited by that method |
| Free withdrawals | n/a | n/a |
| Languages | EnglishGermanSpanishFrenchItalianPortugueseChineseVietnameseThaiArabic | EnglishSpanishThaiArabicChinesePortugueseRussianUzbek |
| Channels | PhoneEmailLive chat | PhoneEmailLive chatWhatsApp |
| Availability | 24/7 | 24/7, with separate English and Spanish WhatsApp lines and a New Zealand freephone number |
Editorial assessment based on the recorded data.
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
BlackBull Markets
A New Zealand ECN broker with excellent platforms, real institutional plumbing — and no investor compensation anywhere.
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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