Written by ForexBrokers.com
In this head to head comparison of BlackBull Markets vs TopFX, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Comparing online brokers BlackBull Markets and TopFX reveals several key regulatory insights that can guide investors. Both BlackBull Markets, founded in 2014, and TopFX, established in 2010, are privately-owned companies and not listed on any stock exchange. Neither operates as a bank. When assessing regulatory trust, BlackBull Markets holds one Tier-1 license, the same number as TopFX, indicating a similar level of high trust according to ForexBrokers.com. However, neither broker holds any Tier-2 licenses, which are also considered trusted.
The ForexBrokers.com Trust Score further highlights differences between the two brokers. BlackBull Markets earns a score of 78 out of 99, placing it in the "average risk" category. Meanwhile, TopFX has a Trust Score of 67 out of 99, which classifies it as "high risk." While both brokers have the backing of a single Tier-1 license, BlackBull Markets holds a slightly better trust rating, suggesting a marginally safer option for investors assessing risk and regulation compliance.
| Feature |
BlackBull Markets
|
TopFX
|
|---|---|---|
| Year Founded | 2014 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 1 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing BlackBull Markets and TopFX for trading costs, BlackBull Markets offers competitive pricing across its three account types. Their Prime account stands out with an average spread of 0.16 on the EUR/USD and a commission rate that results in an all-in cost of 0.76 pips. While their Standard account is commission-free with no minimum deposit, it does come with slightly higher spreads. The Prime account, requiring a $2,000 minimum deposit, charges a commission of $6 per lot round turn. For more active traders, the ECN Institutional account demands a $20,000 minimum deposit with a reduced commission rate of $4 per round turn.
TopFX provides two main account options: the ZERO account and the RAW account. The ZERO account is commission-free but tends to have higher spreads, evident with an average of 1.03 pips on the EUR/USD. Conversely, the RAW account offers more competitive spreads—averaging 0.33 pips—paired with a commission of 2.75 EUR per side, culminating in an all-in cost of approximately 0.88 pips. The minimum deposit for TopFX varies based on your chosen payment method, allowing for some flexibility in account setup.
In terms of ratings and rankings, BlackBull Markets receives 4.5 stars for their commissions and fees, securing the #18 spot out of 62 brokers in the ForexBrokers.com list. TopFX, on the other hand, earns a 4-star rating, placing them at #40 in the same category. This difference reflects BlackBull Markets' more favorable pricing structure for traders looking to optimize their trading costs.
| Feature |
BlackBull Markets
|
TopFX
|
|---|---|---|
| Minimum Deposit | $0 | Depends on payment method |
| Average Spread EUR/USD - Standard | 0.71 | 1.03 |
| All-in Cost EUR/USD - Active | 0.71 | 0.88 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
BlackBull Markets and TopFX both cater to forex traders, providing opportunities to engage in forex trading as Contract for Difference (CFD) or spot contracts. BlackBull Markets stands out with an impressive 26,000 tradeable symbols and 72 forex pairs, offering a diverse trading experience. In contrast, TopFX provides 655 tradeable symbols with access to 60 different forex pairs, giving traders a decent but more limited selection. Both brokers support cryptocurrency derivatives, yet neither provides the option to purchase actual cryptocurrencies.
When considering investments in exchange-traded securities, BlackBull Markets clearly has the edge. It allows clients to invest in securities on both U.S. and international exchanges, offering more comprehensive access to global markets unlike TopFX, which doesn't offer this feature. Furthermore, both brokers facilitate copy trading, appealing to those who prefer to mirror the trades of experienced investors. With a five-star rating for its range of investments and a ranking of sixth out of 62 brokers by ForexBrokers.com, BlackBull Markets outshines TopFX, which receives a 3.5-star rating and is ranked 46th.
| Feature |
BlackBull Markets
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 26000 | 655 |
| Forex Pairs (Total) | 72 | 60 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
BlackBull Markets and TopFX provide traders with similar platform options to facilitate online trading, with both brokers offering simulated (paper) trading through free virtual demo accounts. They do not have proprietary platforms but show versatility by supporting widely-used platforms like MetaTrader 4 (MT4). Additionally, BlackBull Markets supports MetaTrader 5 (MT5), giving it a slight edge in terms of advanced features. Both brokers offer Windows-based desktop platforms and web-based trading options, ensuring traders can access markets across different devices. Copy trading is possible with either broker; however, BlackBull Markets extends additional functionality by including ZuluTrade, while TopFX does not offer this option.
When it comes to trading tools, BlackBull Markets and TopFX provide the ability to trade directly from stock charts, enriching the trading experience. BlackBull Markets offers a broader array of drawing tools (60), compared to TopFX’s 15, enhancing technical analysis potential. Both brokers offer competitive watch-list capabilities, with TopFX slightly ahead with seven columns compared to BlackBull Markets’ six. Despite these subtle differences, both brokers receive equal ratings of 4 stars out of five for their trading platforms and tools. Interestingly, BlackBull Markets ranks higher at #28 compared to TopFX’s position at #44 among 62 other brokers in the ForexBrokers.com Trading Platforms and Tools category, suggesting a marginal preference among users for BlackBull Markets in this area.
| Feature |
BlackBull Markets
|
TopFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | No | No |
| ZuluTrade | Yes | No |
| Charting - Indicators / Studies (Total) | 109 | 30 |
| Charting - Drawing Tools (Total) | 60 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both BlackBull Markets and TopFX offer mobile trading apps compatible with iPhone and Android devices, supporting an array of features designed to enhance the trading experience. These apps provide users with stock and forex price alerts and the ability to create watchlists with real-time quotes. Both platforms include 30 technical studies for charting, allow drawing trendlines on charts, and support viewing multiple time frames, ensuring traders can analyze the market in detail. Additionally, these apps automatically save any drawings made on charts, adding to their convenience.
Where BlackBull Markets differentiates itself is in providing watchlist symbol syncing, enabling traders to seamlessly synchronize their watchlists between the mobile app and their online accounts—a feature TopFX does not offer. Despite both brokers being rated four stars for their mobile trading apps, BlackBull Markets is ranked higher at 30th among 62 brokers by ForexBrokers.com, compared to TopFX's rank of 51. This may reflect BlackBull Markets' slightly more integrated app features, which could appeal to traders seeking enhanced synchronization capabilities.
| Feature |
BlackBull Markets
|
TopFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing BlackBull Markets and TopFX for their offerings in market research, both brokers bring distinct features to the table. BlackBull Markets stands out with its daily market commentary, providing traders with regular insights and updates. In addition to this, it offers tools from Autochartist for technical and fundamental analysis, and a sentiment-based trading tool to gauge market positions. BlackBull Markets also includes an economic calendar that showcases global news events. However, it does not provide forex news from top-tier sources like Bloomberg or Reuters, nor does it offer tools from Trading Central or Acuity Trading. Despite these limitations, BlackBull Markets achieves a solid research rating of 4 out of 5 stars and holds the 18th position out of 62 brokers according to ForexBrokers.com.
TopFX, on the other hand, delivers forex news from well-regarded sources such as Bloomberg and Reuters, which can be valuable for traders looking to make informed decisions. Like BlackBull Markets, it incorporates Autochartist tools and offers a sentiment-based trading tool, along with an economic calendar. TopFX also avails tools from Trading Central, adding to its research capabilities. Despite these advantages, TopFX does not provide daily market commentary or services from Acuity Trading. Consequently, its research features receive a 3-star rating, placing it at 59th out of 62 in the ForexBrokers.com ranking. Both platforms cater to different needs depending on the trader’s preference for commentary or news access.
| Feature |
BlackBull Markets
|
TopFX
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
BlackBull Markets stands out as a strong choice for beginners seeking educational resources in forex and CFD trading. They provide a rich collection of over 10 pieces, including articles, videos, and archived webinars that focus on these areas. New traders can also benefit from their monthly online client webinars and access a comprehensive archive of past sessions. In addition, BlackBull Markets offers more than 10 video tutorials aimed at both beginners and advanced traders, alongside an investor dictionary that explains at least 50 essential financial terms. With a commendable 4-star rating for education, BlackBull Markets ranks #29 out of 62 brokers, according to ForexBrokers.com.
In contrast, TopFX falls behind in educational offerings for beginners. They do not meet the minimum requirement of 10 educational materials centered on forex or CFDs and do not host monthly client webinars or provide a searchable webinar archive. Their video resources are limited, lacking the extensive beginner and advanced content available from competitors. While they maintain a 3-star rating for education, TopFX is placed at a lower rank of #60 out of 62 brokers by ForexBrokers.com. This highlights a significant gap in educational support for those new to trading.
| Feature |
BlackBull Markets
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that BlackBull Markets is better than TopFX. BlackBull Markets finished with an overall rank of #24, while TopFX finished with an overall rank of #61.
BlackBull Markets is a plain-vanilla MetaTrader broker with a growing range of products and support for a handful of third-party social copy trading platforms.
| Feature |
BlackBull Markets
|
TopFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 78 | 67 |
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Both BlackBull Markets and TopFX do not provide the option to purchase actual (delivered) cryptocurrency, offering instead the ability to trade cryptocurrency derivatives.
While both BlackBull Markets and TopFX support Skrill, Visa or Mastercard, and bank wires for deposits and withdrawals, only TopFX offers PayPal as an option, with neither broker supporting ACH or SEPA transfers.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | BlackBull Markets | TopFX | |
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| Trust Score | 78 | 67 | |
| Winner | check_circle | ||
| Review | BlackBull Markets Review | TopFX Review |
| Broker Screenshots | BlackBull Markets | TopFX | |
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| Regulation | BlackBull Markets | TopFX | |
|---|---|---|---|
| Trust Score | 78 | 67 | |
| Year Founded | 2014 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 1 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | BlackBull Markets | TopFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | No | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | BlackBull Markets | TopFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | BlackBull Markets | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 26000 | 655 | |
| Forex Pairs (Total) | 72 | 60 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | BlackBull Markets | TopFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.71 | 1.03 | |
| All-in Cost EUR/USD - Active | 0.71 | 0.88 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | BlackBull Markets | TopFX | |
|---|---|---|---|
| Minimum Deposit | $0 | Depends on payment method | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | BlackBull Markets | TopFX | |
|---|---|---|---|
| Proprietary Platform | No | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | Yes | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | No |
| Trading Tools | BlackBull Markets | TopFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 7 | |
| Charting - Indicators / Studies (Total) | 109 | 30 | |
| Charting - Drawing Tools (Total) | 60 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | BlackBull Markets | TopFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | BlackBull Markets | TopFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | BlackBull Markets | TopFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | BlackBull Markets | TopFX | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | BlackBull Markets Review | TopFX Review |
| Overall | BlackBull Markets | TopFX | |
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| Trust Score | 78 | 67 | |
| Winner | check_circle | ||
| Review | BlackBull Markets Review | TopFX Review |
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