Written by ForexBrokers.com
In this head to head comparison of BlackBull Markets vs HFM, 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.
BlackBull Markets and HFM are both online brokers catering to traders seeking diverse investment opportunities. Founded in 2014, BlackBull Markets operates with a ForexBrokers.com Trust Score of 78, placing it in the average risk category. It holds one Tier-1 license, which indicates a higher level of regulation, ensuring some safety for traders. Despite not being publicly traded or a bank, BlackBull Markets has been growing since its inception in 2014 and remains a noteworthy option for traders.
On the other hand, HFM, established in 2010, carries a Trust Score of 86, marking it as a trusted broker. With two Tier-1 licenses and three Tier-2 licenses, HFM demonstrates a more substantial regulatory standing compared to BlackBull Markets. Like BlackBull Markets, HFM is not publicly traded, nor is it a bank. This regulatory depth and experience within the industry may provide traders with a more secure trading environment, reflecting its higher trust rating.
| Feature |
BlackBull Markets
|
HFM
|
|---|---|---|
| Year Founded | 2014 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 1 | 2 |
| Tier-2 Licenses | 0 | 3 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 2 |
Comparing commissions and fees, BlackBull Markets is generally more price-friendly than HFM when you look at account features and typical spreads. BlackBull Markets earns 4.5/5 stars for commissions and fees and ranks #9 out of 63 brokers, while HFM earns 4/5 stars and ranks #28 out of 63. Both brokers can offer low costs under certain account setups, but BlackBull Markets provides clearer, data-backed pricing.
At BlackBull Markets, pricing depends on your account type. The Standard account is commission-free with no minimum deposit, but spreads are higher. The Prime account—often the better value for active traders—requires a $2,000 minimum deposit and charges $3 per side ($6 round turn) per lot, with lower spreads: in March 2024, the average EUR/USD spread on Prime was 0.16 pips, for an all-in cost of about 0.76 pips after adding 0.3 pips per side in commission. BlackBull’s ECN Institutional account targets higher-volume traders with at least $20,000 to deposit and reduces the commission to $2 per side ($4 round turn).
HFM’s trading costs sit slightly above the industry average. For its Standard account, the company cites a typical 1.2-pip spread (no date provided, so actual averages may vary). The Zero account advertises an effective cost near 0.7 pips after commission, but that figure isn’t presented as an average either. In practice, HFM can be competitive on its Zero account, but BlackBull Markets’ Prime account provides more transparent average spread data and can work out cheaper on major pairs like EUR/USD.
| Feature |
BlackBull Markets
|
HFM
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.16 | 1.8 |
| All-in Cost EUR/USD - Active | 0.76 | 1.1 |
| Non-wire bank transfer | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Comparing BlackBull Markets vs HFM on range of investments: both support forex trading (available as CFDs or spot) and both offer copy trading plus cryptocurrency CFDs, though neither lets you buy actual crypto. BlackBull Markets lists around 26,000 tradable symbols, far more than HFM’s 500. That said, HFM offers a wider selection of forex pairs (102 vs 72 at BlackBull). If you want to trade stocks directly (not CFDs), BlackBull Markets provides access to exchange-traded securities on both U.S. and international exchanges, while HFM does not offer direct stock dealing.
Independent ratings reflect these differences. For Range of Investments, ForexBrokers.com rates BlackBull Markets 5 stars and ranks it 7th out of 63 brokers, while HFM earns 4 stars and ranks 28th. In short, HFM suits traders focused on a larger set of forex pairs, whereas BlackBull Markets stands out for sheer market breadth and the ability to buy actual shares on U.S. and global exchanges.
| Feature |
BlackBull Markets
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 26000 | 500 |
| Forex Pairs (Total) | 72 | 102 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | Yes | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | 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 HFM both cover the essentials for trading platforms and tools. Each broker offers a free demo (paper) trading account, Windows desktop and web-based platforms, copy trading, and the ability to place trades directly from charts. Both also support MetaTrader 4 (MT4) and MetaTrader 5 (MT5). A key difference is that HFM provides an additional proprietary platform built in-house, while BlackBull Markets focuses on third-party platforms like MT4/MT5.
In independent testing for Trading Platforms and Tools, both brokers earned 4 stars. However, BlackBull Markets ranks higher at #25 out of 63 brokers, compared with HFM at #33. If you prefer a MetaTrader-centered setup with copy trading and chart trading, BlackBull Markets fits well; if you want those same MetaTrader options plus an extra proprietary platform to try, HFM is worth a look.
| Feature |
BlackBull Markets
|
HFM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | No | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| Charting - Indicators / Studies (Total) | 109 | 15 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
BlackBull Markets and HFM both offer mobile trading apps for iPhone and Android. Each app supports price alerts for markets like forex and stocks, includes 30 technical studies, allows you to draw trendlines, and auto-saves your chart drawings. The clearest difference is watchlists: BlackBull Markets syncs watchlist symbols between the mobile app and your online account, while HFM does not, so changes made in one place won’t appear in the other with HFM.
Both apps earn 4 out of 5 stars for Mobile Trading Apps. In ForexBrokers.com’s Mobile Trading Apps category, BlackBull Markets ranks 27th out of 63 brokers, while HFM ranks 32nd. If synced watchlists are important to you, BlackBull Markets has the edge; otherwise, the core mobile features are very similar.
| Feature |
BlackBull Markets
|
HFM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
BlackBull Markets and HFM both deliver strong market research essentials: daily market commentary, an economic calendar, sentiment-based positioning data, and Autochartist tools for technical or fundamental analysis. The key difference is news coverage—HFM includes forex news from top-tier sources like Bloomberg, Reuters, or Dow Jones, while BlackBull Markets does not. Neither broker currently offers Trading Central, TipRanks, or Acuity Trading research.
For overall research quality, both earn 4 stars from ForexBrokers.com. In the Research category, BlackBull Markets ranks 16th out of 63 brokers, while HFM ranks 18th. If premium real-time news feeds matter most, HFM has the edge; if you mainly want daily insights, sentiment tools, and Autochartist, either broker is a solid choice.
| Feature |
BlackBull Markets
|
HFM
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | No |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
BlackBull Markets vs HFM for beginner education: both brokers deliver beginner-friendly forex and CFD education. Each offers at least 10 beginner video lessons and holds client webinars every month, giving new traders a clear starting point plus ongoing guidance. Independent ratings reflect this strength: both score 4 out of 5 stars for Education, with BlackBull Markets ranked #24 out of 63 brokers by ForexBrokers.com and HFM close behind at #29.
As you progress, both brokers also provide 10+ advanced videos, letting you move from basics to more complex trading topics at your own pace. Bottom line: you’ll find solid beginner education with either choice, but if a slightly higher category ranking matters, BlackBull Markets has a small edge. If you simply want comparable video depth and a steady schedule of live webinars, HFM is a strong alternative.
| Feature |
BlackBull Markets
|
HFM
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that BlackBull Markets is better than HFM. BlackBull Markets finished with an overall rank of #22, while HFM finished with an overall rank of #27.
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
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HFM
|
|---|---|---|
| Overall Rating |
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| Trust Score | 78 | 86 |
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Comparing BlackBull Markets and HFM for cryptocurrency trading: neither broker offers buying actual (delivered) cryptocurrencies with direct ownership, but both support trading cryptocurrency CFDs.
In a BlackBull Markets vs HFM comparison of deposit and withdrawal methods, neither broker supports ACH, SEPA, or PayPal, both support Skrill and bank wire transfers, and Visa/Mastercard availability is not specified.
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 | HFM | |
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| Trust Score | 78 | 86 | |
| Winner | check_circle | ||
| Review | BlackBull Markets Review | HFM Review |
| Broker Screenshots | BlackBull Markets | HFM | |
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| Broker Gallery (click to expand) |
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| Regulation | BlackBull Markets | HFM | |
|---|---|---|---|
| Trust Score | 78 | 86 | |
| 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 | 2 | |
| Tier-2 Licenses | 0 | 3 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 2 |
| Tier-1 Licenses (Highly Trusted) | BlackBull Markets | HFM | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (FSA Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | No | Yes | |
| 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 | HFM | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA, FSRA, or SCA Authorised) | No | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | BlackBull Markets | HFM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 26000 | 500 | |
| Forex Pairs (Total) | 72 | 102 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | Yes | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | 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 | HFM | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.16 | 1.8 | |
| All-in Cost EUR/USD - Active | 0.76 | 1.1 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | No | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | BlackBull Markets | HFM | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | No | No |
| Trading Platforms | BlackBull Markets | HFM | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | No | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | Yes | No |
| Trading Tools | BlackBull Markets | HFM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 109 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | BlackBull Markets | HFM | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | BlackBull Markets | HFM | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | No | No | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | BlackBull Markets | HFM | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | BlackBull Markets | HFM | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | BlackBull Markets Review | HFM Review |
| Overall | BlackBull Markets | HFM | |
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| Trust Score | 78 | 86 | |
| Winner | check_circle | ||
| Review | BlackBull Markets Review | HFM Review |
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