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 (founded 2014) and HFM (founded 2010) are both online brokers that are privately held and not banks. According to ForexBrokers.com, BlackBull Markets has a Trust Score of 77/99 (average risk), while HFM scores 85/99 (trusted).
Looking at regulation, BlackBull Markets holds 1 Tier-1 license (considered highly trusted by ForexBrokers.com) and 0 Tier-2 licenses, whereas HFM holds 2 Tier-1 licenses and 3 Tier-2 licenses (trusted). On the ForexBrokers.com scale, 90–99 is highly trusted, 80–89 trusted, 70–79 average risk, 60–69 high risk, and below 59 not trusted—helping explain why HFM’s broader licensing aligns with its higher Trust Score compared with BlackBull Markets.
| 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 |
BlackBull Markets has slightly better commissions and fees than HFM overall, making it the stronger pick for traders who care about lower trading costs. BlackBull Markets earns 4.5 out of 5 stars and ranks #9 out of 36 brokers for commissions and fees at ForexBrokers.com. Its pricing is about average for the industry, but the Prime account stands out with an average EUR/USD spread of 0.16 pips and an all-in cost of 0.76 pips after commission, based on March 2024 data.
BlackBull Markets offers three account types, each with different costs. The Standard account has no commission and no minimum deposit, but spreads are wider. The Prime account requires a $2,000 minimum deposit and charges $3 per side, or $6 round turn per lot, while the ECN Institutional account is aimed at active traders who can deposit at least $20,000 and pays $2 per side, or $4 round turn. For most traders, the Prime account is the best balance of price and access.
HFM is a bit more expensive on average, with trading costs slightly above the industry average. It earns 4 out of 5 stars and ranks #29 out of 36 for commissions and fees. HFM’s standard accounts typically show a 1.2 pip spread, while the Zero account can work out to an effective 0.7 pip spread after commission, though this is not given as an average. In simple terms, BlackBull Markets offers clearer value for cost-conscious traders, while HFM trails behind on pricing.
| Feature |
BlackBull Markets
|
HFM
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Spread-only account | 1.16 | 1.8 |
| All-in Cost EUR/USD - Raw spread account | 0.76 | 1.1 |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to range of investments, BlackBull Markets offers a much wider selection than HFM. Both brokers support forex trading as CFDs or spot contracts, plus copy trading and cryptocurrency CFDs, but BlackBull Markets stands out with 26,000 tradeable symbols and 72 forex pairs, compared with HFM’s 344 symbols and 38 forex pairs. BlackBull Markets also gives clients access to exchange-traded shares on both U.S. and international exchanges, while HFM does not offer these non-CFD stock investments.
For investors looking for more market choice, BlackBull Markets has the edge. It earns a 5-star rating for Range of Investments and is ranked #7 out of 36 brokers by ForexBrokers.com, while HFM is rated 4 stars and ranked #29. If you want a broker with a broader selection of shares, forex pairs, and overall instruments, BlackBull Markets is the stronger pick in this category.
| Feature |
BlackBull Markets
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 26000 | 344 |
| Forex Pairs (Total) | 72 | 38 |
| 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 give traders a good mix of platform choices and useful tools. Each broker offers a free demo account, MetaTrader 4, MetaTrader 5, web-based trading, Windows desktop access, copy trading, and the ability to trade directly from a chart. In short, both platforms cover the basics that most traders look for, whether they want to test strategies, trade on a computer, or manage positions from a browser.
The main difference is that HFM offers a proprietary trading platform built in-house, while BlackBull Markets does not. That can give HFM an edge for traders who want a broker-created platform, though BlackBull Markets still stands out with the same core third-party platform support. Both brokers are rated 4 out of 5 for Trading Platforms and Tools, but BlackBull Markets ranks higher in the ForexBrokers.com category at #25 out of 36, compared with HFM at #35 out of 36.
| 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 | 38 |
| 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, along with stock and forex price alerts, trendline drawing, and automatic saving of chart drawings. Each broker also earns a 4-star rating for mobile trading apps, so both platforms cover the basics well for traders who want to manage positions on the go.
The main difference is in charting and account syncing. BlackBull Markets offers watchlist symbol syncing between the mobile app and online account, while HFM does not. BlackBull Markets also gives users 30 technical studies in its mobile app charting tools, compared with just 5 at HFM. That wider chart selection helps make BlackBull Markets the stronger choice for mobile trading, and this is reflected in its higher ForexBrokers.com ranking of #28 out of 36 brokers versus HFM at #34.
| 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 | 5 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
BlackBull Markets and HFM both give traders useful market research tools, including daily market commentary, Autochartist, a sentiment tool showing long and short positions, and an economic calendar with key global events. In terms of research quality, BlackBull Markets has a slight edge, earning 4.5 out of 5 stars and ranking #17 out of 36 brokers for Research on ForexBrokers.com, while HFM scores 4 out of 5 stars and ranks #18.
The main difference is that HFM offers forex news from major sources like Bloomberg, Reuters, and Dow Jones, while BlackBull Markets does not. HFM also includes research from Acuity Trading, such as Signal Centre, which BlackBull Markets lacks. Even so, both brokers cover the basics well, making either one a solid choice for traders who want market updates and built-in research tools.
| 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 | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
BlackBull Markets and HFM both give beginners a solid starting point for learning about forex and CFDs. Each broker offers more than 10 educational pieces on these markets, along with monthly client webinars and at least 10 beginner-focused videos, so new traders can learn the basics in different formats. They also both provide advanced video content for traders who want to keep building their skills.
When it comes to overall education quality, BlackBull Markets has the edge. It is rated 4.5 out of 5 stars for Education and ranks #25 out of 36 brokers at ForexBrokers.com, while HFM is rated 4 out of 5 stars and ranks #30. For beginners looking for more highly rated learning support, BlackBull Markets stands out slightly more, though HFM still offers plenty of useful educational material.
| 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 growing broker best known for its broad platform support, including MetaTrader, cTrader, TradingView, and copy trading tools, along with a large range of tradeable instruments.
| Feature |
BlackBull Markets
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HFM
|
|---|---|---|
| Overall Rating |
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| Trust Score | 77 | 85 |
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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.
Comparing online brokers BlackBull Markets and HFM for deposits and withdrawals: BlackBull supports ACH/SEPA, Skrill, and bank wires, while HFM supports Skrill and bank wires but not ACH/SEPA; neither broker supports PayPal, and Visa/Mastercard availability is unspecified for both.
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 | 77 | 85 | |
| Winner | check_circle | ||
| Review | BlackBull Markets Review | HFM Review |
| Broker Screenshots | BlackBull Markets | HFM | |
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| Regulation | BlackBull Markets | HFM | |
|---|---|---|---|
| Trust Score | 77 | 85 | |
| 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 CMA 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 | 344 | |
| Forex Pairs (Total) | 72 | 38 | |
| 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) - Spread-only account | 1.16 | 1.8 | |
| All-in Cost EUR/USD - Raw spread account | 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 (Deposit/Withdraw) | Yes | 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 | 38 | |
| 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 | 5 | |
| 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 | 77 | 85 | |
| Winner | check_circle | ||
| Review | BlackBull Markets Review | HFM Review |
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