Written by ForexBrokers.com
In this head to head comparison of Pepperstone vs BlackBull Markets, 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.
Pepperstone and BlackBull Markets are two reputable online brokers often compared by traders. Founded in 2010, Pepperstone boasts high trust levels with a ForexBrokers.com Trust Score of 95 out of 99, indicating it is a highly trusted broker. It holds three Tier-1 licenses and two Tier-2 licenses, which further ensure its standing as a reliable choice for investors. BlackBull Markets, established in 2014, has a Trust Score of 78, suggesting an average risk according to ForexBrokers.com. It holds one Tier-1 license, but no Tier-2 licenses, which places it slightly behind Pepperstone in terms of regulatory backing and overall trust level.
Both Pepperstone and BlackBull Markets are not publicly traded on any stock exchange, nor are they structured as banks. These factors are essential considerations for traders looking to understand the operational scope and regulatory frameworks of each broker. While Pepperstone appears to offer stronger regulatory assurances, BlackBull Markets still provides a dependable trading environment, albeit with a different risk profile according to industry ratings. This variety offers traders choices based on their trust and regulatory preferences.
| Feature |
Pepperstone
|
BlackBull Markets
|
|---|---|---|
| Year Founded | 2010 | 2014 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 3 | 1 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 1 |
Pepperstone and BlackBull Markets both earn 4.5 out of 5 stars for commissions and fees. In ForexBrokers.com’s Commissions and Fees rankings, Pepperstone places #11 out of 63 brokers, while BlackBull Markets ranks #19. On headline EUR/USD pricing, BlackBull’s Prime account is a touch cheaper on paper than Pepperstone’s Razor account, but Pepperstone’s volume-based rebates can narrow or even reverse that gap for high-frequency traders.
Pepperstone’s Razor account (available on TradingView, MT4/MT5, and cTrader) uses a commission-plus-spread model. As of July 2024, the average EUR/USD spread was 0.10 pips; including the commission-equivalent of 0.70 pips, the all-in cost is about 0.80 pips. The Standard account is commission-free but pricier, with an average 1.1-pip spread on EUR/USD. Active Trader rebates can reduce costs for professionals: in the U.K. and EU, trading at least £20 million per month can unlock a 15% rebate per lot (up to 25% for more than £200 million). In Australia, Tier One starts at a 10% reduction after 100 lots over three months, scaling to a 30% reduction at Tier Three for more than 3001 lots monthly.
BlackBull Markets offers three accounts. The Standard account has no minimum deposit and no commissions, but spreads are higher. The Prime account requires a $2,000 minimum and charges $3 per side ($6 round turn) per lot; based on March 2024 data, the average EUR/USD spread was 0.16 pips, for an all-in cost of about 0.76 pips. The ECN Institutional account targets larger deposits (from $20,000) with lower commissions of $2 per side ($4 round turn). For low spreads out of the box, BlackBull’s Prime is appealing; for very high volumes, Pepperstone’s Razor plus rebates can be compelling.
| Feature |
Pepperstone
|
BlackBull Markets
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.00 | 0.71 |
| All-in Cost EUR/USD - Active | 0.70 | 0.71 |
| Non-wire bank transfer | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Pepperstone and BlackBull Markets both support forex trading as CFDs or spot and both offer copy trading. The big difference is scale: BlackBull Markets lists about 26,000 tradeable symbols and 72 forex pairs, while Pepperstone has 1,726 symbols and 65 pairs. Each broker offers crypto CFDs, but neither lets you buy actual, delivered cryptocurrency.
BlackBull Markets also provides access to exchange-traded securities (not CFDs) on U.S. and international exchanges, so you can buy real shares like Apple (NASDAQ: AAPL) and Vodafone (London). Pepperstone does not offer exchange-traded securities. Reflecting this wider menu, ForexBrokers.com rates BlackBull Markets 5/5 stars for Range of Investments (ranked #6 of 63), while Pepperstone earns 4/5 stars (ranked #27 of 63). If you want real share dealing and a very large selection of markets, BlackBull Markets stands out; if you mainly trade CFDs, forex, and crypto CFDs, both brokers fit the bill.
| Feature |
Pepperstone
|
BlackBull Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1726 | 26000 |
| Forex Pairs (Total) | 65 | 72 |
| U.S. Stocks (Shares) | No | Yes |
| Global Stocks (Non-U.S. Shares) | No | Yes |
| 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.
Pepperstone vs. BlackBull Markets: both online brokers cover the essentials for traders. Each offers a free demo (paper) account, copy trading, a Windows desktop download, and a web-based platform. Both support MetaTrader 4 (MT4) and MetaTrader 5 (MT5), and let you place orders directly from charts. A key difference is platform choice: Pepperstone also provides a proprietary in-house platform, while BlackBull Markets focuses on third-party platforms like MetaTrader.
For Trading Platforms and Tools, both earn 4 out of 5 stars. According to ForexBrokers.com, Pepperstone ranks 22nd out of 63 brokers in this category, while BlackBull Markets ranks 31st. The number of built-in indicators and watchlist fields can vary by platform, so consider which interface you prefer and test a free demo to see which setup fits your workflow.
| Feature |
Pepperstone
|
BlackBull Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | No |
| 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) | 15 | 109 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Pepperstone and BlackBull Markets both offer full-featured mobile trading apps for iPhone and Android. Each app includes price alerts, synced watchlists (so changes carry over between mobile and web), and 30 built-in technical studies for charting. You can draw trendlines on charts in both apps, and your drawings auto-save, making it easy to pick up where you left off.
Both brokers earn 4 out of 5 stars for their mobile trading apps. However, Pepperstone ranks higher in ForexBrokers.com’s Mobile Trading Apps category, coming in at #21 out of 63 brokers, while BlackBull Markets is #33. If you want similar features with a slightly higher third-party ranking, Pepperstone may edge ahead; otherwise, both deliver comparable tools for trading on the go.
| Feature |
Pepperstone
|
BlackBull Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Pepperstone and BlackBull Markets both provide their clients with daily market commentary, ensuring traders stay updated with the latest market trends. However, when it comes to accessing forex news from top-tier sources like Bloomberg and Reuters, Pepperstone holds an advantage as it provides this premium information, unlike BlackBull Markets. Both brokers are on equal footing with supplying tools from Autochartist for technical and fundamental analysis, yet neither offers resources from Trading Central nor market research from TipRanks or Acuity Trading. Both brokers also provide an economic calendar to keep traders informed of significant global events, along with sentiment-based trading tools to gauge market trends.
In terms of research ratings, Pepperstone slightly outperforms BlackBull Markets, boasting a rating of 4.5 stars out of five, compared to BlackBull Markets’ 4 stars. When ranked among 63 brokers in the research category by ForexBrokers.com, Pepperstone is positioned at #12, ahead of BlackBull Markets, which ranks at #18. These ratings reflect Pepperstone's superior offering in research tools and information, potentially giving traders an edge in market analysis.
| Feature |
Pepperstone
|
BlackBull Markets
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| 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.
Pepperstone and BlackBull Markets both deliver beginner-friendly forex and CFD education that meets the baseline of at least ten dedicated learning pieces, including articles, videos, and archived webinars. Each broker runs ongoing client webinars (at least one per month) and provides 10+ beginner video tutorials to cover essentials like order types, risk management, and platform setup. When you’re ready to advance, both also offer 10+ videos aimed at experienced traders.
The main difference is quality and recognition. Pepperstone holds a 4.5-star Education rating and ranks #17 out of 63 brokers at ForexBrokers.com, while BlackBull Markets has a 4-star rating and ranks #29. If you want a higher-rated education library and a slightly stronger learning path, Pepperstone has the edge. If you simply need clear beginner lessons with regular live sessions, BlackBull Markets remains a solid pick.
| Feature |
Pepperstone
|
BlackBull Markets
|
|---|---|---|
| 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 Pepperstone is better than BlackBull Markets. Pepperstone finished with an overall rank of #16, while BlackBull Markets finished with an overall rank of #24.
Pepperstone offers a growing range of tradeable markets, good-quality research, and support for multiple social copy trading platforms.
| Feature |
Pepperstone
|
BlackBull Markets
|
|---|---|---|
| Overall Rating |
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| Trust Score | 95 | 78 |
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Pepperstone and BlackBull Markets both do not support buying actual (delivered) cryptocurrencies, but each offers cryptocurrency CFD trading.
Comparing deposit and withdrawal options, Pepperstone supports ACH/SEPA, PayPal, and bank wire transfers, whereas BlackBull Markets supports Skrill and bank wires but not ACH/SEPA or PayPal; Visa/Mastercard availability for both brokers 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 | Pepperstone | BlackBull Markets | |
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| Trust Score | 95 | 78 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | BlackBull Markets Review |
| Broker Screenshots | Pepperstone | BlackBull Markets | |
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| Regulation | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Trust Score | 95 | 78 | |
| Year Founded | 2010 | 2014 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 3 | 1 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 1 |
| Tier-1 Licenses (Highly Trusted) | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | 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) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or SCA Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 1726 | 26000 | |
| Forex Pairs (Total) | 65 | 72 | |
| U.S. Stocks (Shares) | No | Yes | |
| Global Stocks (Non-U.S. Shares) | No | Yes | |
| 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 | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.00 | 0.71 | |
| All-in Cost EUR/USD - Active | 0.70 | 0.71 | |
| Inactivity Fee | No | No | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | No |
| Trading Platforms | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | No | |
| 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 | Yes |
| Trading Tools | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 15 | 109 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| 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 | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | Yes | |
| Trading Central | No | No | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Pepperstone Review | BlackBull Markets Review |
| Overall | Pepperstone | BlackBull Markets | |
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| Trust Score | 95 | 78 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | BlackBull Markets Review |
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