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 | 1.00 | 0.71 |
| All-in Cost EUR/USD - Active | 0.70 | 0.71 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Pepperstone vs BlackBull Markets: both online brokers support forex trading (CFD or spot), offer copy trading, and provide access to cryptocurrency derivatives (but not actual coins). Pepperstone lists 1,726 tradeable symbols with 65 forex pairs, while BlackBull Markets offers about 26,000 symbols and 72 forex pairs, giving BlackBull a wider selection for those who want more markets to choose from.
When it comes to stocks, Pepperstone does not offer exchange-traded U.S. or international shares, whereas BlackBull Markets lets clients buy stocks on both U.S. and global exchanges. Reflecting this difference, ForexBrokers.com rates Pepperstone 4/5 for Range of Investments (ranked 27th of 63) and BlackBull Markets 5/5 (ranked 6th). Pick Pepperstone if you mainly want CFDs and forex with copy trading; pick BlackBull Markets if you want a larger lineup that includes shares and more forex pairs.
| Feature |
Pepperstone
|
BlackBull Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1726 | 26000 |
| Forex Pairs (Total) | 65 | 72 |
| U.S. Stock Trading (Non CFD) | No | Yes |
| Int'l Stock Trading (Non CFD) | No | Yes |
| 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.
In the Pepperstone vs BlackBull Markets comparison for trading platforms and tools, both brokers provide free demo (paper) accounts, Windows desktop software, and web-based trading. Each supports MetaTrader 4 (MT4), MetaTrader 5 (MT5), and copy trading, and both let you place orders directly from charts. Pepperstone adds a proprietary, in-house platform, while BlackBull sticks to third‑party options. For social trading, Pepperstone supports DupliTrade, whereas BlackBull offers ZuluTrade. Both earn 4 out of 5 stars for platforms and tools; ForexBrokers.com ranks Pepperstone #22 of 63 and BlackBull Markets #31.
For charting and workflow, both brokers include technical indicators; BlackBull Markets lists more drawing tools (60) than Pepperstone (30), while Pepperstone’s watchlists have one extra field (7 vs 6). In short, choose Pepperstone if you want a broker-built platform and DupliTrade, or go with BlackBull Markets if ZuluTrade and more drawing tools matter most.
| Feature |
Pepperstone
|
BlackBull Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | 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 | Yes |
| DupliTrade | Yes | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 15 | 109 |
| Charting - Drawing Tools (Total) | 30 | 60 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 6 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Pepperstone and BlackBull Markets both deliver full-featured mobile trading apps for iPhone and Android. Each app supports price alerts, real-time watchlists, and watchlist syncing with your online account. For charting, both offer 30 technical studies, trendline drawing, multiple time frames (from intraday to weekly), and auto-saved chart annotations. If you want to track markets on the go with alerts, charts, and synced watchlists, either app checks the same boxes.
Ratings are also neck and neck: both earn 4 out of 5 stars for mobile trading. The tie-breaker is industry ranking from ForexBrokers.com, where Pepperstone sits at #21 out of 63 brokers, while BlackBull Markets is #33. In short, features are essentially a draw, but Pepperstone holds a slight edge in third-party rankings.
| Feature |
Pepperstone
|
BlackBull Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| 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.
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 | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | No |
| 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.
When comparing the educational resources available for beginners at Pepperstone and BlackBull Markets, both online brokers offer substantial materials to support learners. For those dipping their toes into forex or CFDs, each platform provides a wealth of over ten educational pieces, including articles, videos, and archived webinars. This extensive selection aims to help beginners grasp complex concepts gradually. Additionally, new traders can benefit from monthly online client webinars and searchable archives of past sessions, making both platforms accessible and flexible in catering to individual learning paces and schedules.
On the video tutorial front, beginners and experienced traders can expect at least ten videos tailored to their expertise level from each broker, ensuring everyone finds content that matches their skill set. Both platforms also offer an investor dictionary with over 50 essential investing terms explained, helping demystify market jargon. When rated for their educational offerings, Pepperstone earns a slightly higher score with 4.5 stars compared to BlackBull Markets’ 4 stars. Furthermore, in a ranking of 63 brokers by ForexBrokers.com, Pepperstone ranks 17th while BlackBull Markets sits at 29th, making both viable options for traders seeking to expand their knowledge, albeit with a slight edge for Pepperstone in depth and ranking.
| Feature |
Pepperstone
|
BlackBull Markets
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | 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
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BlackBull Markets
|
|---|---|---|
| Overall Rating |
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| Trust Score | 95 | 78 |
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Both Pepperstone and BlackBull Markets provide opportunities to invest in cryptocurrency derivatives, but neither offers the option to purchase actual, delivered cryptocurrencies.
When comparing online brokers, Pepperstone provides more diverse funding methods, including ACH, SEPA, and PayPal, alongside Skrill, Visa/Mastercard, and bank wires, whereas BlackBull Markets supports Skrill, Visa/Mastercard, and bank wires, but lacks ACH, SEPA, and PayPal options.
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/Central Bank 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. Stock Trading (Non CFD) | No | Yes | |
| Int'l Stock Trading (Non CFD) | No | Yes | |
| 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 | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.00 | 0.71 | |
| All-in Cost EUR/USD - Active | 0.70 | 0.71 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Proprietary Platform | Yes | 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 | Yes | |
| cTrader | Yes | Yes | |
| DupliTrade | Yes | No | |
| ZuluTrade | No | Yes |
| Trading Tools | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 6 | |
| Charting - Indicators / Studies (Total) | 15 | 109 | |
| Charting - Drawing Tools (Total) | 30 | 60 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| 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 | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| 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 | 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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