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 (founded 2010) and BlackBull Markets (founded 2014) are online brokers; neither is publicly traded or a bank. Based on ForexBrokers.com’s Trust Score (0–99, where 90–99 means highly trusted and 70–79 means average risk), Pepperstone scores 94 (highly trusted), while BlackBull Markets scores 77 (average risk).
On regulation, Pepperstone holds 3 Tier-1 licenses and 2 Tier-2 licenses, indicating broader oversight from top-tier regulators. BlackBull Markets holds 1 Tier-1 license and no Tier-2 licenses. If regulatory strength and trust are priorities, Pepperstone offers wider high-grade licensing, while BlackBull Markets has more limited regulatory coverage.
| 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 offer pricing that can work well for active forex traders, but Pepperstone has the edge overall for commissions and fees. Pepperstone is rated 5 stars and ranks #6 out of 36 brokers for Commissions and Fees. Its Razor account uses commission-based pricing and, as of July 2024, showed an average EUR/USD spread of 0.10 pips; after adding the commission-equivalent of 0.70 pips, the all-in cost comes to about 0.80 pips. Pepperstone’s Standard account is commission-free, but its higher average EUR/USD spread of 1.1 pips makes it the pricier choice. Active traders may also lower their costs through the Active Trader program, which offers spread rebates based on trading volume.
BlackBull Markets is also competitive, but its pricing is a bit less attractive than Pepperstone’s for most traders. BlackBull Markets is rated 4.5 stars and ranks #9 out of 36 brokers for Commissions and Fees. Its Standard account has no commission and no minimum deposit, but spreads are higher. The Prime account has lower spreads and an average EUR/USD spread of 0.16 pips, with an all-in cost of about 0.76 pips after commission, but it requires a $2,000 minimum deposit and charges $3 per side. The ECN Institutional account is aimed at larger-volume traders and requires at least $20,000, with even lower commissions.
In simple terms, Pepperstone is better suited to traders who want a top-rated broker with strong pricing on its Razor account and extra savings for higher volume. BlackBull Markets is still a solid option, especially if you want a lower-cost commission model and are comfortable meeting the deposit requirements for its Prime or ECN accounts.
| Feature |
Pepperstone
|
BlackBull Markets
|
|---|---|---|
| Minimum Deposit | $10 | $0 |
| Average spread (EUR/USD) - Standard account | 1.1 | 1.16 |
| All-in Cost EUR/USD - Active | 0.8 | 0.76 |
| Non-wire bank transfer | Yes | Yes |
| 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 give traders access to forex and CFD crypto, and both also support copy trading. Pepperstone offers 1,726 tradeable symbols and 65 forex pairs, which is a solid selection for most everyday traders. BlackBull Markets goes much further on overall market choice, with 26,000 tradeable symbols and 72 forex pairs, making it the stronger pick if you want a wider range of instruments to explore.
The biggest difference is in share investing. BlackBull Markets lets clients buy real shares on both U.S. and international exchanges, while Pepperstone does not offer exchange traded securities. That makes BlackBull Markets more appealing for investors who want access to stocks alongside forex and CFDs. This broader lineup is reflected in its higher Range of Investments score, with BlackBull Markets rated 5 out of 5 and ranked #7 out of 36 brokers, compared with Pepperstone’s 4 out of 5 and #23 ranking.
| 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 and BlackBull Markets both give traders a wide choice of trading platforms and tools, including free demo accounts, desktop downloads for Windows, web-based trading, copy trading, MetaTrader 4, and MetaTrader 5. Both brokers also let you trade directly from charts, making it easy to place trades while reviewing price action. In short, either broker can work well for traders who want familiar platform options and flexible ways to trade online.
The main difference is that Pepperstone offers its own in-house platform, while BlackBull Markets does not. That may matter if you prefer a broker-built trading experience instead of relying only on third-party software. Both brokers are rated 4 out of 5 stars for Trading Platforms and Tools, but Pepperstone ranks higher with ForexBrokers.com, coming in at #21 out of 36 brokers compared with BlackBull Markets at #25.
| 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 mobile trading apps for iPhone and Android, and each app includes useful tools like stock and forex price alerts, watchlist syncing, trendline drawing, and auto-saving chart drawings. For chart analysis on the go, both brokers give traders access to 30 technical studies, making it easier to review market moves from a phone or tablet.
In terms of overall mobile trading app quality, both Pepperstone and BlackBull Markets are rated 4 out of 5 stars. However, Pepperstone comes out ahead in the ForexBrokers.com ranking for this category, placing #19 out of 36 brokers, while BlackBull Markets ranks #27 out of 36. If you want a mobile app with the same core features but a stronger industry ranking, Pepperstone has the edge.
| 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 give traders daily market commentary, an economic calendar, sentiment tools, and Autochartist for technical and fundamental research. They also each earn the same Research rating from ForexBrokers.com, at 4.5 out of 5 stars. In day-to-day use, that means both brokers offer helpful ways to follow market moves, track upcoming events, and spot trading ideas.
The main difference is that Pepperstone includes forex news from top-tier sources such as Bloomberg, Reuters, and Dow Jones, while BlackBull Markets does not. That extra news access helps Pepperstone edge ahead in market research overall, which is reflected in its better ForexBrokers.com Research rank of #13 out of 36 brokers, compared with BlackBull Markets at #17.
| 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 give beginners a strong starting point for learning to trade. Each broker offers forex and CFDs education with at least 10 learning pieces, monthly client webinars, and a wide video library that includes 10 or more beginner videos and 10 or more advanced videos. In practical terms, this means new traders can find basic lessons, live learning sessions, and more in-depth material as their knowledge grows.
Where they differ is in outside education ratings. Both brokers are rated 4.5 out of 5 stars for Education, but Pepperstone is ranked higher by ForexBrokers.com at #15 out of 36 brokers, while BlackBull Markets sits at #24. So, if you are a beginner comparing educational support, both are solid choices, but Pepperstone has the edge in ranking even though the overall star rating is the same.
| 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 #17, while BlackBull Markets finished with an overall rank of #22.
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 |
|
|
| Trust Score | 94 | 77 |
| Range of Investments |
|
|
| Trading Fees |
|
|
| Trading Platforms |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Pepperstone and BlackBull Markets both do not support buying actual (delivered) cryptocurrencies, but each offers cryptocurrency CFD trading.
Pepperstone vs BlackBull Markets: both brokers support ACH/SEPA and bank wire deposits/withdrawals, Pepperstone offers PayPal but not Skrill while BlackBull Markets offers Skrill but not PayPal, and Visa/Mastercard availability is not specified for either.
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 94 | 77 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | BlackBull Markets Review |
| Broker Screenshots | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| Regulation | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Trust Score | 94 | 77 | |
| 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 (FSA 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 CMA 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 | 1.1 | 1.16 | |
| All-in Cost EUR/USD - Active | 0.8 | 0.76 | |
| Inactivity Fee | No | No | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Pepperstone | BlackBull Markets | |
|---|---|---|---|
| Minimum Deposit | $10 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | Yes |
| 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 | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 94 | 77 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | BlackBull Markets Review |
IG
FOREX.com
CMC Markets
XTB
eToro
AvaTrade
Pepperstone
FP Markets
Tickmill