Written by ForexBrokers.com
In this head to head comparison of BlackBull Markets vs TopFX, 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.
Comparing online brokers BlackBull Markets and TopFX reveals several key regulatory insights that can guide investors. Both BlackBull Markets, founded in 2014, and TopFX, established in 2010, are privately-owned companies and not listed on any stock exchange. Neither operates as a bank. When assessing regulatory trust, BlackBull Markets holds one Tier-1 license, the same number as TopFX, indicating a similar level of high trust according to ForexBrokers.com. However, neither broker holds any Tier-2 licenses, which are also considered trusted.
The ForexBrokers.com Trust Score further highlights differences between the two brokers. BlackBull Markets earns a score of 78 out of 99, placing it in the "average risk" category. Meanwhile, TopFX has a Trust Score of 67 out of 99, which classifies it as "high risk." While both brokers have the backing of a single Tier-1 license, BlackBull Markets holds a slightly better trust rating, suggesting a marginally safer option for investors assessing risk and regulation compliance.
| Feature |
BlackBull Markets
|
TopFX
|
|---|---|---|
| Year Founded | 2014 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 1 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
BlackBull Markets earns 4.5/5 stars for commissions and fees and ranks #19 out of 63 brokers at ForexBrokers.com. Costs sit around the industry average and depend on the account you choose. The commission-free Standard account has no minimum deposit but wider spreads. The Prime account requires a $2,000 minimum and charges $3 per side ($6 round turn) with tighter pricing; in March 2024 the EUR/USD averaged a 0.16-pip spread, leading to an all-in cost near 0.76 pips once commission is included. The ECN Institutional account targets higher deposit clients ($20,000+) with $2 per side commissions ($4 round turn).
TopFX holds a 4/5-star commissions-and-fees rating and ranks #41 of 63. It offers two choices on MetaTrader and cTrader: the ZERO (spread-only) account and the RAW (commission-based) account. On the RAW account, the commission is 2.75 EUR per side (5.50 EUR round turn). In July 2024, the EUR/USD averaged a 0.33-pip spread; adding the commission equivalent of 0.55 pips puts the all-in cost around 0.88 pips, which is in line with the industry average. The ZERO account is commission-free but carried higher average EUR/USD spreads of 1.03 pips in July 2024. The minimum deposit varies by payment method.
Bottom line on pricing: for EUR/USD, BlackBull’s Prime account (about 0.76 pips all-in) can be cheaper than TopFX’s RAW account (about 0.88 pips all-in), though BlackBull’s lower pricing comes with a higher entry threshold ($2,000 minimum). If you prefer no commissions, both brokers offer spread-only accounts, but you’ll typically pay wider spreads for that convenience.
| Feature |
BlackBull Markets
|
TopFX
|
|---|---|---|
| Minimum Deposit | $0 | Depends on payment method |
| Average spread (EUR/USD) - Standard account | 0.71 | 1.03 |
| All-in Cost EUR/USD - Active | 0.71 | 0.88 |
| Non-wire bank transfer | No | No |
| PayPal (Deposit/Withdraw) | No | |
| Skrill (Deposit/Withdraw) | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes |
Dive deeper: Best Low Spread Forex Brokers.
BlackBull Markets clearly offers a wider range of investments than TopFX. Both brokers support forex trading as CFDs or spot contracts, and each provides copy trading plus access to cryptocurrency CFDs (neither lets you buy actual crypto). The headline difference is scale: BlackBull Markets lists about 26,000 tradeable symbols and 72 forex pairs, while TopFX offers 655 symbols and 60 forex pairs.
If you want to buy real shares, BlackBull Markets also lets you trade exchange‑listed stocks on U.S. and international exchanges, whereas TopFX does not offer exchange‑traded securities. This depth is reflected in independent ratings: BlackBull Markets earns 5 stars and ranks #6 out of 63 brokers for Range of Investments, compared with TopFX’s 3.5 stars and #47 ranking. For investors seeking the broadest selection—including real share dealing—BlackBull Markets is the stronger pick; TopFX covers the essentials for CFD and copy trading.
| Feature |
BlackBull Markets
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 26000 | 655 |
| Forex Pairs (Total) | 72 | 60 |
| 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 TopFX both cover the essentials for trading platforms and tools. Each offers a free demo (paper trading) account, no proprietary platform, and access to both a Windows desktop download and a web-based platform. They support copy trading and let you place trades directly from charts. MetaTrader 4 (MT4) is available at both brokers, while MetaTrader 5 (MT5) is available only at BlackBull Markets. In third-party evaluations, both earn 4 out of 5 stars for platforms and tools, with BlackBull ranked 31st out of 63 brokers and TopFX ranked 46th.
Specific counts for technical indicators and watchlist fields aren’t disclosed for either broker. For most traders, the key difference is MT5 access: choose BlackBull Markets if you want MT5 alongside MT4; if you only need MT4 and copy trading, both are suitable. Overall, BlackBull’s slightly higher category ranking suggests a modest edge for trading platforms and tools, while TopFX remains a capable alternative for MT4 users.
| Feature |
BlackBull Markets
|
TopFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | No | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | No |
| Charting - Indicators / Studies (Total) | 109 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
BlackBull Markets vs TopFX: both offer mobile trading apps for iPhone and Android. Each app supports price alerts, 30 technical studies for charting, drawing trendlines, and auto‑saving your chart annotations. The standout difference is watchlists: BlackBull Markets syncs your watchlist with your online account, so symbols you add or remove carry across devices, while TopFX does not offer watchlist syncing.
Both apps earn 4 out of 5 stars for Mobile Trading Apps. According to ForexBrokers.com, BlackBull Markets ranks #33 out of 63 brokers for Mobile Trading Apps, while TopFX ranks #52. If cross‑device watchlist syncing matters to you, BlackBull Markets has the edge; otherwise, their mobile charting and alerts are on par.
| Feature |
BlackBull Markets
|
TopFX
|
|---|---|---|
| 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 vs TopFX for market research: BlackBull Markets delivers daily market commentary, a sentiment tool showing long/short positioning, Autochartist integrations, and an economic calendar. It does not include a premium forex news feed (e.g., Bloomberg, Reuters, Dow Jones), Trading Central, TipRanks, or Acuity Trading. TopFX, by contrast, does not offer daily commentary but does provide top-tier forex news, plus Trading Central and Autochartist, along with a sentiment tool and an economic calendar. Availability of TipRanks or Acuity Trading at TopFX was not specified.
Ratings and rankings underscore the difference: ForexBrokers.com gives BlackBull Markets 4 stars for Research and ranks it #18 out of 63 brokers, while TopFX receives 3 stars and ranks #61. In short, BlackBull Markets suits traders who want day-to-day insights and core analysis tools, whereas TopFX appeals to those who value integrated premium news and Trading Central analytics.
| Feature |
BlackBull Markets
|
TopFX
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | No |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | |
| Acuity Trading | No | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginners looking for clear education, BlackBull Markets pulls ahead. It offers 10+ beginner videos that explain forex and CFD basics in an easy-to-follow way, and it hosts client webinars at least once a month. As your skills grow, there are also 10+ advanced videos to keep learning. By comparison, TopFX does not run monthly educational webinars and doesn’t reach the 10-video mark for either beginner or advanced topics, so its learning library is smaller.
Independent ratings reflect this gap: BlackBull Markets earns 4 out of 5 stars for Education and ranks 29th out of 63 brokers at ForexBrokers.com, while TopFX scores 3 stars and ranks 62nd. If you want more structured forex and CFD education—especially when starting out—BlackBull Markets is the stronger choice. If you only need a few materials and plan to learn elsewhere, TopFX may still fit.
| Feature |
BlackBull Markets
|
TopFX
|
|---|---|---|
| Webinars | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
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 TopFX. BlackBull Markets finished with an overall rank of #24, while TopFX finished with an overall rank of #62.
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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TopFX
|
|---|---|---|
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| Trust Score | 78 | 67 |
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BlackBull Markets and TopFX, two online brokers, do not offer buying actual (delivered) cryptocurrencies, but both provide cryptocurrency CFD trading.
BlackBull Markets vs TopFX: both lack ACH/SEPA transfers for deposits and withdrawals; BlackBull Markets also doesn’t support PayPal but does offer Skrill and bank wire, whereas TopFX’s availability of PayPal, Skrill, Visa/Mastercard, and bank wires 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 | TopFX | |
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| Trust Score | 78 | 67 | |
| Winner | check_circle | ||
| Review | BlackBull Markets Review | TopFX Review |
| Broker Screenshots | BlackBull Markets | TopFX | |
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| Regulation | BlackBull Markets | TopFX | |
|---|---|---|---|
| Trust Score | 78 | 67 | |
| 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 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | BlackBull Markets | TopFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | 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) | No | No | |
| 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 | TopFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or SCA Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | BlackBull Markets | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 26000 | 655 | |
| Forex Pairs (Total) | 72 | 60 | |
| 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 | TopFX | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 0.71 | 1.03 | |
| All-in Cost EUR/USD - Active | 0.71 | 0.88 | |
| Inactivity Fee | No | No | |
| Order execution: Agency | No | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | BlackBull Markets | TopFX | |
|---|---|---|---|
| Minimum Deposit | $0 | Depends on payment method | |
| PayPal (Deposit/Withdraw) | No | ||
| Skrill (Deposit/Withdraw) | Yes | ||
| Bank Wire (Deposit/Withdraw) | Yes | ||
| Non-wire bank transfer | No | No |
| Trading Platforms | BlackBull Markets | TopFX | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | No | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | Yes | Yes |
| Trading Tools | BlackBull Markets | TopFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 109 | 30 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | BlackBull Markets | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | No | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | No | Yes | |
| TipRanks | No | ||
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | BlackBull Markets | TopFX | |
|---|---|---|---|
| Webinars | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No |
| Major Forex Pairs | BlackBull Markets | TopFX | |
|---|---|---|---|
| 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 | TopFX Review |
| Overall | BlackBull Markets | TopFX | |
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| Trust Score | 78 | 67 | |
| Winner | check_circle | ||
| Review | BlackBull Markets Review | TopFX Review |
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