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Home ‣ Compare ‣ BlackBull Markets vs TopFX 2025

BlackBull Markets vs TopFX 2025

ForexBrokers.com

Written by ForexBrokers.com

February 05, 2025

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.

BlackBull Markets
4.5/5 Stars Overall
  • Minimum Deposit: $0
  • Trust Score: 78
  • Tradeable Symbols (Total): 26000
TopFX
3.5/5 Stars Overall
  • Minimum Deposit: Depends on payment method
  • Trust Score: 67
  • Tradeable Symbols (Total): 655

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.

Regulation

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 logoBlackBull Markets
TopFX logoTopFX
Year Founded info 2014 2010
Publicly Traded (Listed) info No No
Bank info No No
Tier-1 Licenses info 1 1
Tier-2 Licenses info 0 0
Tier-3 Licenses info 0 0
Tier-4 Licenses info 1 1

Fees

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 logoBlackBull Markets
TopFX logoTopFX
Minimum Deposit info $0 Depends on payment method
Average Spread EUR/USD - Standard info 0.71 info 1.03 info
All-in Cost EUR/USD - Active info 0.71 info 0.88 info
Active Trader or VIP Discounts info Yes No
ACH or SEPA Transfers info No No
PayPal (Deposit/Withdraw) info No Yes
Skrill (Deposit/Withdraw) info Yes Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
Bank Wire (Deposit/Withdraw) info Yes Yes

Dive deeper: Best Low Spread Forex Brokers.

Featured Offers


Range of investments

BlackBull Markets vs TopFX: both brokers support forex trading as CFDs or spot contracts, and both offer copy trading and cryptocurrency derivatives (but not direct, delivered crypto). Where they differ is the sheer range of investments. BlackBull Markets lists about 26,000 tradeable symbols and 72 forex pairs, while TopFX offers 655 symbols and 60 pairs. BlackBull also lets clients buy actual exchange-traded stocks in the U.S. and on international exchanges, something TopFX does not provide.

These differences show up in independent ratings for range of investments: BlackBull Markets earns 5 stars and ranks #6 out of 63 brokers at ForexBrokers.com, whereas TopFX holds 3.5 stars and ranks #47. If you want the widest selection of instruments and access to real shares alongside CFDs, BlackBull Markets is the stronger choice; if you only need a smaller lineup with core forex and CFD markets, TopFX covers the essentials.

Feature BlackBull Markets logoBlackBull Markets
TopFX logoTopFX
Forex Trading (Spot or CFDs) info Yes Yes
Tradeable Symbols (Total) info 26000 655
Forex Pairs (Total) info 72 60
U.S. Stock Trading (Non CFD) info Yes No
Int'l Stock Trading (Non CFD) info Yes No
Social Trading / Copy Trading info Yes Yes
Cryptocurrency (Physical) info No No
Cryptocurrency (Derivative) info 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.

Trading platforms and tools

BlackBull Markets and TopFX both make it easy to get started with a free demo account and both rely on third‑party platforms rather than proprietary software. Each offers a Windows desktop download and a web-based platform, plus copy trading. You’ll find MetaTrader 4 (MT4) at both brokers, while MetaTrader 5 (MT5) is available only at BlackBull Markets. Neither supports DupliTrade; ZuluTrade is available at BlackBull Markets but not at TopFX.

For charting and tools, both brokers let you place trades directly from charts. BlackBull Markets lists 60 drawing tools versus 15 at TopFX; the number of technical indicators isn’t specified for either and may vary by platform. Watchlists include 6 data columns at BlackBull Markets and 7 at TopFX. Both earn 4 out of 5 stars for Trading Platforms and Tools, though ForexBrokers.com ranks BlackBull Markets #31 out of 63 brokers in this category, ahead of TopFX at #46. In short, BlackBull Markets stands out for MT5, ZuluTrade, and more drawing tools, while TopFX offers a slightly more detailed watchlist.

Feature BlackBull Markets logoBlackBull Markets
TopFX logoTopFX
Virtual Trading (Demo) info Yes Yes
Proprietary Platform info No No
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
Social Trading / Copy Trading info Yes Yes
MetaTrader 4 (MT4) info Yes Yes
MetaTrader 5 (MT5) info Yes No
DupliTrade info No No
ZuluTrade info Yes No
Charting - Indicators / Studies (Total) info 109 30
Charting - Drawing Tools (Total) info 60 15
Charting - Trade From Chart info Yes Yes
Watchlists - Total Fields info 6 7

Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.

Forex trading apps

Comparing the mobile trading apps from BlackBull Markets and TopFX: both offer iPhone and Android apps, and both let you set forex or stock price alerts. Each app includes 30 technical indicators for charting, supports drawing trendlines, offers multiple time frames (such as intraday, daily, and weekly), and auto-saves your drawings. You can also build watchlists with real-time quotes on both.

The key difference is watchlist syncing across platforms. BlackBull Markets syncs your watchlist between the mobile app and your online account, while TopFX does not. Both earned 4 stars for Mobile Trading Apps, but ForexBrokers.com ranks BlackBull higher (#33 of 63) than TopFX (#52 of 63). If seamless watchlists matter to you—along with capable charting and alerts on iPhone or Android—BlackBull has the edge; otherwise, both apps cover the essentials.

Feature BlackBull Markets logoBlackBull Markets
TopFX logoTopFX
Android App info Yes Yes
Apple iOS App info Yes Yes
Mobile Alerts - Basic Fields info Yes Yes
Watchlist Syncing info Yes No
Mobile Charting - Indicators / Studies info 30 30
Mobile Charting - Draw Trendlines info Yes Yes
Mobile Charting - Multiple Time Frames info Yes Yes
Mobile Charting - Drawings Autosave info Yes Yes
Mobile Watchlist info Yes Yes

Dive deeper: Best Forex Trading Apps.

Market research

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 logoBlackBull Markets
TopFX logoTopFX
Daily Market Commentary info Yes No
Forex News (Top-Tier Sources) info No Yes
Autochartist info Yes Yes
Trading Central (Recognia) info No Yes
Social Sentiment - Currency Pairs info Yes Yes
TipRanks info No
Signal Centre (Acuity Trading) info No
Economic Calendar info Yes Yes

Dive deeper: Best Brokers for Forex Research.

Beginners and education

For beginners comparing education at BlackBull Markets versus TopFX, BlackBull Markets clearly offers more learning support. BlackBull provides a full forex and CFD education library with at least 10 lessons, hosts monthly client webinars, and maintains a searchable archive of recorded sessions. New traders also get at least 10 beginner-focused videos plus 10 advanced videos for when skills grow, along with an investor dictionary covering 50+ terms. By contrast, TopFX does not meet these benchmarks: it lacks a minimum set of 10 forex/CFD lessons, does not run monthly webinars or keep an archive, and does not offer 10 beginner or 10 advanced videos or a 50-term dictionary.

These differences show up in the scores: BlackBull Markets is rated 4 out of 5 stars for Education and ranks #29 of 63 brokers on ForexBrokers.com, while TopFX earns 3 stars and ranks #62. If you want structured learning, ongoing webinars, and an easy way to revisit past sessions, BlackBull Markets is the stronger pick; if education is a low priority, TopFX could still work, but expect fewer learning tools.

Feature BlackBull Markets logoBlackBull Markets
TopFX logoTopFX
Education (Forex or CFDs) info Yes No
Client Webinars info Yes No
Client Webinars (Archived) info Yes No
Videos - Beginner Trading Videos info Yes No
Videos - Advanced Trading Videos info Yes No
Investor Dictionary (Glossary) info Yes No

Dive deeper: Best Forex Brokers for Beginners.

Winner

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 logoBlackBull Markets
TopFX logoTopFX
Overall Rating info 4.5/5 Stars 3.5/5 Stars
Trust Score info 78 67
Range of Investments 5/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4/5 Stars
Platforms & Tools 4/5 Stars 4/5 Stars
Research 4/5 Stars 3/5 Stars
Mobile Trading 4/5 Stars 4/5 Stars
Education 4/5 Stars 3/5 Stars

FAQs

Can you trade cryptocurrency with BlackBull Markets or TopFX?

Both BlackBull Markets and TopFX do not provide the option to purchase actual (delivered) cryptocurrency, offering instead the ability to trade cryptocurrency derivatives.

What funding options does each broker offer?

While both BlackBull Markets and TopFX support Skrill, Visa or Mastercard, and bank wires for deposits and withdrawals, only TopFX offers PayPal as an option, with neither broker supporting ACH or SEPA transfers.

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Overall Rating BlackBull Markets TopFX
Overall Rating info 4.5/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4/5 Stars
Range of Investments 5/5 Stars 3.5/5 Stars
Platforms & Tools 4/5 Stars 4/5 Stars
Mobile Trading 4/5 Stars 4/5 Stars
Research 4/5 Stars 3/5 Stars
Education 4/5 Stars 3/5 Stars
Trust Score info 78 67
Winner check_circle
Review BlackBull Markets Review TopFX Review
Broker Screenshots BlackBull Markets TopFX
Broker Gallery (click to expand) info
BlackBull Markets MT5 mobile trading app BlackBull Markets MetaTrader 5 MT5 desktop platform. BlackBull Markets economic calendar. BlackBull Markets Trading Podcasts playlist.
TopFX MetaTrader 4 desktop trading platform TopFX MetaTrader 4 desktop trading platform charts TopFX cTrader web trading platform TopFX cTrader desktop trading platform charts TopFX cTrader desktop trading platform TopFX cTrader desktop trading platform algo trading TopFX cTrader desktop market order window
Regulation BlackBull Markets TopFX
Trust Score info 78 67
Year Founded info 2014 2010
Publicly Traded (Listed) info No No
Bank info No No
Regulated in one or more EU or EEA countries (MiFID). info No info Yes info
Tier-1 Licenses info 1 1
Tier-2 Licenses info 0 0
Tier-3 Licenses info 0 0
Tier-4 Licenses info 1 1
Tier-1 Licenses (Highly Trusted) BlackBull Markets TopFX
Australia (ASIC Authorised) info No No
Canada (CIRO Authorised) info No No
Hong Kong (SFC Authorised) info No No
Japan (SFC Authorised) info No No
Singapore (MAS Authorised) info No No
Switzerland (FINMA Authorised) info
United Kingdom (U.K.) (FCA Authorised) info No No
USA (CFTC Authorized) info No No
New Zealand (FMA Authorised) info Yes No
Regulated in one or more EU or EEA countries (MiFID). info No info Yes info
Tier-2 Licenses (Trusted) BlackBull Markets TopFX
Kenya (CMA Authorised) info
Israel (ISA Authorised) info No No
South Africa (FSCA Authorised) info No No
UAE (DFSA/Central Bank Authorised) info No No
India (SEBI Authorised) info No No
Jordan (JSC Authorised) info
Investments BlackBull Markets TopFX
Forex Trading (Spot or CFDs) info Yes Yes
Tradeable Symbols (Total) info 26000 655
Forex Pairs (Total) info 72 60
U.S. Stock Trading (Non CFD) info Yes No
Int'l Stock Trading (Non CFD) info Yes No
Social Trading / Copy Trading info Yes Yes
Cryptocurrency (Physical) info No No
Cryptocurrency (Derivative) info 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 info 0.71 info 1.03 info
All-in Cost EUR/USD - Active info 0.71 info 0.88 info
Active Trader or VIP Discounts info Yes No
Inactivity Fee info No No
Execution: Agency Broker info No No
Execution: Market Maker info Yes Yes
Funding BlackBull Markets TopFX
Minimum Deposit info $0 Depends on payment method
PayPal (Deposit/Withdraw) info No Yes
Skrill (Deposit/Withdraw) info Yes Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
Bank Wire (Deposit/Withdraw) info Yes Yes
ACH or SEPA Transfers info No No
Trading Platforms BlackBull Markets TopFX
Proprietary Platform info No No
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
Social Trading / Copy Trading info Yes Yes
MetaTrader 4 (MT4) info Yes Yes
MetaTrader 5 (MT5) info Yes No
cTrader info Yes Yes
DupliTrade info No No
ZuluTrade info Yes No
Trading Tools BlackBull Markets TopFX
Virtual Trading (Demo) info Yes Yes
Alerts - Basic Fields info Yes Yes
Watchlists - Total Fields info 6 7
Charting - Indicators / Studies (Total) info 109 30
Charting - Drawing Tools (Total) info 60 15
Charting - Trade From Chart info Yes Yes
Charts can be saved info Yes Yes
Mobile Trading BlackBull Markets TopFX
Android App info Yes Yes
Apple iOS App info Yes Yes
Mobile Alerts - Basic Fields info Yes Yes
Mobile Watchlist info Yes Yes
Watchlist Syncing info Yes No
Mobile Charting - Indicators / Studies info 30 30
Mobile Charting - Draw Trendlines info Yes Yes
Mobile Charting - Multiple Time Frames info Yes Yes
Mobile Charting - Drawings Autosave info Yes Yes
Mobile Economic Calendar info Yes Yes
Research BlackBull Markets TopFX
Daily Market Commentary info Yes No
Forex News (Top-Tier Sources) info No Yes
Autochartist info Yes Yes
Trading Central (Recognia) info No Yes
TipRanks info No
Social Sentiment - Currency Pairs info Yes Yes
Economic Calendar info Yes Yes
Education BlackBull Markets TopFX
Education (Forex or CFDs) info Yes No
Client Webinars info Yes No
Client Webinars (Archived) info Yes No
Videos - Beginner Trading Videos info Yes No
Videos - Advanced Trading Videos info Yes No
Investor Dictionary (Glossary) info Yes No
Major Forex Pairs BlackBull Markets TopFX
GBP/USD info Yes Yes
USD/JPY info Yes Yes
EUR/USD info Yes Yes
USD/CHF info Yes Yes
USD/CAD info Yes Yes
NZD/USD info Yes Yes
AUD/USD info Yes Yes
Review BlackBull Markets Review TopFX Review
Overall BlackBull Markets TopFX
Overall Rating info 4.5/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4/5 Stars
Range of Investments 5/5 Stars 3.5/5 Stars
Platforms & Tools 4/5 Stars 4/5 Stars
Mobile Trading 4/5 Stars 4/5 Stars
Research 4/5 Stars 3/5 Stars
Education 4/5 Stars 3/5 Stars
Trust Score info 78 67
Winner check_circle
Review BlackBull Markets Review TopFX Review
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