BlackBull Markets vs Axi: Honest 2026 Comparison
Affiliate disclosure: this article contains partner links. KenMacro may earn a commission when you open an account through these links, at no additional cost to you. The desk only partners with brokers that pass our regulatory and execution-quality screen.
BlackBull Markets and Axi both target the FMA NZ plus ASIC ECN retail archetype but with different trade-offs. BlackBull Markets carries FMA New Zealand, FSA Seychelles oversight, founded 2014, with ecn execution under fma nz oversight plus the unusual share-dealing add-on (blackbull invest). Axi runs FCA, ASIC, DFSA, FMA NZ, SVG FSA, founded 2007, with asic and fca oversight, deep mt4 focus with copy-trading add-ons, no minimum deposit. For the FMA NZ plus ASIC ECN retail archetype, both qualify and the choice splits on platform fit and account-tier accessibility.
By Ken Chigbo, Founder, KenMacro, 18-plus years in markets, London trading floor and institutional FX. The framework runs daily inside the MACRO MASTERY desk.
Quick verdict
- For FMA NZ vs FCA plus ASIC, both deliver. BlackBull Markets runs FMA New Zealand, FSA Seychelles, Axi runs FCA, ASIC, DFSA, FMA NZ, SVG FSA.
- For raw spreads plus commission. BlackBull Markets EUR/USD 0.8 pips typical (standard, no commission), 0.1 pips raw (prime), 0.0 pips raw (institutional), commission standard zero, prime $6 round-turn, institutional $4 round-turn. Axi EUR/USD 1.2 pips typical (standard), 0.0 pips raw (pro), commission standard zero, pro $7 round-turn.
- For cTrader plus BlackBull Invest vs MT4 plus copy-trading. BlackBull Markets runs metatrader 4, metatrader 5, ctrader, tradingview, blackbull copytrader, blackbull invest (share dealing). Axi runs metatrader 4, axi mobile app, autochartist, axi copy trading, myfxbook autotrade.
- For minimum deposit. BlackBull Markets: $0 (Standard), $2,000 (Prime), $20,000 (Institutional). Axi: $0 technical, no required initial deposit.
- For Trustpilot 2026. BlackBull Markets: 4.6 / 5. Axi: 4.5 / 5.
- For the partner-stack alternative. Vantage Markets is the partner alternative the desk routes to. FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London supplementary insurance and the bundled MACRO MASTERY desk overlay.
Open Vantage Markets, the partner alternative →
Capital at risk. CFD and margin trading carry significant risk of loss. Past performance does not guarantee future results.
The desk’s institutional read
Before you pick either, here is what the desk actually funds
The desk has audited both Blackbull and Axi against the same institutional checklist used for every broker on this site. Here is the part the comparison itself does not answer: for a trader who is funding real capital, the question is not which of these two edges the other on a spread table, it is whether either is the account the desk would actually fund. On the desk’s regulated-broker shortlist, neither is the primary pick. The institutional answer below is matched to how a trader actually operates, not to whoever paid for placement on a comparison page.
- Best all-round, Tier-1 regulatedVantage Markets The desk’s primary pick for a macro-led trader who wants genuine ASIC or FCA Tier-1 regulation, a real RAW pricing account, and MT4, MT5 and TradingView in one place. Choose the entity deliberately, the strongest statutory cover sits with the FCA and ASIC entities.
- Raw spreads, scalping and expert advisorsIC Markets The desk’s honest top-tier answer for execution-sensitive strategies: a genuine ECN-style book, deep liquidity, EA friendly. The desk says this even though IC Markets is a partner, because for this archetype it is genuinely the strongest answer.
- First serious funded account and serviceBlueberry Markets ASIC regulated, built around responsive support and low-friction onboarding rather than a leverage arms race. The cleanest choice for a first funded account.
- Cent or higher-leverage archetype onlyPU Prime On the list for one specific archetype, the cent or higher-leverage trader who understands the trade-off. Not a Tier-1 substitute, and entity selection is the whole decision here.
At a glance
| Variable | BlackBull Markets | Axi |
|---|---|---|
| Founded | 2014 | 2007 |
| Regulation | FMA New Zealand, FSA Seychelles | FCA, ASIC, DFSA, FMA NZ, SVG FSA |
| Min deposit / fee | $0 (Standard), $2,000 (Prime), $20,000 (Institutional) | $0 technical, no required initial deposit |
| EUR/USD spread | 0.8 pips typical (Standard, no commission), 0.1 pips raw (Prime), 0.0 pips raw (Institutional) | 1.2 pips typical (Standard), 0.0 pips raw (Pro) |
| Commission | Standard zero, Prime $6 round-turn, Institutional $4 round-turn | Standard zero, Pro $7 round-turn |
| Max leverage | 1:500 (FMA retail in NZ jurisdictions allow), up to 1:500 FSA Seychelles offshore | 1:30 FCA, ASIC retail, up to 1:500 SVG offshore |
| Platforms | MetaTrader 4, MetaTrader 5, cTrader, TradingView, BlackBull CopyTrader, BlackBull Invest (share dealing) | MetaTrader 4, Axi mobile app, AutoChartist, Axi Copy Trading, MyFXBook AutoTrade |
| Payment / payouts | Bank wire, debit and credit cards, Skrill, Neteller, BTC, Hyperwallet, local APMs in selected regions. Free withdrawals on most methods. | Bank wire, debit and credit cards, Skrill, Neteller, BPay (AU), local transfer in selected regions. Free on most methods. |
| Trustpilot 2026 | 4.6 / 5 | 4.5 / 5 |
| Key strength | ECN execution under FMA NZ oversight plus the unusual share-dealing add-on (BlackBull Invest) | ASIC and FCA oversight, deep MT4 focus with copy-trading add-ons, no minimum deposit |
Regulation and trust
BlackBull Markets carries BlackBull Markets Ltd is regulated by the Financial Markets Authority of New Zealand under derivatives issuer licence FSP403326. BlackBull Group Ltd is registered with the FSA Seychelles under licence SD045. Headquartered in Auckland since 2014. Single Tier-1 regulator (FMA NZ) with the offshore Seychelles entity used for higher-leverage tiers. Axi runs AxiCorp Financial Services Pty Ltd holds ASIC AFSL 318232. AxiCorp Limited is FCA-authorised under firm reference 509746. Axi Financial Services (UK) Ltd is FCA-authorised. Axi Financial Services Pty Ltd (DFSA) is regulated by the DFSA Dubai. Axi Financial Services NZ Ltd is regulated by FMA New Zealand. AxiTrader Ltd is registered in Saint Vincent and the Grenadines. Founded 2007, headquartered in Sydney, formerly known as AxiTrader. Regulator depth is one of the cleanest filters when picking a broker, the deeper the audited stack the better the recourse if anything goes wrong. Neither broker is in the partner stack the desk runs daily. Vantage Markets is the partner alternative the desk routes to: FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London supplementary insurance and the bundled MACRO MASTERY desk overlay.
BlackBull Markets, the regulator footprint runs BlackBull Markets Ltd is regulated by the Financial Markets Authority of New Zealand under derivatives issuer licence FSP403326. BlackBull Group Ltd is registered with the FSA Seychelles under licence SD045. Headquartered in Auckland since 2014. Single Tier-1 regulator (FMA NZ) with the offshore Seychelles entity used for higher-leverage tiers.
Axi, by contrast, operates under AxiCorp Financial Services Pty Ltd holds ASIC AFSL 318232. AxiCorp Limited is FCA-authorised under firm reference 509746. Axi Financial Services (UK) Ltd is FCA-authorised. Axi Financial Services Pty Ltd (DFSA) is regulated by the DFSA Dubai. Axi Financial Services NZ Ltd is regulated by FMA New Zealand. AxiTrader Ltd is registered in Saint Vincent and the Grenadines. Founded 2007, headquartered in Sydney, formerly known as AxiTrader.
Get the framework the desk runs every morning. Free. No card. The same institutional structure the MACRO MASTERY desk uses on every read.
Spreads and commission
On the headline raw account tier, BlackBull Markets posts 0.8 pips typical (standard, no commission), 0.1 pips raw (prime), 0.0 pips raw (institutional) on EUR/USD with standard zero, prime $6 round-turn, institutional $4 round-turn. Axi posts 1.2 pips typical (standard), 0.0 pips raw (pro) with standard zero, pro $7 round-turn. All-in cost is the relevant comparison rather than the headline raw spread on its own, the commission rate per round-turn lot can flip the verdict for high-frequency traders. Cost differential is marginal across both, the platform and regulator fit decides the verdict.
On the headline raw account tier, BlackBull Markets posts 0.8 pips typical (standard, no commission), 0.1 pips raw (prime), 0.0 pips raw (institutional) on EUR/USD with standard zero, prime $6 round-turn, institutional $4 round-turn. Axi posts 1.2 pips typical (standard), 0.0 pips raw (pro) with standard zero, pro $7 round-turn. Both numbers are sourced from the brokers’ published spread sheets and cross-referenced against live execution windows during NFP and FOMC.
Platforms
BlackBull Markets’s platform stack runs metatrader 4, metatrader 5, ctrader, tradingview, blackbull copytrader, blackbull invest (share dealing). Axi covers metatrader 4, axi mobile app, autochartist, axi copy trading, myfxbook autotrade. Platform fit is rarely the differentiator on its own, the question is which stack lines up with the trader’s existing chartwork and automation. For traders running MetaTrader expert advisors or TradingView native chartwork, both brokers cover the standard set, the differentiator lives in any proprietary platform extension on each side.
BlackBull Markets’s platform stack covers metatrader 4, metatrader 5, ctrader, tradingview, blackbull copytrader, blackbull invest (share dealing), while Axi runs metatrader 4, axi mobile app, autochartist, axi copy trading, myfxbook autotrade. Platform fit is rarely the differentiator on its own, the differentiator is how the platform set lines up with the trader’s existing chartwork and automation set.
Payments and withdrawals
BlackBull Markets: Bank wire, debit and credit cards, Skrill, Neteller, BTC, Hyperwallet, local APMs in selected regions. Free withdrawals on most methods. Axi: Bank wire, debit and credit cards, Skrill, Neteller, BPay (AU), local transfer in selected regions. Free on most methods. Withdrawal infrastructure is a quiet but high-impact layer. The cleanest brokers process broker-side withdrawals same-day on most methods with zero broker-side fees, intermediary-bank delays are the variable element on bank-wire withdrawals.
BlackBull Markets: Bank wire, debit and credit cards, Skrill, Neteller, BTC, Hyperwallet, local APMs in selected regions. Free withdrawals on most methods.
Axi: Bank wire, debit and credit cards, Skrill, Neteller, BPay (AU), local transfer in selected regions. Free on most methods.
The offshore brand of the FP Markets group. FSC Mauritius and FSCA South Africa registration, Financial Commission membership with a compensation fund, and one million dollars of Lloyd’s of London insurance. Offshore, not Tier-1, suited to the high-leverage and non-Tier-1 archetype.
Who should pick BlackBull Markets
Pick BlackBull Markets if you are
Pick BlackBull Markets if you fit the FMA NZ plus ASIC ECN retail archetype that prioritises ecn execution under fma nz oversight plus the unusual share-dealing add-on (blackbull invest). The headline differentiator is FMA New Zealand, FSA Seychelles regulator coverage with 0.8 pips typical (standard, no commission), 0.1 pips raw (prime), 0.0 pips raw (institutional) on EUR/USD. BlackBull Markets is not in the partner stack the desk runs, see the pivot CTA below.
Who should pick Axi
Pick Axi if you are
Pick Axi if you fit the FMA NZ plus ASIC ECN retail archetype that prioritises asic and fca oversight, deep mt4 focus with copy-trading add-ons, no minimum deposit. The headline differentiator is FCA, ASIC, DFSA, FMA NZ, SVG FSA regulator coverage with 1.2 pips typical (standard), 0.0 pips raw (pro) on EUR/USD. Axi is not in the partner stack the desk runs, see the pivot CTA below.
The desk’s verdict
Desk verdict
BlackBull Markets and Axi are both credible options inside the FMA NZ plus ASIC ECN retail archetype. Axi wins on the FCA UK regulator coverage that BlackBull does not match and the deeper copy-trading add-ons (AutoChartist, MyFXBook AutoTrade, Axi Copy Trading). BlackBull Markets wins on cTrader native execution, the BlackBull Invest share-dealing add-on (rare in the broker space), and the very low Institutional commission tier ($4 round-turn). Neither broker is in the partner stack. The desk’s preferred alternative is Vantage Markets: FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London supplementary insurance and the bundled MACRO MASTERY desk overlay.
Open Vantage Markets, the partner alternative →
Capital at risk. CFD and margin trading carry significant risk of loss. Past performance does not guarantee future results.
FCA, ASIC and FSCA regulation. Lloyd’s of London supplementary client-fund insurance up to one million dollars per client. Raw-spread ECN execution.
The MACRO MASTERY angle
Broker selection is one piece of the framework. Macro positioning is what compounds across cycles, irrespective of the execution venue. The MACRO MASTERY desk runs daily macro pulses, NFP and FOMC and CPI live coverage, BTC whale-flow signals, weekly performance scorecard, and the live MT5 signal bridge.
Get the macro framework that compounds across every broker
Same stack a hedge-fund analyst runs every morning. Free Discord onboarding.
Still weighing Blackbull against Axi? The desk’s position is that the regulated partner shortlist beats both for a trader funding real capital, and the MACRO MASTERY desk overlay is the part no comparison page can match.
Frequently asked questions
Which is better, BlackBull Markets or Axi?
For the FMA NZ plus ASIC ECN retail archetype: both qualify, the choice splits on platform and account-tier fit. Both are credible options inside their respective regulator stacks.
Is BlackBull Markets safer than Axi?
BlackBull Markets runs FMA New Zealand, FSA Seychelles. Axi runs FCA, ASIC, DFSA, FMA NZ, SVG FSA. Both segregate client funds per regulator rules. The deeper the audited stack the cleaner the recourse if anything goes wrong, FMA NZ vs FCA plus ASIC is the differentiator on this pair.
Are BlackBull Markets spreads tighter than Axi?
BlackBull Markets posts 0.8 pips typical (standard, no commission), 0.1 pips raw (prime), 0.0 pips raw (institutional) with standard zero, prime $6 round-turn, institutional $4 round-turn. Axi posts 1.2 pips typical (standard), 0.0 pips raw (pro) with standard zero, pro $7 round-turn. All-in cost is the operationally relevant comparison rather than the headline raw spread on its own.
Which has lower minimum deposit, BlackBull Markets or Axi?
BlackBull Markets: $0 (Standard), $2,000 (Prime), $20,000 (Institutional). Axi: $0 technical, no required initial deposit. The lower minimum is the cleaner door-opener for early-stage traders, but capital should match the trader’s risk-management plan rather than the broker’s floor.
Which has the bundled MACRO MASTERY desk overlay?
Neither broker is in the partner stack the desk runs. Vantage Markets is the partner alternative the desk routes to: FCA UK plus ASIC Tier-1 stack with raw-spread economics, plus Lloyd’s of London supplementary insurance and the bundled MACRO MASTERY desk overlay.
Can I run both BlackBull Markets and Axi accounts?
Yes. Many traders run more than one broker account in parallel, eg one for ECN raw execution and one for spread-only proprietary platforms. Both brokers segregate client funds per their respective regulator rules, so capital is protected on each entity’s terms even if one entity fails.
Related reading
- Best forex brokers 2026, the institutional verdict
- How to choose a forex broker, the desk’s framework
- Vantage vs Blueberry vs Star Trader, three-way verdict
Educational analysis only. Past performance does not guarantee future results. Manage risk against your own portfolio. CFD and margin trading carry significant risk of loss. Verify current BlackBull Markets and Axi terms against each official documentation before opening an account.
Sources cross-referenced for this BlackBull Markets vs Axi comparison: https://blackbull.com/en/about-us/, https://fsp.companiesoffice.govt.nz/, https://uk.trustpilot.com/review/blackbull.com, https://www.axi.com/int/about-us/regulation, https://register.fca.org.uk/, https://connectonline.asic.gov.au/RegistrySearch/, https://uk.trustpilot.com/review/axi.com, Trustpilot aggregations 2026.
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