Blueberry Markets vs BlackBull Markets 2026: Honest Comparison

By Ken Chigbo, Founder, KenMacro. 18-plus years in markets, London trading floor and institutional FX. Published 2026-05-28, methodology audited against regulator public registers.

Affiliate disclosure: this page contains partner links to brokers that KenMacro has an introducing-broker arrangement with. KenMacro may earn a commission when accounts are opened through these links, at no additional cost. The desk only partners with brokers that pass the methodology screen, and the comparison verdict acknowledges where the non-partner broker genuinely wins. Capital at risk. CFD and margin trading carry significant risk of loss.

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Blueberry Markets suits ASIC-jurisdiction discretionary and macro traders who want the bundled MACRO MASTERY desk overlay, a $100 entry, and same-day withdrawals. BlackBull Markets suits price-sensitive ECN traders who want raw spreads with no minimum deposit, plus cTrader and TradingView alongside MT4 and MT5. Both run on raw-spread plus commission pricing, but the regulatory and platform stacks diverge meaningfully.

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Capital at risk. CFD and margin trading carry significant risk of loss. Past performance does not guarantee future results.

At a glance: Blueberry Markets vs BlackBull Markets

Variable	Blueberry Markets (KenMacro partner)	BlackBull Markets
Founded	2016	2014
Regulation	ASIC, SCB	FMA New Zealand (derivative issuer), plus FSA Seychelles (offshore, SD045)
Min deposit	$100	$0 on ECN Standard and ECN Prime; $20,000 on ECN Institutional
EUR/USD spread	0.0 to 0.1 pips raw (Raw account), 1.0 pip (Standard)	From 0.0 pips; around 0.16 pips on the ECN Prime account (plus commission)
Commission	$7 round-turn (Raw account)	ECN Prime adds roughly $6 round-turn per lot (about $7.60 all-in); ECN Standard is spread-only
Max leverage	1:30 ASIC retail, up to 1:500 SCB offshore	Up to 1:500 on the offshore Seychelles entity; lower on the FMA New Zealand entity
Platforms	MT4, MT5, TradingView, Blueberry App	MT4, MT5, cTrader, TradingView, plus the BlackBull CopyTrader and Trade Ideas tools
Payments	Bank wire, cards, PayPal, Skrill, Neteller. Free withdrawals over $100. Same-day processing window.	Bank wire, cards, Skrill, Neteller, crypto. Fast processing on most methods.
Trustpilot 2026	4.4 / 5	4.5 / 5
Key strength	ASIC oversight plus the bundled MACRO MASTERY desk overlay	No-minimum ECN accounts with raw spreads across MT4, MT5, cTrader and TradingView

Blueberry Markets: the desk’s honest verdict

Blueberry Markets, founded in 2016 and routed through ASIC-licensed execution partner Eightcap Pty Ltd (licence 522790), runs a tight retail proposition built around a Raw account at 0.0 to 0.1 pips on EUR/USD plus $7 round-turn commission, or a spread-only Standard account at around 1.0 pip. Client funds sit segregated at Tier-1 Australian banks including NAB and Westpac, which puts the partner ahead of pure-offshore competitors on custody risk.

The platform stack covers MT4, MT5, TradingView and the Blueberry App, which is enough for most discretionary and algorithmic workflows but stops short of cTrader. Payments include bank wire, cards, PayPal, Skrill and Neteller, with free withdrawals over $100 and a same-day processing window that compares well across the ASIC peer set. Trustpilot sits at 4.4 out of 5, broadly in line with the segment.

The genuine edge for KenMacro-routed clients is the bundled MACRO MASTERY desk overlay layered on top of the ASIC retail entity, which gives discretionary macro traders a structured framework absent at most ASIC brokers.

On the cons side, Blueberry does not accept US retail clients, and the offshore SCB Bahamas entity sits below FCA or CFTC oversight if clients route there for higher leverage. The platform line-up lacks cTrader, which matters for ECN-native scalpers. The Standard account at 1.0 pip is uncompetitive against the Raw tier and is not the right home for active traders. There is no Lloyd’s of London supplementary insurance, so the protection story rests on ASIC segregation and the Australian bank custody chain rather than a top-up policy.

BlackBull Markets: the desk’s honest verdict

BlackBull Markets, founded in Auckland in 2014, runs its primary retail proposition through BlackBull Markets Limited under an FMA New Zealand derivative-issuer licence, with Financial Services Complaints Limited (FSCL) dispute-resolution membership. International clients route through BBG Limited under FSA Seychelles licence SD045, which carries lighter protections than the FMA entity.

Pricing is genuinely competitive: ECN Standard runs spread-only from 0.0 pips, while ECN Prime sits around 0.16 pips on EUR/USD plus roughly $6 round-turn commission, landing near $7.60 all-in. ECN Institutional opens at $20,000 for deeper liquidity. Crucially, ECN Standard and ECN Prime carry no minimum deposit, which is rare at this pricing tier.

The platform stack is the broadest in the comparison: MT4, MT5, cTrader and TradingView, plus the BlackBull CopyTrader and Trade Ideas tools. For ECN-native traders who want cTrader depth-of-market routing alongside MT5 algos, this is a real structural advantage. Payments cover bank wire, cards, Skrill, Neteller and crypto, with fast processing on most methods. Trustpilot sits at 4.5 out of 5.

On the cons side, BlackBull carries no Tier-1 FCA or ASIC licence, so the regulatory ceiling is FMA New Zealand on the strong entity and FSA Seychelles on the offshore side. The split-entity structure means clients onboarded to the Seychelles arm sit below the FMA protection envelope, which is a material distinction that retail traders sometimes miss. There is no bundled macro desk overlay, and US retail clients are not accepted. Crypto withdrawals add operational risk that bank-rail-only firms avoid.

Where BlackBull Markets genuinely wins

Institutional honesty

BlackBull Markets beats Blueberry Markets on three substantive fronts, and the desk will not soften this. First, account access: ECN Standard and ECN Prime carry no minimum deposit, while Blueberry sets a $100 floor. For a trader funding a small account to test raw-spread execution before scaling, BlackBull removes a friction point that Blueberry retains. Second, platform breadth: BlackBull offers cTrader alongside MT4, MT5 and TradingView, while Blueberry’s stack stops at MT4, MT5, TradingView and its proprietary app. cTrader’s native depth-of-market ladder, level-two pricing and algorithmic order types matter for scalpers and ECN-native traders, and there is no equivalent inside the Blueberry stack. The BlackBull CopyTrader and Trade Ideas layer adds optional copy-trading and signal tooling that Blueberry does not match natively. Third, founding history: BlackBull began operating in 2014, two years ahead of Blueberry’s 2016 start, giving it a slightly longer operational track record on the FMA New Zealand entity.

Pricing is broadly comparable at the active-trader tier, with both firms landing near $7 to $7.60 all-in on EUR/USD when commission is included. BlackBull’s ECN Standard, however, gives spread-only access from 0.0 pips with no minimum, which is a genuinely different proposition for smaller balances. Crypto deposit and withdrawal support is another BlackBull-only feature for traders who prefer that rail.

Where BlackBull does not beat Blueberry: the primary regulatory anchor. Blueberry’s ASIC oversight via Eightcap (licence 522790) sits structurally above FMA New Zealand on the Tier-1 ladder, and the MACRO MASTERY desk overlay through KenMacro is partner-exclusive.

Regulation and client-fund protection

Blueberry Markets is executed by Eightcap Pty Ltd under ASIC Australia licence 522790, with an SCB Bahamas entity for offshore clients. ASIC sits on the Tier-1 ladder alongside the FCA, and the retail entity enforces 1:30 leverage caps on major FX pairs, negative-balance protection, and segregated client funds held at Tier-1 Australian banks including NAB and Westpac. The offshore SCB arm extends leverage up to 1:500 but carries weaker protections.

BlackBull Markets runs its primary retail entity, BlackBull Markets Limited, under an FMA New Zealand derivative-issuer licence, with Financial Services Complaints Limited (FSCL) handling dispute resolution. The offshore entity, BBG Limited, holds FSA Seychelles licence SD045 and offers leverage up to 1:500 on international onboarding. BlackBull does not hold an FCA or ASIC licence, which places its top regulatory tier one step below Blueberry’s primary anchor.

Neither broker accepts US retail clients, so neither sits inside the CFTC and NFA framework that governs OANDA and Forex.com domestically. Neither broker carries Lloyd’s of London supplementary insurance of the kind some larger UK and US firms layer on top of FSCS or SIPC, so client-money protection rests on segregation rules in each jurisdiction.

Net read: Blueberry’s ASIC oversight is the stronger top-tier anchor and is preferred by clients who weight regulatory tiering heavily. BlackBull’s FMA New Zealand entity is a credible non-offshore option and sits above pure-offshore brokers, but does not reach Tier-1 status. Clients routed to either broker’s offshore entity should verify the licence chain against the firm’s published terms before funding.

Spreads, commission, and all-in cost

On EUR/USD, both brokers run raw-spread plus commission pricing at the active-trader tier, and the all-in numbers land close enough that platform and regulation become the deciding factors rather than headline cost.

Blueberry Markets Raw account quotes EUR/USD from 0.0 to 0.1 pips with $7 round-turn commission per standard lot. Converting to all-in pip-equivalent, that lands near 0.7 to 0.8 pips total on EUR/USD. The Standard account quotes around 1.0 pip spread-only, which is uncompetitive for active traders and is best treated as a beginner tier rather than a working account.

BlackBull Markets ECN Prime quotes EUR/USD from around 0.16 pips plus roughly $6 round-turn commission, landing near $7.60 all-in per standard lot, or approximately 0.76 pips pip-equivalent. ECN Standard runs spread-only from 0.0 pips, which gives smaller-balance traders raw-spread access without the commission line but typically with slightly wider effective spreads than ECN Prime. ECN Institutional, at the $20,000 entry tier, accesses deeper liquidity for size traders.

The net read: the two raw-spread tiers sit within rounding distance of each other on EUR/USD. Blueberry’s $100 minimum and ASIC anchor argue for ASIC-jurisdiction discretionary traders. BlackBull’s zero-minimum ECN Standard and zero-minimum ECN Prime argue for traders who want raw-spread access on a small balance or who prefer the cTrader execution stack. Clients should verify live spreads against each broker’s published terms, since interbank conditions move the effective number around the cited range.

Platforms and execution stack

Blueberry Markets ships MT4, MT5, TradingView and the proprietary Blueberry App. The MT4 and MT5 builds cover most discretionary and EA workflows, TradingView integration handles charting and social-layer analysis, and the Blueberry App handles mobile execution and account management. The stack is competent but not the broadest in the segment.

BlackBull Markets ships MT4, MT5, cTrader and TradingView, plus the BlackBull CopyTrader and Trade Ideas tools. The cTrader addition is the meaningful differentiator: native depth-of-market ladder, level-two pricing, advanced order types and a C-Sharp algorithmic layer through cAlgo. For ECN-native scalpers and traders who price-sensitive scalp on liquidity ladders, cTrader is genuinely structurally different from MT4 and MT5. CopyTrader adds an optional copy-trading layer for clients who want signal-following, and Trade Ideas surfaces structured setups that Blueberry does not match natively.

Net read: BlackBull wins on platform breadth, especially for cTrader-native workflows and copy-trading. Blueberry’s stack is sufficient for the MT4, MT5 and TradingView majority, and the bundled MACRO MASTERY desk overlay via KenMacro replaces what BlackBull surfaces through Trade Ideas, but with a discretionary macro framing rather than a signals framing. Algorithmic traders who require cTrader should route to BlackBull; discretionary macro traders who want a desk overlay alongside MT5 should route to Blueberry.

Payments and withdrawals

Blueberry Markets accepts bank wire, cards, PayPal, Skrill and Neteller. Withdrawals over $100 are free, and the processing window is same-day on most methods, which compares well across the ASIC peer set. PayPal support is a meaningful retail convenience that BlackBull does not match.

BlackBull Markets accepts bank wire, cards, Skrill, Neteller and crypto. Processing is fast on most methods, and the crypto rail is the differentiator for clients who prefer settling in stablecoin or Bitcoin. BlackBull does not offer PayPal.

Neither broker charges typical deposit fees on standard rails, though card and wire intermediaries may add their own. Neither carries Lloyd’s of London top-up insurance on client funds in transit.

Net read: Blueberry’s PayPal support and same-day window suit retail clients who want familiar consumer rails and a clear processing cadence. BlackBull’s crypto support suits clients who fund through digital-asset rails and want the optionality. Clients should verify the live withdrawal-fee schedule and processing cadence against each broker’s published payments documentation before funding, since intermediary banks and card processors can lengthen the effective settlement window beyond the broker’s internal handling time.

Verdict by trader archetype

Scalper

BlackBull Markets wins for the scalper. The cTrader build provides native depth-of-market, level-two pricing and the algorithmic order types that MT4 and MT5 do not match natively, and ECN Prime at around 0.16 pips plus $6 round-turn lands near $7.60 all-in. Blueberry’s Raw account at $7 round-turn is competitive on cost but the platform stack stops at MT4, MT5, TradingView and the proprietary app, with no cTrader option. For an ECN-native scalper who prices the execution ladder, BlackBull is the structural fit.

Swing trader

Blueberry Markets is the better fit for the swing trader. Cost-per-trade matters less when holding periods stretch across days or weeks, so the $7 round-turn on the Raw account is fine and the ASIC oversight via Eightcap (licence 522790) plus Tier-1 Australian bank custody at NAB and Westpac becomes the more meaningful factor. The bundled MACRO MASTERY desk overlay through KenMacro adds a structured macro framing that suits swing-horizon discretionary work. BlackBull is competent here but the desk overlay tips the verdict.

Beginner

Split verdict. BlackBull’s zero-minimum ECN Standard removes funding friction for a beginner testing the waters, which is a genuine edge. Blueberry’s $100 minimum is low but non-zero, though the bundled MACRO MASTERY framework gives a beginner more structural guidance than BlackBull’s signals tooling. For a beginner who wants the cheapest possible entry, BlackBull wins. For a beginner who wants the desk-overlay framework and ASIC-tier custody, Blueberry wins. Either choice is defensible at this stage.

News trader

Marginal edge to BlackBull for the news trader. The cTrader depth-of-market ladder helps with execution clarity during high-volatility releases, and the platform breadth across MT4, MT5, cTrader and TradingView gives the news trader more flexibility to size and route around event risk. Blueberry’s MT5 build handles news-trade execution competently, but the cTrader option matters more in fast tape than in steady conditions. Both brokers offer negative-balance protection on their regulated entities, so the structural tail-risk floor is comparable.

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Frequently asked

Is Blueberry Markets safer than BlackBull Markets?

Blueberry’s primary entity sits under ASIC Australia (licence 522790 via Eightcap), which is a Tier-1 regulator. BlackBull’s primary entity sits under FMA New Zealand, which is credible but one tier below ASIC and FCA. On the regulatory ladder, Blueberry holds the stronger top-tier anchor.

Which broker has lower spreads on EUR/USD?

All-in costs are close. Blueberry Raw runs 0.0 to 0.1 pips plus $7 round-turn, near 0.7 to 0.8 pips pip-equivalent. BlackBull ECN Prime runs around 0.16 pips plus $6 round-turn, near 0.76 pips pip-equivalent. Either is competitive; platform and regulation should drive the choice.

Does either broker accept US retail clients?

Neither Blueberry Markets nor BlackBull Markets accepts US retail clients. US-based traders need a CFTC and NFA registered broker such as OANDA US or Forex.com US. Both brokers serve clients in Australia, New Zealand, the UK and other non-US jurisdictions through their respective regulated entities.

Does BlackBull Markets offer cTrader?

Yes. BlackBull ships cTrader alongside MT4, MT5 and TradingView, plus the BlackBull CopyTrader and Trade Ideas tools. Blueberry Markets does not offer cTrader; its stack covers MT4, MT5, TradingView and the proprietary Blueberry App. For cTrader-native workflows, BlackBull is the only option here.

What is the minimum deposit at each broker?

Blueberry Markets sets a $100 minimum across its Raw and Standard accounts. BlackBull Markets sets no minimum deposit on ECN Standard or ECN Prime, with a $20,000 entry on ECN Institutional. For small-balance ECN access, BlackBull’s zero-minimum structure is a genuine edge.

Which broker has faster withdrawals?

Blueberry Markets advertises a same-day processing window with free withdrawals over $100 across bank wire, cards, PayPal, Skrill and Neteller. BlackBull Markets advertises fast processing across bank wire, cards, Skrill, Neteller and crypto. Both are competitive; intermediary banks and card processors can extend the effective window.

Does either broker carry Lloyd’s of London insurance?

Neither Blueberry Markets nor BlackBull Markets carries Lloyd’s of London supplementary insurance on client funds. Client-money protection rests on ASIC segregation rules and Tier-1 Australian bank custody at Blueberry, and on FMA New Zealand segregation at BlackBull’s primary entity. Verify current arrangements against each broker’s published terms.