BlackBull Markets Review 2023

Trust

BlackBull Markets Regulations

BlackBull Markets operates under two entities:

• BBG Limited is regulated by the Financial Services Authority (FSA). We rate FSA as a Tier-3 regulator.
• Black Bull Group Limited is regulated by the Financial Markets Authority (FMA). We rate FMA as a Tier-1 regulator.

Why is It Important to Know Where Your Broker Subsidiary Is Regulated?

Each regulator has its requirements for brokers, which may differ materially. Such requirements include leverage levels and specific protections offered to investors, including negative balance protection, segregated accounts, and investor compensation funds. Traders must understand the differences between regulations to evaluate whether the broker suits their needs.

BlackBull Markets operates via BBG Limited, which is regulated by FSA Seychelles, and Black Bull Group Limited, which is regulated by FMA.

The broker uses segregated client accounts, which means that the firm’s money is separated from the clients’ money. The use of segregated accounts improves the safety of clients’ funds in case BlackBull Markets has financial issues. The company uses ANZ Bank to manage its operational liquidity.

The broker also provides negative balance protection, which means that clients cannot lose more money than they have in their accounts.

We have summarized key aspects of the broker’s entities in terms of regulation and safety in the table below:

Is BlackBull Markets Safe to Trade With?

BlackBull Markets has entities regulated by FMA (Tier-2 regulator) and FSA (Tier-3 regulator). The broker provides negative balance protection and holds clients’ funds in segregated accounts.

Negative balance protection ensures that clients will not lose more money than they have in their accounts. Segregation of clients’ funds from the firm’s funds means that the company will not use the funds of clients for its own needs.

Stability and Transparency

In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focused on how long the broker has been in business, how big the company is, and how transparent it is in terms of information being readily available.

BlackBull Markets has been in business for nine years, it is not publicly traded and doesn’t have a bank parent, which is usual for brokers.

BlackBull Markets received a high score for fees structure transparency, regulation protection transparency, and general transparency as it provides easy access to all important information on its website. Traders can find the relevant documents in the legal policies section of the company’s website.These documents include the Privacy Policy, Risk Warning, Client Services Agreement, Complaints Handling Procedure, and Website Terms of Service.

Traders can find the spreads for the instruments in the markets overview section of the website, while details on the account types can be found in the accounts comparison section.

In summary, our findings indicate that BlackBull Markets can be regarded as having a decent level of trust and stability due to the following factors:

• BlackBull Markets is regulated by Tier-1 and Tier-3 regulators.
• The broker has been in business for over 9 years.
• The company provides easy access to important information on its website.

Fees

BlackBull Markets Trading Fees

For this review, we tested the BlackBull Markets Standard Account, where the broker charges spreads and swap/rollover fees but does not charge commissions. Spreads are variable and depend on the liquidity situation in each instrument at a certain point in time.

BlackBull Markets Spreads

We tested the spread on the BlackBull Markets Standard Account during the London open at 8:00 a.m. UK time and just after the US open at 2:45 p.m. UK time. These are the most actively traded times.

Our tests indicated that BlackBull Markets has low spreads for GBP/JPY, Gold, Apple, Tesla, and Dow Jones. The spreads for EUR/USD and DAX were medium, while the spreads for WTI Oil were high.

Swap Fees

The swap fees for EUR/USD were medium and for GBP/JPY were high.

Are BlackBull Markets Trading Fees Good?

BlackBull Markets received a decent score in the Fees category. The broker offers attractive spreads for a number of instruments, while the swap fees we measured were medium and high.

Non-Trading Fees

BlackBull Markets charges an inactivity fee of $10 in case the client had no transactions for a period of twelve months.

Platforms and Tools

BlackBull Markets Desktop and Web Platforms

In this review, we tested the MetaTrader 5 platform analyzing charts, indicators, drawing tools, orders, and the general ease of use of the platform.

General Ease of Use

MT5 is an advanced trading platform that could be tailored to traders’ needs. The interface is rather intuitive, although some traders may want to search for tutorials to take a deep dive into MT5’s capabilities. In general, advanced traders would have no problems with MT5, while beginners have to spend some time learning the basics of this platform.

Novice traders should go through various chart options, indicators, drawing tools, and orders. Also, they have to learn how to create their watchlists and manage their trading positions. Despite this requires some time and effort, traders who invest in learning ultimately, get a powerful tool that helps achieve better trading results.

Charts

MT5 offers 97 indicators and 21 timeframes, which is more than enough to customize your charts and adjust them to your needs.

Trend indicators, oscillators, volumes, Bill Williams, and custom indicators help to design the chart you need.

Available timeframes range from 1 minute to 1 month so they provide the trader with an opportunity to take a look at short-term developments and significant multi-month trends.

MT5 also supports objects:

• lines
• channels
• Gann tools
• Fibonacci tools
• Elliott tools
• shapes

Many traders use these popular tools to make decisions, so their presence is a must for any reputable trading platform.

Each chart could be displayed as a bar, a candlestick, and a line. Candlesticks are generally the most popular among traders as they suggest an abundance of various patterns that are used to make trading decisions. Although, other types of charts also have their fans.

MT5 charts are easy to configure even for novice traders but they also offer enough options for expert traders.

Orders

MT5 offers all main order types including:

• Market order. This order is used to buy or sell the instrument at the current market price. It is used when the trader needs to establish a position in the fastest possible way. The main downside of the market order is the necessity to pay a spread, which is a difference between the bid price and the ask price.
• Limit orders. This order is used to buy or sell the instrument at a pre-set price or better. A limit order is used when the trader wants to get a specific entry point and is unwilling to pay the current market prices.
• Stop-loss orders. Stop-loss orders are used to get you out of the position when the price is moving in the wrong way. The order is triggered when the price reaches a specified point.
• Stop limit orders. This is a stop-loss order which puts a limit order instead of a market order when it is triggered. This is a dangerous way to get out of the position and it should be used only by experienced traders.
• Trailing stop orders. This order allows you to set a stop order that will move if your open position trends in the right direction. This order is used to protect your profits in case the market direction reverses.

Different expiration types are available for all pending orders, including GTC (good-till-cancel), Today, Specified, and Specified Day.

BlackBull Markets Mobile App

In this review, we have tested the BlackBull Markets Mobile App for Android.

General Ease of Use

The MT5 mobile app for Android is rather easy to use. It provides charts, quotes, account balance info, economic calendar, news, and other tools giving traders an opportunity to make informed trading decisions.

Charts

MT5 mobile app offers:

• 30 technical indicators
• 24 drawing tools
• 9 timeframes
• 3 chart types

This selection of options is sufficient for mobile-based trading. Typically, the mobile app is used when the trader does not have access to the desktop platform but needs to monitor the market and open positions. While the app is helpful in certain circumstances, it cannot beat the speed of work that could be achieved using the desktop platform, which is the primary solution for active trading.

Orders

In an MT5 mobile app, you can set market orders, limit orders, and stop orders. Trailing stops are not available on mobile trading terminals.

Tradable Instruments

BlackBull Markets gives access to 72 forex pairs, 22 commodities, 10 indices, 9 cryptocurrencies, and over 26,000 stocks. The number of available forex pairs is medium, while the number of available commodities, indices, and cryptocurrencies is high.

Traders should note that the stock offering is a separate share trading offering, which provides access to stocks from various global markets.

What are CFDs?

CFDs (Contracts for Differences) are financial instruments that allow traders to bet on securities without owning the underlying securities. The key advantage of CFDs is the access to significant leverage, which is typically not available when trading other instruments. In this light, CFDs are very popular in short-term trading.

What Can You Trade with BlackBull Markets?

• 72 forex pairs. Available forex pairs include popular names like EUR/USD and GBP/JPY, as well as exotic options like CHF/DKK and EUR/HKD.
• 10 indices. The list includes popular indices like S&P 500, FTSE 100, and Dow Jones.
• 26,000+ stocks. The list includes popular equities of Amazon, Apple, Google, and Netflix.
• 9 cryptocurrencies. Traders have access to popular cryptos like Bitcoin, Ethereum, and Ripple.
• 22 commodities. The list includes energy, metals, and agricultural commodities.

BlackBull Markets offers forex pairs, commodities, indices, stocks, and cryptocurrencies. Traders should note that the broker has a separate rich stock offering in addition to its CFD and FX offering.

Customer Support

BlackBull Markets Customer Support Test

We have contacted BlackBull markets customer support several times through online chat and found that the support team’s answers were quick and professional. We asked about regulations, available tradable instruments, and negative balance protection. The support team presented clear answers and also provided links to the relevant sections of the broker’s website.

Deposit and Withdrawal

The broker’s clients have multiple options to deposit and withdraw funds from their accounts. As usual, the Bank Wire is the slowest option for both deposits and withdrawals.

BlackBull Markets Deposits

BlackBull Markets provides a high number of deposit options. Most options offer immediate service, while bank wire takes 1-3 days to process. Traders should check the details of any specific deposit option they plan to use. While BlackBull Markets supports the above-mentioned currency options, some methods may incur exchange rate fees.

BlackBull Markets Withdrawals

Note that withdrawals using Visa, Mastercard, China Union Pay, Skrill, FasaPay, and Neteller cannot exceed the amount you have deposited via that method. These limitations are implemented in accordance with BlackBull Markets AML Policies. Traders should use Bank Wire to withdraw profits in excess of their original deposit.

BlackBull Markets does not charge withdrawal fees. However, transfer fees are applied by banks and payment system providers in the amount of 5.00 base account currency.

Account Types and Terms

Why is Choosing the Right Account Type Important?

The account you choose must suit your needs. Typically, the trader should focus on base currency options, contract size, commission, fees, the number of pending orders/positions, and the minimum deposit size.

What Account Types does BlackBull Markets Offer?

BlackBull Markets offers three account types: ECN Standard Account, ECN Prime Account, and ECN Institutional Account. The ECN Standard Account is a spread-based account where the broker charges spreads and swap/rollover fees but does not charge commissions.

ECN Prime Account and ECN Institutional Account are commissions-based where the broker charges spreads, commissions, and swap/rollover fees.

Traders should note that Standard Account can be opened with any sum of money. To open a Prime Account, traders should deposit at least $2,000. The Institutional Account has a minimum deposit of $20,000.

The accounts have swap-free (Islamic account) options. Traders can also practice on demo accounts for Standard and Prime accounts. The accounts offer leverage of up to 1:500.

What is CFD leverage?

CFD Leverage allows you to avoid paying the full value of the position. Instead, you pay a deposit, which is called margin, while the remaining funds are borrowed.

In BlackBull Markets’ case, available leverage is up to 1:500. This is a high level of leverage, and traders should use proper risk management techniques when working with this kind of leverage.

BlackBull Markets Account Opening Process

To open an account with BlackBull, go to the accounts comparison page and choose the account you want to open.

• Step 1: Complete the application with your contact details, account details, trading information, and ID verification.
• Step 2: Confirm your email.
• Step 3: Wait for approval from the broker.
• Step 4: Fund your account.

What is a demo account?

A demo account is an account that allows you to test the broker’s services and your trading skills without risking your money.

Please note that your trading experience may differ when you use a demo account compared to a real-money account due to human psychology, as traders find themselves under pressure when real money is at stake.

It’s a good idea to use the demo account for practicing and learning the trading platform, but do not spend too much time on the demo.

In BlackBull’s case, traders can practice their skills on the demo versions of the Standard and Prime accounts. The demo options will help them choose which account suits their needs.

Research

BlackBull Markets has developed a dedicated stock research page on the website. This section includes daily news, equity research, model portfolios for the U.S., Australian, and New Zealand stocks, as well as technical analysis of selected stocks. Traders can use a 3-month free trial to evaluate whether they want to use this tool.

The broker also offers a BlackBull Social platform that allows traders to follow the strategies of master traders from any MT4 or MT5-based broker.

BlackBull Markets also provides several third-party trading tools. The broker’s clients who use MT4 and MT5 have access to Autochartist, a technical tool that identifies key support and resistance levels, chart patterns, Fibonacci retracements, extensions, etc.

Zulu Trade is a social trading platform that is used to find the best trading strategies among thousands of registered traders. Myfxbook is a social trading site that allows users to share, analyze, track, and compare their trading activities.

BlackBull Markets also provides free Virtual Private Servers (VPS). This option is available for clients who have a BlackBull Markets Prime account with a minimum deposit of $2,000 and 20 lots traded across forex pairs or metals per month. Another feature that is interesting for algorithmic traders is the FIX API. With FIX API, institutional clients can bypass the BlackBull MT4 application and directly connect to the ECN grid using their own FIX.

Education

BlackBull Markets has developed an Education Hub. This section contains coverage of economic events and educational articles for beginner, intermediate, and advanced traders. The articles cover topics in forex, shares, commodities, and crypto.

For example, beginner traders can benefit from articles like “What is technical analysis?” or “3 mistakes to avoid when trading cryptocurrency”. Topics offered to intermediate traders include “3 TradingView indicators for stock trading” and “Understanding the top 5 traded metals”. Advanced traders can read about “2 TradingView strategies for trading crypto” and “Navigating the not-so-spooky ‘Triple Witching’”.

BlackBull Markets also provides educational videos covering various topics, including “How to use Autochartist” and “What exactly is a VPS?”.

Traders should note that the economic calendar, which is a standard feature for brokers, is located in the educational section of the website.

Recently BlackBull Markets has started conducting webinars. The schedule of future online events as well as recordings of the former webinars you can find on the dedicated page of the Education section.

The Bottom Line

Founded in 2014, BlackBull Markets has been in business for more than 9 years. The broker operates via BBG Limited (FSA Seychelles, a Tier-3 regulator) and Black Bull Group Limited (FMA New Zealand, a Tier-1 regulator).

BlackBull Markets provides access to forex pairs, commodities, indices, equities, and cryptocurrencies. The minimum deposit is $0 at the Standard Account, which is a spread-based account. The broker also offers two commissions-based accounts which are tailored for advanced traders.

The broker provides a high number of deposit and withdrawal options which are available in multiple base currencies. BlackBull Markets’ clients can trade with MetaTrader 4, MetaTrader 5, and TradingView platforms. The huge equity offering is available via a separate Share Trading platform.

Beginner traders will benefit from the ultra-low minimum deposit and strong educational and research support. Advanced traders will enjoy access to multiple trading platforms, multiple base currencies, high leverage, and Institutional account with lower fees for traders that have deposited more than $20,000.

FAQ