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BlackBull Markets Review 2024

By:
Plamen Stoyanov
Updated: Mar 10, 2024
Overall Rating
4.3
  • Trust
    3.8
  • Fees
    3.8
  • Platforms and Tools
    4.7
  • Tradable Instruments
    4.5
  • Customer Support
    5
  • Research
    4.2
  • Deposit and Withdrawal
    3.9
  • Account Types and Terms
    4.9
  • Education
    3.8
  • How Did We Test and Rate This Broker?
    When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you. The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.
    Chart

    Our Take on BlackBull Markets

    Founded in 2014, BlackBull Markets is a forex and CFD broker from New Zealand, regulated by the national FMA authority and FSA Seychelles. Traders can also choose from over 26,000 instruments across multiple markets.

    BlackBull Markets impressed me with its wide offering of trading platforms and tools, including MetaTrader, TradingView, cTrader, and ZuluTrade. Overall, the broker provides 7 systems for social trading, automated trading, and advanced technical analysis, three of which are proprietary.

    Its standard pricing package (floating spreads and zero commissions) meets the industry average, with more favorable prices available on BlackBull Markets’ Prime account.

    Thanks to fast order execution, sophisticated technical analysis, and other select perks. I assess that BlackBull is geared towards high-frequency trading.

    Recommended in 5 best broker guides: 
    MetaTrader Crypto | Regulated Brokers | TradingView | High Volume Accounts | Metals Trading

    BlackBull Pros and Cons

    Pros Cons
    • Wide platforms selection
    • 26,000 instruments
    • VPS hosting and FIX API
    • Copy trading and algo trading
    • Irregular webinars
    • High swaps

    BlackBull Markets Highlights for 2024

    • Safety of Funds: BlackBull Markets is regulated by one Tier-1 and one Tier-3 regulator, ensuring negative balance protection and segregation of client funds. However, there is no compensation scheme available.
    • Average Pricing: The Standard account offers commission-free trading with floating spreads starting from 1.0 pips, aligning with the industry average.
    • Versatile Platforms: BlackBull offers 7 trading platforms including BlackBull Trade, BlackBull CopyTrader, BlackBull Shares, BlackBull cTrader, TradingView, MetaTrader 4 and 5, and ZuluTrade. There are several choices for social trading, automated trading, advanced technical analysis, and simple order execution.
    • Range of Markets: The broker grants access to over 26,000 instruments, predominantly share CFDs.
    • Choice of Tools: The broker offers free VPS hosting and FIX API, along with ZuluTrade and Myfxbook for social trading.
    • Limited Educational Content: Although BlackBull Markets has a solid selection of educational content covering basic trading concepts, it falls short in offering in-depth material on advanced topics.

    What Sets BlackBull Markets Apart?

    BlackBull Markets has one of the largest platforms and tools offerings I have ever seen. The broker offers three proprietary platforms: BlackBull Trade, BlackBull CopyTrade, and BlackBull Shares, as well as its own BlackBull Trade Mobile app. Additionally, it incorporates MT4, MT5, ZuluTrade, and the seamless TradingView and cTrader.

    Who is BlackBull Markets For?

    I determined that BlackBull Markets is a very good choice for those interested in automated trading or scalping. The broker achieves median execution speeds of under 75 milliseconds and offers free VPS hosting and FIX API – both facilitate even faster execution and lessen the risk of negative slippage.

    Furthermore, BlackBull incorporates advanced platforms (TradingView, cTrader) with professional-grade charting capabilities. These accommodate high-frequency trading and allow traders to conduct sophisticated technical analyses.

    I performed my tests on a Standard trading account using the desktop version of the cTrader platform and the mobile app version of BlackBull Trade. The account was opened with the BBG Ltd entity of the broker. Some features and services may vary depending on where you reside and which entity you open an account with.

    BlackBull Markets Main Features

    ☑️ RegulationsFSA (Seychelles), FMA (New Zealand)
    🗺 Supported Languages
    English, Spanish, Chinese, French, Greek
    💰 ProductsCurrencies, Stocks, Crypto, Indices, Commodities, Futures
    💵 Min Deposit$0
    💹 Max Leverage1:500 (FSA), 1:500 (FMA)
    🖥 Trading Desk TypeNo dealing desk, STP
    📊 Trading PlatformsMT5, MT4, TradingView, cTrader, myFXbook, Zulutrade, BlackBull Trade
    💳 Deposit OptionsCryptocurrencies, Wire Transfer, Skrill, Neteller, Credit Card, AstroPay, Debit Card, SEPA
    💳 Withdrawal OptionsNeteller, Skrill, Credit Card, Cryptocurrencies, Wire Transfer, Debit Card, AstroPay, SEPA
    🤴 Demo AccountYes
    🗓 Foundation Year2014
    🌎 Headquarters CountryNew Zealand
    Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    BlackBull Markets Full Review

    Trust

    3.8
    How Did We Test the Broker's Trustworthiness?
    Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
    trust chart

    BlackBull Markets operates under two entities, authorized by one Tier-1 regulator (FMA) and one offshore regulator (FSA). The broker ensures essential safety measures, including segregation of client funds and negative balance protection. Its legal documents are clear and provide all important safety information upfront.

    BlackBull Regulations

    In our reviews, we examine the licenses and regulations of each entity operated by a broker. This allows us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

    This is what I discovered about the two entities operating under the BlackBull Markets trade name:

    • Black Bull Group Limited is licensed and regulated by the Financial Markets Authority (FMA) of New Zealand under FSP number 4033226. We rate the FMA as a Tier-1 regulator.
    • BBG Limited is licensed and regulated by the Financial Services Authority (FSA) of Seychelles under license number SD045. We rate the FSA as a Tier-3 regulator.
    Black Bull Group Limited’s licensing info on govt.nz
    Black Bull Group Limited’s licensing info on govt.nz

    We have summarized the most essential aspects of BlackBull Markets in terms of regulation and safety in the table below:

    Entity Features Black Bull Group Limited BBG Limited
    Country/Region New Zealand, Auckland Seychelles, Mahe
    Regulation FMA FSA
    Tier 1 3
    Segregated Funds Yes Yes
    Negative Balance Protection Yes Yes
    Compensation Scheme No No
    Maximum Leverage 1:500 1:500

    Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?

    Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection. Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid. That is why traders need to familiarize themselves with the safety mechanisms ensured by the entity they want to open an account with beforehand.

    Here is what you need to be looking for in a broker in terms of safety mechanisms:

    • Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. All BlackBull Markets entities ensure segregated client funds.
    • Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. This is especially important in volatile markets. All broker entities ensure negative balance protection.
    • Compensation scheme. A compensation scheme protects traders against the broker’s liabilities in the unlikely event that the company becomes insolvent. None of BlackBull’s entities have a compensation scheme.
    • Maximum leverage. Capping the maximum leverage restricts the extent of market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. The maximum leverage with BlackBull Markets is 1:500.

    Is BlackBull Markets Safe to Trade With?

    My research showed that BlackBull Markets is well-regulated and complies with some of the most rigid safety requirements in the industry. Despite one of its entities being regulated offshore, the broker ensures negative balance protection and the segregation of client funds. That is why I consider the broker to be quite safe to trade with.

    Stability and Transparency

    In our Trust category assessments, we evaluate factors tied to stability and transparency, including the broker’s longevity, company size, and the transparency of information provided.

    I reviewed BlackBull’s legal documents, such as the Client Agreement, risk disclosure, and execution policy, and found everything to be in order. The legal texts are free of ambiguous language, and the broker’s services and responsibilities are clearly defined.

    The account creation process includes a rigorous client categorization procedure aimed at distinguishing between experienced and inexperienced traders, ensuring each is matched with the most suitable services available.

    BlackBull’s fee transparency
    BlackBull’s fee transparency

    I also appreciated BlackBull Markets for providing abundant information about its various costs and contract specifications. Even non-registered clients (without access to a BlackBull Markets platform) can quickly assess the affordability of BlackBull’s costs from the website.

    In summary, my research indicates that BlackBull Markets can be regarded as having a sufficient level of trust and stability due to the following factors:

    • Holds one Tier-1 regulation
    • Ensures negative balance protection
    • Provides clear and concise documentation
    • Has strict client categorization practices
    • Maintains a high degree of fee transparency

    Fees

    3.8
    How Did We Test the Broker's Fees and Commissions?
    Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
    fees chart

    BlackBull Markets offers spreads that vary by market but typically align with the industry average. The same applies to its fixed commissions. The swap fees I recorded were high, however, swap-free trading is available through BlackBull’s Islamic accounts. The broker does not impose a maintenance fee. Deposits are free, but a withdrawal fee is applicable.

    BlackBull Markets Trading Fees

    BlackBull Markets Spreads

    I tested BlackBull Markets’ spreads on 20 February 2024 during the London and New York open. The results are shown in the table below:

    Instrument  Live Spread AM Live Spread PM Industry Average
    EURUSD 1.2 pips 1.2 pips 1.2 pips
    GBPJPY 2.3 pips 2.0 pips 2.3 pips
    Gold (XAUUSD) 20 pips 21 pips 45 pips
    Crude Oil 0.06 pips 0.05 pips 0.03 pips
    Apple NA 1.8 points 0.07 points
    Tesla NA 4.2 points 0.07 points
    Dow Jones 30 2.3 basis points 2.8 basis points 3.5 basis points
    Germany 40 NA NA 2.0 basis points
    Bitcoin $15.1 $16.22 $30

    Broken down by asset class and compared to the industry average, BlackBull Markets charges low spreads on indices and cryptocurrencies, low-to-high spreads on commodities, average spreads on FX pairs, and high spreads on share CFDs.

    BlackBull Markets Commissions

    BlackBull’s Standard account carries no commission. However, its Prime account incurs a $6 round-turn commission per traded lot (100,000 units), with $3 charged for opening a full-sized trade and an additional $3 for closing it. I determined that this $6 commission rate aligns with the industry average.

    BlackBull Markets Swaps

    A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

    The values listed below are for one full contract (100,000 units) of the base currency.

    Instrument Swap Long Swap Short
    EURUSD Charge of $8.07 Credit of $1.63
    GBPJPY Credit of $16.89 Charge of $41.49

    My tests indicate that BlackBull charges average-to-high swaps. This configuration is fine for intraday trading but less ideal for longer-term strategies, such as day trading and position trading.

    BlackBull Markets Non-Trading Fees

    The broker does not charge dormant accounts with an inactivity fee. It also does not charge a handling fee on deposits. However, withdrawals are liable for a $5 handling fee charged internally that may be added to any third-party banking fees the trader may have to pay depending on the used payment method.

    Are BlackBull Markets’ Fees Competitive?

    In my analysis, BlackBull Markets offers competitive pricing, largely influenced by the type of instrument traded and the trading strategy employed. I think the broker’s pricing structure is particularly well-suited for intraday trading. Additionally, BlackBull’s pricing is advantageous for trading certain metals, indices, and notably cryptocurrencies, with a significantly low spread on Bitcoin.

    Accounts Comparison

    I have compiled the table below to help you better understand the difference between the trading fees of BlackBull Markets’ two account types and the industry average. It illustrates the spreads and commissions I have recorded for the EUR/USD pair and compares them against the typical costs for ECN and STP accounts in the industry at large.

    The table demonstrates how much you would have to pay to trade 1 full lot (100,000 units) on the EUR/USD with a pip value of $10 for each account.

    To calculate the cost of such a full-sized trade, I used this formula: Spread x pip value+commission

    Account Type* Spread Commission** Net Cost
    Standard  1.2 pips $0 $12
    Prime 0.1 pips $6 $7
    Typical STP 1.2 pips $0 $12
    Typical ECN 0.2 pips $6 $8

    *The numbers in this chart are only illustrative and subject to change over time

    **Round-turn commission

    My tests indicate that the pricing mechanism of BlackBull’s Standard account meets the industry average when it comes to commission-free trading accounts. Meanwhile, its Prime account features marginally lower prices compared to most ECN accounts.

    Platforms and Tools

    4.7
    How Did We Test the Broker's Trading Platforms?
    We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
    platforms chart

    BlackBull Markets truly shines in the platforms category, offering a diverse selection of trading platforms that support social trading, automated trading, and advanced technical analysis. This includes its flagship BlackBull Markets Trade, a full suite of MetaTrader, and seamless integration with TradingView.

    Platform/Tool Suitable For
    BlackBull Trade Less experienced traders
    BlackBull CopyTrade Copy trading
    BlackBull Shares Share CFDs trading
    cTrader Advanced technical analysis, copy trading, automated trading
    TradingView Advanced technical analysis, social trading
    MetaTrader 4 Simple order execution
    MetaTrader 5 Simple order execution, automated trading
    ZuluTrade Copy and social trading
    Myfxbook Copy and social trading, market analysis
    VPS Automated trading
    FIX API Automated trading

    I tested the performance of BlackBull’s cTrader platform and found it to be extremely versatile and user-friendly. What stands out is the extensive array of tools and configurations available to traders. Notably, cTrader offers an impressive selection of over 20 timeframes and supports one-click trading, making it an excellent choice for scalping.

    Yet another great thing about cTrader is that it has many built-in videos explaining what its multiple technical indicators do and how they can be used in real-world trading. This feature is great for beginners who still haven’t fully developed their trading systems.

    cTrader’s copy trading regime
    cTrader’s copy trading regime

    BlackBull Markets also provides FIX API and Virtual Private Server (VPS) hosting for low-latency trading, mitigating the risk of negative slippage. Free VPS hosting is available to clients with $2000 or more in their accounts and at least 20 lots of traded volume per month.

    Finally, I tested the BlackBull Trade app, which is quite sophisticated and easy to navigate. It adds extra layers of protection, such as its finger recognition software.

    BlackBull’s Desktop cTrader Platform

    cTrader’s main panel
    cTrader’s main panel

    General Ease of Use

    cTrader has a very familiar layout, with its charts positioned in the middle, order execution on the right-hand side, and account info at the bottom. On the left-hand side of the main panel, you can switch between the platform’s several settings (retail trading, automated trading, and copy trading).

    When in the retail trading regime, you can easily configure the smart stop-out option from the bottom of the window or take advantage of cTrader’s multiple integrated research tools, such as an economic calendar and news screener.

    Finally, the platform affords ample information about order execution. You can read about margin requirements, current spread rate, and much more before proceeding to open a position.

    Charts

    I consider the charts screen a platform’s most important feature. It facilitates technical analysis by providing an overview of price action behavior. In my experience, a chart’s most important attribute is its fluidity – how easy it is to scale price action up and down.

    cTrader’s chart window
    cTrader’s chart window

    I have broken down the available analytical tools and chart configurations on cTrader below:

    • 67 technical indicators. The platform supports trend-based, volume-based indicators, oscillators, and more. These can be applied to study price action behavior and determine the underlying market sentiment. In general, technical indicators are used to gauge where the market is likely to head next. cTrader is a fluid platform, and adding more indicators does not decrease the chart’s clarity.
    • 23 drawing tools. Drawing tools, such as Fibonacci retracement levels and Elliott waves, are used to study repeatable price patterns. Additionally, they can be applied to determine key support and resistance levels and potential breakout or breakdown levels.
    • 26 timeframes. cTrader stands out with its impressive assortment of timeframes, which allows multi-timeframe analysis of price action behavior. The greater the number of timeframes, the more intricate examinations that can be carried out across the short-term and long-term. Most timeframes are with lower periods, which makes the platform especially suitable for scalping.
    • 6 chart types. Price action can be represented as a line, bars, or candlesticks. This diversity makes it possible to examine potential trading opportunities from different angles.

    Orders

    cTrader’s order placing window
    cTrader’s order placing window

    I have broken down the available order types on the cTrader platform below:

    • Market orders. Market orders are used for immediate entry at the best possible price. If triggered, they guarantee volume filling, though there could be a discrepancy between the requested price and the price where the order gets filled.
    • Limit orders. Unlike market orders, limit orders guarantee exact price execution. However, a limit order will not be filled if the price action does not reach the pre-determined execution price.
    • Stop orders. They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

    The other thing I found quite useful about cTrader is its ‘Smart Stop-Out’ feature. If the margin call threshold is reached and no new funds are added to the account, the system will start the partial closing down of open trades. That way, the risk of incurring bigger losses is lessened, while the chance for a reversal is retained. The smart stop-out tool provides highly speculative traders with more sophisticated protection against adverse volatility.

    My Key Takeaways After Testing the cTrader Platform

    cTrader is probably one of the most well-rounded platforms out there. It combines copy trading, algo trading, and retail trading seamlessly and supports sophisticated technical analyses while offering plenty of supporting tools and content for newbies. cTrader also caters to the needs of high-yield/high-risk traders with its smart stop-outs.

    The platform is also one of the best choices for scalping due to its vast array of timeframes, along with BlackBull’s fast order execution (under 75 milliseconds), FIX API, and VPS hosting.

    BlackBull Markets’ Mobile Trader App

    Watchlist of selected instruments (left), order placing window (middle), chart (right)
    Watchlist of selected instruments (left), order placing window (middle), chart (right)

    BlackBull’s mobile app affords quick and easy access to the market on the go. It is very useful for making snap adjustments to any open trades.

    The market is volatile and ever-changing, and staying on top of the latest developments is made easy with BlackBull’s mobile app. It can also be used to place market, limit, and stop orders, as well as to adjust the exposure of open trades.

    My Key Takeaways After Exploring BlackBull Markets’ Mobile Trader App

    The BlackBull Markets app has a pleasant design and is crucially important for making snap adjustments to any open trades to regulate the overall market exposure. I also appreciated this app for its extra layers of security. Traders can use finger recognition to access their accounts from the app.

    Tradable Instruments

    4.5
    How Did We Test the Broker's Tradable Instruments?
    For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
    tradable_instruments chart

    BlackBull Markets offers more than 26,000 CFDs across multiple markets, including currency pairs, commodities, share CFDs (comprising the bulk of the offering), indices, cryptocurrencies, and futures. This range exceeds the industry average, especially in share CFDs, FX pairs, and cryptocurrencies.

    Markets Types Contract Types
    64 Currency Pairs Majors, Minors, Crosses Spot
    6 Commodities Metals and Energy Spot
    26,000+ Share CFDs Financial, Retail, Pharmaceuticals, Other CFDs
    11 Indices US, Europe, Asia Spot
    28 Cryptocurrencies Majors and Minors CFDs
    31 Futures Indices, Commodities, Other Futures

    *With respect to trading fees, volatility, and contract types

    Compared to the industry average, BlackBull offers an average amount of FX pairs and commodities, and a high number of share CFDs, indices, and cryptocurrencies.

    The offering is mainly geared towards speculative trading (scalping, contrarian trading, etc), though the addition of several futures contracts also allows traders to hedge their overall market exposure by entering into positions with predetermined prices for future delivery.

    What Are CFDs?

    Contracts for difference (CFDs) are derivatives used to speculate on the underlying asset’s price without physical delivery.

    For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars.

    One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

    What Can You Trade With BlackBull Markets?

    Forex Commodities
    EURUSD | GBPJPY | EURCAD | USDAUD | HKDUSD | USDZAR Gold | Crude Oil | Silver | Brent Oil
    Share CFDs Indices
    Apple | Tesla | Citigroup | META | Microsoft | Amazon | Netflix DAX30 | US100 | US30 | CAC40 | Spain500 | Japan225 | Australia200
    Cryptocurrencies Futures
    Bitcoin | Ethereum | Litecoin | Ripple | Cardano | Iota | DogeCoin Natural Gas | DAX30 | Wheat | Soybeans | Corn | Gold | Coffee

    My Key Takeaways After Exploring BlackBull’s Instruments Offering

    BlackBull Markets’ instrument offering is quite extensive, covering various markets. The standout feature is the impressive range of over 26,000 share CFDs. This diversity meets the needs of traders worldwide, ensuring there’s always at least one market open for trading.

    The offering primarily focuses on higher-yield/risk assets. However, there are several futures contracts available for more experienced traders to hedge against both expected and unexpected changes in volatility.

    Customer Support

    5
    How Did We Test the Broker's Customer Support?
    Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
    customer_support chart

    BlackBull Markets offers multilingual 24/7 support via live chat, email, and over the phone. Agents respond fairly quickly to queries, and their answers are informative and helpful.

    Customer Support Channels

    Live Chat 24/7, bottom-right corner of the main page
    Email support@blackbull.com
    Phone
    • New Zealand: +64 9 558 5142
    • Cyprus: +357 22 279 444
    • México: +52 338 526 2705
    • Argentina: +54 113 986 0543
    Languages  English, Spanish, French, Greek, and Chinese

    Customer Support Test

    When we test a broker’s customer support, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

    I conducted my test on 21 February at around 14:50 CET via live chat. I inquired about the broker’s inactivity fee and then about the execution method. An agent connected almost instantaneously to my chat. Their responses were quick and to the point, and I appreciated their politeness.

    I concluded that BlackBull Markets’ customer support is reliable, and its availability 24/7 makes it even more valuable.

    My conversation with BlackBull’s support
    My conversation with BlackBull’s support

    Deposit and Withdrawal

    3.9
    How Did We Test the Broker's Deposit and Withdrawal Process?
    The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
    deposit chart

    BlackBull Markets offers various payment methods, including bank wire, credit and debit card, several e-wallets, and also cryptocurrencies. Payments are processed faster than usual, though transaction times vary. The broker does not charge a handling fee for deposits, however, a $5 fee is applied to withdrawals.

    BlackBull Markets Deposit Methods

    Payment Method Currency Fee Minimum Deposit Processing Time
    Bank Wire Multiple $0 $1 1-2 business days
    Credit/Debit Card Multiple $0 $50 Instant
    Skrill Multiple $0 $50 Instant
    Neteller Multiple $0 $50 Instant
    AstroPay Multiple $0 $5 Instant
    SEPA EUR, GBP $0 $1 Instant
    Crypto USDT ERC-20, USDT TRC-20, BTC, ETH $0 $100 Instant

    BlackBull Withdrawal Methods

    Payment Method Currency Fee Minimum Withdraw Processing Time
    Credit/Debit Card Multiple $5 $1 Instant
    Skrill Multiple $5 $50 Instant
    Neteller Multiple $5 $50 Instant
    SEPA EUR, GBP $5 $1 Instant
    AstroPay Multiple $5 $5 Instant 
    Crypto USDT ERC-20, USDT TRC-20, BTC, ETH $5 $100 1-2 business days

    Account Types and Terms

    4.9
    How Did We Test the Broker's Account Types and Terms?
    When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
    account chart

    BlackBull Markets provides two retail account types in addition to an institutional one. Account creation is fast and easy, and the trader may also opt for a demo or Islamic account.

    BlackBull’s Account Opening Process

    BlackBull’s registration form
    BlackBull’s registration form

    The account creation process with BlackBull Markets is straightforward and quick. You can go at your own pace and be done with everything within an hour. I have summarized the step-by-step process below:

    • Step 1. Click ‘Join Now’ from the top-right corner of the main page.
    • Step 2. Enter your personal details, including email, name, and country of residence.
    • Step 3. Provide additional details, such as your address and national tax number.
    • Step 4. Choose an account type, base currency, account leverage, and trading platform.
    • Step 5. Enter your employment and financial data by stating the source of your trading funds, estimated funding amount, net worth, and more.
    • Step 6. Verify your email address.
    • Step 7. Upload proof of ID and address to verify your account.
    BlackBull Markets’ registration form (continued)
    BlackBull Markets’ registration form (continued)

    BlackBull Markets Account Types

    Account Type Standard Prime Institutional
    Spreads From From 0.8 pips From 0.1 pips From 0.0 pips
    Commission* $0 $6 $4
    Minimum Deposit $0 $2,000 $20,000
    Execution Type ECN ECN ECN
    Margin Call 70% 70% 70%
    Stop Out 50% 50% 50%
    Islamic Account Yes Yes Yes
    Demo Account Yes Yes No

    *Round-turn, per lot (100,000 units)

    The Standard account is quite accessible, given that it has no minimum deposit requirement, whereas the Prime account offers more competitive pricing.

    BlackBull Markets has integrated robust safety nets with a margin call at 70% and stop-out at 50%. This combination suits more risk-averse traders and also those with less experience, as the likelihood of incurring significant losses due to adverse volatility is decreased.

    Demo Account

    BlackBull Markets offers demo accounts that introduce traders to the broker’s services and allow them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself alongside your live CFD account.

    Islamic Account

    The broker also offers Islamic accounts for swap-free trading, as mandated under Shariah law. Traders who want to open an Islamic account need to contact BlackBull Markets’ customer support and request the service from there.

    What is CFD Leverage?

    The leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

    Maximum Leverage by Asset Class

    In the table below, I have listed the maximum retail leverage available with BlackBull for instruments from different asset classes:

    Asset Class Maximum Retail Leverage 
    Forex 1:500
    Metals 1:500
    Energies 1:100
    Share CFDs 1:5
    Indices  1:100
    Cryptocurrencies  1:5

    BlackBull Markets Restricted Countries

    BlackBull Markets does not provide its services in Canada, the United States, and the countries sanctioned by OFAC.

    Research

    4.2
    How Did We Test the Broker's Research Tools?
    Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
    research chart

    BlackBull Markets offers decent research content informing traders of upcoming trading opportunities and recent market developments. I appreciated that cTrader has a built-in news screener and an economic calendar. The broker’s ‘Trading Opportunities’ articles, available from the website, are well-researched and informative.

    BlackBull Markets’ economic calendar
    BlackBull Markets’ economic calendar

    I have broken down the available research content by type below:

    • Trading Opportunities: Brief written and easy-to-understand articles that inform traders of currently unfolding trading opportunities. Each article contains a robust fundamental analysis.
    • News Screener: Integrated directly on the cTrader platform, the news screener allows traders to stay on top of the latest market developments without even leaving the platform.
    • Economic Calendar: It is an essential tool in a trader’s arsenal that informs traders of upcoming market events and releases that have the potential to stir price action, thereby creating viable trading opportunities.
    BlackBull Markets’ trading opportunities
    BlackBull Markets’ trading opportunities

    My Key Takeaways After Exploring BlackBull Markets’ Research Content x

    I assess that BlackBull Markets’ research content is mostly geared towards technical analysis, with some fundamental breakdowns. This combination is practical and mostly tailored to suit the needs of less experienced traders who are less likely to pay attention to the big picture and what is driving the market. However, BlackBull Markets’ content lacks nuance.

    Education

    3.8
    How Did We Test the Broker's Education Offering?
    Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
    education chart

    BlackBull Markets’ educational section covers the ABCs of trading and features courses, written articles, videos, and webinars. The content primarily focuses on technical analysis, with minimal coverage of fundamental analysis and trading psychology.

    BlackBull’s educational hub
    BlackBull’s educational hub

    I have broken down BlackBull Markets’ educational content by type below:

    • Courses. There are four courses (Forex, Commodities, Shares, Crypto) available in three levels: beginner, intermediate, and pro. The content does a good job of introducing the reader to the particulars of trading instruments from each asset class.
    • Videos. More than 60 videos on the broker’s YouTube channel introduce the trader to essential concepts. However, I felt a lack of nuance and diversity. For instance, there is barely any information on fundamental analysis, risk management, or the psychology of trading.
    • Platforms videos. I found over 50 platform tutorials that guide users through the trading platform’s features, tools, and strategies.
    • Webinars and podcasts. 13 past webinars and 19 podcast episodes are available from the broker’s YouTube channel. Being highly informative with an unconventional structure, I found this content useful for those interested in learning about more abstract trading topics.
    BlackBull Markets’ webinars
    BlackBull Markets’ webinars

    The Bottom Line

    BlackBull Markets, a forex and CFD broker based in New Zealand since 2014, caters to a global clientele, offering access to over 26,000 tradable instruments across various markets.

    The broker distinguishes itself with an extensive selection of trading platforms. Traders have the option to choose from seven platforms, supporting social and copy trading, automated trading, and advanced technical analysis. Additionally, algo traders can benefit from BlackBull’s FIX API and VPS hosting services.

    While BlackBull provides valuable research content, its educational resources are somewhat limited in scope.

    Given its fast execution speeds, averaging around 75 milliseconds, and affordable pricing, BlackBull Markets is particularly well-suited for high-frequency trading. The broker is also an excellent option for technical traders, including those interested in social and automated trading strategies.

    FAQ

    BlackBull Markets is headquartered in New Zealand. It also has offices in the Seychelles.
    From my assessment, BlackBull Markets is indeed safe to trade with. It has one Tier-1 license (FMA), provides segregated client funds and negative balance protection, and maintains high transparency.
    BlackBull Markets charges spreads, commissions, and swap/rollover fees in its accounts.
    BlackBull is overall good for beginners. Its prices meet the industry average, and it also offers several beginner-friendly platforms. Furthermore, the broker has reliable customer support. However, the scope of its educational content is rather limited.
    Deposits can be made using bank wire, credit or debit card, an e-wallet, or a crypto wallet.
    BlackBull Markets has no minimum deposit requirement.
    Withdrawals can be processed via wire transfer, credit/debit card, and e-wallets.
    Transaction times may vary between 3 to 8 business days.
    The maximum leverage with BlackBull Markets is 1:500.
    BlackBull Markets offers its flagship BlackBull Trader and other two proprietary platforms – BlackBull CopyTrader and BlackBull Shares. The broker also incorporates MetaTrader 4&5, ZuluTrade, TradingView, and cTrader.
    Yes, BlackBull Markets offers a demo account.
    Yes, BlackBull Markets is very suitable for scalping. It achieves fast execution speeds, offers FIX API and VPS hosting, and also offers versatile trading platforms.
    Yes, auto-trading is available via MetaTrader’s Expert Advisors (EAs) feature. It can also be practiced on the seamless cTrader platform. Low-latency trading is also facilitated using BlackBull’s FIX API and VPS hosting offerings.
    BlackBull Markets offers several futures contracts that can be used for hedging.
    No, spread betting is not available with BlackBull Markets.
    Yes, BlackBull Markets offers VPS hosting.
    No, BlackBull Markets operates as a Straight-Through-Processing (STP) broker without a dealing desk.
    No, BlackBull Markets does not operate a bank.

    See BlackBull Markets Full Information

    Headquarters CountryNew Zealand
    Foundation Year2014
    RegulationsFSA (Seychelles), FMA (New Zealand)
    Publicly TradedNo
    Number Of Employees100
    Trading Desk TypeNo dealing desk, STP
    Trading PlatformsMT5, MT4, TradingView, cTrader, myFXbook, Zulutrade, BlackBull Trade
    Restricted Countries
    Cuba, North Korea, Iran, United States, Russian Federation, Syria, Libya, Myanmar, South Sudan, Sudan, Zimbabwe, Belarus, Central African Republic, Ethiopia, Hong Kong, Iraq, Lebanon, Venezuela, Yemen, Afghanistan, Liberia, Somalia, Nicaragua, Canada, Congo
    Supported Languages
    English, Spanish, Chinese, French, Greek
    Min Deposit$0
    Max Leverage1:500 (FSA), 1:500 (FMA)
    Deposit OptionsCryptocurrencies, Wire Transfer, Skrill, Neteller, Credit Card, AstroPay, Debit Card, SEPA
    Withdrawal OptionsNeteller, Skrill, Credit Card, Cryptocurrencies, Wire Transfer, Debit Card, AstroPay, SEPA
    Time to Withdrawal2
    Time to Open an Account5
    Crypto
    Ethereum, Bitcoin, Litecoin, Bitcoin Cash, Ripple, Cardano, Stellar, USD Coin, Tether, Chainlink
    Products
    Currencies, Stocks, Crypto, Indices, Commodities, Futures
    Demo AccountYes
    OCO OrdersNo
    Offers HedgingYes
    Automated TradingYes
    API TradingYes
    Guaranteed Stop LossYes
    Guaranteed Limit OrdersYes
    Guaranteed Fills / LiquidityYes
    Economic calendarYes
    Trading From ChartYes
    One-Click TradingYes
    Expert AdvisorYes
    Social TradingYes
    AutochartistNo
    Trading SignalsYes
    Platform Languages
    English
    24 Hours SupportYes
    Support During WeekendsYes
    Live ChatYes
    Daily Market CommentaryYes
    News (Top-Tier Sources)Yes
    WebinarsYes
    Deposit FeeNo
    Withdrawal FeeNo
    Inactivity FeeNo

    About the Author

    Plamen StoyanovBroker Analyst

    Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

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    Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.