BlackBull Markets Review 2025

Trust

BlackBull Markets Regulations

In our reviews, we examine the licenses and regulations of each entity operated by a broker, allowing 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.

Understanding the Regulatory Protections of Your Account

Brokers operate multiple entities globally, but regulatory protections vary. Some regulators enforce stricter financial standards than others, so traders should understand the safety measures of the entity they choose to open an account with.

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. Client funds with BlackBull Markets’ two entities are held in segregated accounts.
• 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. Both broker entities guarantee negative balance protection.
• Compensation scheme. A compensation scheme protects traders against the broker’s liabilities if the company becomes insolvent. BlackBull Markets does not participate in 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 retail leverage with BlackBull Markets is 1:500.

Stability and Transparency

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

I carefully reviewed the BlackBull Markets’ Client Agreement, including the fine print, and found that all essential information is clearly presented and easy to understand. I didn’t find any omissions or intentionally vague language.

I also appreciated BlackBull Markets’ high fee transparency. Traders can access live spreads data directly from the website and assess the competitiveness of the broker’s fees.

Is BlackBull Markets Safe to Trade With?

I determined that BlackBull Markets is quite safe to trade with due to the following factors:

• Licensed and regulated by the FMA and FSA
• Ensures negative balance protection
• Keeps client funds in segregated accounts
• Has a transparent website and Client Agreement

Fees

BlackBull Markets Trading Fees

BlackBull Markets Spreads

I tested BlackBull Markets’ spreads on 8 January 2025 during the London and New York opens. The results are shown in the table below:

According to my findings, BlackBull Markets charges low spreads on indices and cryptocurrencies, low-to-average spreads on share CFDs, and average spreads on currency pairs and commodities. The BTCUSD spread is particularly favorable.

Commissions

I discovered that BlackBull Markets’ ECN Standard account features zero commissions except for share CFDs traded on the cTrader platform. These instruments are liable for a 0.20% commission on the traded volume.

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 base currency contract (100,000 units).

I assessed that BlackBull Markets’ overnight charges are low-to-average compared to the industry benchmark. Please keep in mind that swap rates change over time.

BlackBull Markets Non-Trading Fees

Deposits with BlackBull Markets are free, though third-party processing fees may apply. However, withdrawals are liable for a $5 handling fee across all available payment methods.

The broker also imposes a $10 inactivity fee on accounts that have been dormant for 12 calendar months. The fee is charged monthly until activity resumes or the account balance drops to zero.

Accounts Comparison

I have compiled the table below to help you better understand the difference between the trading fees with BlackBull Markets’ three retail 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) in 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

According to my live tests, BlackBull Markets’ ECN Standard and ECN Prime accounts have pricing mechanisms that meet the industry average. The ECN Institutional account offers much more competitive conditions, but it also has a relatively high deposit requirement of $20,000.

Are BlackBull Markets’ Fees Competitive?

Overall, I concluded that BlackBull Markets’ trading fees are indeed competitive. The broker charges low-to-average spreads and swaps across popular instruments. However, its non-trading fees, including its withdrawal and dormancy fees, exceed the industry average.

Platforms and Tools

cTrader Desktop Platform

I tested the desktop version of the cTrader platform, which is among the most versatile and feature-rich platforms in the industry. cTrader offers multiple essential tools, such as one-click trading, an alarm setting option, and a market depth tool. These tools allow traders to analyze market developments from different perspectives and take advantage of various trading opportunities in multiple ways.

cTrader is also an excellent choice for those interested in copy trading and automated trading. The platform features several built-in bots and an environment for automated trading where traders can program their own algorithms. It also has a copy trading feature, allowing signal providers and signal followers to interact.

General Ease of Use

The main panel of the cTrader platform contains:

• Different Modes of Trading: Users can easily switch between ‘Trade’, ‘Copy’, and ‘Automate’.
• Charts: The chart window occupies the middle section of the platform, including technical indicators, drawing tools, trading bots, and other chart configurations situated at the top.
• Platform Settings: The order placing window, DoM, news screener, and other tools are available from the right-hand side of the main window.

Charts

cTrader charts are fluid, highly detailed, and perfect for conducting probing technical analyses. Its standout feature is the option to open them in a separate window. This allows traders to perform focused, in-depth technical analysis without the distractions of other platform elements.

I have broken down the available analytical tools and chart configurations 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.
• 24 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: Multiple timeframes, from 1 second to 1 month, are available for traders. The more timeframes available, the more detailed analyses traders can conduct, covering both short-term and long-term market trends.
• 6 Chart Types: Price action can be represented as a line, bars, candlesticks, and more. This diversity allows traders to examine potential trading opportunities from different angles.

The chart screen is arguably the most vital feature of a trading platform. It provides the tools and configurations traders need to analyze price action and identify opportunities. Equally important is the ease of scaling price action up or down for a clearer view.

Orders

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.

cTrader Platform: My Key Takeaways

In my estimation, cTrader is the most well-balanced trading platform available for retail trading. Its charts are fluid and extremely versatile, accommodating the execution of in-depth technical analyses. cTrader is easily customizable and can also be used for trade automation and copy trading.

cTrader App

cTrader’s mobile app retains the functionality of its desktop counterpart. The app is great for account management, as traders can place and adjust their positions on the go. The app also has an intuitive news screener and economic calendar.

cTrader App: My Key Takeaways

In my opinion, the cTrader mobile app sets a high standard for trading apps. It provides the same extensive range of technical indicators and drawing tools as the desktop version, ensuring a seamless trading experience. However, like all mobile trading apps, it faces the inherent limitation of reduced price action visibility on smaller screens. Despite this, the cTrader app remains an indispensable tool for traders, providing quick and easy access to the market.

BlackBull Markets Execution Model

BlackBull Markets operates as a Straight-Through-Processing (STP) broker without a dealing desk. Client orders are routed to the broker’s pool of liquidity providers where they are filled at the best possible price.

VPS Hosting

The broker provides Virtual Private Server (VPS) hosting to high-volume traders who wish to achieve lightning-fast order execution speeds and stable internet connectivity. The service is available for free to BlackBull Markets clients whose accounts are funded with at least $2000 equity and achieve a monthly traded volume of at least 20 lots.

FIX API Solution

BlackBull Markets also offers FIX API trading. The service can be used to achieve ultra-fast order execution speeds and to obtain raw spreads directly from an exchange’s order books.

Tradable Instruments

Compared to the industry average, I assessed that BlackBull Markets offers an average number of currency pairs and cryptocurrencies, and a high number of commodities, share CFDs, and indices.

What Are CFDs?

Contracts for difference (CFDs) are derivatives that speculate on the underlying asset’s price without physical ownership.

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 CFDs Can You Trade With BlackBull Markets?

BlackBull Markets Instruments: My Key Takeaways

BlackBull Markets’ tradable instruments offering is wide and diverse. It comprises lower-risk securities, such as ETFs and bonds, which can be used to reduce one’s market exposure, as well as higher-yield/risk assets like cryptocurrencies. Traders who wish to have access to BlackBull’s entire tradable instruments selection must go for its flagship BlackBull Invest platform.

Customer Support

Customer Support Channels

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 via live chat on 8 January 2025 at around 11:43 a.m. CET. Before connecting with an agent, I had to submit my name and email address and navigate a chatbot.

An agent connected within seconds afterward. I asked about BlackBull Markets’ shares CFD commissions on an ECN Standard account. He seemed a bit confused at first, but upon doing an internal inquiry, he gave me a satisfactory answer. His responses were generally well-articulated and polite.

Deposit and Withdrawal

BlackBull Markets Deposits

BlackBull Markets Withdrawals

Account Types and Terms

BlackBull Markets Account Opening Process

To set up an account with BlackBull Markets, follow these simple steps:

1. Click ‘Join Now’ at the top-right corner of the main page.
2. Register your email address.
3. Enter your name, DOB, phone number, and country of residence.
4. Choose a password and select between live or demo accounts.
5. Agree to BlackBull’s Terms and Conditions.
6. Provide the rest of your personal details.
7. Choose an account type, base currency, leverage, and trading platform.
8. Elaborate on your employment history.
9. Upload proof of ID and proof of address.

BlackBull Markets Account Types

My findings indicate that the ECN Standard account is best suited for casual traders because of its low deposit requirement, while the ECN Institutional account features the most competitive fees. In that regard, the ECN Prime account is the most balanced of the bunch.

BlackBull Markets has set a 70% margin call and 50% stop-out, protecting traders from the risk of complete account wipeout due to adverse market volatility.

Demo Accounts

BlackBull Markets offers a demo account on all available platforms. It introduces traders to the broker’s services and allows 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 prior to or alongside your live CFD account.

Islamic Accounts

BlackBull Markets offers Islamic accounts for swap-free trading under Shariah law. Clients must contact the broker’s customer support to request further assistance.

What is CFD Leverage?

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 leverage. Essentially, the broker lends the trader money so that they can open bigger positions. 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 Markets for instruments from different asset classes:

BlackBull Markets Restricted Countries

BlackBull Markets does not accept as clients residents of the USA, Canada, and the countries sanctioned by the OFAC.

Research

Research Tools

I have broken down the most important research tools with BlackBull Markets below:

• Economic Calendar: The economic calendar is the most rudimentary research tool in a trader’s arsenal. It informs him of upcoming market releases and events that can potentially create viable trading opportunities.
• BlackBull Research: A special section of the website comprising daily market news and reviews, as well as institutional-grade stock market reports. These inform traders and investors of viable stocks for both speculative trading and long-term investment. I found the reports pretty comprehensive, yet written in an easy-to-understand way. The content in this section is paid, with billing plans starting from 45 NZD per month.
• Trading Opportunities: These articles are published daily and focus on a specific instrument and currently developing trading opportunities. Each article comprises aspects of technical, fundamental, and economic analysis and usually contain a supporting chart outlining the most important support and resistance levels. I appreciated that this content is also available in audio format.
• Myfxbook: This is an all-in-one market research provider that offers advanced market analytics, news breakdowns, analyses, and more to the user.
• Trading Calculators: BlackBull Markets has also developed advanced trading calculators for margin trading. You can check them here.

BlackBull Markets Research: My Key Takeaways

I find the broker’s market research comprehensive and diverse. BlackBull Markets offers comprehensive market reviews and trading ideas, frequently updated news, and advanced analytics. I found this content highly practical and well-calibrated for day trading. However, I would appreciate it if the broker incorporates Trading Central or Autochartist content to make its current offering more layered.

Education

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

• Webinars: Previous webinars are available on the broker’s YouTube channel, and you can sign up for future events on BlackBull’s website. These long-format videos are ideal for those who want to get to the nuts and bolts of particular trading topics, such as how to read price action and apply tight risk management.
• Trading Courses: The broker offers four courses (Forex, Commodities, Shares, Crypto) at beginner, intermediate, and pro levels. The content does a good job of introducing the reader to the particulars of trading instruments from each asset class.
• Podcast Episodes: The episodes available on Spotify and YouTube cover topics like ‘Prop vs. Copy Trading,’ ‘Pain Points of New Traders,’ ‘Key Traits of 300 Successful Traders,’ and more. Some episodes have guest speakers from the trading industry offering their own unique perspectives and insights.
• Educational Videos: BlackBull Markets’ YouTube channel also offers 135 videos on how to develop a successful trading strategy, use Elliott Wave Theory, and more.
• Platform Tutorials: The broker also provides over 170 videos on how to use MT4, MT5, cTrader, TradingView, and AI trading.
• Streams: BlackBull Markets also conducts live streams on its YouTube, covering important events, such as NFP reports releases. I found this particularly useful as it affords the listener a timely breakdown of key market developments.

The Bottom Line

BlackBull Markets is an outstanding financial derivatives broker with a comprehensive offering for all kinds of traders. Founded in 2014 and headquartered in New Zealand, it is licensed and regulated by the FMA and FSA.

The broker offers more than 26,000 tradable instruments at competitive fees. It provides a wide range of advanced trading platforms and tools for low-latency trading, day trading, copy trading, and algo trading.

BlackBull Markets’ educational and research materials are also diverse and highly informative. Experienced traders can benefit from advanced market analytics, while beginners can learn from the wealth of articles, videos, platform tutorials, and in-house podcast.

In conclusion, I assessed that BlackBull Markets is a great choice for various types of traders because of its diverse trading stations, favorable fees, and robust trading tools.

FAQ