BlackBull Markets Review

BlackBull Markets Broker Review

BlackBull Markets is a New Zealand-headquartered Forex broker and FinTech company. It prides itself on speed and precision, promising traders ECN/NDD execution with deep liquidity through the MT4/MT5 trading platforms. I have conducted an in-depth review to determine if their advertised ECN, deep liquidity, and price aggregation, as well as institution-level pricing for retail traders, lives up to the hype.

Pros

  • ECN/NDD execution model with deep liquidity

  • Institution-grade pricing for retail traders via proprietary price aggregation

  • ZuluTrade and Myfxbook for social trading

  • Leverage of up to 1:500

Cons

  • Cryptocurrencies and equity trading not available

  • No MT4/MT5 plug-ins offered

BlackBull Markets Overview - ECN/NDD Execution with Institution-Level Pricing 

Headquarters

New Zealand

Regulation

FMA, FSA

Established

2014

Execution Type

ECN/NDD

Minimum Deposit

$200

Maximum Retail Leverage

1:500

Trading Platform(s)

MT4, MT5

Three requirements any successful trader needs from an ECN/NDD trading environment are deep liquidity, institution-level pricing, and high leverage. BlackBull Markets delivers all three, and I especially like the underlying technology they utilize to achieve this. It ensures high-speed trading and offers scalpers and other high-frequency traders the precision trading they require. It would be great if they could in the future offer a wider selection of assets to trade.

BlackBull Markets Main Features 

Retail Loss Rate

Undisclosed

Regulation

Yes

Minimum Raw Spreads

0.0 pips

Minimum Standard Spreads

0.8 pips

Minimum Commission for Forex

$6.00 per round lot

Commission for CFDs/DMA

Not applicable

Commission Rebates

Yes

Minimum Deposit

$200

Demo Account

Yes

Managed Account

Yes

Islamic Account

Yes

Inactivity Fee

No

Deposit Fee

No

Withdrawal Fee

Third-Party

Funding Methods

5

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Regulation and Security

Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. BlackBull Markets presents clients with two well-regulated subsidiaries.

The primary regulator of BlackBull Markets is the New Zealand Financial Markets Authority (FMA). It also maintains a subsidiary, BBG Limited, authorized by the Seychelles Financial Services Authority (FSA). BlackBull Group UK Limited provides payment clearing services.

Country of the Regulator

Name of the Regulator

Regulatory License Number

New Zealand

Financial Markets Authority

FSP403326

Seychelles

Financial Services Authority

N/A

All client deposits remain segregated from corporate funds, and the custodian bank is the ANZ Bank. BlackBull Markets is also a member of the New Zealand Financial Services Complaints Limited (FSCL) dispute resolution scheme.

The one thing I could not find, which left me disappointed, was a reference to negative balance protection. It appears that BlackBull Markets does not offer it, making highly leveraged trading an especially high-risk approach with this broker. I searched their legal documents, but none confirmed the existence of negative balance protection. However, from a regulatory perspective, I can strongly recommend this broker. From a security perspective, client deposits remain well-protected, but I cannot ignore the absence of negative balance protection, particularly for leveraged trading accounts.

BlackBull Markets is a well-regulated and compliant Forex broker.

BBG Limited Seychelles RegulationI checked the official Seychelles FSA website, which confirms the regulatory status of BBG Limited.

BBG Limited Seychelles Regulation

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Fees

 

Minimum Spread

Commission per Round Lot

Cost per 1.0 Standard Lot

0.8 pips

$0.00

$8.00

0.1 pips

$6.00

$7.00

Here is a screenshot of the BlackBull Markets MT4 trading account during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads.

BlackBull Markets MT4 Trading Platform

I like the spreads available at BlackBull Markets, which confirm the existence of institution-level pricing for retail traders. A typical raw spread of only 0.1 pips during the London/New York overlap is very competitive and an excellent offer from BlackBull. Traders must deposit a minimum of $2,000 for access to these spreads. In my opinion, this is arguably a little high, but well within an acceptable range. High-volume traders may negotiate rebates with BlackBull Markets, and I appreciate the flexibility this broker provides in that department.

One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.

MT4/MT5 traders can easily access swap rates from their platform by following these steps:

1. Right-click on the desired symbol in the Market Watch window and select Specification.

2. Scroll down until you see Swap Long and Swap Short.

Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission based BlackBull Markets trading account.

Taking a 1.0 standard lot buy/sell position, in the EUR/USD at the tightest spread and holding it for one night will cost the following:

Minimum Spread

Commission per Round Lot

Swap Long

Swap Short

Total Trading

Costs

0.1 pips

 

$6.00

-$2.912

X

$9.912

0.1 pips

 

$6.00

X

-$0.265

$7.265

Taking a 1.0 standard lot buy/sell position, in the EUR/USD at the tightest spread and holding it for seven nights will cost the following:

Minimum Spread

Commission per Round Lot

Swap Long

Swap Short

Total Trading

Costs

0.1 pips

 

$6.00

-$20.384

X

$27.384

0.1 pips

 

$6.00

X

-$1.855

$8.855

 

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What Can I Trade

The asset selection at BlackBull Markets must be called relatively narrow. Traders have access to only 31 currency pairs, 4 commodity CFDs, and 12 index CFDs. It makes BlackBull Markets a good choice for traders who are only interested in trading a few assets (especially Forex), for example, scalpers. I would love to see BlackBull Markets expand its asset selection. However, if you are only interested in trading major Forex pairs, commodities, and indices, you will probably find the menu OK.

Asset List and Leverage Overview 

Currency Pairs

31

Cryptocurrency Pairs

0

Commodities and Metals

4

Index CFDs

12

Equity CFDs

0

Bonds

0

ETFs

0

Options, Future, and Synthetics

0

Maximum Retail Leverage

1:500

Maximum Pro Leverage

Not specified

Leverage 

BlackBull Markets offers maximum leverage of 1:500 for Forex traders, plus gold and silver. Indices and oil remain capped at 1:100. A three-tier system exists, lowering it to 1:200 above 0.50 lots and 1:100 above 1 lot.

BlackBull Markets 3-Tier Leverage

Trading Hours 

Forex trading is available from (all times shown in UTC) Monday 00:00 to Friday 24:00. Most commodities from Monday through Friday from 01:00 to 24:00. European index CFDs are tradeable Monday through Friday between 09:00 to 23:00, while US ones are available between 01:00 to 23:15 and from 23:30 to 24:00.

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Account Types

I like the ECN Prime account at BlackBull Markets as it offers the best cost structure. The minimum deposit is $2,000 here compared to $200 for the ECN Standard account, but the minimum trading costs are $7 versus $8. I am a high-volume and high-frequency trader, so the $1 price difference results in thousands of dollars per year in more profits from the same trading strategy. The maximum leverage is 1:500, but most traders get between 1:100 and 1:200, which remains competitive. BlackBull Markets also offers an Islamic account, an institutional one, and a special offer for active traders.BlackBull Markets Account Types

 

Demo Account 

Regrettably, BlackBull Markets limits its demo account to just 30 days, and it is only available on the MT4 trading platform. While the trading conditions are not identical to a live one, BlackBull Markets should allow for longer than 30 days. Traders may select a demo balance between $5,000 and $100,000.

BlackBull Markets Demo Account

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Trading Platforms

BlackBull Markets offers traders the core MT4/MT5 trading platforms but does not provide any third-party plug-ins. I find this a bit disappointing, as BlackBull Markets is a FinTech company and could do better, although this should not be a deal-breaker for most traders. MT4 remains the leader in algorithmic trading, but both MT4 and MT5 support it. A copy-trading functionality is built into trading platforms. BlackBull Markets offers MT4 as a desktop client, webtrader, and mobile app, but MT5 is apparently offered only as a desktop client.

Overview of Trading Platforms 

MT4

Yes

MT5

Yes

cTrader

No

Proprietary Platform

No

Automated Trading

Yes

Social Trading / Copy Trading

Yes

MT4/MT5 Add-Ons

No

Guaranteed Stop Loss

No

Negative Balance Protection

Yes

Unique Feature One

FIX API Trading

Unique Feature Two

VPS hosting

 

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Unique Features

I like that BlackBull Markets offers the FIX API, allowing algorithmic traders to connect advanced trading solutions. Free VPS hosting from NYC Servers or BeeksFX is available for ECN Prime accounts with trading volume above 20 lots, which is an offer I find reasonable. BlackBull Markets also support social trading via market leaders ZuluTrade and Myfxbook Autotrade. Confirming its liquidity is the Prime Liquidity service to institutional clients.

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Research and Education

BlackBull Markets offers interesting market commentary and an economic calendar but does not really offer any research. Given the wide availability of research online, I do not consider this as a deal-breaker. Beginner traders have access to eleven videos, and numerous short Trading Guides, offering an in-depth introduction to trading. While I would prefer more detailed content, BlackBull Markets presents enough information for beginners. A Trading Glossary is also available.

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Customer Support

Traders have access to customer support 24/5 via live chat, which I find the most convenient form to connect. A phone number, including a toll-free for New Zealand, and nine e-mail addresses are also listed, one with support in Chinese. I appreciate the transparency at BlackBull Markets, as fully detailed contact information is provided.

BlackBull Markets answers some questions in its FAQ section and describes its products and services well. Therefore, I believe that most traders will not require assistance unless there is an emergency. In such a case, BlackBull Markets ensures a customer service representative is available.

BlackBull Markets Contact Information

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Bonuses and Promotions

While BlackBull Markets does not offer bonuses, it maintains an Active Trader Account where it presents qualifying traders with monetary incentives like lower commissions or services like free VPS hosting. Given the excellent trading infrastructure and competitive trading costs, I do not consider the absence of incentives for new retail traders as a negative factor.

BlackBull Markets Active Trader Account

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Opening an Account

Opening an account at BlackBull Markets is acceptably quick and follows the normal standard in the retail Forex industry. I found some of the additional questions unnecessary, as traders can fill them out as they wish, and there is no verification of the answers. BlackBull Markets includes the account verification with the account opening form, which I like, as it is a requirement and saves traders the extra step from the back office. New traders must submit a copy of their ID and a proof of residency document dated within the past three months.

BlackBull Markets follows well-established industry practices for onboarding new traders.

BlackBull Markets Account Opening Form

Minimum Deposit 

The minimum deposit for the BlackBull Markets ECN Standard account is $200, for the ECN Prime $2,000, and the Institutional one $20,000. While they remain higher than at many competitive brokers, I found them justifiable by cost and therefore acceptable.

Payment Methods 

Traders may deposit into their BlackBull Markets trading accounts via bank wires, credit/debit cards, Skrill, Neteller, China Union Pay and FasaPay.

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Deposits and Withdrawals

I appreciate the flexibility at BlackBull Markets for deposits, as after the initial deposit, follow-on amounts remain at the discretion of traders. Another positive is that traders may deposit in nine currencies, but not all deposit methods support each of them. I do not like the $5 withdrawal fee, which most brokers do not charge. BlackBull Markets process all withdrawal requests within 24 hours, and the back office handles all financial transactions from an easy-to-use interface.

BlackBull allows traders to deposit any amount they wish following the initial minimum deposit.

BlackBull Markets Minimum Deposits

Traders may deposit using seven deposit methods and nine currencies.

BlackBull Markets Deposit Methods

Withdrawals above the deposit amount using payment processors are not possible. Traders must make such withdrawals directly to their bank accounts.

BlackBull Markets Withdrawals to Payment Processors

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Bottom Line

I like the trading experience at BlackBull Markets due to its competitive cost structure and excellent trade execution. BlackBull Markets also supports API trading and offers VPS hosting, making it ideal for advanced algorithmic trading. I would ideally like a broader asset selection and elimination of the $5 withdrawal fee. The minimum deposit for the ECN Prime account of $2,000 is a bit high but remains acceptable. Overall, I believe BlackBull Markets can become a more dominant Forex broker for advanced traders, as its core trading environment is outstanding.

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FAQs

Is BlackBull Markets regulated?

BlackBull Markets has a regulatory license from the FMA in New Zealand and the FSA in Seychelles.

Where is BlackBull Markets based?

The headquarters of BlackBull Markets is in Auckland, New Zealand.

How does BlackBull Markets make money?

BlackBull Markets makes money from spreads, commissions, and swap rates on leveraged overnight positions.

How do I open a live account with BlackBull Markets?

Clicking on Live Account on the homepage of BlackBull Markets opens the four-step online application process.

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General Information

Company Information

  • Broker's Name : BlackBull Markets
  • Headquarters : New Zealand
  • Regulation : FSA, FMA

Account Information

  • Type of Broker : ECN/STP
  • U.S. Clients Allowed :
  • Minimum Deposit : $200
  • Maximum Leverage : 1:500
  • Commissions / Spreads : BOTH
  • Account 1 : ECN Standard
  • Account 2 : ECN Prime
  • Account 3 : Institutional
  • Account 4 : Active Trader
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Institutional Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4, MetaTrader 5
    • Platform Languages :
      • English
    • OS Compatibility :
      • Mac
      • Windows
      • Linux
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :

Customer Support

    • Website Languages :
      • English
      • Spanish
      • French
      • German
      • Chinese
      • Portuguese
      • Thai
      • Other
  • E-mail Support :
  • SMS Support :
  • Chat :
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