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BlackBull Markets Editor’s Verdict
BlackBull Markets is among the best in the industry at delivering a true institutional-style trading experience for advanced and high-frequency traders. With raw spreads from 0.0 pips, VPS hosting, FIX API access, and support for algorithmic and social trading, it provides impressive infrastructure to its global client base. The professional-grade conditions of the ECN Prime account are tough to beat, though the $2,000 minimum is unlikely to suit most beginners. In brief, BlackBull is a premium broker designed for speed, scale, and strategy, but not for passive investing or casual trading.
BlackBull Video Review
BlackBull Markets Overview
BlackBull Markets, founded in 2014 and headquartered in New Zealand, offers a no-dealing-desk (NDD) ECN environment through platforms like MetaTrader 4, MetaTrader 5, cTrader, and TradingView. FMA and FSA regulated, BlackBull combines ultra-fast execution (under 75ms), access to 26,000+ tradable instruments, and raw-spread pricing with a professional trading experience that’s typically reserved for institutional clients. In addition to integrating social and copy trading tools, the broker offers deep liquidity feeds and flexible API access, positioning it at the forefront of serious retail and professional trading.
Headquarters | New Zealand |
|---|---|
Regulators | FMA, FSA |
Tier 1 Regulator(s)? | |
Owned by Public Company? | |
Year Established | 2014 |
Execution Type(s) | ECN/STP, No Dealing Desk |
Minimum Deposit | $0 |
Negative Balance Protection | |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, cTrader, Trading View |
Average Trading Cost EUR/USD | 1.3 pips |
Average Trading Cost GBP/USD | 2.0 pips |
Average Trading Cost WTI Crude Oil | $0.03 |
Average Trading Cost Gold | $0.90 |
Average Trading Cost Bitcoin | $24 |
Retail Loss Rate | Undisclosed |
Minimum Raw Spreads | 0.0 pips |
Minimum Standard Spreads | 0.8 pips |
Minimum Commission for Forex | $6.00 per round lot |
Funding Methods | 6 (bank wires, credit/debit cards, Skrill, Neteller, Union Pay, FasaPay, selected cryptocurrencies) |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
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.
Who Should Trade with BlackBull Markets?
Trader Type | Rating | Summary |
Newer Traders | 3/5 | Basic educational materials are provided, but the platform is better suited to experienced traders |
Copy Traders | 4.5/5 | ZuluTrade, Myfxbook, and TradingView integration offer strong copy tools |
Swing Traders | 4.5/5 | BlackBull offers a wide asset selection, tight spreads, and stable execution |
News Traders | 4/5 | Execution speeds are excellent, though macro tools are limited |
Automated Traders | 5/5 | FIX API, MT4/5, cTrader, and VPS hosting are ideal forautomated traders |
Investors | 2.5/5 | BlackBull Invest adds value, but ETFs and funds are missing |
Day Traders | 5/5 | Ultra-fast execution and razor-thin spreads are perfect for intraday trades |
Scalpers | 5/5 | Sub-75ms execution latency and raw accounts are built for scalping |
BlackBull Markets Highlights for 2025
- Equinix servers in New York (NY4), London (LD5), and Tokyo (TY3) for institutional-grade trading conditions
- Average order execution speeds of under 75 milliseconds
- Data feeds from 66+ third-party providers for ultra-deep liquidity
- Raw spread trading for commissions between $4.00 and $6.00 per 1.0 standard round lot
- VPS hosting for low-latency 24/5 Forex trading
- Industry-leading asset selection of 26,000+ trading instruments
- API trading for advanced algorithmic trading solutions
- Only tier-1 regulated Forex broker with competitive leverage for retail traders, offering 1:500 with negative balance protection and auto-liquidation
- MT4, MT5, and cTrader trading platforms for algorithmic traders
- BlackBull Invest for unleveraged long-term buy-and-hold investments
- BlackBull Markets CopyTrader, ZuluTrade, and Myfxbook Autotrade for copy trading
- TradingView for social trading
- Quality education and actionable trading signals for beginner traders
- A choice of payment processors, inducing e-wallets and cryptocurrency transactions
BlackBull Markets Regulation & Security
BlackBull is authorized to provide financial services by tier-1 regulator, the New Zealand Financial Markets Authority (FMA).
Number of Tier 1 Regulators:
BlackBull | Think Markets | IC Markets |
|---|---|---|
1 | 4 | 2 |
BlackBull Markets presents clients with two well-regulated subsidiaries.
The primary regulator of BlackBull Markets is the 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 | New Zealand, Seychelles |
|---|---|
Name of the Regulator | FMA, FSA |
Regulatory License Number | 403326, SD045 |
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.
When it comes to trust and security, BlackBull Markets is a well-regulated and compliant Forex broker.
BlackBull Markets Fees
HOW WE TEXT BROKER FEES
At DailyForex, we review broker fees by opening live accounts and trading multiple asset classes to assess spreads, commissions, and overall trading costs. We compare each broker’s fees against industry averages for major currency pairs. We also assess deposit, withdrawal, inactivity, and swap fees, rewarding price competitiveness and transparency. Learn more here.
Average Trading Cost EUR/USD | 1.3 pips |
|---|---|
Average Trading Cost GBP/USD | 2.0 pips |
Average Trading Cost WTI Crude Oil | $0.03 |
Average Trading Cost Gold | $0.90 |
Average Trading Cost Bitcoin | $24 |
Minimum Raw Spreads | 0.0 pips |
Minimum Standard Spreads | 0.8 pips |
Minimum Commission for Forex | $6.00 per round lot |
Deposit Fee | |
Withdrawal Fee | |
Inactivity Fee | No |
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 |
How Do BlackBull Fees Stack Up to Competitors?
Average Trading Cost EUR/USD:
BlackBull | Think Markets | IC Markets |
|---|---|---|
1 | 1.2 | 0.8 |
Here is a screenshot of the BlackBull Markets MT4 trading account during the most liquid overlap session, London-New York, where traders usually get the lowest spreads.
.jpg "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 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 checking 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 |
What Can I Trade at BlackBull Markets?
BlackBull Markets offers traders an excellent asset selection, positioning it among the top five brokers in the industry. Forex traders get 60+ currency pairs, but the bulk consists of 23,000+ equity CFDs and the underlying asset for direct share dealing from 80+ global stock exchanges. It results in a broad-based choice of trading instruments ideal for demanding asset managers and long-term dividend income-generating portfolios. BlackBull Markets has also added cryptocurrency CFDs, and the only asset class not offered is ETFs.
Asset List and Leverage Overview
Currency Pairs | |
|---|---|
Cryptocurrencies | |
Commodities | |
Crude Oil | |
Gold | |
Metals | |
Equity Indices | |
Stocks | |
Stocks (non-CFDs) | |
Bonds | |
ETFs | |
Options | |
Futures | |
Synthetics |
Blackbull Markets Leverage
BlackBull Markets offers leverage of up to 1:500 for all deposits without restrictions.
Blackbull Markets Trading Hours
All times shown are in UTC.
Forex trading is available from Monday 00:00 to Friday 24:00. Most commodities are available 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 index CFDs are available between 01:00 to 23:15 and from 23:30 to 24:00.
Asset Class | From | To |
|---|---|---|
Currency Pairs | Monday 00:00 | Friday 24:00 |
Cryptocurrencies | Monday 01:00 | Friday 24:00 |
Commodities | Monday 01:00 | Friday 24:00 |
Crude Oil | Monday 01:00 | Friday 24:00 |
Gold | Monday 01:00 | Friday 24:00 |
Metals | Monday 01:00 | Friday 24:00 |
Equity Indices | Monday 01:00 | Friday 24:00 |
Stocks | Monday 10:00 | Friday 23:00 |
Stocks (non-CFDs) | Monday 10:00 | Friday 23:00 |
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 $0 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 more annually in 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 account, and a special offer for active traders.
Demo Account
Regrettably, BlackBull Markets limits its demo account to just 30 days, which is not ideal, and it is only available on the MT4 trading platform. Traders can select a demo balance ranging between $5,000 and $100,000.
BlackBull Markets Trading Platforms
Platform | BlackBull | Think Markets | IC Markets |
|---|---|---|---|
MT4 | √ | √ | √ |
MT5 | √ | √ | √ |
C Trader | √ | X | √ |
Trading View | √ | X | √ |
BlackBull Markets offers traders the core MT4/MT5 trading platforms, upgraded with the Autochartist plugin, which assists manual traders with automated chart pattern recognition and trading set-ups.
BlackBull also offers TradingView as a standalone platform in addition to the MetaTrader solutions. Unfortunately, BlackBull Markets doesn’t offer a proprietary solution, but MT4 and MT5 have a built-in copy-trading system and BlackBull Markets offers both platforms as a desktop client, webtrader, and mobile app.
Overview of Trading Platforms
MT4 | |
|---|---|
MT5 | |
MT4/MT5 Add-Ons | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Social/Copy Trading | |
DOM? | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
One-Click Trading | |
OCO Orders | |
Interest on Margin |
I like that BlackBull Markets offers the FIX API, allowing algorithmic traders to connect advanced trading solutions. I also appreciate that the broker offers free VPS hosting for ECN Prime accounts with trading volumes above 20 lots. BlackBull Markets also supports social trading via market leaders ZuluTrade and Myfxbook Autotrade, plus newcomer HokoCloud. In addition, the broker allows its clients to connect their accounts to TradingView, an active community with 30M+ traders.
Research and Education
The BlackBull Markets research section provides daily news and views, stock research reports covering assets listed in Australia, New Zealand, and the US, and model equity portfolios for Australia and New Zealand. The research also consists of technical analysis, but the entire package costs $45 monthly.
Beginner traders get fifteen videos, and numerous short trading guides, offering an in-depth introduction to trading. While I would prefer to see more available content, BlackBull Markets presents enough information for beginners. A trading glossary is also available.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | 24/7 |
Website Languages |         |
Traders have access to 24/7 customer support via live chat, which I found to be the most convenient way to connect. A phone number, including a toll-free number for New Zealand, and nine email addresses are also listed, one of which is for receiving support in Chinese. I appreciate the transparency at BlackBull Markets, as fully detailed contact information is provided.
BlackBull Markets also answers many common questions in its FAQ section, where it describes its products and services well. So, most traders are unlikely to require assistance unless there’s an emergency. In such cases, the broker ensures a customer service representative is available.
BlackBull Markets Bonuses
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 free services like VPS hosting. Given the excellent trading infrastructure and competitive trading costs, I don’t consider the absence of incentives for new retail traders to be a negative.
Opening an Account
BlackBull Markets follows well-established industry practices for onboarding new traders. Opening an account is sufficiently quick and simple, in line with industry norms. However, I found some of the additional questions unnecessary. Traders can fill these 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.
Minimum Deposit
The minimum deposit for the BlackBull Markets ECN Standard account is $0, for the ECN Prime account, $2,000, and for the Institutional account, $20,000. While the minimum deposit for ECN Prime accounts is higher than at most competing brokers, I found it fully justifiable and excellent value based on the services provided.
Payment Methods
Traders may deposit into their BlackBull Markets trading accounts via bank wires, credit/debit cards, Skrill, Neteller, China Union Pay and FasaPay.
Withdrawal options |       |
|---|---|
Deposit options | |
BlackBull also allows deposits to be made in the following cryptocurrencies:
- Bitcoin
- Bitcoin Cash
- Litecoin
- Ethereum
- Tether
- Stellar
- Ripple
- Chainlink
- USD Coin
BlackBull Markets Deposits & Withdrawals
I appreciate the flexibility at BlackBull Markets regarding account funding, as after the initial deposit, there is no minimum requirement for follow-on deposits. Another positive is that traders can deposit in nine different currencies. However, I found a significant downside to be the $5 withdrawal fee, which most brokers do not charge. BlackBull Markets processes all withdrawal requests within 24 hours, and all financial transactions can be handled from an easy-to-use interface.
Traders may deposit using six deposit methods and nine currencies.
Withdrawals above the deposit amount using payment processors are not possible. Traders must make such withdrawals directly to their bank accounts.
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. The asset selection, especially for equity traders, ranks among the top five brokers within the retail Forex/CFD industry. The minimum deposit for the ECN Prime account of $2,000 is a bit high but overall, the core trading environment is outstanding, and I rank BlackBull Markets as a leading choice for demanding equity traders, asset managers, and Forex traders.
- Raw spreads from 0.0 pips and a $6 round-trip commission
- Regulated by FMA (NZ) and FSA (Seychelles); segregated client funds
- Execution speeds under 75ms via Equinix NY4/LD5/TY3 servers
- $2,000 minimum for Prime account may deter smaller traders
- ECN Prime account ideal for scalpers and high-frequency traders
- Full support for algorithmic trading via MT4/MT5, cTrader, and FIX API
- Educational content is limited compared to other top-tier brokers
- Social trading integrations with ZuluTrade, Myfxbook, and TradingView
How We Make Money
DailyForex generates revenue by publishing promotional materials from paying brokers and service providers, which has no impact on the objectivity of our reviews. Our mission is to offer clear, accurate, and transparent evaluations of Forex and CFD brokers, using a rigorous, data-driven approach. Our partners may be placed highly within certain areas of the site, but our broker ratings are always based on objective analysis. Find out more here.
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.
How do I deposit money with BlackBull Markets?
BlackBull Markets accepts deposits by bank wires, credit/debit cards, Skrill, Neteller, Union Pay, FasaPay, and selected cryptocurrencies.
How do I withdraw money from BlackBull Markets?
Traders can request withdrawals from the secure back office of BlackBull Markets in a straightforward process, usually completed within 24 hours except for bank wires.
Is BlackBull Markets legit?
BlackBull Market is a legit broker regulated in New Zealand, the UK, and Seychelles with an exceptional regulatory track record.
Can you trade crypto with BlackBull Markets?
BlackBull Markets offers cryptocurrency CFDs, but not physical cryptocurrency trading.
What is the minimum deposit for BlackBull?
BlackBull Markets has no minimum deposit requirement for its ECN Standard account, $2,000 for ECN Prime, and $20,000 for ECN Institutional.
How long does it take to withdraw money from BlackBull?
BlackBull Markets aims to complete each withdrawal request in less than 24 hours.
How much is BlackBull’s commission fee?
Forex commissions at BlackBull Markets are between $4.00 and $6.00 per 1.0 standard round lot, dependent on the account type.
Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.