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.
ECN/NDD execution model with deep liquidity
Cryptocurrencies and equity trading not available
Institution-grade pricing for retail traders via proprietary price aggregation
No MT4/MT5 plug-ins offered
ZuluTrade and Myfxbook for social trading
Leverage of up to 1:500
BlackBull Markets Overview - ECN/NDD Execution with Institution-Level Pricing
Maximum Retail Leverage
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
Minimum Raw Spreads
Minimum Standard Spreads
Minimum Commission for Forex
$6.00 per round lot
Commission for CFDs/DMA
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
Financial Markets Authority
Financial Services Authority
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.
I checked the official Seychelles FSA website, which confirms the regulatory status of BBG Limited.
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Commission per Round Lot
Cost per 1.0 Standard Lot
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.
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:
Commission per Round Lot
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:
Commission per Round Lot
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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
Commodities and Metals
Options, Future, and Synthetics
Maximum Retail Leverage
Maximum Pro 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.
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.Back to Top
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.
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.
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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
Social Trading / Copy Trading
Guaranteed Stop Loss
Negative Balance Protection
Unique Feature One
FIX API Trading
Unique Feature Two
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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.Back to Top
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.Back to Top
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.
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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.
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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.
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.
Traders may deposit into their BlackBull Markets trading accounts via bank wires, credit/debit cards, Skrill, Neteller, China Union Pay and FasaPay.Back to Top
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.
Traders may deposit using seven 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.
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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.Back to Top
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.Back to Top
- Broker's Name : BlackBull Markets
- Headquarters : New Zealand
- Regulation : FSA, FMA
- 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 :
- ETFs :
- CFDs :
- Commodities :
- Metals :
- Stocks :
- Oil :
- Gold :
- Binary Options :
- Indices :
- Type of Platform : MetaTrader 4, MetaTrader 5
- Platform Languages :
- OS Compatibility :
- 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 :
- Website Languages :
- E-mail Support :
- SMS Support :
- Chat :
Pros and Cons
High leverage of up to 1:500
ECN/NDD execution model from a minimum deposit of $2,000
Competitive ECN pricing environment and volume-based rebate program
VPS hosting and social trading support via market-leading providers
Limited asset selection
No MT4 upgrades despite labeling itself as a FinTech company
Blackbull Markets vs Comparisons
We have gathered a list of the top broker alternatives to Blackbull Markets, and conducted an in-depth broker comparison to assist you in choosing the right broker for your trading needs.Back to Top