BlackBull Markets, established in 2014, is a brokerage firm based in New Zealand. Created with a primary focus on providing institutional-level services to retail clients, the firm allows traders to trade various assets such as forex, precious metals, and commodities. The platform offers three types of accounts which all use Electronic Communication Network (ECN) execution.
The broker firm is a wholly regulated entity in New Zealand and it has also expanded into various countries around the world, including Malaysia, Japan, England, and China. BlackBull Markets offers institutional-grade services with competitive trading conditions, No Dealing Desk (NDD) and deep pool liquidity. The company has also won multiple awards, including being named as the Fastest Growing Exporter for Auckland, New Zealand, in the 2018 Deloitte Fast 50 awards.
This review will take you through everything you need to know about BlackBull Markets before using the platform for trading. From the currencies, commodities, and instruments you can trade, to the fees you’ll be changed for doing so – it’s all right here.
Pros & Cons
What can I do with BlackBull Markets?
BlackBull Markets is a brokerage firm that allows users access to over 80 trading instruments. A trader can access financial instruments like forex, index CFDs, commodities, precious metals, and energy through the broker’s platform. It offers options for trading in excess of 64 currency pairs, and leverage of up to 500:1 regardless of what type of account you sign up for.
The platform has partnered with leading liquidity providers so as to ensure that BlackBull clients have access to deep liquidity and that trades are secure. The ECN liquidity allows traders to directly connect with liquidity service providers without any internal desks, and this aggregation protocol allows fast execution of trades and access to lower spreads.
In addition to this, BlackBull Markets also provides an education gallery that includes trading glossary terms, videos, and guides. The platform’s trading resources further include economic calendar and market reviews – but these are not updated on a daily basis.
Which assets can I trade?
These are the following assets that you can trade on BlackBull Markets:
- Forex (64+ currency pairs)
- Index CFDs
- Precious metals (Gold and Silver)
BlackBull Markets allow the following payment methods on its platform:
- Bank transfer
- Credit card
- China Union Pay
What devices can I use BlackBull Markets on?
BlackBull Markets does not have its proprietary software. Instead, it enables trading via the prominent MetaTrader 4 platform and through its web platform. You can access these trading platforms from the following devices:
- Desktop or laptop (Web browser)
- Software download on desktop or laptop
The software download version of MT4 platform supports a wide range of indicators. While these can also be accessed via smartphone applications, you’ll have access to a better experience and more information if using a laptop or desktop computer.
How easy is it to use BlackBull Markets?
BlackBull Markets provides trading through the popular MT4 platform, commonly used for forex trading. It does not have its own interface or trading platform. Having said that, the MT4 platform is a user-friendly trading platform that offers a wide range of trading indicators and tools for analysis. You can customise the charts visible on the platform by adding your own indicators and add-ons, so as to create a tailored user experience for your needs.
It is worth noting, however, that as there isn’t any proprietary software there are no additional analysis or extra add-on benefits while using the interface. In addition to this, the trading instruments offered by the platform are limited. That being said, BlackBull Markets does offer a wide range of options while trading in the forex market, and users benefit from the platform’s in-house trade aggregation network.
To help make sure all users know their way around, BlackBull Markets allows the opening of a demo account. This is great for beginners, who can familiarise themselves with the markets as well as the trading platform.
While BlackBull Markets are a regulated entity and provide their services in multiple countries, some countries are exempted from using the broker’s platform. The list includes OFAC sanctioned countries, the USA, and Spain. Further, in New Zealand, the company only accepts clients that fall under the category ‘Wholesale Investor’ or ‘Eligible Investor’ definition.
BlackBull Markets is registered in New Zealand with the Financial Services Provider Registry (FSPR). Additionally, the firm is also a member of the Financial Services Complaints Limited (FSCL) dispute resolution scheme, as is regulated under FMA and FSA. Their Financial Services Providers Register (FSPR) number is FSP403326.
In addition to being regulated by these bodies, BlackBull Markets holds clients’ funds in segregated bank accounts in ANZ Bank.
As a regulated service, BlackBull Markets maintains a strict Anti-Money Laundering (AML) / Counter Financing of Terrorism (CFT) policy. To open a trading account on BlackBull Markets, you are required to provide:
- ID verification: To verify your identity, you are required to provide a valid passport, government ID like a driver’s license, or a national identity card.
- Proof of residence: A utility or phone bill, or a bank statement containing your current address and the document must not be older than 90 days.
The BlackBull Markets has a number of support channels to access the company’s customer service. They offer email service and toll-free contact number (for NZ clients) to provide support via phone call. Additionally, they also have an option of live chat on their website.
The company does not have any support form on their website, and it is also important to note that their customer service team is not accessible 24/7. For instance, the live chat option is available 24/5.
BlackBull Markets offers a simple and intuitive mostly-forex trading platform for beginners. It is easy to navigate between multiple options available on its website for details on trading instruments, guides, infrastructure, and technology. Although the website answers all the important questions that a trader might have, there is not a dedicated page for frequently asked questions.
While the trading platform is not proprietary software, the USP of the platform is that it enables ECN-based accounts, a greater market depth, faster execution of trades, and access to its aggregation protocol. Furthermore, while it offers limited options for trading instruments, there are a number of options available for payment methods on BlackBull Markets.
What currency pairs can be traded?
More than 64 currency pairs can be traded on BlackBull Markets. This includes:
Are there fees for trading?
Yes, but it depends on the type of account you have. While trading in the forex market, a trader pays a commission charge based on their account status; there are 3 types of ECN accounts with varying charges on commission. While the ECN standard account does not levy any commission charge, there is a $6 commission charge in ECN prime account.
BlackBull Markets does offer competitive spreads starting from $0.8 in ECN standard account and $0.1 in ECN prime account. Additionally, users have the option of registering for Islamic accounts, which have no swap fees.
What is the minimum spread?
A minimum spread is the smallest difference between the buy and sell prices of any asset. On BlackBull Markets, the minimum spread changes depending upon the type of account you have. According to the platform’s website, the aggregation protocol that connects traders directly with liquidity providers allows traders to access very low spreads. The minimum spread for ECN prime account is 0.1 pips, and for ECN institutional accounts spreads start from 0.0 pips.
Can I trade assets with leverage?
Yes. Trading with BlackBull Markets facilitates traders with leverage up to 1:500 irrespective of the type of account you open. This means you can open a position worth $500 while only staking $1 of your own money. If the market moves in the right direction, this can maximise your profits, but it can also lead to large losses if the opposite happens.
Leveraged trading is highly risky in the forex market, and we recommend that only experienced traders use leverage when opening forex positions.
What are the margins required?
On BlackBull Markets, margin requirements differ with the type of asset, the level of leverage, trading pair, volume, and current trading value. For instance, a minimum balance of $1000 might be required to open a leveraged trade. The formula of margin requirement on the platform indicates that the higher the leverage, the lower the margin required. A margin below 50% will automatically close all your open trades.
Can I open long and short positions?
Yes. BlackBull Markets supports the opening of both long and short positions. A long position is when you bet that the price of an asset is going to go up. A short position is when you bet that the price of an asset is going to go down. In a short position, a trader sells the asset to buy it at a cheaper rate and thereby makes a profit if the price goes down.
Are there withdrawal and deposit limits?
Yes. Once again, the minimum deposit requirements vary based on the type of ECN account you open, starting from $200 with the most basic account (ECN Standard), and rising to $20,000 with the most advanced (ECN Institutional).
Withdrawals are carried out through Neteller, UnionPay, Skrill and Bank Transfer. Apart from international bank transfers, most of these methods ensure that funds withdrawn are deposited within 24 hours, and the minimum withdrawal starts at $100. Also, there is a $5 withdrawal fee charged each time that you withdraw money from BlackBull Markets.
Summary of BlackBull Markets forex trading
The platform offers a wide selection of trading pairs for users to choose from, and facilitates trading through the user-friendly MT4 trading platform. While the broker does charge a commission fee for some of its accounts, it also offers competitive spreads to users to enable affordable access to forex trading. Additionally, it enables faster trade execution and ECN-liquidity to provide institutional-grade services to its retail clients.
BlackBull Markets has established itself as a trusted platform for providing trading in financial instruments since it was founded in 2014, most notably with its forex trading services. Traders can open three different levels of account, which all give access to ECN execution of trades. BlackBull Markets is fully regulated, and complies with Know Your Customer and anti money laundering legislation to ensure the security of the platform.
It also has multiple servers located in different countries to ensure that clients have instant access to the marketplace. While the number of trading instruments available are relatively limited, the platform does offer a wide selection in the forex market, and there’s a reason it has built such a strong reputation in a short length of time.
How to set up an account with BlackBull Markets
- Access the official website of BlackBull Markets and click on ‘Sign Up’ available on the upper-right side of the page. (Alternatively, you can also open a 30-day demo trading account to familiarise yourself with the platform).
- Insert basic details including your full name, email address, and contact number.
- Choose from the three available account types available.
- Confirm your account by verifying the link sent on your email.
- Submit proof of ID and proof of address as well as other relevant documents.
- Your application will be reviewed by their team.
- Once your application is verified, deposit the minimum amount based on the account you selected.
- Start trading.