BlackBull Markets review

BlackBull Markets is a New Zealand based brokerage firm offering true ECN trading conditions. Read our full review right here
By: Prash Raval
Prash Raval
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded… read more.
Updated: Sep 26, 2022
3/5 Star rating
12 min read
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BlackBull Markets is a brokerage firm based in New Zealand. Established in 2014, it was created with a primary focus on providing institutional-level services to retail clients. It allows traders to trade a range of assets including forex, indices, commodities, precious metals, energy, and shares. The platform offers three account types which all use Electronic Communication Network (ECN) execution. 

It is regulated in New Zealand and has a truly global presence with servers in both Tokyo and London, a data centre in Hong Kong, and technical systems in New York. Its institutional-grade services and competitive trading conditions are made possible through its No Dealing Desk (NDD) execution and deep pool liquidity. 

This review will take you through everything you need to know about BlackBull Markets before using the platform and its services. From the currency pairs, commodities, and other financial instruments you can trade, to the fees you’ll be charged for doing so – it’s all right here. 

Pros & Cons

Pros:

ECN based accounts
Deep pool liquidity and market depth
Low spreads from 0.0 pips
VPS trading and dedicated servers for faster trade execution
Over 300 tradable instruments

Cons:

What can I do with BlackBull Markets?

You are able to buy and sell over 300 tradable instruments on its three platforms: MetaTrader 4, MetaTrader 5, and Webtrader. Traders are able to access financial assets such as forex, index CFDs, commodities, precious metals, and energy. BlackBull Markets also offers share trading on over 23,000 stocks from 80 global markets. 

The platform has partnered with leading liquidity providers to ensure that clients have access to deep liquidity pools and trades are secure. The ECN liquidity allows traders to directly connect with liquidity service providers without any internal dealing desks. This results in ultra fast execution and access to industry low spreads. 

In addition to its trading services, BlackBull Markets also provides a wide range of educational content including videos and guides. Users are also able to participate in social trading through its partnerships with ZuluTrade, MyFXbook, and Hoko Cloud. Its social trading platforms are discussed further in this review.

BlackBull Markets assets, markets, and options

Which assets can I trade?

BlackBull Markets has a range of assets and markets available to trade. Included are 72 forex pairs (majors and minors), commodities, and over 20,000 shares. Here is a summary of all the options on BlackBull Markets:

Product Offering
Forex (Major and Minor)72
Stocks (international across exchanges)23,000
Indices CFDs28
Stock CFDs68
Commodities CFDs14
See all assets on Blackbull Markets>

What leverage trading options are there?

BlackBull markets offers leverage to all clients for forex and metals only. Generally up to 1:500 is available, although for larger accounts in excess of $100,000 leverage can drop to 1:100. It is important to note that leveraged trading is inherently risky and not recommended for beginners.

Product Maximum leverageMargin
Forex (Major)1:5000.5%
Forex (Minor)1:5000.5%
Commodities (metals only)1:5000.5%
View all leveraged trading options >

What are the spreads and commissions?

It is possible to have spreads as low as 0.0pips on BlackBull Markets, although that is reserved for users who select the institutional account. Commission is also dependable on the account you choose and below we have provided a summary of the fees associated with trading for both its standard and prime account types:

Product SpreadCommission
Forex (standard)from 0.8No commission
Forex (prime)from 0.1$6 per lot
Commodities (standard)from 0.1No commission
Commodities (prime)from 0.1$6 per lot
Indices and stocks (standard)from 0.8No commission
Indices and stocks (prime)from 0.1$6 per lot
Shares Variable From $3
View all leveraged trading options >

Fees, limits, and payment options on BlackBull Markets

Payment Methods

BlackBull Markets has a number of payment options available and charges no fee for making a deposit. Below is a summary of its payment options and associated fees:

Payment methodDepositWithdraw
Cards (Visa & MasterCard)
– min/max
– fees
– speed
Yes
$50 USD/$No Limit
Free
Instant
Yes
$50 USD/No limit
$5 USD
Instant
Bank Transfer
– min/max
– fees
– speed
Yes
$50 USD/No limit
Free
1 -3 Business days
Yes
$50 USD/No limit
$5 USD
1 -3 Business days
Neteller
– min/max
– fees
– speed
Yes
$50 USD/No Limit
Free
Instant
Yes
$50 USD/No limit
$5 USD
Instant
Skrill
– min/max
– fees
– speed
Yes
$50 USD/No Limit
Free
Instant
Yes
$50/No Limit
Free
Instant
View all payment information >

How much are BlackBull Markets’ fees and commissions?

The broker has fees and commission for different aspects of user transactions. Commission is dependent on the account you select and you may be expected to pay a rollover (swap) charge for holding a position overnight. Below is a summary of its fees:

Fee typeFee amountCommission
Trade commissionNoneVariable (from $6)
OvernightVariable (from 1.2%)None
Withdrawal Fee$5 USDNone
Conversion feeNoneVariable
InactivityNoneNone
See all fees on BlackBull Markets >

BlackBull Markets trade size and limits

The minimum trade size available on BlackBull markets is 0.01 lots (micro lot). Maximum trade sizes vary according to the instrument you are trading. There is also no limit on the number of positions you are able to take in a single day.

ProductMinimum tradeMaximum trade
Forex (Major and Minor)0.01 lotVariable
Metals (gold and silver)0.01 lotVariable
Energy (WTI and brent)1 lot1000 lots
Indicies1100
Sharesfractional shares availableVariable
More information about trade sizes and limits >

BlackBull Markets trading platform

What devices can I use BlackBull Markets on?

BlackBull Markets enables trading via the popular MetaTrader 4 and MetaTrader 5 platforms as well though its web platform. It also offers a mobile app, called BlackBull Shares. All of its trading platforms can be accessed via the following devices:

  • Desktop or laptop (Web browser)
  • Software download on desktop or laptop
  • Android
  • iPhones

MetaTrader 4 is among the most popular trading platforms in the world, especially in the forex market. It supports a wide range of built in indicators, expert advisors, multiple chart types, and a range of other features. MetaTrader 5 offers a similar package to MT4 with a few additional tools.

Countries supported

BlackBull Markets is a regulated firm in New Zealand and is available in 178 countries. It operates its services in the European, Asian, Oceanian, and African regions. However, some areas are exempted from using the brokers platform which includes OFAC sanctioned countries such as the USA.

Is BlackBull Markets available in my language?

BlackBull Markets’ website is currently available in 7 languages. Its trading platform is available in 41 languages. Here’s a list of them all:

  • Arabic
  • Bulgarian
  • Chinese
  • Croatian
  • Czech
  • Danish
  • Dutch
  • English
  • Estonian
  • Finnish
  • French
  • German
  • Greek 
  • Hebrew
  • Hindi
  • Hungarian
  • Indonesian
  • Italian
  • Japanese 
  • Korean
  • Latvian
  • Lithuanian
  • Malay
  • Mongolian
  • Persian
  • Polish
  • Portuguese
  • Romanian
  • Russian
  • Serbian
  • Slovak
  • Slovenian
  • Spanish
  • Swedish
  • Tajik
  • Thai
  • Traditional Chinese
  • Turkish
  • Ukrainian
  • Uzbek
  • Vietnamese

How easy is it to use BlackBull Markets?

It is fairly easy to use BlackBull Markets. The sign up process is quick and easy. All you need to do is enter your contact information and provide some identification. Once your account is verified, you’ll be able to start using its services. BlackBull Markets provides trading through the popular MetaTrader 4 and 5 platforms. 

Both platforms are accessible via desktop and mobile. MetaTrader 4 and 5 are user-friendly platforms that offer a wide range of indicators and tools for analysis. You can customise charts by adding your own indicators and add-ons, so as to create a tailored user experience for your needs. 

For traders unfamiliar with the MetaTrader software, BlackBull Markets has a library of video guides explaining how it works and many of its features. To help make sure all users know their way around, BlackBull Markets allows the opening of a Demo account. This is a good choice for beginners, who can familiarise themselves with the market and trading platforms.

Key Features

The broker has a number of features that are suited to both beginners and experienced traders. In addition to forex and CFD trading BlackBull Markets has copy and social trading tools and offers direct share investment. Below we’ve summarised both.

BlackBull markets social trading

Social trading is available through three different partner accounts for all BlackBull Market users. Here is an explanation of each account. 

  • ZuluTrade: BlackBull Market users can register an account with ZuluTrade for no cost. ZuluTrade is one of the best known social trading platforms and allows users to search for profitable traders and copy their positions automatically into their BlackBull Markets MetaTrader accounts. 
  • Myfxbook. Traders wanting to dive deep into their trading statistics can use Myfxbook to analyse their portfolios. The Myfxbook platform is integrated with BlackBull Markets’ MetaTrader platform and allows traders to share their statistics with the Myfxbook community. 
  • HokoCloud: HokoCloud is an all in one social and copy trading platform. BlackBull Market users are able to register with HokoCloud and link their MetaTrader accounts to profitable traders from around the world and copy their trades. HokoCloud uses advanced technology to guarantee fast and low latency execution.

BlackBull Markets share trading account

BlackBull Markets has a separate share trading account giving investors access to 80+ global markets and over 23,000 shares. Its innovative share trading platform includes over 60 order types, extended trading hours, customisable dashboards, analytical tools, and data feeds from 66 third parties. 

A minimum deposit of $1000 is required to open a BlackBull Markets share trading account, however investors are able to benefit from low trading fees starting from just $3 per transaction. It also offers fractional share trading making ‘expensive’ stocks accessible to all users.

Security, regulation, and support

BlackBull Markets is a secure platform, has regulation in a tier one region, and offers good client support services.

Regulation 

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, which 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.

BlackBull Markets does not hold any regulation outside of New Zealand. The Cyprus Securities Exchange Commission (CySEC), the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Financial Services Authority Seychelles (FSAS) all do not regulate BlackBull Markets.

Account Verification

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

Customer support

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 24/6.

Our verdict

First impressions

BlackBull Markets offers a simple and intuitive trading platform for beginners and experienced traders. Navigating between the multiple options available on its website is an easy process. It provides comprehensive details on the services offered as well as lots of other useful information and tools like trading guides and video education.  

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, it has expanded its offerings to include a range of assets in addition to its forex trading services.

It has recently expanding into the world of social trading through its partnerships with three leading company’s in the space. With both ZuluTrade and HokoCloud, users can automatically copy trades from profitable professional traders, directly into their BlackBull Markets MetaTrader accounts. Myfxbook gives the ability to analyse your trading using proprietary tools.

What assets are available to trade?

More than 70 currency pairs can be traded on BlackBull Markets. Some of these includes:

  • AUD/CAD
  • AUD/CHF
  • AUD/JPY
  • AUD/NZD
  • CAD/CHF
  • CAD/JPY
  • CHF/JPY
  • EUR/AUD
  • EUR/CAD
  • EUR/CHF
  • EUR/GBP
  • EUR/JPY
  • EUR/NZD
  • EUR/SEK
  • GBP/AUD
  • GBP/CAD
  • GBP/CHF
  • GBP/JPY
  • GBP/NZD
  • NZD/CAD

In addition to forex, a range of financial asset types are available on BlackBull Markets and can be traded on any account types.

  • Forex: 72 currency pairs (majors, minors, and some exotics)
  • Index and share CFDs: Major worldwide indices and some major US stocks
  • Commodities: Gold, silver, oil, natural gas, cocoa, corn, wheat, sugar, cotton, and coffee
  • Precious metals: Gold and silver
  • Energy: Crude oil, WTI, Brent, natural gas
  • Shares: Global share markets including US, Canada, the UK, Australia, Mexico, Germany, France, Japan, and many more territories

Conclusion

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. Although its inclusion of additional assets makes it a good choice for keeping all of your trading activities under one account. 

Traders can open three different levels of account, which all give access to ECN execution for 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.

How to set up an account with BlackBull Markets

  1. 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).
  2. Insert basic details including your full name, email address, and contact number. 
  3. Choose from the three available account types available.
  4. Confirm your account by verifying the link sent on your email. 
  5. Submit proof of ID and proof of address as well as other relevant documents.
  6. Your application will be reviewed by their team. 
  7. Once your application is verified, deposit the minimum amount based on the account you selected. 
  8. Start trading. 

Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Prash Raval
Financial Writer
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or teaching his son how to kick a… read more.