BlackBull Markets Review – Is BlackBull Markets Safe? Fees & Minimum Deposit Explained

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BlackBull Markets is a New Zealand-based online brokerage platform that offers a myriad of services to both beginners and professionals.

In this BlackBull Markets review, our research team has put together an analysis of the core features of the platform, including products offered, fees, regulation, and more. This will allow you to decide whether or not this broker is right for trading needs.

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What is BlackBull Markets?

BlackBull Markets is an execution-only, ECN (Electronic Communication Network) broker founded in 2014. In simple terms, you can use this platform to execute your orders, however services such as financial or investment advice are not accessible. Regardless, BlackBull Markets caters to tens of thousands of traders across over 180 different countries.

As a user, you can trade over 300+ financial instruments, such as equities, forex, and commodities –  via derivatives such as futures and CFDs. The broker facilitates trading via the platforms MetaTrader 4, MetaTrader 5, and WebTrader. You can also benefit from a demo account that comes funded with paper money to improve your strategies.

BlackBull Markets review

Our BlackBull Markets review found that the firm offers access to a global ECN network, resulting in high liquidity and spreads as low as 0.0 pips. In addition to a competitive fee structure, the platform also gives you access to leverage of up to 1:500. In terms of regulation, the broker is registered with the Financial Services Provider Register of New Zealand.

BlackBull Market Pros and Cons

Before we dive into this BlackBull Markets review, here you can get a snapshot of what advantages and disadvantages to expect when using this platform.

Pros

  • Leverage up to 1:500
  • Advanced trading options
  • Demo account
  • Operational since 2014

Cons

  • Access to just over 300 markets
  • No support for direct investments
  • Cryptocurrency markets not available
  • Not suitable for beginners

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

BlackBull Markets Supported Markets

As we mentioned earlier in this BlackBull Markets review, this broker offers access to a wide range of markets that can be traded by all users, regardless of their account type.

Forex

BlackBull Markets supports over 64 currency pairs, giving you access to one of the largest financial markets in the world by daily trading volume. It goes without saying that this means that you can tap into high liquidity when using Blackbull Markets.

Moreover, the spread on forex can be as low as 0.0 pips, with an average execution speed of 20 microseconds.  You can trade major currency pairs such as EUR/USD, GBP/USD, USD/CAD, and USD/CHF, as well as minor markets including AUD/CAD, EUR/CAD, EUR/SEK, GBP/NZD, and CAD/CHF.

Index and Stock CFDs

For those who want to trade equities, BlackBull Markets gives you access to both stocks and indices CFDs. These are complex financial instruments that track the price of an underlying asset. Meaning, if you buy an Apple CFD, you are not investing in the shares of this company. Instead, you are only speculating on its future value.

BlackBull Markets supported assets

While the stocks available on this broker are US-listed, you can trade indices from exchanges all over the world. Some of the most popular indices offered by the broker include the Nasdaq 100, S&P 500, FTSE 100, and ASX 200.

It is also possible to obtain dividends on stock and indices CFDs, which are typically paid out the next day. However, note that this is done via third parties and BlackBull Markets is not responsible for delays.

Commodities

If you are looking to diversify your funds or hedge your portfolio, then trading commodities can be a viable option. And our BlackBull Markets review found that this broker allows you to access leverage of up to 1:500 on this market.

Here is a list of the commodity trading markets you can access via BlackBull Markets:

  • Gold Spot trading (XAU/USD)
  • Gold futures
  • Silver Spot
  • Silver futures
  • Crude Oil Brent Cash
  • Crude Oil Brent Futures
  • West Texas Intermediate Crude Oil Cash
  • West Texas Intermediate Crude Oil Futures
  • Natural Gas
  • US Cocoa
  • London Cocoa
  • Soybean Futures
  • Wheat Futures
  • US Sugar Futures
  • London Sugar Futures
  • Corn Futures
  • US Cotton Futures
  • US Coffee Futures
  • London Coffee Futures

As you can see, there is a variety of commodities, metals, and energy products that you can access via BlackBull Markets. Each comes with minimum trade sizes and flexible leverage that vary depending on the instrument.

BlackBull Markets Energy

You might also notice that commodities on BlackBull Markets are traded via futures. In case you didn’t know, these are contracts that come with an obligation to sell or buy an asset at a later date at an agreed-upon price; in this case, a commodity such as gold, wheat, or crude oil.

BlackBull Markets Trading Platforms

To offer its trading services, BlackBull Markets integrates with the well-known platforms MetaTrader 4 and MetaTrader 5. You can download the software for free on your device, be it a computer or mobile. Moreover, you can also access your BlackBull Markets MetaTrader account via WebTrader.

If you are a seasoned trader, there is no need to explain to you how powerful the MetaTrader platforms are. However, for those unaware, these are institutional-grade programs that are designed to provide you access to all essential tools for facilitating your trading decisions. Furthermore, you can also customize the interface and set up a fully-personalized experience.

Here are some advantages that come with using the MetaTrader platforms:

  • Access to different order types
  • Available on Windows, macOS, iOS, Android
  • Over 20 different time frames and built-in indicators
  • Integrated economic calendar
  • Advanced pending order functionalities
  • Automated trading and support for VPS servers

Note that some features are exclusive only to MetaTrader5, which is the younger version of MetaTrader4. However, it goes without saying that both these platforms are complex for beginners, and involve a steep learning curve.

BlackBull Markets MT4

Therefore, if you are completely new to trading, our BlackBull Markets review suggests that you consider a beginner-friendly broker like eToro. This platform makes it incredibly easy for you to trade multiple assets, while still giving you access to charting tools and different order types.

BlackBull Markets Demo Account

Users of BlackBull Markets also get access to a demo account for 30 days. Once your client application has been accepted by the broker, you can download your preferred trading platform from the range of options supported, and get started.

BlackBull Markets MT4 demo

Upon signing up for a demo account, BlackBull Markets provides you with your login details. This is necessary for you to access the 100,000 USD in paper money so that you can practice your strategies or learn trading in the settings of real market conditions.

BlackBull Markets Social Trading

BlackBull Markets has partnered with popular platforms such as ZuluTrade and Myfxbook to give you access to social trading. This means that you can follow trades made by other professionals, and benefit from their expertise.

To explain, you can choose a professional trader to follow based on factors such as their overall performance, stability, maturity, exposure, and minimum equity. This means that any position they open will be mirrored in your account, in proportion to the amount you have invested.

There are several advantages to using these social trading services, such as:

  • You do not have to be experienced to benefit from trading
  • You can start with a small initial deposit – some providers allow you to begin trading with as little as 200 USD
  • Diversify your risk by investing in different traders
  • Save on fees since this feature often comes with lower commissions

Although social trading is gaining more attention, there are only a handful of regulated brokers that provides this feature. At the top of the list would be eToro – which allows you to mirror the trades of professionals using its Copy Trading tool.

BlackBull Markets Supported Countries

Although this platform is global and functions in more than 180 countries, our BlackBull review finds that you have to go through an application process to avail of its services. In other words, the broker reserves the right to decide whether or not to accept or reject a user.

Regardless, you cannot use the services of BlackBull Markets if you are a resident of:

  • OFAC sanctioned countries such as the Balkans, Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, and Zimbabwe.
  • United States of America
  • Spain

Even if your country is not on this list, the BlackBull Markets compliance team can decide that your location is risky and hence deny you its services.

BlackBull Markets Account Types

This BlackBull review found that you can choose between three types of accounts on this broker, based on your requirements. No matter which one you choose, you still get full access to all products of the platform, but these vary depending on the kind of professional services offered.

BlackBull Markets account types

Below is an overview of what you can expect from each account type:

  • Standard Account: This account type is designed for casual traders, who do not seek any professional services, and trade only low volumes. The most notable advantage of using this account type is that you can completely avoid commissions.
  • Prime Account: This is the most common account type preferred by individual users, as it offers a variety of professional services. However, you have to pay a commission when trading.
  • Institutional Account: This is the most comprehensive option available, geared towards professionals who engage in high-volume trades and have established experience. Users with this account can access customized packages based on their specific needs.

In addition to the above account plans, you also have access to a swap-free Islamic law account.

BlackBull Markets KYC

No matter which account type you are opening, you need to complete an online application by submitting the following documents:

  • Proof of identity such as your valid passport, or a notarised version of your ID card
  • Proof of address such as a bank statement dated in the last three months, or a utility bill
  • A photo of you holding the supporting identity document you provide

In case you are applying for a corporate account, then you also need to provide further documentation such as a Certificate of Incumbency, Company Extract, Memorandum, and Articles of Association.

BlackBull Markets Minimum Deposit

Unlike the majority of brokers out there, the minimum deposit on BlackBull Markets is determined by your account type, which goes as follows:

  • Standard Account: 200 USD
  • Prime Account: 2,000 USD
  • Institutional Account: 20,000 USD

However, when making the initial deposit on this platform, it might be better if you make a larger payment, as the amount you transfer originally is calculated as your withdrawal limit. We will explain this in detail in the next section of this BlackBull Markets review.

BlackBull Markets Payments

When you are looking for an online broker, it is important that you know how you can fund your account. After all, you want to make sure that the platform supports your preferred payment methods before you sign up.

Our BlackBull Markets review found that the platform accepts the following fiat currencies:

  • United States Dollar (USD)
  • Euro (EUR)
  • Great British Pound (GBP)
  • Australian Dollar (AUD)
  • New Zealand Dollar (NZD)
  • Singapore Dollar (SGD)
  • Canadian Dollar (CAD)
  • Japanese Yen (JPY)
  • South African Rand (ZAR)

To deposit funds, you can log in to your BlackBull Markets account, where you can find multiple payment methods to choose from. This includes wire transfer, credit/debit cards, and e-wallets such as Skrill, Neteller, China Union Pay, and FasaPay. Apart from the first option, payments are instant, allowing you to manage your money in real-time and place trades right away.

B;ackBull Markets services

However, note that your access to fiat currencies and payment methods supported might vary based on your location. Additionally, some options such as Skrill accepts only USD; so if you fund with another currency, you may incur exchange rate fees. You can also withdraw your money to the original payment method you used, in line with the strict AML policies.

BlackBull Markets Fees

As our BlackBull Markets review pointed out earlier, this broker offers competitive fees. However, it is still a business that wants to cover its operational costs and make a profit. So, how does this platform do that?

In this section, we discuss what fees you are charged by BlackBull Markets.

BlackBull Markets Commission and Spread

Whether or not you pay commission to BlackBull Markets depends on your account type.

  • Standard account holders do not have to pay any commission
  • Prime account holders are charged 3 USD per 100,000 USD, which makes it 6 USD standard round-turn commission
  • Institutional account holders have the option to adjust their commission structures with custom plans

Apart from the commission, BlackBull Markets also charges you a spread, which is the difference between the buy and sell price of the asset. However, how much you pay is calculated at the time of placing the order.

BlackBull Markets Deposit and Withdrawal Fees

One of the first things that you should consider when choosing a broker is whether it charges you to fund your account. Fortunately, BlackBull Markets is one of the few platforms that does not demand any deposit fees for USD. However, some payment methods might incur a forex exchange rate depending on the fiat currency.

That said, the platform does charge you to withdraw your funds. Since BlackBull Markets support accounts in multiple currencies, the deposit fees are also calculated that way.

  • Credit card Withdrawals: 5.00 in base account currency
  • Neteller: 5.00 in base account currency
  • Skrill: 5.00 in base account currency
  • Bank Transfer: 5.00 in base account currency

Note that the maximum amount you can withdraw at a time is the amount you deposited initially. That is, suppose that you originally funded your account with 500 USD. If you want to draw out 800 USD, then you need to make two requests, one for 500 USD and the second for 300 USD. In other words, you might want to keep this in mind before making your first transfer.

BlackBull Markets Mobile

BlackBull Markets clients are limited to the MetaTrader4 app when it comes to mobile trading. In other words, you will be using the MT4 platform via your brokerage account, where you can use your funds to make trades. Needless to say, the program packs several tools and features that facilitate professional trading.

BlackBull Markts mobile

You can download the app onto your iOS or Android device free of charge. That being said, if you are looking for a BlackBull Markets exclusive mobile version, you will not find it. As such, this is a category where this platform falls back significantly when compared to the other providers in the market.

Is BlackBull Markets Safe?

One of the best ways to evaluate if a broker is trustworthy is to check whether it is regulated by any respected financial authority. In the case of BlackBull Markets, our research team found that the platform is licensed as follows:

  • Black Bull Group Limited, with its brand name as BlackBull Markets, is registered in New Zealand.
  • It also is registered as a Financial Services Provider and holds a Derivative Issuer Licence issued by the Financial Markets Authority.
  • BBG Limited is incorporated and regulated by the Financial Services Authority (FSA) of Seychelles.
  • In addition to this, Black Bull Group also has a UK brand that is registered as a payment clearing service in the country.

That being said, BlackBull Markets is not regulated by any prominent governing bodies such as the SEC in the US, or FCA in the UK. In other words, the current regulatory standing of this broker does not fill us with much confidence. And as such, it remains to be seen how you will benefit from the above registrations as a trader.

Instead, if you would prefer to use a heavily regulated broker, it might be worth looking at eToro. This platform comes with licenses not only in the US and the UK but also in Australia and Cyprus. The provider is also registered with FINRA. It goes without saying that such a level of security is rarely seen in the online trading arena.

BlackBull Markets Security Features

Aside from the protection that comes from regulation, BlackBull Markets also claims that it has set up multiple safety measures to put your mind at ease.

This includes:

  • Segregation of company funds from client accounts
  • Client funds are held in Tier 1 New Zealand based banks
  • Strict AML/KYC policies
  • 24-hour withdrawals

All that said, BlackBull Markets does not offer you much in terms of investor protection with any client insurance. As such, it isn’t clear what happens if the company runs into financial problems.

BlackBull Markets Customer Support

BlackBull Markets has set up a few different communication channels to attend to the needs of its clients. Dedicated account managers and a support team are available to provide you with a service in multiple languages via phone, email, or live chat. And importantly, you will be interacting with a real representative rather than a bot.

BlackBull Markets customer suppprt

However, our BlackBull Markets review found that customer support is offered only on 6 days a week. In addition to this, the platform also provides its users with an extensive, illustrated FAQ,  along with a free knowledge base. There is also a separate education section where you can access numerous trading videos and guides.