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

Kane Pepi

Last Updated: 3, February 2022

Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.

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.

Recommended Broker – eToro

1

Min Deposit$50

Our score10

• Invest in a wide range of cryptocurrencies
• Ability to copy more experienced investors and their decisions
• eToro crypto wallet included which makes it beginner-friendly

0% Commissionstart TradingOur score 10

More InfoClose More Info

Cryptoasset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk. CFD crypto trading is unavailable for clients residing in the UK and US.

Offer Terms

CySEC Regulatedno

IFSC Regulatedno

FCA Regulatedno

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.

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

Cons

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

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.

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.

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.

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.

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.

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.

eToro vs BlackBull Markets – Comparison

Overall, BlackBull Markets comes across as a trustworthy broker that gives you access to multiple financial markets at competitive fees. However, is this the best provider that you can find in the current market?

After carefully considering the features of this broker, our research team preferred eToro – not least because it gives you a better all-round package for what you are paying. To give you a better picture, we have put together a market comparison of both brokers in the section below.

Safety and Regulation

At first glance, BlackBull Markets is a regulated broker, registered with the FSPR of New Zealand. Although this does offer some kind of protection, this is not in any way as reliable as licenses from the FCA in the UK, or SEC in the US.

On the other hand, eToro is heavily regulated not only in the US and the UK but also by ASIC and CySEC. The broker also offers private insurance from one of the world’s leading providers, Lloyd’s of London – giving coverage of up to 1 million Euro, GBP, or AUD.

Supported Markets

BlackBull Markets offers you access to a wide range of markets across different asset classes. However, this broker does not allow you to make direct investments. You only have the option to trade via derivatives such as CFDs or futures.

Our BlackBull Markets review team also found it disappointing that this broker does not support cryptocurrency trading. On the contrary, if you seek an investment platform, eToro allows you to buy, sell, and trade stocks, indices, ETFs, commodities, forex, and digital assets – all from one place.

User-Friendliness

Another major drawback that our BlackBull Markets review team found is that the platform is geared towards professional traders.

• Even if you are a standard account holder, you need to be aware of what CFDs are, and most importantly, how to find your way around the sophisticated interface of MT4 to use the services of this brokerage.

As such, if you are a beginner, you are better off using a newbie-friendly platform like eToro. This broker offers you an intuitive interface that appeals to both inexperienced and advanced traders.

Fees

When it comes to fees, BlackBull Markets charges you commissions based on your account type. In addition to this, you also have to pay the spread when you trade. eToro, on the other hand, operates on a spread-only basis. In fact, when you buy stocks and ETFs at eToro, you will p[ay 0% commission.

Similar to BlackBull Markets, US clients can fund their eToro accounts for free. This platform also supports multiple payment methods, and non-USD transfers only incur a forex rate of 0.5%.

Passive Investment Tools

If you are looking for a platform to engage in social trading, both eToro and BlackBull Markets are good options. The former provides you with a Copy Trading feature, which allows you to follow a professional investor and mirror their positions.

In addition to Copy Trading, you also have a CopyPortfolio feature on eToro. This functions like an ETF that bundles together a select combination of CFD stocks, commodities, or indices, according to a predefined theme.

BlackBull Markets Review – Conclusion

There is no question that BlackBull Markets is a legitimate online brokerage that can facilitate trades in multiple markets. It also offers you some level of protection as a regulated provider in New Zealand.

However, the trading platforms supported are far too complex for beginners, and there are no options to make a direct investment into different assets. If you want a well-rounded broker that does not compromise on security, then look no further than eToro.

This heavily regulated platform is suitable for beginners, and seasoned pros alike, giving you access to multiple markets from the same account. You also can engage in trading on a spread-only basis, without having to worry about high commissions or deposit fees.

eToro – Best Online Broker 2021

1

Min Deposit$50

Our score10

• Invest in a wide range of cryptocurrencies
• Ability to copy more experienced investors and their decisions
• eToro crypto wallet included which makes it beginner-friendly

0% Commissionstart TradingOur score 10

More InfoClose More Info

Cryptoasset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk. CFD crypto trading is unavailable for clients residing in the UK and US.

Offer Terms

CySEC Regulatedno

IFSC Regulatedno

FCA Regulatedno

FAQs

Is BlackBull Markets regulated?

BlackBull Markets is regulated by the FSPR, which is the primary financial authority in New Zealand. The broker is also licensed in the Seychelles. However, if you are looking for a safer alternative, you might want to consider eToro – which is regulated by the SEC, ASIC, FCA, and CySEC.

Is BlackBull Markets available in the US?

No, BlackBull Markets denies its services to residents in the US.

What fees does BlackBull Markets charge?

On BlackBull Markets, you have to pay both commissions and the spread – which varies depending on your account type.

How do you contact BlackBull Markets?

The customer support team at BlackBull Markets is accessible 24/6 via email, phone, or live chat.

What is the BlackBull Markets minimum deposit?

The minimum deposit at BlackBull Markets varies depending on your account type. Standard account users have to transfer at least 200 USD, whereas the limit is increased to 2,000 USD and 20,000 USD for prime and institutional clients respectively.

 

About Kane Pepi PRO INVESTOR

Kane Pepi writes for several high profile publications such as InsideBitcoins, the Motely Fool, and Learnbonds. Based in Malta, Kane is extremely skilled at complex subjects related to financial matters - including a Bachelor’s Degree in Finance, a Master’s Degree in Financial Crime, and actively engaged in Doctorate Degree research, for the money laundering threats of the blockchain economy.

View all posts by Kane Pepi