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A Comprehensive Review of BlackBull Markets

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Blackbull Markets review: Deep insights to get the most out of this award-winning broker

What is Blackbull Markets and why is it one of the best forex and CFD trading brokers? This Blackbull Markets review goes into detail and analyses the broker’s performance. BlackBull Markets is based in New Zealand and is one of the leading forex brokers around. 

Blackbull is best for anyone looking to trade the currency markets or who wants to trade CFDs on some of the world’s most popular shares. Read on to find out why Blackbull Markets ranks so highly as one of our favourite brokers.

Overview of Blackbull Markets review

  • More than 23,000 assets available to trade

  • Free demo account available without signing up

  • Spreads from 0.0 pips

  • Forex and share trading on all the major world markets

  • New Zealand based broker

What is Blackbull Markets and how this forex trading broker works

Blackbull Markets is a regulated and award-winning broker. It offers trading on major currency pairs as well as more than 20,000 different financial assets. It uses an ECN (electronic communications network) to provide a low-cost, extremely fast trading experience.

As Blackbull is a well-respected broker around the world, it benefits from a lot of trading volume and so can provide liquidity on virtually any asset you want to trade. That’s particularly reassuring as it means you can be confident there’s always going to be someone to take the other side of your trade.

Another great aspect to Blackbull is the fact it offers a free demo account, and you don’t have to provide any information beyond your email address to access it. We set up our free account in a matter of seconds, and started trading virtually through MetaTrader 4 straight away.

Blackbull Markets Regulation: Does it hold any licence?

Blackbull is registered in New Zealand and is licensed by the Financial Markets Authority there. It also holds a licence in the Seychelles and is registered to operate in the UK as well.

  • United Kingdom: Registered as BlackBull Group UK Limited, where the Company Number is 9556804

  • New Zealand: Incorporated and registered as Black Bull Group Limited, company number NZBN 9429041417799. It is a registered Financial Services Provider (FSP403326) and holds a Derivative Issuer Licence issued by the Financial Markets Authority.

  • Seychelles: Registered as BBG Limited, registration number 857010-1. Authorised and regulated as a securities dealer by the Financial Services Authority of Seychelles with a licence number of SD045.

Blackbull Markets review: How to use Blackbull Markets in the US

Blackbull Markets is not available to US customers at this time. It has a presence in many countries around the world and is particularly popular in its home country of New Zealand, but US customers can’t sign up at the moment.

Review of trading on Blackbull Markets

The first decision you have to make is which account to use. A Standard account is good enough for most new starters, but there are Prime and Institutional accounts for investors with a larger amount of money at their disposal. We just used a Standard account and it was perfectly suited to a casual trader.

The next step is to decide what you want to trade. Forex traders should download the MetaTrader software and place trades through that. Stock investors can use the bespoke Share Trading platform to make moves.

The whole process is relatively quick and painless. It can really be shaped according to however you want to trade; experienced traders can use MetaTrader to get the full professional experience and to see as much data as they want, while beginners can take a more minimalist approach and learn as they go.

Trading Platforms and Tools

MetaTrader 4 and 5

Blackbull integrates with MetaTrader 4 and 5 so you can download the software for free as soon as you sign up for an account. We found that you can even download MT4 if you create a demo account with Blackbull, which provides the opportunity to practice for free without putting any money on the line.

MetaTrader is predominantly a piece of forex trading software where you craft your own strategies, do your own analysis, and place trades. It takes a bit of getting used to; our experience is Blackbull doesn’t provide much guidance on how to use the software so it’s worth looking up tutorials or video walkthroughs elsewhere.

You can customise the data on display however you like. We prefer a minimalist style to avoid being overwhelmed by numbers, but everyone has the opportunity to shape a dashboard however they like.

Free demo account

The free demo account is easy to set up and it just takes a couple of clicks from the home page. We were expecting a more detailed sign up process but all it needs is an email address and a phone number. We recommend you take the chance to download MetaTrader as part of the sign up process, it’s a useful tool to understand and there’s no risk involved.

The MetaTrader interface can be a little confusing at first but it’s actually quite simple. The tools along the top allow you to draw your own indicators and trends on the graph, or you can add preset indicators from the ‘indicators list’ button.

To place an order, simply click ‘New Order’ and enter the details. Generally it’s better to set a price at which you want to buy, as opposed to a market order which executes at the next opportunity. You should set stop-losses and take-profit limits too, as these protect you in case you can’t be at your computer all day long. Play around with the software to learn the ropes before you put real money on the line.

Share trading account

Although Blackbull is best suited to forex traders, there is a share dealing account available for serious investors. It requires a deposit of at least $1000 to get started and charges a $3 trading fee per transaction, so it’s a service targeted at long term investors rather than short term retail traders.

It does, however, offer fractional share trading so you can still invest in the biggest and most expensive shares in the world even if you don’t  have a huge pot of money to start with. 

The trading platform is intuitive and customisable. You can pull in data from 66 different third party providers and shape the dashboard as you see fit. You can also trade outside of regular trading hours thanks to the extended hours option and do much of your own research with the analysis tools provided.

Trading pairs available

Forex traders can access all the major and minor currency pairs, while stock investors can access more than 20,000 different company shares. One of the shortcomings of the platform from an FX point of view is that there are only a few exotic pairs available.

Alternative Forex Brokers

Blackbull Markets review: Deposits and Withdrawals

All deposits on BlackBull are free, which is a huge bonus when you sign up. However, the payment methods are somewhat limited. We’ve seen plenty of brokers that accept a huge range of payment methods, but BlackBull isn’t one of them. You can pay with all the traditional methods like bank cards, but other payment methods are limited to Skrill, Neteller, China Union, and FasaPay.

There is a minimum deposit of $50 for all standard accounts. The number is a lot higher for Prime or Institutional accounts. There is also a flat fee on withdrawals, which can be a little annoying if you want to withdraw a small amount.

  • Payment methods: Deposit via Visa or Mastercard card payments, bank transfers, Skrill, or Neteller. 

  • Minimum deposit: $50 for Standard accounts, $2,000 for Prime accounts, $20,000 for Institutional accounts

  • Minimum withdrawal: There is no minimum withdrawal, although you must withdraw to the same payment method as you used to deposit and there is a flat $5 fee for each withdrawal

Blackbull Markets Fees

There is no trading fee on FX trading and the commission varies depending on which account you sign up for. The commission starts from $6 and there are overnight fees starting from 1.2% if you keep your trades open overnight.

Trading fees on the share trading account come in at a flat rate of $3 per trade, which is relatively cheap compared to similar brokers. There are a lot of platforms that offer completely free trading these days, though, so BlackBull is better suited to a low frequency, higher value form of investing.

Customer Support on Blackbull Markets

Blackbull’s customer support service is available 24 hours a day, six days a week. This service is open to all customers, regardless of which of the three account options you sign up for. The support section of the website is also extremely useful; we found answers to many of our questions without even needing to contact customer support.

Blackbull Markets Pros and Cons

Pros

Commission-free trading
Leverage up to 1:500
Free demo account for new users
Compatible with MT4 software
ECN liquidity

Cons

Fixed withdrawal fees
No 24/7 customer service

Final thoughts on Blackbull Markets: a great broker for serious traders

BlackBull is a great option for serious FX traders or stock investors. It’s simple to set up an account and you get access to a lot of really useful analysis tools as soon as you get started. There are also specialist accounts available for people who are prepared to put down a larger initial deposit to access better rates 

There’s a reason BlackBull has won awards for its service, as it really can act as a one-stop shop for trading and analysis. You don’t need to combine it with a service like TradingView, which is often the case for less advanced brokers. You can perform all the analysis you need through its MetaTrader integration.

There are a few drawbacks, such as the share trading fee and the high initial deposit required to start buying them. It also doesn’t offer access to the widest range of exotic FX trading pairs and the service isn’t available in the US. For most traders, though, it offers a great trading platform and you can practice for free with its free demo account.

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