BlackBull Markets Broker Review

Blackbull Markets Overall Rating

BlackBull Markets excels with its tight spreads and direct market access, appealing to a wide range of traders from beginners to professionals. BlackBull Markets offer competitive trading costs, particularly with its entry-level commission-free account with spreads starting at 0.8 pips on EUR/USD without a minimum deposit requirement. Blackbull also stands out for its combination of low trading costs, extensive asset range, and support for platforms such as MT4, MT5, and BlackBull Trade, making them a top choice for traders who prioritise cost efficiency and a wide selection of trading instruments. Despite its high minimum deposit requirements for the Prime and Institutional accounts, it has a great track record for personalised customer service 24/7 and a comprehensive suite of educational and market analysis materials. It is important to note that while negative balance protection is available, it is not automatic, and traders must request this feature. FxScouts gives BlackBull Markets a high rating of 4.28 out of 5.

Is Blackbull Markets Safe?

Yes, BlackBull Markets is a safe broker to trade with. It maintains regulatory oversight from New Zealand’s Financial Markets Authority (FMA) and the Seychelles Financial Services Authority (FSA).

FSA and FMA regulation: South Africans will be automatically registered under BlackBull Markets’ Seychelles-regulated entity, authorised and regulated by the Financial Services Authority (FSA) Seychelles. The level of protection offered by the FSA is low compared to regulators such as the FCA and ASIC, and CFD brokers registered with the FSA are required to segregate client money from company operational capital, but are not required to offer negative balance protection, and have no leverage restrictions.  

Safety features: BlackBull Markets keeps all client funds in segregated tier-one bank accounts and negative balance protection can be requested from customer service. If not, BlackBull Markets offers leverage up to 500:1, which means that if a client gets stopped out, they could lose more than the balance in their trading account and thereby fall into a negative balance.  

Traders can, however, request to trade under the subsidiary, BlackBull Group Limited, authorised and regulated by the FMA, but this requires a more arduous registration process, where clients are required to have all their documents notarized and certified. The FMA is a much stricter regulator than the FSA, ensuring that all client funds are held in segregated accounts, that brokers offer their clients negative balance protection, and that brokers are audited on a regular basis.    

Overall, although the FSA’s regulatory oversight is weak compared to other brokers, BlackBull Markets is regulated by top-tier regulator, the FMA, and has a track record of responsible behaviour.  Additionally, South African traders can request to be registered under the FMA-regulated entity.

Company details:

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Blackbull Trading Instruments

The choice of financial assets offered by BlackBull Markets is extensive compared to other similar brokers, with a range 26 000+ instruments. They also offer trading on 10 major cryptocurrencies, including: Bitcoin, Ethereum and Litecoin.

Complete list of instruments and leverage:

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Forex: BlackBull Markets has 72 currency pairs available for trading which is around the industry average. These include majors (EUR/USD, GBP/USD, and USD/JPY), minors (NZD/CAD, EUR/JPY, and USD/ZAR) and exotics. The leverage on Forex pairs is up to 500:1.

Indices: There are 10 indices available for trading at BlackBull Markets, which is a little fewer than are available at other similar brokers. The most popular indices are those that combine the shares of some of the largest and globally acknowledged companies. Leverage is up to 1:100 on indices.  

Energies: Blackbull has an average energy range compared to similar brokers. Energies include rude oil, Brent oil and natural gas.

Metals: Traders can find the most popular metals for trading, including silver and gold with USD and AUD crosses, and copper.

Soft commodities: A range similar to other brokers, Blackbull offers soft commodities, including cotton, cocoa, coffee, sugar, soybeans, corn, and wheat.

ETFs: Exchange Traded Funds have rapidly gained in popularity in recent years, Blackbull offers a smaller range compared to other brokers.

Cryptocurrencies: Blackbull offers trading on 10 cryptocurrencies, which is on the lower end compared to other brokers.

Accounts and Trading Fees

Blackbull offers three accounts, which is average for the industry, and they cater to both beginners and more experienced traders.

Trading Fees: 

Blackbull’s trading fees are lower than other similar brokers. The Standard Account’s trading costs are included in the spread, while the Prime and Institutional accounts offer tighter spreads in exchange for a commission per lot. There is no minimum deposit on the Standard account, making it accessible to traders of all levels. However, the Prime account has a minimum deposit of 2 000 USD, and traders will have to deposit a hefty 20,000 USD to open an Institutional account. 

Account Trading costs: 

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As you can see from the table above, the Standard Account has trading fees included in the spread, which start at 0.8 pip (EUR/USD), which is low for an account with no minimum deposit requirement. Trading costs improve on the Prime and Institutional Accounts, which have spreads that start at 0,1 pips and 0,0 pips (EUR/USD) and have commissions of 6 USD and 4 USD, respectively. 

Standard account: Blackbull’s commission-free Standard Account caters to beginner traders, with no minimum deposit requirement. Spreads start at 0.8 pips on the EUR/USD, and there are no commission fees for Forex trading. 

Prime Account: The Prime account’s minimum deposit is 2000 USD, and spreads start at 0.1 pips (EUR/USD) in exchange for a commission of 6 USD (round turn). These trading fees are considered low, but the minimum deposit requirement is rather high. 

Institutional Account: To be able to access an Institutional account, traders must make a minimum deposit of 20 000 USD, putting it out of the reach of most traders. Spreads start at 0.0 pips (EUR/USD), and a commission of 2 USD per lot per side is charged. Trading fees on this account are some of the lowest in the industry, but will only be accessible for traders with large amounts of capital. 

Deposits and Withdrawals

Blackbull offers a decent range of payment methods, deposits and withdrawals are free, and it is also possible to make deposits using cryptocurrencies.

As a regulated broker, Blackbull ensures that all Anti-Money Laundering rules and regulations are followed.

The range of deposit and withdrawal methods offered includes bank wire transfers, credit/debit cards, cryptocurrencies, Skrill, Neteller, and other Payment Service Providers such as fasapay.

Deposits for all payment methods are free, although clients may have to absorb fees charged by their various banking institutions. Please see the following list of payment methods for further details:

Accepted Deposit Currencies: Blackbull accepts the following deposit currencies: USD, EUR, GBP, ZAR, AUD, NZD, SGD, CAD, and JPY. Traders should, however, note that the Skrill account is a USD account, which can be funded with multiple currency options, but doing so may incur exchange rate fees.

Funding Methods: Blackbull offers a good range of payment methods and does not charge fees for deposits or withdrawals, but be aware that some payment providers will apply additional charges. Withdrawals are normally processed within 24 hours, but if you are using bank wire or credit card, it may take an additional 3-5 days for the funds to arrive in your account.

See below for a complete list of payment options and withdrawal times:

Mobile Trading Platforms

In our review, we found that Blackbull’s mobile support is great compared to other similar brokers. Many of the trading platforms supported by Blackbull are also available as mobile and tablet downloads – allowing traders to keep track of their open positions while on the move.

BlackBull offers a range of mobile trading platforms, including BlackBull Shares, BlackBull Trade, and MetaTrader 4 and 5. See below for further details.

Blackbull Trade

The platform is user-friendly, has a nice look and feel, and comes with a lot of indicators, numerous timeframes, a number of chart setups, and market analysis. Also available is a selection of tools for comprehensive price analysis, trading robots, expert advisors, and copy trading. Blackbull Trade is, however, only available for download on Android devices.

BlackBull Shares

As the name suggests, BlackBull Shares is a share trading platform with access to 80+ global markets and 26,000+ shares, all from one easy, retail-accessible interface. However, in order to access the platform, new traders will have to deposit a minimum of 1,000 USD. Other features include:

• 70+ Order Types
• Extended Trading Hours
• ESG/ Impact Dashboard Filters
• Advanced Analysis Tools
• Data Feeds From 66+ Third Parties

Blackbull Shares is available for download on both Android and iOS.

MetaTrader 4 and MetaTrader 5

MT4 and MT5 are the most widely available trading platforms, and if you choose to migrate to another broker, you will be able to take your custom settings with you. For more information on MT4 and MT5, please see our trading platforms page. MT4 and MT5 are available for both Android and iOS through Blackbull. 

Other Trading Platforms

Blackbull offers a considerable range of trading platforms, including MT4, MT5, Tradingview, and its two proprietary platforms Blackbull Shares and Blackbull Trades.

Blackbull Trades

The features on the web-based platform are the same as for mobile; user-friendly, a good selection of indicators, timeframes, chart setups, and market analysis.

Blackbull Shares

The features on the web-based platform are the same as for mobile; access to 80+ global markets and 26,000+ shares, 70+ order types, and advanced analysis tools.

TradingView

TradingView is free of charge for traders who open a live account and trade one lot per month or more. One of the best platforms on the market, it is an excellent tool for researching, charting, and screening any instrument. Since Tradingview is currently only offered by a small selection of brokers, we were pleased to discover that it is available at Blackbull.

Tradingview has more timeframes than MT4 and MT5, more indicators, and uses a simple coding language called PineScript. Originally a charting package, it also comes with numerous customisable options. Please note that Tradingview is only accessible on a web browser.

MT4

The MetaTrader 4 Platform (MT4) is the world’s most popular online Forex trading terminal. It has a straightforward interface and is considered easy-to-use for novice and experienced traders.  It is also widely recognised for its fast execution speeds, range of charting tools, algorithmic trading, and customisability. However, only basic orders are available, such as Market, Limit, Stop, and Trailing Stop.

MT5 

MT5 is the newer version of MT4 and is also available at BlackBull. We recommend using MT5 if you are looking for a more powerful and faster trading platform for back-testing functionality for automated trading. Additionally, traders prefer MT5 for its depth of market display, additional technical indicators, and analytical tools.

Platform Overview:

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Broker

Platform Choice

Copy Trading

Platforms

BlackBull Markets

4.5/ 5

Yes

MT4

MT5

cTrader

TradingView

Eightcap

4.5/ 5

Yes

MT4

MT5

TradingView

Axi

4/ 5

Yes

MT4

Opening an Account at BlackBull Markets

The account opening process at Blackbull Markets is user-friendly and accounts are ready for trading within one day.

All South African residents are eligible to open an account at BlackBull Markets, as long as they meet the minimum deposit requirements.  These are:

• Standard Account: 0 USD
• Prime Account: 2,000 USD
• Institutional Account: 20,000 USD

BlackBull Markets offers individual, joint, and corporate accounts, but we will focus on opening an individual account:

1. New traders will have to click on the “Join Now” button at the top of the page where they will be directed to register an account.    
2. BlackBull Markets’ intake form requires clients to fill in their personal details (including name, country of residence, email address, birth date). 
3. Next traders need to select the account type (e.g. Standard or Prime), their preferred account base currency (click here for more on BlackBull Markets’ base currencies), and leverage.  
4. BlackBull Markets requires at least two documents to accept you as an individual client:

• Proof of Identification – BlackBull accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID. 
• Proof of Address – Proof of residence/address document must be issued in the name of the BlackBull Markets’ account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority. 

After the application is approved, traders can login and fund their accounts. We advise that you read BlackBull Markets’ risk disclosure, customer agreement, and terms of business before you start trading. 

Overall, BlackBull Markets’ account-opening process is easy and hassle-free and are generally ready for trading within one business day.  

Blackbull offers a good range of trading tools compared to other brokers.

Autochartist

Free for all Blackbull clients, Autochartist is an award-winning automated technical analysis tool that plugs into MT4, MT5, and cTrader. It scans CFD markets in real-time and alerts the user to notify about trade opportunities. Autochartist relies on chart analysis as well as support and resistance levels to suggest emerging trends.

VPS Service

BlackBull Markets offers free VPS services to it’s clients that meet the requirements of having a BlackBull Markets account, a minimum of $2,000 deposit and 20 lots traded across forex pairs or metals per month. Otherwise, the hosting service costs 30 USD/month.

FIX API

FIX is the coding protocol used to place trader’s orders live on the market, and MT4 is the FIX application that BlackBull Markets uses. However, some traders require the use of their own FIX application, and for this purpose, BlackBull Markets offers a FIX API. FIX API allows institutional clients to bypass the BlackBull MT4 application and connect directly to the ECN grid using their own FIX. It essentially allows low latency trading and faster trade execution speeds.

Trading Tools Comparison:

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Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

BlackBull Markets

Yes

Yes

No

Yes

Yes

Eightcap

No

No

No

Yes

Yes

Axi

Yes

Yes

No

No

Yes

Blackbull’s Educational Material

Overall, Blackbull offers an excellent range of educational and market analysis materials. The materials are comprehensive, well-presented, and suitable for new and more experienced traders.

• Articles – A well-structured selection, including step-by-step guides and videos, divided by subject: Forex, Shares, Commodities, Cryptocurrency and Platforms.
• Live webinars – Blackbull offers monthly free webinars to help customers stay updated with the latest market events and sharpen their trading skills. If you missed out on any earlier webinars, they are available on Blackbull’s Youtube channel.

• Demo Account – Blackbull allows customers to start trading on a free demo account. That way, they can familiarise themselves with the platform and learn how the market works without taking any real risks. Therefore, a demo account suits beginners and traders who want to experiment with new asset classes. Virtual funding is 100 000 USD and expires after 30 days. 

Education Comparison:

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Broker

Beginner Course

Advanced Course

Well Structured Education

Education Quality

Webinars

BlackBull Markets

Yes

Yes

Yes

High

Yes

Eightcap

Yes

Yes

Yes

Medium

Yes

Axi

Yes

No

Yes

Medium

Yes

Analysis material

Blackbull offers a decent range of research materials compared to other brokers, including an economic calendar and an updated news section.

Market reviews – A section covering high-impact economic events, with expert commentary and videos from Blackbulls global market analysts.

Economic calendar –  Blackbull’s economic calendar allows traders to access predictions, trends, and analyses. 

Social Trading

We found that Blackbull offers an excellent social trading experience compared to other brokers.

ZuluTrade

Through the ZuluTrade social trading platform, Blackbull clients can gain exclusive access to a vast pool of professional traders and trading systems. It lets users locate successful traders and follow their trades, which are translated into real trades in their accounts. Note that traders will have to contact Zulutrade directly about possible platform costs.

MyFXBook 

As one of the most popular copy trading platforms on the market, MyFXBook is a service where you can copy trades from top successful FOREX trading systems. It allows you to copy the trades of any system you select directly into your Blackbull MetaTrader 4 account. 

BlackBull CopyTrader

Blackbull CopyTrader is a platform that allows you to copy the trades of Lead-Traders (Providers) from any MT4 or MT5-based broker. It also comes with a large amount of risk management tools, is free to use, and doesn’t require any minimum deposit.

Safety and Industry Recognition

Regulation: BlackBull Markets is regulated by New Zealand’s FMA and the FSA of Seychelles. See below for more details:

• BBG Limited (trading name: BlackBull Markets) is a limited liability company incorporated and registered under the laws of Seychelles. The Company is authorised and regulated by the Financial Services Authority in Seychelles (“FSA”) under licence number SD045.
• Black Bull Trade Limited is a New Zealand limited liability company incorporated and registered under the laws of New Zealand. The Company is authorised and regulated by New Zealand’s Financial Markets Authority (FMA) under licence number FSP1002113.

Industry Recognition: BlackBull has received extensive industry recognition since its inception. Some recent awards include:

• Best Global FX Broker 2022 by Forex Expo
• Best in Class Offerings of Investments by Forexbokers.com
• Best New Zealand Broker 2023 by Compare Forex Brokers

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the broker’s reliability, the broker’s platform offering, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded on 200+ metrics across seven areas of interest, and an overall score is calculated and assigned to the broker according to the diagram below:

Risk Statement

Trading Forex is risky, and each broker must detail how risky the trading of Forex CFDs is to clients. BlackBull Markets would like you to know that: Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.

Overview

BlackBull Markets is a New Zealand-based STP/ECN broker established in 2014 that offers trading on a huge range of tradable assets, including Forex, cryptos, commodities, over 26,000 shares, and indices. Trading costs are lower than average on its entry-level accounts and improve further on its commission-based accounts, but this is in exchange for very high minimum deposits. BlackBull also offers a great choice of trading platforms, including MT4, MT5, TradingView, its own in-house platform, BlackBull Trade, and an in-house share trading platform – BlackBull Shares.  Education and market analysis are also good compared to other brokers, and deposits and withdrawals are free.  

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts.  She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.