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BlackBull Markets Review

Published by Usman Ahmed, MBA (Researcher)

Reviewed by Bowen Khong, ACCA

BlackBull Markets is a retail broker known for providing optimal trading solutions in forex and CFDs. With a limited product portfolio and the absence of a proprietary trading platform, the company struggles to compete with high-standard brokers in the industry. However, the ECN trade execution policy and copy trading feature could attract retail and institutional clients to try their fate with BlackBull Markets. In this piece, I cover various services of the broker in detail. 

Overview 

BlackBull Markets is a brand name of Black Bull Group Limited. The company came into existence in 2014. With its headquarter in New Zealand, the broker operates through its regional offices all around the globe. While the company holds regulations from the Financial Monetary Authority (FMA) in its home country, it also has a regulatory permit issued by Financial Services Authority (FSA) in Seychelles.[1]

ProsCons
Dual regulations 
Offers a full suite of MT4 and MT5
No fees on deposits 
Support social trading 
Quick customer support
High spreads
Limited educational materials
Doesn’t support crypto trading
Doesn’t offer indemnity insurance

Who BlackBull Markets Is For?

BlackBull Market is preferably suitable for low to medium-level traders looking for budgeted trading solutions. While the company’s account opening process is pretty straightforward, multiple payment options make it even more convenient to get started with it. The broker offers a full suite of MT4 and MT5 trading platforms, making it flexible for traders to select the one they prefer. 

While the broker’s ECN trade execution model can help scalpers benefit even from small positions executed instantly at their desired prices, limited product range could become a potential concern for high volume traders. The company also offers demo accounts with an unlimited expiry, enabling clients to practice and improve their trading skills without risking their real funds. Broker’s social trading services can help clients generate a stream of passive income by replicating trades of their favourite professional traders. 

Rating:3.5/5

Is BlackBull Markets Safe? 

BlackBull Markets is a muti-regulated broker serving clients worldwide for the past seven years. Besides holding dual regulatory permits, the broker is sufficiently liquid to remain a going concern in the foreseeable future. It keeps clients investments in segregated bank accounts and employs advanced security measures such as dual-step authentication and SSL web encryption model to protect your personal and confidential information. Not to mention, since the broker doesn’t offer indemnity insurance, clients may not be able to claim their financial loss if the company goes bankrupt.[2]

Rating: 4.5/5

Year founded:2014
Publicly traded: No
Licenses: New Zealand (FMA) and Seychelles (FSA) 
Backlist: No

Offering of Investments

The broker lacks to offer an impressive range for the selection of tradable assets. Clients can only access a handful of major, minor and exotic FX pairs and a few indices, such as Nasdaq 100, Footsie 100, ASX 200, S&P 500, and DAX 30. While the metals category comprises silver and gold, energy products include West Texas Oil and Brent Oil. The broker does not support crypto trading. Therefore, it is most likely to lose the interest of crypto enthusiasts all over the world. Not to mention, the product range may also vary depending upon your jurisdiction. Therefore, it is best to confirm the availability of any specific tradeable assets from the broker before signing up with it.  

Rating: 3/5

Forex: Spot TradingYes
Currency Pairs (Total Forex pairs)40+
Social Trading / Copy-TradingYes
CFDs instrumentsForex, Indices, commodities, metals and energies

Commission & Fees 

BlackBull Markets claim to have a competitive pricing model in place. However, the trading cost varies depending upon your selected account type. The effective average spreads after round-trip commission equivalent of 0.6 pips per trade stay around 0.75 pips in the ECN Prime account. ECN Prime account seems a little cheaper when compared with the standard account. 

The company offers three types of accounts, including Standard, Prime and Islamic. Let’s quickly go through each of the available account types.

Standard: The standard account comes for a minimum deposit of $200. While the spreads start from 0.8 pips, the broker doesn’t charge any commission in this account. Besides ECN trade execution, clients can avail leverage of up to 1:500. 

ECN Prime: Clients can sign up for the ECN account for $2000. The company targets advanced level traders with the ECN Prime account. While the minimum lot size is 0.01, the broker charges a commission of $6 per round trip. 

Islamic accounts: Both Standard and Prime Islamic account types are available for shariah practising traders having all other features and benefits the same, excluding the interest charges. 

While the broker does not charge any fees on deposits, it applies a flat rate of $5 on all withdrawals. Interestingly, inactive clients do not have to pay inactivity fees on their dormant accounts and can resume trading whenever they wish. 

Rating: 3.75/5

Minimum Initial Deposit$200
Average Spread EUR/USD – Standard0.75
All-in Cost EUR/USD – Active1.0

Platforms & Tools  

The broker does not have a proprietary trading platform. However, clients can trade their favourite financial instruments through industry-standard MetaTrader 4 and MetaTrader 5 across all channels, including online, desktop, and mobiles.[3]

With limited market coverage and no platform add-ons, the broker’s offering seems limited to third-party VPS hosting. Notably, a monthly trading volume of 20 standard lots or 2,000,000 units is required to qualify for Free VPS.

In addition to the MT4 Signals market, clients can access third-party apps, such as ZuluTrade and MyFxbook, for copy trading. To facilitate on-the-go users, the broker offers Naga mobile and PsyQuation, making their social trading experience a little more joyful. 

Rating: 3.5/5

Virtual Trading (Demo)Yes
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes 
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Charting – Indicators / Studies (Total)
Charting – Drawing Tools (Total)
Charting – Trade From ChartYes
Order Type – Trailing StopYes

Research 

BlackBull Markets lags behind the industry standards in offering the market research facility. A greater variety of research materials help clients to stay well-informed to deal with market uncertainties. For instance, the broker could have added a news feed section to offer traders run time market insights. Analysts commentary is another exciting feature the brokerage firm could have provisioned, enabling its clients to read expert views on multiple financial markets. 

Thankfully, it does have an economic calendar added to the research section. Using the economic calendar, clients keep track of major upcoming economic events. Other than that, I couldn’t find anything appealing. In short, the company need serious considerations to add different tools under its research category to improves its score.

Rating: 2/5

Education 

Unlike the research section, the broker’s educational library seems to have some life in it. While trading guides make clients learn how to set up the platform and use different indicators, the trading glossary help traders become familiar with terminologies frequently used in day trading. 

The educational videos cover a wide range of topics on technical and fundamental analysis. The broker looks consistent with posting daily videos on the YouTube channel. It also holds live webinars to educate clients on recent market trends and help them know the tips and tricks to trade the market effectively. 

Rating: 3.5/5

Mobile Trading

Considering the needs of on-the-go customers, reputable brokers usually offer mobile-based trading platforms. However, BlackBull Markets customers need to rely on the MetaTrader mobile app since the broker doesn’t have any proprietary mobile trading app available. Not to mention, clients can also access several mobile apps featured by third-party social trading platforms at BlackBull Markets. No doubt, the mobile trading application is easier to use than desktop trading terminal. However, its small screen resolution can limit traders to perform some functions effectively, such as technical analysis. Still, the mobile trading app allows you to access the market anywhere anytime and control your positions with one-click trading. 

Rating: 3/5

Mobile devices Apple, Android
FeaturesMarket watchlist, Charting tools, Price alerts

Conclusion 

BlackBull Markets has a limited product range besides a low Trust Score compared to the most trusted forex brokers. Industry leaders also outperform the broker in research and education. In addition to adding more products to its range of offerings, BlackBull Markets should seek regulations in major financial hubs like Australia and the UK. BlackBull Markets is relatively a newcomer to the brokerage world and has yet to mature to compete with more established firms.

Frequently Asked Questions (FAQs)

Does BlackBull Markets accept clients from the United States?

No, the broker doesn’t accept clients based in the United States. 

What are the available payment methods to fund my account?

BlackBull Markets offer flexible payment methods, including debit cards, credit cards, wire transfers, Skrill, Neteller, FasaPay, and China Union Pay. 

Is BlackBull Markets a Market Maker Broker?

No, the broker is a non-dealing desk broker that employs the ECN trade execution model.  

Does the broker offer 24/7 customer support?

Yes, the broker remains available 24/7 to help clients. Notably, the customer support team is super competitive and address all your queries and concerns on a timely basis. 

Usman Ahmed, MBA (Researcher)
Usman Ahmed, MBA (Researcher)
Usman Ahmed is a currency trader and financial market analyst with more than 7 years of active trading experience. Besides holding a Masters degree in Business Administration, he has worked for some of the most renewed companies in the forex industry including FXCM, IQOption, MetaQuotes, Alpari, FXStreet, DailyFX and several others. Usman possesses strong technical analytical skills and is famous for his very own, informative and entertaining, writing style. He believes in naked chart trading analysis that is commonly known as price action trading. He follows global financial news and macro-economic events very closely.
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