BlackBull Markets Forex Broker Review
Last Updated: October, 2019.
As far as FX/CFD brokers are concerned, getting the reputation of their business in good shape is probably the most difficult part of what they’re looking to achieve.
Reviews can be manipulated, but when it comes to the judgment of the trading masses, there is truly no room for error, and no second chances.
This is however just the part of the online trading equation New Zealand’s BlackBull Markets has gotten right. Since 2014 (when the brokerage was launched) users have had plenty of time to post feedback good and bad, and they did exactly that.
Message boards and trading forums are rife with user feedback about BBM, and the overwhelming majority of this feedback is positive. In fact, most trader reviews border on the ecstatic, extolling the virtues of the BlackBull setup.
There are only a handful of negative posts, which are mostly focused on the difficulties experienced by some traders regarding the verification process and the paperwork they were required to submit.
The way BlackBull Markets operates is a bit peculiar – to say the least. The brokerage is based and regulated in New Zealand, yet it does not accept clients from the country. Other than that however, with the exception of the US and a handful of European countries, such as France and Belgium, its services can be accessed from all over the world.
The corporate backer of the BlackBull Markets brand is Black Bull Group Limited. Based in New Zealand, Black Bull Group is a registered company (reg no: 5463921), and it is licensed and regulated by the Financial Services Provider Register (under reg. no: FSP403326).
Level 22 120, Albert Street, Auckland 1010, New Zealand is the actual address of the company.
How can a New Zealand company legally peddle financial services in the EEA though? Simple: in addition to its New Zealand headquarters, BlackBull Markets maintains a corporate presence in the UK too.
Black Bull Group UK Limited is a registered UK company and it uses BlackBull Group UK Ltd for payments clearing.
It is presumably this UK presence that gives the operator the right to accept clients from Europe as well as from the majority of the rest of the world.
Why is BlackBull Markets based in New Zealand? – you might wonder…
According to the official site of the broker, the stable political climate and innovation-focused business environment were two major factors in the decision to establish the main corporate headquarters there.
New Zealand is also an emerging Fintech hotbed and that is a definite advantage as well.
Why is BlackBull Markerts an attractive trading destination – above and beyond its nearly spotless reputation and solid regulatory standing?
The broker offers excellent trading products, account types, superb market coverage and a great, no-nonsense trading platform.
It is also an award-winning broker and it offers outstanding maximum leverage of 1:500 across all its account types.
Trading conditions and execution (ECN/STP execution) are quite superb as well. The minimum deposit requirement of just $200 means that the most basic account of the broker is very accessible.
BlackBull Markets Trading Platform
The only trading platform offered by the broker is MetaQuotes’ MT4, which is arguably the best such platform in the business.
Several different MT4 variants can be downloaded for free at the BlackBull Markets website, covering Windows and Mac machines as well as Android and iOS-based mobile systems.
Interestingly, the broker has not yet made available the Web Trader variant of the platform.
Experienced traders know MT4 all too well. The platform is in effect a fully customizable trading environment, offering superb charting capabilities, as well as automated trading via its EAs.
The platform version that can be downloaded from the BlackBull Markets website offers no fewer than 85 preinstalled technical indicators. Being keen on customization, MT4 allows traders to install additional indicators and even to create their own from scratch.
Multiple order types are supported by the platform, as well as an impressive number of time frames. Chart setup templates can be saved for later use.
A VPS service is available for EAs. For institutional and large volume investors, who deposit at least $20,000, the service is complementary.
In addition to a free Demo Account (for which it is easy and quick to register), and an Islamic Account option, the broker features three basic account types.
Of these, the cheapest is the ECN Standard Account, which is obviously aimed at beginners.
As mentioned, the minimum required deposit by this account is $200. It is obvious that for that kind of money, one won’t get the best available trading conditions. Still, what the broker offers in this regard is nothing short of impressive.
The Standard Account features spreads starting from 0.8 pips on major currency pairs such as the EUR/USD.
No commissions are charged on this account and the maximum available leverage is a massive 1:500.
The Prime Account offers STP execution and spreads beginning from just 0.1 pips. The cost of such generous trading conditions translates to a commission of $6 per lot.
To be eligible for such an account, traders need to deposit at least $2,000. Despite that, this account type is the most popular of the broker.
The leverage is 1:500 on this account version too.
The Institutional Account is at the top of the account-type list. The minimum required deposit on this one is $20,000.
The spreads start from 0 pips, and the commissions are negotiable. Institutional users are offered MAM/PAMM and white labeling options.
While the default FX pair selection offered by the broker is impressive enough, BlackBull Markets is very flexible in this regard. Traders can actually request access to various crosses and exotics.
Some 6 index-based CFDs can also be traded, together with a handful of metals and energy commodities.
The most interesting asset class covered by the operator is the cryptocurrency one. Besides Bitcoin, this class includes Litecoin, Ethereum and DASH too.
Cryptocurrencies are also traded through CFDs (which are financial derivatives). This means that BlackBull Markets does not sell actual cryptocurrencies, as CFDs only offer exposure to the price-variations of the underlying asset. No actual possession is involved in this type of trading.
Deposit and Withdrawal Options
BlackBull Markets accepts the usual account-funding methods. Bank Wire is perhaps the most straightforward of these, followed by credit cards such as VISA and MasterCard.
Skrill and Neteller have also made the list, together with UnionPay and FasaPay. Withdrawal processing time is two days.
BlackBull Markets Support
The most straightforward way to contact BlackBull Markets’ support is through the live chat feature available at the official site.
BlackBull Markets Conclusion
When all is said and done, BlackBull Markets stands as perhaps the most reputable broker we have reviewed thus far. The trading community just likes these guys and that is quite priceless. In fact, reputation could well be considered the main selling point of this operator.
Beyond that however, let us not forget that we’re dealing with a well-regulated broker here, one that offers superb trading conditions and a great deal of flexibility leverage-wise as well as in regards to the assets it offers for trading.Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.