blackbull review
Blackbull Review
BlackBull Market provides brokerage and FinTech services to retail traders in New Zealand. ECN/NDD execution, deep liquidity, and price aggregation are just some of the many benefits that BlackBull offers through its MT4/MT5 trading platforms. In order to determine if their claims are valid, I conducted an in-depth review of these features advertised by this firm.
BlackBull Markets Main Features
| Feature | Blackbull |
|---|---|
|
Retail Loss Rate |
Undisclosed |
|
Regulation |
Yes |
|
Minimum Raw Spreads |
0.0 pips |
|
Minimum Standard Spreads |
0.8 pips |
|
Minimum Commission for Forex |
$6.00 per round lot |
|
Commission for CFDs/DMA |
Not applicable |
|
Commission Rebates |
Yes |
|
Minimum Deposit |
$200 |
|
Demo Account |
Yes |
|
Managed Account |
Yes |
|
Islamic Account |
Yes |
|
Inactivity Fee |
No |
|
Deposit Fee |
No |
|
Withdrawal Fee |
Third-Party |
|
Funding Methods |
5 |
Blackbull Markets Regulation and Security
When you’re trading with a regulated broker, it limits the potential for fraud and malpractice. It’s my recommendation that traders check for regulation and verify it by checking the provided license in their database.
BlackBull Markets presents two subsidiaries that are well-regulated: the New Zealand Financial Markets Authority (FMA) is its primary regulator, while BBG Limited has been authorized by the Seychelles Financial Services Authority (FSA). The BlackBull Group UK Limited offers payment clearance services.
| Country of the Regulator | Name of the Regulator | Regulatory License Number |
|---|---|---|
|
New Zealand |
Financial Markets Authority |
FSP403326 |
|
Seychelles |
Financial Services Authority |
N/A |
I could not find one thing in particular. All the information I would need to know about this broker trading is on their website, and it includes a reference to negative balance protection; however, this was missing from their legal documents.
This omission is highly unfortunate because leveraged trading can be especially risky without it—an omission that makes me regret recommending BlackBulls Markets as a regulated broker with secure client deposits protected by segregating them from corporate funds and relying on ANZ Bank as the custodian bank for all funds.
However, if you are looking for extra security features like negative balance protection or 24/7 customer support staff availability (limited hours), then BlackBull Markets may not be the right fit for your needs.”
Fees
At BlackBull Markets, the spreads are competitive and offer institutional-level pricing for retail traders. A typical raw spread of only 0.1 pips during the London/New York overlap is very competitive and a great offer from BlackBull Markets.
Traders need to deposit a minimum of $2,000 to access these spreads, which I think is quite high but not unreasonable if you’re doing high-volume trading (as many people do).
One thing I appreciate about this black bull broker is that they provide flexibility when it comes to negotiating rebates on trades, one factor being swap rates on leveraged overnight positions.
| Minimum Spread | Commission per Round Lot | Cost per 1.0 Standard Lot |
|---|---|---|
|
0.8 pips |
$0.00
|
$8.00
|
|
0.1 pips
|
$6.00
|
$7.00
|
Depending on how you trade, swap rates can be your most significant fee per trade, so I always recommend checking them before evaluating all black bull trading costs.
The spreads available at the BlackBull markets are good for us retail traders as well, with their institution-level prices too! There’s usually just a 0.10 pip spread overnight in London and New York, which isn’t too bad considering what other brokers charge, and it’s worth it because we get really reasonable fees there either way.
The following costs will be incurred by taking a 1.0 standard lot buy/sell position in the EUR/USD at the tightest spread and holding it for one night:
| Minimum Spread | Commission per Round Lot | Swap Long | Swap Short | Total Trading Costs |
|---|---|---|---|---|
|
0.1 pips |
$6.00
|
-$2.912
|
X
|
$9.912
|
|
0.1 pips
|
$6.00
|
X
|
-$0.265
|
$7.265 |
If you want to take a 1.0 standard lot buy/sell position in the EUR/USD at the tightest spread with a holding period of seven nights, it will cost you as follows:
| Minimum Spread | Commission per Round Lot | Swap Long | Swap Short | Total Trading Costs |
|---|---|---|---|---|
|
0.1 pips |
$6.00
|
-$20.384 |
X
|
$27.384 |
|
0.1 pips
|
$6.00
|
X
|
-$1.855
|
$8.855
|
What Can I Trade?
Blackbull Markets Leverage
The best Forex traders at BlackBull Markets can enjoy a maximum leverage of 1:500. Indices and oil remain capped at 1:100, but the lower tier is lowered to 1:200 when trading lots above 0.50 and reduced to just 1% if it’s over a lot size of one.
Trading Hours
Online forex trading is available from Monday at 00:00 to Friday at 24:00. Most commodities are tradeable on Monday through Friday between 01:00 and 23:15, with index CFDs being available between 09.00 and 23.30, while US ones are open from 01.00 to 23.45 (UTC)
| NZST (NZ) | JST (Japan) | GMT (London) | EST (East USA) | |
|---|---|---|---|---|
|
Open |
10:00 (Mon) |
07:00 (Mon) |
22:00 (Sun) |
17:00 (Sun) |
|
Close |
10:00 (Sat) |
07:00 (Sat) |
22:00 (Fri) |
17:00 (Fri)
|
blackbull markets Account Types
I enjoy ECN Prime at BlackBull Markets. With a minimum deposit of $2,000, it is the best cost structure on offer from any broker I have seen so far. The standard trading fee here is $8 per trade instead of $7 for the standard account with an ECN, but I am making enough trades to justify that difference in price!
You can also get higher leverage rates if you want them—up to 1:500 max—which remain competitive and offer plenty more opportunity for profit than other brokers (1:200 being common). They also offer Islamic forex accounts and institutional ones, as well as special pricing deals.
Trading Platforms
BlackBull Markets provides traders with the MT4 and MT5 trading platforms, but they don’t integrate third-party plug-ins. I find this a bit disappointing because BlackBull Markets is a FinTech company and could do better, although this shouldn’t be too much of an issue for most traders.
While MT4 remains the leader in algorithmic trading, both of these platforms support it in some way or another: there’s copy-trading functionality built into them, and you can get mobile apps for MT4 if that suits your needs better than desktop software does. You can also choose to trade using Webtrader on your computer if you want to avoid installing any programs!
Overview of Trading Platforms
| Trading Platform | Blackbull |
|---|---|
|
MT4
|
Yes
|
|
MT5 |
Yes
|
|
cTrader
|
No
|
|
Proprietary Platform
|
No |
|
Automated Trading
|
Yes
|
|
Social Trading / Copy Trading
|
Yes
|
|
MT4/MT5 Add-Ons
|
No
|
|
Guaranteed Stop Loss |
No
|
|
Negative Balance Protection |
Yes
|
|
Unique Feature One
|
FIX API Trading
|
|
Unique Feature Two
|
VPS hosting |
Unique Features
I find BlackBull Markets to be a great financial company. They offer the FIX API so that algorithmic traders can connect to advanced trading solutions, and they offer free VPS hosting from NYC Servers or BeeksFX for ECN Prime accounts with high volumes of trades.
The social trading service via market leaders ZuluTrade and MyFxbook Autotrade is also available at their site, as is their Prime Liquidity service catering to institutional clients.
Research and Education
The only downside to BlackBull Markets is the lack of research. However, given that there are numerous sources of research online, I don’t find this a deal-breaker. Beginner traders have access to eleven videos and many short trading guides that offer an in-depth introduction to trading.
While more detailed content would be preferable for beginners, it’s hard not to appreciate what BlackBull Markets does provide, both in terms of video and trading guide information. A trading glossary is also available for those who do need help with any terminology used fluently throughout the website.
Customer Support
It is possible to contact customer service 24/7 via live chat, which I find the most convenient way to connect with them. A phone number and nine e-mail addresses are also given, one of which has support in Chinese.
BlackBull Markets offers full contact information on its site; this transparency reassures me that traders will not need assistance unless there are emergencies. In such a case, BlackBull Market guarantees a customer service representative is available for help at all times.
Bonuses and Promotions
BlackBull Markets does not offer bonuses to new retail traders, but it does present qualifying traders with monetary incentives like lower commissions or services like free VPS hosting. Given the excellent trading infrastructure and competitive trading costs, I do not consider the absence of such an incentive as a negative factor.
Opening an Account
Opening an account at BlackBull Markets is a straightforward process that follows the normal standards of the retail forex industry. I found some of their additional questions unnecessary, as traders can fill them out as they wish, which leads to no verification of their answers.
BlackBull Markets includes account verification with the opening form for new accounts, which saves time from going back and forth in between processes. Plus, it’s a requirement, so now you don’t have to do that extra step! New traders must submit copies of their ID (photo) or passport and proof document dated within 3 months from today.
Minimum Deposit
The minimum deposit for the BlackBull Markets ECN Standard account is $200, for the ECN Prime $2,000, and the Institutional one is $20,000. Though they are still higher than most of their competitors’ deposits at competitive brokers in general I believe these prices to be reasonable given their quality and therefore accept them.
Payment Methods
Traders can deposit their funds into BlackBull Markets accounts through bank wires, credit/debit cards, Skrill, Neteller, and FasaPay.
Blackbull Markets Deposits and Withdrawals
The flexibility at BlackBull Markets for deposits is a positive point, as traders can deposit more or less money each time. Their withdrawal process is also solid, with 24 hours of processing withdrawals within that timeframe.
The only negative I found was the $5 withdrawal fee, which other brokerages do not charge. That being said, the back office has an easy-to-use interface for financial transactions, so you never have to worry about having this job done by a human accountant!
Bottom Line - Blackbull Review
BlackBull Markets is an excellent broker for algorithmic trading. The cost structure and trade execution are competitive, but I wish that the asset selection was broader and the withdrawal fee was lower. With its ECN Prime account and a minimum deposit requirement of $2,000 USD, it would be more appealing to traders who have enough capital to invest in forex trading.
Overall, BlackBull Market’s core environment excels as it offers great features like robust charting software as well as support for API trades, which makes advanced algorithmic trading possible
FAQs
BlackBull Markets has a regulatory license from the FMA in New Zealand and the FSA in Seychelles.
The headquarters of BlackBull Markets is in Auckland, New Zealand.
BlackBull Markets makes money from spreads, commissions, and swap rates on leveraged overnight positions.
Clicking on Live Account on the homepage of BlackBull Markets opens the four-step online application process.
BlackBull Markets accepts deposits by bank wires, credit/debit cards, Skrill, Neteller, China Union Pay, and FasaPay.
Traders can request withdrawals from the secure back office of BlackBull Markets in a straightforward process, usually completed within 24 hours except for bank wires.
BlackBull Market is a legit broker regulated in New Zealand, the UK, and Seychelles with an exceptional regulatory track record.
BlackBull Markets does not offer cryptocurrency trading but may expand into this sector in the future if there is sufficient demand.
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