BlackBull Markets ReviewOpen Demo Account
BlackBull Markets is a brokerage firm based in New Zealand with several offices across the globe. They are considered to be experts in the forex markets and provide excellent investment opportunities for traders.
The company offers you the opportunity to trade over 27 currency pairs, oil, gold, and silver on the platform.
They were founded in 2014, in the city of Auckland, New Zealand, by a group of individuals with a combined ten years of experience in the forex markets. Their sole aim was to build a company that provides top-notch institutional level resources to retail clients.
Over the years, the BlackBull Markets team has been able to achieve their goals by developing multiple fintech solutions, most notably, their proprietary in-house trade-order aggregation software.
As with many other retail trading firms, the company brand has expanded in recent years. They now have a presence in several jurisdictions across the world. They have offices in New Zealand (headquarters), United Kingdom, Malaysia, and New York.
Now, onto the key question: how good are they? The only way to find out is to read this review…
- The company supports a reasonably wide range of deposit and withdrawal methods
- Traders get the advantage of a low minimum deposit, tight spreads, and a demo to practice
- Traders will enjoy fast, reliable execution under actual ECN conditions
- They are a licensed and internationally regulated brand
- Online tutorial videos lack depth
- The product portfolio is somewhat limited
What can you trade?
BlackBull Markets Forex Review
When it comes to currency pairs, the company allows you to trade up to 27 currency pairs on the market. These consist of major, minor and some exotic pairs, such as GBPAUD, USDZAR, and EURNOK, to name but a few. As you may already know, the market is a very liquid one due to the enormous volumes of trading that take place daily.
The company also provides educational materials and information to help its traders trade successfully. The education provided is a little scarce in terms of the amount on offer. There are about 11 tutorial videos in their education section, which cover the basics of trading and 5 training guides, which teaches tips to trade successfully. They also provide traders with a trading glossary.
The company does not have a personalized trading platform, but they allow users to trade via MetaTrader 4 or MetaTrader 5, which are popular platforms amongst retail traders. MetaTrader 4, or MT4, is the platform that is primarily used in the forex market, and so, many traders should feel comfortable getting to grips with it.
BlackBull Markets CFD Review
BlackBullMarket trades index CFDs like the AUS200, GER30, US30, UK100, and SPX 500. Indexes provide a market-wide value on a specific basket of stocks. Typically, these companies are selected based on certain criteria, such as the grouping of companies in similar industries, or the top valued companies in that country or region.
What did our traders think after reviewing the key criteria?
The company allows its clients to choose between the various accounts it has on offer. With the minimum round-trip cost (the price of opening and closing a trade) for the EURUSD set at 0.8pips.
If you have a Prime account, the minimum round-trip cost can be as low as 0.1 pips.
Against the usual practice of other brokers, BlackBullMarket does not charge inactivity fees.
Their general charges and rates are competitive when compared to the market rate, but do not stand out as an advantage of choosing the company over others.
The company offers three types, and all of them are ECN Accounts, which operate an ECN-execution model.
ECN Standard: To operate the standard, you need to make a minimum deposit of $200. It offers a minimum spread of 0.8 pips. BlackBullMarket does not charge a commission on this account. The Equinix server used is NY4.
ECN Prime: To operate the ECN prime, you need to make a minimum deposit of $2,000, and it offers you a minimum spread of 0.1 pips. At every lot per round, you’ll be charged a commission of £4.50. The commission, therefore, raises the spread from 0.1 to about 0.7. The NY4 Equinix is the server used on this type.
ECN Institutional: To trade the ECN Institutional, you need to make a minimum deposit of $20,000. It offers a minimum of 0 pips and a minimum spread of 0 pips. This type also allows the individual client to negotiate commissions. You can trade with several custom Equinix server options.
In addition to the types listed above, BBM also offers a couple of other options.
There is a swap-free Islamic account for Muslims. It is available to them as an alternative option to both the Standard and Prime.
Finally, for traders who have achieved consistent success over the years, there is an option to open and operate an Active Trader Account which comes with benefits such as custom, negotiable solutions and packages.
BBM does not have its own trading platform but allows users to trade effectively via the MetaTrader 4 and MetaTrader 5 platforms.
The MetaTrader4 platform is available for free via Android or IOS.
MetaTrader4 Desktop Application: The MT4 platform is also available on your desktop or laptop. You can download it via the BBM website.
It may be worth noting that the MT4 platform is more widely used for trading the forex markets, while the MT5 platform is more suitable for trading stocks.
The MT4 and MT5 platforms provide automated trading using Expert Advisors and also allows access to the MetaTrader market, where there are tools and strategies available.
They provide various types of charts that are easy to understand. For example, line charts, bar charts, and candlesticks are all available.
Traders who are used to, and like these platforms should have no trouble adjusting. However, if you do not favour the platforms, there isn’t much flexibility in terms of other platforms available with the broker.
BlackBull Markets have proven time and time again that they are customer-oriented by providing top-notch customer support to their clients.
I believe their reputation amongst clients is down to the fact that they are regulated and provide global Forex/CFD brokering services. Their hunger to make a statement and prove their credibility can also be seen as the reason for their excellent customer service.
They provide support by email or chat. There is also an FAQ section covering common questions that clients can refer to instead of spending time trying to directly contact the company.
BlackBull Markets does not accept cash payments or payments from third parties, and the depositor must always be the person who signed-up.
Various payment options are available to their users. BBM does not charge deposit fees.
Two types of credit cards are allowed, and a picture of both sides of the credit card showing the last four digits are usually required. Only Mastercard and Visa are accepted for both deposits and withdrawal.
Bank wire Transfer
Bank wire transfers are accepted for both deposit and withdrawal. It takes five business days to process, and the minimum amount of deposit is £1000.
Neteller, Skrill, China Union Pay, and FasaPay are the types of e-wallet solutions accepted, transactions are usually processed instantly but sometimes can take up to an hour.
Depositing with Neteller offers multi-currency options. The currencies available to you through Neteller are: USD, AUD, EUR, GBP, CAD, JPY and SGD
Please be aware that during the withdrawal process, if you are using Credit Card, Skrill, FasaPay, Neteller, or union pay, you can only withdraw via the same method that you used to deposit the money initially. This is due to The company’s strict AML Policies.
You also need to be aware that the company charges a withdrawal fee for bank transfers. The cost is $20 on average, and there is a minimum withdrawal limit of $10.
BBM offers a demo at absolutely no cost for new traders that want to test the water and play around before entering into live trades. Some experienced traders may also opt for a demo to test new trading strategies.
BBM makes educational materials available to their traders and also provides excellent customer support services in multiple languages. They give their traders lots of insight into the CFD and forex markets to try and help them succeed.
There are no bonus or sign-up offers available as far as we can see at the moment. The company has previously advertised offers, and it may be useful to watch out for them in the future. However, we must stress that bonuses and promotions should not impact your decision on whether to trade or not.
Regulations, Deposits, and Protections
The company enjoys a moderate level of regulation. The company is registered as a financial service provider under the New Zealand Financial Services Provider Registry (FSPR) with the registration number FSP403326.
They are also registered with the Financial Services Complaints Limited (FSCL) dispute resolution scheme. On issues relating to anti-money laundering and counter financing of terrorism, BBM reports to the New Zealand Financial Markets Authority (FMA) which is the regulatory body for such cases in New Zealand.
BlackBull Market is a subsidiary of the BlackBull Group limited. The parent company of BBM is a fully registered company domiciled in New Zealand under registration number 5463921.
Following regulations, the company holds client funds at a tier 1 bank (currently ANZ bank) in segregated accounts and offers same-day withdrawal and deposit methods.
For you to register with the company, you’ll be required to provide a valid means of identification and a utility bill to show your proof of residence. Third-party deposits or withdrawal are totally unaccepted by the company to prevent money laundering or criminal activities.
One question we do have is the company’s ability to offer services in the UK. They have an office in the City of London, but there is no mention of regulation by the FCA (Financial Conduct Authority). To be able to operate in the region, they would need to be regulated by the financial authority. So, it does raise some questions, and we would suggest using another broker if you are based in the country.
The company makes use of the latest technology available to ensure that the personal information of clients is kept safe. All transmissions are secured and protected through a 128-bit SSL encryption.
As a leading figure in financial markets, BBM has been awarded several awards for its outstanding services and role in the industry.
2018 AND 2019 DELOITTE FAST 50
BBM was ranked as one of the fastest 50 companies in the world. This competition takes place in 32 countries and has spanned for more than two decades. The award recognizes the effort of both private and public companies in the tech world.
In 2018, the company’s efforts were noticed, and they were awarded the Fastest growing exporter for Auckland, New Zealand, in 2018.
But, it didn’t end there; in 2019, they were placed on the Deloitte Fast 50 index again, this time in recognition of their innovative and disruptive moves in the fintech industry.
2018 APAC TECHNOLOGY FAST 500
Over the years, the company has grown to be one of the most reputable forex brokers in NEW Zealand, and they are gradually spreading their reach to other countries across Europe. They have also engaged and fully leveraged the power of the internet to achieve their goals. In 2018, their exploits in the technology space didn’t go unnoticed as they were recognized and named in the APAC technology Fast 500 list.
At this point, I believe you should have a fair amount of knowledge on the company.
And so, in conclusion, we believe they are excellent for traders in New Zealand, but we would be uncomfortable recommending them to traders in other parts of the world due to their lack of regulation elsewhere.
Blackbull Markets FAQs
You can install the BlackBull Markets MetaTrader by either signing up for a demo or live account. If you’d like to try out the 30-day demo first, all you have to do is to fill out a simple application form and click on ‘Open demo account.’ Once done, you would receive an email from the broker with the BlackBull Markets MT4 demo login and password. Install the platform and start trading with $100,000 in virtual funds.
Yes, residents of Malaysia are allowed to open a live account with BlackBull Markets. The CFD broker has an office in Kuala Lumpur, Malaysia with email and phone support in the local language. Besides Malaysia, the broker also has an office in New York with server hubs in London, Japan and a data centre in Hong Kong.
BlackBull Markets assures processing client withdrawal requests within 24 hours. Once approved, it could take 3-5 days for the funds to be credited to your bank account or credit card. Also, the CFD broker does not charge for withdrawals, but your bank or payment processor could levy a fee. Also, the max withdrawals via cards or payment processors should be equal to the amount initially deposited. Profits, over and above the initial deposits would only be processed by bank transfer.
BlackBull Markets is the trading name of BlackBull Group Limited, a New Zealand incorporated LLC. The only regulatory agency monitoring BBG Limited is the Financial Services Authority (FSA) in Seychelles. The firm is not under the FMA in New Zealand or the FCA in the UK, so clients are not protected if the broker fails. As a consolation, BlackBull Markets is registered with the Financial Services Provider Registry (FSPR) and is a member of the FSCL dispute resolution scheme in New Zealand.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.