BlackBull Markets Review
With just MetaTrader 4 available alongside a handful of social copy trading platforms, BlackBull Markets offers a limited product range and struggles to compete with industry-leading forex brokers.
Top Takeaways for 2021
Here are our top findings on BlackBull Markets:
- BlackBull Markets maintains regulatory status in one tier-2 jurisdiction, making it a safe broker (average-risk) for forex and CFD trading.
- As a MetaTrader-only broker, BlackBull Markets offers several social copy-trading platforms. However, MT5 is not available, and the range of research and education tools trails the best MetaTrader brokers.
- Based on average spreads we obtained, commissions and fees at BlackBull Markets appear to be in-line with the industry average. That said, the broker’s narrow range of 44 tradeable symbols trails the best forex brokers by many thousands of products across global markets.
|Offering of Investments|
|Commissions & Fees|
|Platforms & Tools|
Is BlackBull Markets Safe?
BlackBull Markets is considered average-risk, with an overall Trust Score of 70 out of 99. BlackBull Markets is not publicly traded and does not operate a bank. BlackBull Markets is authorised by zero tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). BlackBull Markets is authorised by the following tier-2 regulators: New Zealand Financial Markets Authority (FMA). Learn more about Trust Score.
|Publicly Traded (Listed)||No|
Offering of Investments
BlackBull Markets offers a total of just 44 tradeable symbols, which is a small selection and below the industry average. The following table summarizes the different investment products available to BlackBull Markets clients.
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||30|
|CFDs - Total Offered||14|
|Social Trading / Copy-Trading||Yes|
|Cryptocurrency traded as actual||No|
|Cryptocurrency traded as CFD||No|
Commissions and Fees
The cost to trade at BlackBull Markets depends on the account type chosen, with three options available.
Spreads: After including the round-trip commission equivalent of 0.6 pips per trade on the ECN Prime account, the effective average spreads are 0.76 for the six months ending August 31st, 2020. This pricing makes the ECN Prime account the ideal option compared to the Standard account.
Accounts comparison: The Standard account is commission-free and only requires a $200 deposit. The ECN Prime account requires at least $2,000, and although spreads are lower, there is a $3 commission per side or $6 round turn per lot. Lastly, for active traders that deposit at least $20,000, BlackBull Markets offers its ECN Institutional account where you must negotiate commission rates with the broker on a case-by-case basis.
|Minimum Initial Deposit||$200|
|Average Spread EUR/USD - Standard||0.76|
|All-in Cost EUR/USD - Active||0.76|
|Active Trader or VIP Discounts||Yes|
Platforms and Tools
As a MetaTrader 4 (MT4) broker, BlackBull Markets offers the desktop and web version of the popular trading platform.
With a limited range of markets and no platform add-ons, there is not much to say about the broker’s MT4 offering beyond the Virtual Private Servers (VPS) hosting available from third-party providers.
VPS hosting: For Free VPS, clients must deposit at least $2,000 in the ECN Prime account and complete at least 20 standard lots or 2,000,000 units worth of trading volume each month.
Social copy trading: BlackBull Markets offers several third-party apps for social copy trading, in addition to the native Signals market available in MT4. Supported copy trading platforms include ZuluTrade, MyFxbook, SwipeStox (a mobile app from Naga), and PsyQuation. From among these options, SwipeStox is mobile-based, while PsyQuation has barely over 30 traders to copy. While both entrants are newer and have potential, ZuluTrade and MyFxbook are more established and mature options to consider.
Aside from a robust range of copy trading platforms, BlackBull Markets is a laggard in the Platform and Tools category when it comes to its primary trading platform, with just MT4 on offer. That said, the broker plans to launch MetaTrader 5 (MT5), which will be a welcomed addition.
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|Social Trading / Copy-Trading||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||No|
|Charting - Indicators / Studies (Total)||(Default MT4)|
|Charting - Drawing Tools (Total)||(Default MT4)|
|Charting - Trade From Chart||Yes|
|Watchlists - Total Fields||(Default MT4)|
|Order Type - Trailing Stop||No|
When it comes to market research, BlackBull Markets trails the best forex brokers. Increasing the volume and scope of research materials, including various formats beyond video, would help BlackBull Markets improve its score in this category.
Video commentary: I found the videos produced by the in-house team to be of good quality and depth of coverage from a technical and fundamental analysis perspective. There are daily updates published to the broker’s YouTube channel and longer sessions that are live-streamed covering economic new releases in a live-trading-room format.
|Daily Market Commentary||Yes|
|Forex News (Top-Tier Sources)||No|
|Trading Central (Recognia)||No|
|Social Sentiment - Currency Pairs||No|
Like research, BlackBull Markets has a long way to go to catch up in its offering of education materials, especially when compared to the best forex brokers for beginners. There is a section on the BlackBull Markets website dedicated to education with various categories such as “Learn To Trade.” Yet, these are mostly devoid of any comprehensive materials.
Educational videos: The Trading Videos section has barely half a dozen videos, and they are focused on platform tutorials instead of forex trading concepts. That said, it is worth mentioning that BlackBull Markets has created a series of various educational videos on its YouTube channel, which I found to be of decent quality.
|Has Education - Forex||No|
|Has Education - CFDs||No|
|Client Webinars (Archived)||No|
|Videos - Beginner Trading Videos||Yes|
|Videos - Advanced Trading Videos||No|
|Investor Dictionary (Glossary)||Yes|
|Tutorials/Guide (PDF or Interactive)||No|
BlackBull Markets offers two mobile apps: its proprietary BlackBull Markets App, and the MetaTrader platform suite.
As a MetaTrader-only broker, BlackBull Markets customers are limited to the MetaTrader 4 (MT4) app. While some of the third-party social copy-trading platforms offered have mobile versions, they connect to the broker’s MT4 platform.
Overall, mobile trading is not a category where BlackBull Markets stands out when compared to the best MetaTrader Brokers.
|Apple iOS App||Yes|
|Trading - Forex||Yes|
|Trading - CFDs||Yes|
|Alerts - Basic Fields||No|
|Watch List Syncing||No|
|Charting - Indicators / Studies||(Default MT4)|
|Charting - Draw Trendlines||No|
|Charting - Trendlines Moveable||No|
|Charting - Multiple Time Frames||No|
|Charting - Drawings Autosave||No|
With a limited product range on MT4, the social copy trading tools alone do not give BlackBull Markets an edge, because its Trust Score is low compared to the most trusted forex brokers. Research and education are also sub-par compared to industry leaders.
Besides enhancing its product offering, BlackBull Markets should work towards obtaining Tier-1 licenses in jurisdictions such as the UK or Australia, among other major financial centers. I do not consider New Zealand or Seychelles to be a Tier-1 regulatory hub.
BlackBull Markets is also relatively new to the brokerage scene and has yet to mature compared to firms that have been around for decades. Overall, there are better forex brokers available for traders to use.
About BlackBull Markets
Founded in 2014, BlackBull Markets is a forex and CFD broker headquartered in New Zealand. The broker is authorized by the Financial Markets Authority (FMA) in New Zealand since 2020 and registered on the Financial Services Provider Register (FSPR) since the end of 2014.
2021 Review Methodology
For our 2021 Forex Broker Review we assessed, rated, and ranked 27 international forex brokers over a three month time period. Each broker was graded on 108 different variables and, in total, over 50,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.
About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.