Black Bull Markets Review 2023
Rising competition has forced forex brokers to become increasingly more advanced and competitive: providing better educational resources, lower fees, and newer features. BlackBull Markets is an example of such a competitive broker, which offers competitive fees, a good support system, and decent educational resources.
But, its UX design leaves much to desire and they’re not a good option for beginners. We’ve extensively reviewed this broker in the following review to give you the in-depth information you need to decide whether BlackBull Markets is the right broker for you.
Regulations and Security
BlackBulls Market was founded in 2014 in New Zealand, and they’re currently a large global forex broker. its services are officially regulated by both the:
- Financial Authority of New Zealand(FMA)
- Financial Services Authority of Seychelles (FSA)
International licenses are essential to establish the credibility of a broker; with rising scams, you must use due diligence while selecting a broker. View BlackBull’s regulatory licenses here.
BlackBull markets also has a strict Anti-Money Laundering (AML)/ Counter Financing of Terrorism(CFT) policy to prevent terrorist financing or money laundering through its services.
Blackbull markets also annually submits company files and audits to the New Zealand Companies Office. Much of the information in its company files and audits are also publically available and fall under legal body oversight.
Fund Segregation
BlackBull Markets uses tier-1 banks for additional official security. Tier-1 banks have excellent financial health and strength according to official financial classifications. When traders make payments to BlackBull Markets, the payments are held in segregated bank accounts.
These bank accounts are in tier-1 banks with sufficient capital to let you withdraw your money even if BlackBull Markets goes out of business. So, you’re ensured the ability to withdraw your money even if the broker goes bankrupt.
Negative balance protection
Negative balance protection prevents your account from becoming negative even if market forces rapidly move against your trades. Negative balance protection is especially valuable for new trades unfamiliar with market norms and movements. BlackBulls Markets does not provide any negative balance protection, unlike many other brokers. However, they have other useful measures to assist new and expert traders.
Guaranteed Stop Loss
Guaranteed stop losses let your trades exit at a price you’ve specified irrespective of market volatility. BlackBull Markets has no guaranteed stop-loss features.
Is BlackBull Markets available worldwide?
Yes, Black Bull Markets is currently available in 178 countries, with its major markets being the UK, Germany, Australia, and China. They have around 10,000 users spread across 178 countries but it does not offer its services in either the United States or Canada.
Supported platforms
Good trading platforms let you export data to data and analysis applications to analyze the data and drive valuable conclusions. Supported platforms help with activities like risk management and implementing new trading strategies.
Mobile Applications
Unlike industry leaders, BlackBulls Markets doesn’t have a proprietary smartphone app. Instead, they let users access BlackBull Markets on its phones and tablets through the MetaTrade 4 app, which is available in the Apple Appstore and Google Playstore.
Look and feel
The MetaTrader 4 app is intuitively designed, user-friendly, and easy to use.
Login and security
The Meta Trader 4 app has a one-step login, which is less secure than the two-step one. You also can’t login using biometric data like fingerprints or face ID, which would have provided more convenience.
Search functions
The app has decent search functions that let you search using product names or by using category folders.
Placing orders
You can repeat order types and order limits.
Alerts and notifications
Alerts and notifications are unavailable on the mobile app, but they’re available on the desktop version. The absence of these features is very inconvenient for many users.
Web trading platform
BlackBull Markets uses the MetaTrader 4 third-party platform instead of developing its own platform.
User Interface
This web trading platform is extremely customizable. For example, you can intuitively change the size and positions of your tabs. But, it lacks many other features common in more modern platforms. For instance, it has a complicated way of adding assets to the watchlist.
Login and security
The platform has a one-step login, but a two-step one would have been more secure.
Search functions
The platform has functional search features, but you can’t type in asset names manually. Instead, you find assets listed by category.
Placing orders
The platform has basic order types and more-sophisticated ones like ‘one cancels the other’ are not available. Instead, you can only use the following three order types:
- Limit
- Market
- Stop-loss
You can also use these order and alert options:
- Good ‘til canceled (GTC)
- Good ‘til time (GTT)
- Alerts and notifications
The web trading platform doesn’t provide you with any alerts or notifications. The alerts and notifications features are only available on the desktop trading platform, which is very inconvenient for web trading users.
Portfolio and fee reports
BlackBull Markets provides both a clear portfolio and fee reports under the History tab, but they’re not downloadable. The available reports include your profit-loss balance and commission payments. Overall, you can easily access most information about your trades.
Desktop Trading Platform
BlackBull Markets provides both MetaTrade 4 and Metatrader 5 for desktop trading.
MetaTrader 4
MetaTrader 4 provides the same features as other web trading platforms, like different languages, different order types, and search functions. You can also easily access fee reports and information, and unlike the web trading platform, the desktop version lets you download reports by right-clicking on the History tab and selecting “Save as detailed report”.
The major advantage of the desktop trading platform is that you can receive alerts and notifications via mobile push and email notifications. You can set up alerts by adding your email address and mobile MetaQuotes ID, which is visible in your MT4 app’s settings.
MetaTrader 5
MetaTrader 5 has the following advanced features over previous versions:
1. Faster processing times
2. Advanced pending order abilities
3. New range of tools and indicators
4. Better hedging capabilities
5. Over 20 timeframes
6. An integrated economic calendar
7. Access to depth of market liquidity
You can download MetaTrader 5 from Black Bull Market’s website, and you can start trading after creating an account on the platform.
Account Types
BlackBull Markets offers three main account types:
- ECN Standard
- ECN Prime
- ECN Institutional
They also offer Islamic accounts and Active Trader Accounts for certain clients. Blackbull Markets requires a minimum lot size of 0.01 for every account.
Standard
The Standard account needs a minimum $200 deposit and spreads start from 0.08 pips. The Standard account also does not charge commissions for trading.
Prime
The Minimum account needs a minimum of $2,000 and spreads start at 0.1 pips, so it’s more competitive than the Standard account. The Prime account charges a $6 per round commission.
Institutional
The Institutional account needs a minimum of $20,000, and account holders can access spreads starting with 0.0 pips. Blackbull markets provides institutional account holders with multiple perks, including:
- Complimentary VPS access
- 24/6 dedicated support
- Customized MAM/PAMM platforms
- Customizable commission structures
Other Accounts
BlackBull Markets also provides Islamic/swap-free accounts that conform to Sharia Law requirements. BlackBull Markets also provides Swap-free accounts as variants of Standard, Prime, and Institutional Accounts.
BlackBull Markets also let you choose accounts based on ownership:
- Individual accounts: Only an individual owns the account
- Joint accounts: Two or more people own the account
- Company accounts: A legal entity owns the account
Advantages and Disadvantages of BlackBull Markets Accounts
There are several advantages of opening an account with BlackBull Markets, including the following:
- Commission-free trading is available
- Authochartist plugin
- A Trading Academy
- Cross-Platform Trading
- ZuluTrade, Myfxbook, and HokoCloud copy trading
But, BlackBulls Markets also has the following disadvantages:
- Unavailable in the US and Canada
- Negative balance protection is unavailable
- Cryptocurrencies and shares are unavailable
Signing Up
Opening an account with BlackBull Markets is an easy and straightforward process that takes only 10-15 minutes online. It then takes one business day for the BlackBull Markets to approve the application.
Follow these 5 steps to open an account at BlackBull Markets:
- Enter personal information, including birth date and income source.
- Choose your account type, currency, and leverage.
- Upload your documents, including proof of identity like your passport, driver’s license, or national ID, and proof of residence like a bank statement or utility bill.
- You’ll confirm your email address.
- Fund your account.
Deposit and withdrawals
BlackBull Markets has good deposit and withdrawal services with multiple available base currencies, multiple money withdrawal options, and no deposit fees, but brokers charge withdrawal fees.
You can withdraw money through bank transfers and credit cards, among other options, but withdrawal fees are 5 based currency: $5 if your base currency is in US dollars.
Your trading profitability will depend significantly on your brokerage’s traading cost; you must view Blackbull’s fees and policies to avoid any shocks later.
Commissions and fees
BlackBull Markets has industry average trading costs that vary on your account type:
- The Standard account needs a $200 deposit and is commission-free.
- The ECN Prime requires a $2,000 minimum deposit and has a commission of $3 per side or $6 round turn per lot.
- The ECN Institutional account needs a $20,000 deposit but individually-negotiated commission rates with brokers on a case-by-case basis.
Spreads
In October 2021, the average spread of the Standard account was 1.25 pips, which makes it pricier than the Prime account. The Prime account has an effective average spread of 0.824 for EUR/USD.
Available Leverage
BlackBull Markets offers different leverage levels. The higher leverage levels are normally legally restricted via regulatory requirements imposed on brokers. BlackBull Markets provides high leverage levels up to 1:500 for either retail or professional traders.
International trades also qualify for high leverage levels up to 1:500. As a result, BlackBull Markets provide relatively higher leverage levels when most of the world permits substantially lower leverage levels.
New Zealand, along with Australia, generally allows higher maximum leverage ratios that require learning about trading to reduce riskiness.
Analysis and Education
BlackBull provides multiple educational resources, including videos, guides, and trading glossaries, for traders at different levels. These resources have a generally good quality of information for traders. The trader also has its own company blog, which offers a market overview, analysis information, and other research materials.
But, BlackBull Markets offers only limited research tools and information. You won’t find constant market updates or advanced analytical tools. But, you also receive an economic calendar and market analyses.
Overall, BlackBull Markets has decent educational offerings, but the company isn’t as competitive as other large brokers. So its educational resources are limited in usefulness.
Customer service
BlackBull Markets has generally fast and supportive live chat and phone support services. They also offer 24/5 email support, so they are generally responsive to queries and requests. Overall, BlackBull Markets’ customer service is generally good in quality.
Reputation among Traders
BlackBull traders have generally positive public reviews on different online forums. For instance, they have a 4.7 out of 5 rating based on 155 reviews on Trust pilot. Only 7% of Trust pilot reviewers rated BlackBull markets as poor and bad.
Most other Forex review websites and blogs agree that BlackBulls Markets is a generally good forex broker–not the best–but not bad by any means.
Can beginners trade with Blackbull Market?
They shouldn’t. BlackBulls Markets is not favorable for beginners. While BlackBull Markets has clear fee reports, educational resources, and order confirmation, they don’t have two-step confirmation, and its platform isn’t optimally designed for beginners.
BlackBull Market’s mobile platform is especially cumbersome, and there are no price alerts either, although it has decent search functionality. Overall, BlackBull Markets isn’t a good choice for new traders.
Overall, there are better Forex brokers for beginners, and BlackBull Markets’ lack of user-friendly design, no price alerts, and limited educational resources make it unsuitable for beginners. It’s a good option for more experienced traders.
Summing Up
In conclusion, BlackBull Markets is a generally competitive broker. They offer different account types, have industry-average trading costs, and good dedicated support services. But, they only offer limited educational resources, have a poor platform design, and they’re not beginner-friendly. Overall, BlackBull Markets is a good forex broker, but they’re not right for beginners.
