BlackBull Markets Review
There are 3 basic account types with BlackBull Markets: Standard, Standard and Institutional, based on the initial deposit.
The Standard account is commission-free one offers and has the lowest minimum initial requirement, however also the highest spreads with this broker. The Prime account offers lower spreads, but involves a commission fee.
There is also a Sharia-compliant account, which is intended for clients of Islamic belief, as it is does not have any swaps calculated for open positions and satisfies Islamic religious prohibitions of not receiving or paying interest. Micro lots are available for trade on all account types.
The Company. Security of Funds
BlackBull Markets was founded as an institutional broker, however now it also offers its services to retail traders. Based in Auckland, New Zealand, the brokerage also maintains an office in Kuala Lumpur, Malaysia. As well as Equinix trading facilities in London and New York.
BlackBull Markets is a NDD broker that provides over-the-counter trading services in forex and commodities CFDs.
BlackBull Group Ltd. trading under the BlackBull Markets brand is a Registered Financial Services Provider under the New Zealand’s Financial Markets Conduct Act 2013 and as such is regulated by the Financial Markets Authority (FMA).
FMA-regulated companies must comply with certain requirements, such as to have a physical presence in NZ and at least one Manager has to be a NZ resident.
Nonetheless, a minimum capital requirement for brokerage companies has not yet been introduced. And such applies in most jurisdictions as a proof of good financial standing. Legislative amendments are to be adopted later this year, requiring Forex brokers to hold net tangible assets amounting to at least $1,000,000, which is a step further in tightening up the NZ regime.
What is more, BlackBull Group Ltd. announces on its website that client funds are kept in segregated accounts and that it applies Strict Anti-Money Laundering (AML) policies.
Moreover, BlackBull Markets is a member of NZ FSCL (Financial Services Complaints Limited), a qualified independent dispute resolution company associated with NZ FMA, able to awarding up to $200,000 in compensation to consumers.
Minimum Initial Deposit
The minimum initial deposit required by BlackBull Markets is $200, which is an average amount to start trading with, however other NZ-based brokerages, require less or none at all. MahiFX, for instance, has not set a minimum deposit requirement and traders may open an account and start to trade with just $1.
Commission & Spreads
Being a STP/ECN broker, BlackBull Markets offers floating spreads, which vary by account type. Spreads for the EUR/USD pair start at 0.9 pips on the commission-free Standard account type, and at 0.2 pips on the Prime account, plus a commission of 6 per lot round turn. So basically the average trading costs on both account types within the range of 1.0 – 1.3 pips on EUR/USD, which is not bad at all.
In comparison, NZ-based MahiFX offers spreads averaged 1.0 pips for the EUR/USD pair on its single commission-free account. LandFX, another NZ brokerage, provides spreads, averaged 0.3 pips on EUR.USD on its ECN accounts, involving a commission of 0.35 pip/lot (per side). For further information, you may check out and compare real-time spreads of 15 leading brokers here.
The maximum leverage level offered by BlackBull Markets is 1:500, which is comparatively high, since most brokers usually offer leverage of up to 1:200 or 1:400. LandFX also provides leverage up to 1:500, although in some jurisdictions there are limitations set on leverage, which are considerably lower – for instance, in USA the maximum leverage allowed is 1:50.
You may look up a list of more FX brokers offering leverage up to 1:500 or higher here.
BlackBull Markets offers its clients the most widely used trading platform, MetaTrader 4 (MT4), available as desktop and mobile versions.
Developed by Russian software company MetaQuotes, MT4 is the most widely used forex trading platform. BlackBull Markets’ MT4 is equipped with 85 pre-installed indicators, multiple chart setups, a wide range of automated trading algorithms, known as Expert Advisors (EAs), and extensive back-testing environment for them. Traders can download ready-made or create their own trading robots, scripts and custom indicators in the MQL programming language.
Forex VPS is crucial for running EAs and that is why most brokers offer such service. BlackBull Markets is no exception, and clients with account balances over $1000 USD may host their EAs on VPS for free, provided that they trade at least 20 standard lots per month.
What is more, BlackBull Markets has partnered with MyFXBook to offer AutoTrade a platform, specialized in copy trading. The best part is that the broker does not charge any extra for auto trade. It is worth noting that a balance of $1000 or more is needed to use this platform.
BlackBull Markets has also partnered with Institutional Analysts Daily FX to provide its clients with a morning newsletter with an outlook on key markets (containing Trading Central institutional level technical analysis strategies), as well as with access to market updates every 2 hours on major trading pairs and commodities.
MAM & PAMM services are also offered by this broker. What is more, BlackBull Markets is introducing a Social Trading Plugin, where clients can browse and select Money Managers (MM) to invest in. This gives investors the chance to make money without having to trade themselves.
Methods of Payment
BlackBull Markets’ clients are offered the following modes of payment: Credit/Debit cards (Visa, MasterCard), bank wire, Skrill, Neteller, China UnionPay, WebMoney.
The broker accepts a wide range of deposit currencies: South African Rand (ZAR), United States dollar (USD), Euro (EUR), Great British Pound (GBP), Japanese Yen (JPY), Australian Dollar (AUD), New Zealand Dollar (NZD), Singapore Dollar (SGD) and the Canadian Dollar (CAD).
Skrill account is a USD account. You can fund through Neteller with: USD, AUD, EUR, GBP, CAD, JPY and SGD.
Key to Markets is a NZ-regulated NDD broker that provides trading in forex and CFDs through the popular MT4 platform under competitive terms and conditions.
BlackBull Markets Review Conclusion
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