BlackBull Markets Review New Zealand 2026

Is BlackBull Markets safe? FMA licence, Black Bull Group Limited

Yes, BlackBull Markets is safe to trade with in the sense that matters most: the New Zealand entity, Black Bull Group Limited, holds an active derivatives issuer licence from the Financial Markets Authority, granted on 12 August 2020. I confirmed the licence status on the FMA register, read on 19 September 2026.

The firm is also registered on the Financial Service Providers Register, FSP403326. That registration is not the licence: the register lists both, and the statement itself says the firm is registered on the FSPR and separately licensed by the FMA. The licence is the one that authorises the issuing of derivatives, under the Financial Markets Conduct Act 2013.

FMA regulation and global licences

The group’s other regulator is the FSA in Seychelles, which regulates other entities in the BlackBull Markets group. It does not cover a New Zealand client: your contract is with Black Bull Group Limited, the entity licensed by the FMA.

For a New Zealand trader, the FMA is the regulator that governs the CFDs described in the product disclosure statement, and the licence category on the register is derivatives issuers. No New Zealand test exists on this site, so no New Zealand score exists either, but the licence, its status and its grant date are public record on the FMA register.

BlackBull Markets client money protection and dispute scheme

The legal picture matters more here than it does on most review pages, because the New Zealand entity is a different legal person from the one in our global review. You would contract with Black Bull Group Limited, which issues both the product disclosure statement and the CFDs it describes, from its registered office at Level 20, 188 Quay Street, Auckland 1010, reachable on +64 (9) 558 5142. It is licensed by the FMA as a derivatives issuer under the Financial Markets Conduct Act 2013, and separately registered on the FSPR, and those are two different things, as the statement itself is careful to say. Trading hours follow the New York markets.

Where a New Zealand client’s money is held

Your money would sit in a segregated client trust account held with ANZ Bank, a New Zealand registered bank. Segregated means the account is separate from the firm’s own working funds, but it does not mean your money sits alone. It is co-mingled with other clients’ money in that one account, the firm may hold a buffer of its own money inside it, and the firm may keep the interest earned on the account as a fee, at its discretion, in which case it is credited to no client.

Client money may also be used for the firm’s authorised hedging, with Black Bull Trade Limited named as the expected approved counterparty. What it may not be used for is satisfying the firm’s debts or meeting its general operations. On receivership or liquidation, client money in the trust account remains the clients’ property unless it qualifies for payment out, which is the ordinary New Zealand client money regime doing its work.

Who a New Zealand client contracts with

The entity is Black Bull Group Limited, and it is the counterparty to your CFDs as well as the issuer of the statement that governs them. The group also holds a licence with the FSA in Seychelles, so if you are comparing this page with our global review, check which entity you are signing up with, because the money-handling terms I describe here belong to the New Zealand side only.

How to complain, and who hears it

If a dispute is not resolved with the firm, it can go to Financial Services Complaints Limited, an approved scheme under the Financial Service Providers (Registration and Dispute Resolution) Act 2008. The scheme is free at both stages, and it can be reached at PO Box 5967, Wellington 6140, by phone on 0800 347 257 or +64 (4) 472 3725.

The firm’s own complaints process commits to acknowledging a complaint within five working days and aiming to resolve it within 30 working days. That timetable is worth holding the firm to.

BlackBull Markets at a glance: 17 key facts

BlackBull Markets is one of a small number of brokers a New Zealand reader can sign up with directly, and it is the strongest performer in our rated New Zealand set. Before the detail, here are the essentials on who you would be contracting with, what it costs to trade, and where your money would sit.

BlackBull Markets spreads and commission, measured

This section sets out what it costs to trade EUR/USD on each of the two pricing models. None of these figures was measured on a New Zealand account or against Black Bull Group Limited, and they are carried over from global testing: the spreads come from Ross Collins’s spread tests, which cover 15 brokers, and the commissions from our global broker test. Both accounts are quoted in US dollars, because that is the currency the underlying figures are held in, and I have not converted them to New Zealand dollars. The tested-spread methodology behind them is published on our tightest spreads page.

Raw spread plus commission account

Ross Collins’s spread tests put the raw account’s EUR/USD spread at 0.46 pips, on a tested basis rather than the advertised floor. Commission is US$6.00 per lot, which brings a round turn on 1.0 lot of EUR/USD to US$10.60. One pip on a standard lot of EUR/USD is US$10.00, so the spread alone costs you US$4.60 of that total. The spread sat at its minimum 86.96 per cent of the time in our zero-spread testing, which tells you the low figure is not a fleeting best case. If you trade volume, the commission is the trade-off you accept for it.

One spread, no commission account

The standard account’s tested EUR/USD spread is 1.34 pips with no commission, for a round turn of US$13.40. You pay more per round turn than the raw account, but you avoid commission entirely, and the platform’s bid-to-ask difference is the only cost you need to watch. For a trader who prefers one visible price, that simplicity is what this account sells.

What it costs to trade with BlackBull Markets

The costs beyond the spread are where a New Zealand trader can be caught out, because several of them sit in the product disclosure statement rather than on the pricing page. The round turns above are your trading costs, and the fees below are your standing costs, so check both against how you actually trade.

Other fees a New Zealand trader should check

The inactivity fee is NZ$5.00, charged immediately after ninety consecutive days without a trade and then monthly, per page 21 of the statement. An account left at zero or negative after such a fee may be closed and the agreement terminated, on reasonable notice. The conversion charge is roughly 2% to convert between base currency accounts, at the firm’s discretion, per page 24. And the Wednesday rule on page 20: swap rates triple at the end of Wednesday’s trading day, whether or not the position is held over the weekend, so a position you open Tuesday and close Thursday carries the tripled rate.

BlackBull Markets funding methods and withdrawal times

Funding for New Zealand clients is deliberately narrow, and the statement is firm about it. Deposits are accepted only by electronic transfer from a verified New Zealand bank account in the same name as the client, or from an approved third party, credit card or payment gateway. There is no room for a friend’s account, a business account in another name, or anything the firm cannot trace back to you, and that strictness runs both ways.

Deposit methods (NZ clients)

The rule is on page 23 of the product disclosure statement, and it is worth reading literally. An electronic transfer from a verified New Zealand bank account in your own name is the primary method, with an approved third party, credit card or payment gateway as the alternatives the firm may accept. If your banking does not fit those categories, raise it with the firm before you open the account rather than after.

Withdrawals

Per page 24 of the statement, withdrawals are processed as soon as practically possible and may take up to two working days. A request is only processed if there are sufficient funds in your Trading Account after margin requirements, positions being closed, and fees and charges are taken into account. The details must also be accurate and pass the firm’s AML/CFT checks, and the firm may ask you for information in order to verify them and process the request. Payment goes by electronic transfer to your Verified Bank Account, and per page 22 the firm will not accept payments from or make any payments to a person who is not its client. What the statement does not set out is a fee schedule, and no charge for making a withdrawal appears anywhere in it.

BlackBull Markets account types and minimum deposit

The account tiers differ mainly in how you pay. The Standard account pays the spread and holding costs with no commission, while Prime adds commission at the same per-lot rate on some CFDs, per page 21 of the statement. The commission itself depends on contract size, is calculated when the order opens, charged when it closes, and is not charged on all CFDs. Holding costs are a swap charge or benefit on each overnight rollover, at a rate the firm sets from the interbank rate, the rollover period, and the position size.

Minimum deposit

The minimum deposits by account are US$0 for the swap free, ECN, and Prime accounts, US$50 for Standard, US$100 for Raw, and US$500 for Pro. The base currencies are NZD, USD, EUR, GBP, CAD, JPY, AUD, ZAR, CHF, THB, and SGD, so you can trade in New Zealand dollars if you prefer to avoid the conversion charge.

BlackBull Markets trading platforms

The platform lineup is MT4, MT5, cTrader, TradingView, and BlackBull CopyTrader, and a demo account is available if you want to try before you deposit. That means you are not forced to relearn a proprietary app if you already know one of the standards.

Copy and social trading

BlackBull CopyTrader is the firm’s own copy trading platform. If you are starting out and want to follow other traders rather than build your own strategy, it is the natural place to begin, and the demo account lets you test the copying behaviour before any money is at risk.

BlackBull Markets app

BlackBull Markets's app BlackBull Markets cTrader is rated 4.9 out of 5 from 88 ratings on the New Zealand App Store, checked 1 October 2026.

View on the App Store

BlackBull Markets execution speed and slippage

Our global broker test measured a limit order fill of 72 ms for BlackBull Markets, the fastest limit order fill on the panel, and a market order fill of 90 ms, which ranked fifth. Those two figures come from the global panel, and no New Zealand account was tested for them.

A fill time tells you how quickly an order was accepted, not the price you got. Slippage, the difference between the price you requested and the price you were filled at, is a separate matter, and a speed figure on its own does not tell you whether a fill was at, above or below the price you asked for.

BlackBull Markets markets

The product disclosure statement, page 7, lists the CFD classes on offer: currency, energy and commodity prices, precious metals, indices, shares, futures, exchange traded funds and cryptoassets. It gives classes, not instrument counts, so I will not quote a number the document does not. Leverage caps follow the class: 1:500 on currency and precious metals, and 1:100 on commodities, futures, equities, ETFs and cryptoassets, per page 8.

BlackBull Markets leverage and margin for New Zealand clients

Leverage on this account is a margin arrangement, and the product disclosure statement is blunt about what happens when margin runs low. A stop out closes your positions automatically once the margin level drops below 50 per cent (page 11). The stop out happens without prior notice, and the firm chooses which positions close, not you (page 13).

How leverage interacts with margin on this account

No margin calls are made. Monitoring additional margin is your responsibility, not the broker’s, and I would treat that as the single most important operational fact on this page: you cannot wait for a phone call that will not come. What you get instead is a visual cue. The platform turns the live margin calculation red below 70 per cent (page 13), which is your warning to act while you still have room to choose which positions you close yourself, on your terms rather than the firm’s.

How BlackBull Markets compares to ThinkMarkets and CMC Markets

Against ThinkMarkets, the honest comparison is that we score BlackBull Markets much higher, 84.5 out of 100 against 70, on the same global basis. On raw cost the picture reverses: ThinkMarkets’ tested EUR/USD spread is 0.22 pips on a US$7.00 per lot commission, a round turn of US$9.20, which undercuts this broker’s raw round turn. If the cheapest possible fill is your only criterion, that is the trade you would be making, and you would give up a lot of score elsewhere to make it.

In the ratings, CMC Markets scores 64.6 out of 100 on the same global basis, and I do not compare it on cost here. Both rivals sit inside the rated set this broker tops, and the scores come from our global broker test. ThinkMarkets’ spread comes from Ross Collins’s spread tests, and none of these figures comes from a New Zealand measurement. In my opinion the score gap is wide enough that cost alone would not send me to ThinkMarkets, but a high-volume scalper weighing only the round turn could reasonably land there.

What other review sites say about BlackBull Markets

These are ratings of BlackBull Markets from other platforms, read on the date shown and expressed on each platform's scale, so you can weigh them against our own score.

Platform	Rating	Volume	Read on
Trustpilot	4.7 / 5	3,507	1 October 2026
TradingView	4.6 / 5	5,098	2 October 2026

BlackBull Markets holds a Trustpilot rating of 4.7 out of 5 from 3,507 reviews, checked 1 October 2026.

On TradingView, BlackBull Markets is rated 4.6 out of 5 from 5,098 ratings, checked 2 October 2026. The TradingView profile for BlackBull Markets shows 56.1K traders, the count of those who have connected an account through TradingView.

App Store and Google Play ratings for BlackBull Markets

Our score is based on published criteria and is not influenced by these third-party ratings.

Should you open a BlackBull Markets account?

Yes, I would open a BlackBull Markets account if I were a New Zealand trader who valued fast execution and a broad platform choice under an FMA licence. I would think twice if the risk of losing more than my deposit, which the statement does not cap, would keep me awake.

Before you deposit, read the client money pages of the statement, check the inactivity rule and the conversion charge against your own trading habits, and confirm how the dispute scheme works. Run a demo account first, and check the margin rules, including the close-out level, so you know what the platform will do before it does it.