BlackBull Markets Review Of 2025

Trading Fees

BlackBull Markets offers two ECN accounts (Price + Institutional) and a standard account with no commission. We recommend the ECN account which is detailed below.

1. ECN Account Spreads

The Blackbull ECN accounts offer their lowest spreads and are ideal for more experienced, high-volume traders.

ECN Forex Spread Comparison	EUR/USDEUR/GBPEUR/JPYAUD/USDAUD/JPY	EUR/USDEUR/GBPEUR/JPYAUD/USDAUD/JPY	EUR/USDEUR/GBPEUR/JPYAUD/USDAUD/JPY	EUR/USDEUR/GBPEUR/JPYAUD/USDAUD/JPY	EUR/USDEUR/GBPEUR/JPYAUD/USDAUD/JPY
	0.14	0.75	0.87	0.43	1.10
	0.30	0.50	0.50	0.50	0.60
	0.30	0.50	0.50	0.40	N/A
	0.44	0.40	0.30	0.42	0.50
	0.17	0.54	0.68	0.30	N/A
	0.20	0.50	0.70	0.40	0.60
	0.10	0.60	0.80	0.50	1.10
	n/a	0.60	0.40	0.50	0.70
	0.44	1.13	1.23	1.23	1.17

Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2025

The spreads for major currency pairs such as EUR/USD, GBP/USD, AUD/USD, and USD/CAD are generally lower than the industry averages, although some pairs may have higher spreads.

2. ECN Account Commission Rates

BlackBull Markets charges competitive commission fees, ECN Prime Account holders pay $3.00 per side per 100k traded, while ECN Institutional Account holders pay $2.00. The core difference in receiving the lowest commission is the US$20,000 minimum deposit requirement.

As shown in the table below, these commission rates are lower than the industry average, with brokers charging around $3.44 USD. The lower commission fee of the ECN Institutional account is particularly attractive for reducing trading costs, though it’s important to note that this account type may not be accessible to all traders.

Use the calculator below to compare BlackBull Markets’ ECN Prime Account trading costs with competitors such as Pepperstone, Eightcap and CMC Markets, adjusting for trade size, currency pair, and base currency.

Calculate Your Trading Costs Below

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3. Standard Account Fees

BlackBull Markets’ standard account average spreads, such as 1.10 pips for EUR/USD, are competitive and close to the industry norm, with only a 0.1 pip difference from the leading brokers. Their spreads across other major currency pairs like AUD/USD, GBP/USD, and USD/JPY also align with industry averages, offering traders fair and consistent trading costs without commission fees.

The average spread figures for BlackBull Markets are derived through a monthly comparison of published fee data and real-time testing on live accounts. This process ensures an accurate and up-to-date analysis of brokers’ spreads.

4. Swap-Free Account Fees

This is a swap-free account designed for Islamic traders who are prohibited from paying or receiving interest. Provided you can prove you are of Islamic faith, you will be able to use this pricing structure with any of the Standard, Prime, or Institutional account types.

Traders living in Malaysia will automatically be assigned an account that meets Sharia Law and Islamic Finance practices.

5. Other Fees

The only other fee to note is for withdrawals. BlackBull Markets charges a $5 per withdrawal, while there are no fees for deposits and inactivity.

Verdict on BlackBull Markets Fees

Blackbull Markets has some of the most competitive fees for their ECN accounts but these require a high deposit compared to other brokers. They are one of the lowest spread forex brokers but not suitable for low volume of beginner traders.

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Trading Platforms

BlackBull Markets offers a diverse range of trading platforms to suit various trading styles and preferences, including MetaTrader 4, MetaTrader 5, cTrader, TradingView, BlackBull CopyTrader, and BlackBull Shares.

The CompareForexBrokers team created a trading platform selector so you can work out what trading software best matches your trading needs. I recommend you complete the short 5 step questionnaire which will help you determine your most suitable forex platform.

MetaTrader 4

A popular choice for its user-friendly interface, MT4 features advanced charting tools, automated trading with Expert Advisors, and a wide range of technical indicators.

MetaTrader 5

Building on MT4, MT5 offers additional timeframes, more indicators, and enhanced order handling capabilities, suitable for advanced traders.

cTrader

Known for its intuitive design and advanced charting capabilities, cTrader is favored for its clean interface, advanced order types, and level II pricing.

TradingView

Ideal for technical analysis enthusiasts, TradingView combines powerful charting with a social networking aspect, allowing traders to share and discuss trading ideas.

BlackBull CopyTrader: This platform enables traders to copy the trades of experienced investors automatically. It’s a great option for those new to trading or looking to leverage the expertise of successful traders.

BlackBull Shares: Separate from CFD trading, BlackBull Shares allows direct investment in company shares, offering traditional benefits like potential dividends and voting rights, appealing to those who prefer direct stock investment over derivatives.

Mobile Trading Apps

BlackBull Markets ensures seamless trading on the move with mobile apps for all its platforms, including MetaTrader 4, MetaTrader 5, and cTrader. Available for both iOS and Android devices, these apps offer the flexibility to trade and manage investments from anywhere. They maintain the core functionalities of their desktop counterparts, such as advanced charting, analytical tools, social networking, and copy trading.

Other Trading Tools

BlackBull Markets equips traders with a suite of advanced tools, including Autochartist, Zulu Trade, Myfxbook, VPS Trading, and FIX API Trading, each designed to enhance different aspects of the trading experience:

• Autochartist: Offers automated market analysis, identifying potential trade setups through technical analysis patterns and statistical data.
• Zulu Trade: A social trading platform that enables users to copy strategies from top traders, automating their trading process.
• Myfxbook: A tool for tracking, analysing, and improving trading strategies, providing comprehensive insights into trading performance.
• FIX API Trading: Tailored for advanced traders, this feature integrates with MetaTrader to provide high-speed, reliable, and customisable trading experiences, unlocking sophisticated trading capabilities.

These tools collectively offer BlackBull Markets’ clients a range of options to automate, analyse, and optimise their trading activities.

Blackbull Trading Enviroment

BlackBull Markets achieves rapid order execution through globally distributed servers, including the NY4 Equinix data centre in New York and others in London, Japan, Hong Kong, and Shanghai.

In our 2025 testing, BlackBull Markets not only outperformed industry standards but also emerged as the broker with the fastest execution speed among all those tested. They achieved an average limit order speed of 72 milliseconds, which is 44.6% faster than the industry average of 130 milliseconds. For market orders, their speed was 90 milliseconds, 36.2% quicker than the industry average of 141 milliseconds. This places BlackBull Markets at the forefront in terms of execution speed compared to other brokers.

This conclusion was reached through a streamlined testing process. We used demo accounts across various top brokers for uniformity, focusing on both limit and market orders. The testing involved MT4 Expert Advisors specifically designed for these order types, which measured the time between order placement and execution.

BlackBull Markets trading experience is further enhanced by their use of Virtual Private Servers (VPS) in partnership with BeeksFX and BeekFX, reducing trading latency by up to 30%. This reduction is vital for strategies like scalping and automated trading, as it minimises slippage risks and ensures accurate trade execution.

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Execution Speeds

Our Chief Technology Researcher (Ross Collins) tested the 36 most prominent forex brokers’ MetaTrader 4 demo accounts. By running Expert Advisors (EAs) over 2 x 30 hour periods, we could determine the execution speeds of each forex broker offering MT4. Based on our test, we found Blackbull had the fastest speed of any broker when it came to Limit Order Execution Speed as shown on the graph below.

The table below compares the two different speed measurements Ross collected against the average of the other 35 forex brokers. As you can see, Blackbull’s speed is twice as fast as the industry average.

Our tests mean that traders are less likely to experience ‘slippage’ when they trade, which is when the price given is the same as the price quoted. This matters to traders who use high-frequency trading (e.g., automation) or those who trade during volatile periods (e.g., after an interest rate decision).

[blockquote]With BlackBull positioning itself as the best choice for experienced and institutional traders it’s no surprise they have invested in their technology stack to achieve the best execution speeds in the industry.[/blockquote]

Is BlackBull Markets Safe?

BlackBull Markets is considered a safe broker with an overall trust score of 50.

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Regulation

BlackBull Markets has one top-tier regulator the Financial Markets Authority (FMA) in New Zealand. Is also has an an offshore license issued by the Seychelles Financial Services Authority (FSA) for worldwide traders.

Reputation

BlackBull Markets, established ten years ago in Auckland, New Zealand, is still expanding its international presence, evident from a monthly search volume of 24,000. Despite this, it is a leading broker in New Zealand that is highly regarded in the local market.

Reviews

BlackBull Markets has strong reviews on TrustPilot with a score of 4.7 out of 5 from 751. This is one of the highest scores of any broker reviewed.

Verdict of BlackBull Markets Trustworthiness

While the broker scored low on most categories here, we can say that it is still safe to trade with BlackBull Markets.

How Popular Is BlackBull Markets?

There are 18,100 monthly searches for BlackBull Markets each month on Google, making it the 40th most popular Forex Broker. Similarweb in February 2024 shows a similar story with the broker the 33rd most visited, receiving 415,000 global visits.

Country	2024 Monthly Searches
Australia	1,900
New Zealand	1,900
United Kingdom	1,600
Germany	1,600
India	1,300
United States	880
South Africa	720
Canada	590
Mexico	480
Spain	480
Italy	320
Netherlands	320
Thailand	210
Pakistan	210
France	210
Austria	210
Malaysia	170
Colombia	170
Nigeria	170
Argentina	170
Poland	170
Cyprus	170
Indonesia	140
United Arab Emirates	140
Sweden	140
Switzerland	140
Brazil	110
Kenya	110
Singapore	110
Turkey	90
Morocco	90
Greece	90
Ecuador	70
Vietnam	70
Portugal	70
Bangladesh	70
Sri Lanka	70
Ireland	70
Peru	50
Chile	50
Philippines	50
Japan	50
Algeria	50
Uganda	50
Venezuela	50
Ghana	50
Dominican Republic	40
Egypt	40
Saudi Arabia	40
Hong Kong	30
Bolivia	30
Tanzania	30
Botswana	30
Uzbekistan	30
Taiwan	20
Ethiopia	20
Mongolia	10
Costa Rica	10
Panama	10
Cambodia	10
Jordan	10
Mauritius	10

2024 Average Monthly Branded Searches By Country

Australia	1,900 1st
New Zealand	1,900 2nd
United Kingdom	1,600 3rd
Germany	1,600 4th
India	1,300 5th
United States	880 6th
South Africa	720 7th
Canada	590 8th
Mexico	480 9th
Spain	480 10th

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Deposit and Withdrawal

BlackBull Markets offers a range of fee-free funding methods while requiring no minimum deposit to start trading.

What is the minimum deposit at BlackBull Markets?

No minimum deposit is required to open an ECN Standard Account, while a $2,000 deposit is needed to open an ECN Prime Account and $20,000 for an ECN Institutional Account.

Account Base Currencies

BlackBull offers nine account-based currency options: USD, EUR, GBP, AUD, NZD, SGD, CAD, JPY, and ZAR.

Deposit Options and Fees

BlackBull Markets charges no deposit fees for any payment methods. A diverse range of funding methods are available, including Visa and Mastercard debit and credit cards, e-wallets like Neteller, Skrill, and PayPal, and crypto such as Bitcoin or Ethereum.

Although 20 different payment methods are offered, availability varies depending on your location. For instance, New Zealanders aren’t offered cryptocurrency as a payment method, yet the only country able to use POLi.

Withdrawal Options and Fees

A downside to BlackBull Markets is a $5 withdrawal fee for all payment methods. As shown in the table, processing times and minimum withdrawals vary between methods.

Ease To Open An Account

BlackBull Markets provides a straightforward account opening process with a focus on compliance and security. In our assessment, they scored 10/15, balancing an easy onboarding experience with thorough identity and residence checks.

Product Range

BlackBull Markets offers a diverse range of markets to trade from forex, shares to cryptocurrencies. The table below shows the key instruments that can be traded.

CFDs

When it comes to contracts for difference (CFDs) the broker offers:

• 55 forex pairs including all majors, minors and some exotics 
• 12 indices including the S&P 500, NASDAQ 100, and Dow Jones Industrial Average
• 2,000 share CFDs like Amazon, Tesla, or Apple
• 16 cryptocurrencies such as Bitcoin, Ethereum, or Ripple
• 29 commodities including energies, agriculture, and metals

Share Trading

Separate from their CFD trading, BlackBull Markets has an investment facility giving access to over 26,000 products including shares, options, bonds and ETFs.

Unlike CFDs, where traders speculate on price movements without owning the underlying asset, share trading involves actual ownership of the stocks. This ownership grants investors certain privileges, such as voting rights in company decisions, which are not available with CFD trading.

The share trading option is ideal for investing directly in companies and potentially benefiting from long-term value appreciation and dividends. Their fees are also highly competitive as explained in the comparison below.

Customer Service

BlackBull Markets offers 24/7 customer support via live chat, email, and phone, ensuring clients have continuous access to assistance.

Operating from their Auckland, New Zealand office, the support team is well-equipped with expert trading knowledge, ready to provide quality answers to client enquiries.

For self-help resources, their website features a comprehensive FAQ and glossary section, offering detailed information about forex and CFD trading and the broker’s specific services.

Research and Education

BlackBull Markets’ Education Hub is a comprehensive resource for traders looking to enhance their knowledge and skills. The hub includes a variety of educational materials and tools designed to cater to both beginners and experienced traders.

Here’s an overview of what they offer:

• Forex Tutorials: These tutorials cover the basics of forex trading, providing insights for beginners and intermediate-level traders. They also offer advanced courses for professional traders, ensuring a complete learning journey from the fundamentals to complex forex strategies.
• Shares Tutorials: Traders interested in stock markets can benefit from dedicated tutorials on share trading. These guides cover various aspects of trading in shares, offering valuable knowledge for those looking to diversify into equity markets.
• Commodities Tutorials: For those interested in commodities trading, BlackBull Markets provides tutorials that include beginner, intermediate, and pro levels, offering insights into trading commodities like metals, energy, and agricultural products.
• Webinars: Regular webinars are conducted, featuring expert traders and market analysts. These webinars are an excellent way for traders to stay updated with market trends and gain insights from industry professionals.
• Market Reviews: BlackBull Markets offers market reviews that provide an analysis of current market conditions, helping traders make informed decisions based on the latest market trends.
• Economic Calendar: An essential tool for any trader, the economic calendar helps in keeping track of important economic events that could impact financial markets.

This combination of educational content and practical trading tools makes BlackBull Markets a strong broker for both learning and trading in various financial markets.

Final Verdict On BlackBull Markets

BlackBull Markets is one of the leader fintech companies that offers foreign exchange trading for New Zealanders. The brokers offer a number of features we really liked, these include:

• True ECN Trading with no Dealing Desk
• Strategically placed servers located at data centres in 5 countries to bring the best possible execution
• Choice of 2 VPS providers free of charge (with minimum deposit)
• 2 popular social trading tools to use with MetaTrader
• Choice of the standard of ECN accounts
• FMA regulation for New Zealand Traders.

Perhaps the only real weakness is the lack of certain CFD options, such as cryptocurrencies and the choice of commodities.

Overall Blackbull Markets review shows they are a good choice for New Zealanders wanting a forex broker that offers FMA regulation and has ECN trading with low spreads. Something that doesn’t appear readily available from brokers with a derivatives trading licence from the FMA. For this award this broker with best NZ Forex Broker.

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