Blackbull Markets is one of the fastest-growing forex brokers attracting professional traders and those using automation. We found their popularity can be attributed to their technology stack from advanced trading platforms to the fastest execution speeds of any broker worldwide.
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Blackbull Markets Summary
Blackbull Markets is an outstanding choice for expert traders with the fastest execution speeds of all forex brokers tested. They have the lowest commission rate of any broker with their ECN Institutional but this requires a US $20,000 deposit. Even their ECN prime account requires a high deposit of US $2,000 which is why this broker is less suitable for beginners.
With a wide range of platforms including TradingView, high leverage and a large number of tradable instruments the broker should be on the shortlist for any experienced trader.
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BlackBull Markets offers two ECN accounts (Price + Institutional) and a standard account with no commission. We recommend the ECN account which is detailed below.
The Blackbull ECN accounts offer their lowest spreads and are ideal for more experienced, high-volume traders.
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ECN Forex Spread Comparison
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0.14 | 0.75 | 0.87 | 0.43 | 1.10 |
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0.30 | 0.50 | 0.50 | 0.50 | 0.60 |
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0.30 | 0.50 | 0.50 | 0.40 | N/A |
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0.44 | 0.40 | 0.30 | 0.42 | 0.50 |
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0.17 | 0.54 | 0.68 | 0.30 | N/A |
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0.20 | 0.50 | 0.70 | 0.40 | 0.60 |
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0.10 | 0.60 | 0.80 | 0.50 | 1.10 |
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n/a | 0.60 | 0.40 | 0.50 | 0.70 |
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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 01/01/2025
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.
| Raw Account Spreads | BlackBull Markets | Average Spread |
|---|---|---|
| Overall | 0.64 | 0.72 |
| EUR/USD | 0.14 | 0.28 |
| USD/JPY | 0.45 | 0.44 |
| GBP/USD | 0.43 | 0.54 |
| AUD/USD | 0.3 | 0.45 |
| USD/CAD | 0.41 | 0.61 |
| EUR/GBP | 0.75 | 0.55 |
| EUR/JPY | 0.87 | 0.74 |
| AUD/JPY | 1.1 | 0.93 |
| USD/SGD | 1.3 | 1.97 |
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.
| Commission Fee | USD | AUD | GBP | EUR |
|---|---|---|---|---|
| BlackBull ECN Prime | $3.00 | $4.50 | N/A | N/A |
| BlackBull ECN Institutional | $2.00 | N/A | N/A | N/A |
| Industry Average Rate | $3.44 | $3.32 | £2.44 | €2.91 |
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.
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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.
| Standard Acount Spreads | EUR/USD | USD/JPY | GBP/USD | AUD/USD | USD/CAD | EUR/GBP | EUR/JPY | AUD/JPY |
|---|---|---|---|---|---|---|---|---|
| BlackBull Markets Average Spread | 1.1 | 1.4 | 1.4 | 1.2 | 1.4 | 1.7 | 1.8 | 2 |
| Industry Average Spread | 1.2 | 1.4 | 1.6 | 1.5 | 1.8 | 1.5 | 1.9 | 2.1 |
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.
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.
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.
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.
| Trading Plaform | Available With BlackBull Markets |
|---|---|
| MetaTrader 4 | Yes |
| MetaTrader 5 | Yes |
| cTrader | Yes |
| TradingView | Yes |
| Proprietary Platform | Yes |
The team created a trading platform selector so you can work out what software best matches your trading needs. We recommend you completed our short 5 step questionnaire to determine your most suitable forex platform and then read the relevant section about how BlackBull performance when it comes to that software.
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.
Building on MT4, MT5 offers additional timeframes, more indicators, and enhanced order handling capabilities, suitable for advanced traders.
Known for its intuitive design and advanced charting capabilities, cTrader is favored for its clean interface, advanced order types, and level II pricing.
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.
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:
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.
| Overall Ranking | Forex Broker | Limit Order Speed (ms) | Market Order Speed (ms) |
|---|---|---|---|
| 1 | BlackBull Markets | 72 | 90 |
| 2 | Fusion Markets | 79 | 77 |
| 3 | Pepperstone | 77 | 100 |
| 4 | Hugo’s Way | 104 | 94 |
| 5 | TMGM | 94 | 129 |
| Industry Average | 130 | 141 |
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.
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.
| Execution Speed Type | Blackbull Markets | Industry Average | % Difference |
|---|---|---|---|
| Limit Order | 72 ms | 145 ms | -50% |
| Markets Order | 90 ms | 149 ms | -40% |
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]
BlackBull Markets is considered a safe broker with an overall trust score of 50.
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.
| BlackBull Markets Safety | Regulator |
|---|---|
| Tier-1 | FMA |
| Tier-2 | X |
| Tier-3 | FSA-S |
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.
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.
BlackBull Markets offers a range of fee-free funding methods while requiring no minimum deposit to start trading.
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 Type | Minimum Deposit Required |
|---|---|
| ECN Standard Account | USD 0 |
| ECN Prime Account | USD 2,000 |
| ECN Institutional Account | USD 20,000 |
BlackBull offers nine account-based currency options: USD, EUR, GBP, AUD, NZD, SGD, CAD, JPY, and ZAR.
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.
| Method | Availability | Currencies | Processing Time | Deposit Min | Deposit Max | Withdrawal Min | Withdrawal Max | Deposit Fees | Withdrawal Fees |
|---|---|---|---|---|---|---|---|---|---|
| Credit/Debit Card | Global | Multi-currencies | Instant | $50 | $50,000 | $1 | N/A | $0 | $5 |
| Use Pay | China | CNY | Instant | $350 | $29,500 | $350 | $29,500 | $0 | $5 |
| Skrill | Global | Multi-currencies | Instant | $50 | $50,000 | $50 | $50,000 | $0 | $5 |
| Poli | New Zealand | NZD | Instant | $35 | N/A | $35 | N/A | $0 | $5 |
| PaymentAsia | Thailand | THB | Instant | $45 | N/A | $45 | N/A | $0 | $5 |
| SEPA | Europe | EUR, GBP | Instant | $1 | N/A | $1 | N/A | $0 | $5 |
| Neteller | Global | Multi-currencies | Instant | $50 | $50,000 | $50 | N/A | $0 | $5 |
| HexoPay | Canada | CAD | Instant | $40 | N/A | $40 | N/A | $0 | $5 |
| Help2Pay | Indonesia, Malaysia, Vietnam, Thailand | EUR, USD | Instant to 48 hours | $1 | N/A | $1 | N/A | $0 | $5 |
| FXPay | Indonesia, Malaysia, Vietnam, Thailand | EUR, USD | Instant to 48 hours | $1 | N/A | $1 | N/A | $0 | $5 |
| FasaPay | Indonesia | USD | Instant to 48 hours | $1 | N/A | $1 | N/A | $0 | $5 |
| Crypto | Global except New Zealand and China | USDT ERC-20, USDT TRC-20, BTC, ETH | Instant to 1-2 business days | $100 | $50,000 | $100 | N/A | $0 | $5 |
| China Union Pay | China | Multi-currencies | Instant to 24 hours | CNY3500 | CNY5500 | $100 | N/A | $0 | $5 |
| Boleto | Brazil | BRL | Instant to 48 hours | $10 | N/A | $10 | N/A | $0 | $5 |
| Beeteller | Brazil | BRL | Instant to 48 hours | $10 | N/A | $10 | N/A | $0 | $5 |
| Bank Transfer | Global | Multi-currencies | 1-2 business days | $1 | N/A | $1 | N/A | $0 | $5 |
| AstroPay | Global except New Zealand | Multi-currencies | Instant | $5 | N/A | $5 | N/A | $0 | $5 |
| Local Bank Transfer | India | INR | 30 to 90 mins | $50 | N/A | N/A | N/A | $0 | N/A |
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.
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.
BlackBull Markets offers over 26,000 different financial products to choose from.
Separate from their CFD trading, BlackBull Markets also provides a share trading facility allowing direct investment in company shares.
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 those looking to invest directly in companies and potentially benefit from long-term value appreciation and dividends.
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.
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:
This combination of educational content and practical trading tools makes BlackBull Markets a strong broker for both learning and trading in various financial 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:
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.
BlackBull Markets is considered a safe broker with an overall trust score of 45. The broker is regulated by the Financial Markets Authority (FMA) in New Zealand and holds an offshore license issued by the Seychelles Financial Services Authority (FSA). This dual regulation adds a layer of trust and security for traders.
BlackBull Markets offers trading platform demo accounts to allow traders to practice and familiarise themselves with the platforms before trading with real funds. The demo account options include MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, TradingView, BlackBull CopyTrader, and BlackBull Shares.
Demo accounts provide a risk-free environment for traders to hone their skills and test strategies on different platforms offered by BlackBull Markets.
BlackBull Markets offers a maximum leverage of 500:1 for forex trading, following the regulations set by the Financial Markets Authority (FMA) in New Zealand.
This leverage can be appealing to retail traders looking for amplified trading opportunities, however, it’s essential to exercise caution and fully understand the risks associated with high leverage, as it can lead to both substantial profits and significant losses.
Additionally, for other financial products, BlackBull Markets provides varying maximum leverage levels:
You can view the highest leverage forex brokers to see how the broker compares to other providers with high margin trading.
In assessing BlackBull Markets, we’ve employed our thorough methodology, aimed at assisting traders in selecting the most suitable forex broker for their requirements. Our evaluation includes an analysis of 40 brokers, spanning eight critical categories. This process is backed by extensive research and technical testing, including the use of automation tools such as Expert Advisors, Indicators, and Scripts.
Key to our methodology is the emphasis on platform features, trading costs, and execution speeds. We meticulously measure spreads and commissions through various methods, including the analysis of average monthly spreads published by brokers and actual testing via MT4 indicator bots. We also take into account any additional fees a broker might impose.
The trust factor of a broker is crucial in our review. We scrutinise brokers based on their regulatory compliance, historical performance, and international presence. Our tiered approach to financial regulators helps us gauge the level of trust and consumer protection each broker offers.
Verdict
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Ask an Expert
Is BlackBull the only forex broker regulated in NZ?
No, there are a few brokers regulated by the Financial Markets Authority (FMA) which is the oversite for financial markets in New Zealand. Brokers include TMGM, CMC Markets, Plus500 and Hantex Markets. You can learn more about FMA regulated brokers.
What is the maximum leverage with BlackBull?
Blackbull offers the maximum allowed by the FMA which is 500:1 when trading major forex pairs.
Can i operate my new zealand forex trading account from abroad online. If yes , for how much time
Thats a question for the broker to answer but generally speaking, it wont matter where you trade from.
Is BlackBull Markets removed from MT5?
BlackBull offer MT5, his platform is owned by Metaquotes from which Blackbull hold a licence to offer to their clients
Who are the liquidity providers for BlackBull?
BlackBull offers one of the lowest spreads in the market. The broker’s major liquidity providers include the Bank of America, Goldman Sachs, Citibank, Barclays, RBS, Credit Suisse, Commerzbank, ABN AMRO, and BNP Paribas