BlackBull Markets is a true ECN broker with FMA regulation. The forex broker offers 64 currency pairs, 6 CFDs asset types and 2 social trading tools through its MetaTrader 4 and 5 forex trading platforms. See our experts review of this broker.
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As we move into 2024, BlackBull Markets has emerged as a formidable player in the forex and CFD brokerage landscape. Their commitment to providing ultra-fast execution speeds sets them apart in a competitive market. This feature, crucial for strategies like scalping or high-frequency trading, places them at the forefront for traders who value speed and efficiency.
BlackBull Markets, based in Auckland, New Zealand, is renowned as a leading forex broker in the region. The broker extends its global reach with offshore licensing in Seychelles and offers a diverse array of over 26,000 CFDs across various asset classes, including forex, shares, and crypto. In addition to CFD trading, BlackBull Markets also provides a dedicated share trading facility, enabling direct investment in shares, distinct from share CFDs.
The online broker’s standout feature is its ultra-fast order execution, a critical advantage for many traders. In our 2024 tests, BlackBull Markets demonstrated the fastest execution speeds among all brokers we evaluated. Their ECN Prime Account pricing is highly competitive, offering low spreads starting from 0.1 pips. These features are particularly beneficial for strategies such as scalping or automated trading, where the combination of speed and narrow spreads is crucial for success.
BlackBull Markets provides three account types with distinct pricing structures.
The ECN Standard Account, with no commissions and wider spreads, is typically preferred by beginner traders. The ECN Prime Account, offering lower spreads with commission fees, is ideal for experienced, high-volume traders. For those seeking customised solutions and lower commissions, the ECN Institutional Account is the best fit.
BlackBull Markets Standard Spreads 2024
BlackBull Markets’ standard account average spreads, such as 1.20 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, EUR/GBP, 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.
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Standard Account Spreads
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1.20 | 1.70 | 1.50 | 1.40 | 1.30 |
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1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
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1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
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1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
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1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
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1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
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1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
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1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
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1.60 | 1.60 | 1.80 | 1.90 | 1.50 |
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1.50 | 1.50 | 1.70 | 1.60 | 1.50 |
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1.30 | 1.70 | 2.10 | 1.40 | 1.50 |
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1.60 | 1.60 | 1.60 | 1.60 | 1.60 |
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1.20 | 1.40 | 1.90 | 1.90 | 1.40 |
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1.40 | 1.40 | 1.70 | 2.00 | 1.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
BlackBull Markets Raw Spreads 2024
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ECN Account Spreads
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0.23 | 0.65 | 0.90 | 0.72 | 0.60 |
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0.44 | 1.23 | 1.23 | 1.08 | 0.77 |
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0.50 | 0.70 | 0.80 | 0.50 | 0.50 |
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0.52 | 0.80 | 1.11 | 0.65 | 0.70 |
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0.44 | 0.42 | 0.30 | 0.85 | 0.20 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
Commission Cost Comparison
BlackBull Markets charge competitive commission fees, ECN Prime Account holders pay $3.00 per side per 100k traded, while ECN Institutional Account holders pay $2.00.
As shown in the table below, these commission rates are lower than most top brokers such as Pepperstone, IC Markets, and EightCap, which charge $3.50 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.
| Forex Broker | Commission Fee (USD per side per 100k traded) |
|---|---|
| BlackBull Markets (ECN Institutional) | $2.00 |
| BlackBull Markets (ECN Prime) | $3.00 |
| Admirals | $3.00 |
| Pepperstone | $3.50 |
| IC Markets | $3.50 |
| EightCap | $3.50 |
| FXCM | $4.00 |
| IG | $6.00 |
Use the calculator below to compare BlackBull Markets’ trading costs with competitors like City Index and IC Markets. Adjust for trade size, currency pair, and base currency to see how BlackBull Markets stacks up against these brokers in terms of trading expenses.
Calculate Your Trading Costs Below
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Islamic Account
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 practises.
BlackBull Markets is considered a safe broker with an overall trust score of 37.
Regulation
BlackBull Markets has one top-tier regulator being the Financial Markets Authority (FMA) in New Zealand, as well as an offshore license issued by the Seychelles Financial Services Authority (FSA).
| BlackBull Markets Safety | Regulator |
|---|---|
| Tier-1 | FMA |
| Tier-2 | |
| Tier-3 | FSA-S |
Reputation
BlackBull Markets, established ten years ago in Auckland, New Zealand, is still expanding its international presence, evident from a monthly search volume of 8,100. 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 4.1 out of 5.
Verdict of BlackBull Markets Trustworthiness
BlackBull Markets offers over 26,000 different financial products to choose from.
Share Trading Facility
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.
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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.
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.
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 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 2024 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.
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 base 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 payement 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 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.
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BlackBull Markets is considered a safe broker with an overall trust score of 37. 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.
The minimum deposit at BlackBull Markets varies depending on the type of account you choose ranging from $0-$20,000. For an ECN Standard Account, there is no minimum deposit requirement, making it accessible to traders with different budget sizes. However, if you opt for an ECN Prime Account, the minimum deposit is $2,000. For traders seeking a more customized solution and lower commissions, the ECN Institutional Account requires a minimum deposit of $20,000.
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. These 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, in accordance with 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:
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.
For a detailed understanding of our methodology and the criteria we use in our broker evaluations, please visit our methodology page.
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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.