BlackBull Markets is a true ECN broker with FMA regulation. The forex broker offers 31 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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BlackBull Markets offers its clients a choice to 3 account types. All account use an Electronic Communication Network (ECN) execution model.
This account has your trading costs are included in the spread, as a result, spreads are wider than commission-based accounts. Spread-only accounts have a simpler cost structure that other account types making it popular with retail traders new to trading or long term discretionary investors. The standard account has the following features:
This is BlackBull’s “True ECN” account. This account uses straight-through processing (STP) meaning no dealing desk intervention to connect you directly with tier-1 liquidity providers such as Barclays, Citibank, HSBC, ANZ, JP Morgan Chase and UBS to bring you ECN spreads. The prices are true because the spreads are set by the liquidity provider and commissions are used, meaning BlackBull does not change the spreads. While this differs slightly from the Standard account where the broker widens spread in place of commissions even though spreads are set by liquidity providers.
With spreads starting from 0.1 pips and commissions of USD $6 round-turn per 1k lot (also called standard) the ECN Prime account brings the lowest spreads to retail traders. This account is the best choice for experienced traders, high volume traders and scalpers.
Key features of the ECN Prime account include:
BlackBull Markets commission of USD $6 per 1k lot is one of the better commission arrangement in the market. While GO Markets and Fusion Markets offer better commission, these brokers are not FMA regulated. BlackBull Markets commission stands up well against some of the biggest brokers in the industry and offers the best commission of all FMA regulated brokers.
This account is similar to the ECN Prime account however offers further savings as commissions are lower. With a minimum deposit of $20,000, you will be able to arrange custom trading solutions may include reduced commissions and rebates for trading activities.
Key features of ECN Institutional account include”
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 account with any of the Standard, Prime or Institutional account. Traders living in Malaysia will automatically be assigned an account that meets sharia law requirements.
Features of the Islamic Account include:
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The overall rating is based on review by our experts
BlackBull Markets were kind enough to provide us with some of their average spreads when requested for their ECN Prime account. The spreads are generally competitive.
Generally, if you want the tightest possible spreads, then you would choose an ECN commission account rather than a Standard account. BlackBull is one of the few FMA regulated brokers that provide ECN pricing accounts and also list their average spreads. We compared BlackBull Markets spreads with some other international brokers.
Spreads for the EUR/USD pair are a very low 0.16 pips. This means you are only paying $1.6 plus commission when you open or close your position for each standard lot. Spreads lows that 0.20 pips for EUR/USD can be considered low. Traders in New Zealand will be interested to know spreads for NZD/USD avg 0.66 pips.
Data taken from broker website. Accurate as at 04/06/2021
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In our chart below, we included IG, who is another FMA regulated broker. While you will note certain spreads are slightly tighter than BlackBull Markets, you will end up paying more. This is because IG charges $60 for trades less than <100 million, which makes it too expensive for retail traders.
BlackBull Markets has a tiered margin policy, this means the more you trade, the lower your leverage is allowed to be.
If you trade between 0 and 50000, then leverage can be as high as:
If you trade between 50000 and 10000, then leverage can be as high as:
If you trade between 10000 and 99999, then leverage can be as high as:
While regulators like the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK enforce leverage limits of 30:1, the FMA does not impose any caps.
Leveraged trading may involve high risk, so it is important to understand the risks when trading with leveraged products. BlackBull by imposing limits for high volumes, traders are encouraging responsible trading when using high trading amounts.
While most brokers base their trading servers at NY4 Equinix data centre and/or CY4 London Equinix Data Centre (or alternately on Europe mainland), BlackBull has servers 5 located around the globe. Like all the best brokers, their main server is at NY4 Equinix data centre. This makes sense as most liquidity providers such as tier-1 banks have their servers located here.
Blackbull however also offer fully functional servers at data centres in London, Japan, Hong Kong and Shanghai which may be used where execution speeds or quality may be better. These servers can also serve as a backup in the unlikely even any data center or server was to fail. BlackBull avg order execution speed is 104ms.
If you wish to achieve the absolute fastest possible market execution speed, they may wish to consider one of BlackBull Markets VPS partners. Using a VPC can reduce your trading latency by up to 30%. This extra speed can virtually eliminate slippage risks, which means you can always obtain your expected price with complete fills. The other benefit of VPS is they guarantee 99.99% uptime. This means you don’t need to worry about missing any trading event because servers are down.
VPS servers are offered free to all clients with an ECN Prime account and a $2,000 deposit. To maintain the VPS, you need to make 20 lots each month.
BlackBull Markets offer VPS with the following providers:
This company locates its servers in New York City, right in the heart of the forex trading work. Benefits of this provider include:
This VPS provider specialises in hosting finance servers. Other services like web pages are kept to a minimum to ensure the best capacity if available for your trading needs. BeekFX strategically hosts servers in London, New York and Japan so you can be as close to exchanges as possible.
BlackBull Markets does not offer a proprietary trading platform. Clients at the moment can choose MetaTrader 4 and MetaTrader 5 from June. As a trader, unless you are after extra advanced features or niche services, the MetaTrader trading platform will suit nearly all trading needs.
MT4 is the world’s most widely used trading platforms. More brokers offer this platform, and more traders use this platform than any other forex trading platform. This means you can easily switch to a new broker that also offers the platform without losing valuable data and needing to learn a new platform and share and learn from other MT4 large trading community and gain products from its large marketplace.
While MT5 is the successor to MT4 and has been around since 2010, MT4 has remained more popular. However, there is a strong reason to consider MT5. Reasons include:
But the most important reason is to consider MT5 over MT4 is because MT4 no longer receives new development and limited support from its developer, Metaquotes. This means in time, more people will use MT5 as MT4 becomes outdated and eventually obsolete.
Regardless of which trading platform you choose, you will get access to automation with Expert Advisors and MAM and PaMM accounts.
MetaTrader is available on desktop as download, web browser through Web Trader, Android and iOS for mobile and tablets. MetaTrader 4 desktop will work on 32 bit Mac but the version later than Catalina may need some extra conversation software.
BlackBull Markets has a partnership with 2 of the best social trading software providers on the market.
Zulutrade can simply be described as a social online platform that gives traders to power to auto-trade forex and CFDs.
ZuluTrade can be accessed via your MetaTrader account but is a platform in its own right. Key features of ZuluTrade include:
Myfxbook like Zulutrade is a social trading platform that integrates with your MetaTrader account. Myfxbook has a heavier emphasis on social interaction. The Myfxbook software offers you analysis tools that such as charts and graphs that allow you to evaluate, review, share and compare trading strategies and trading performance between traders. If you like graphical views for your analysis, then you will enjoy Myfxbook.
A choice of 45 financial products is available with Blackbull markets for trade. MetaTrader 5 became available in June 2020, and now individual stock CFDs are available as an option.
Being able to trade across a variety of CFD asset class can help spread your risk, which will help stabilise your investment portfolios as leveraged instruments can be volatile. Financial products available with Blakbull include:
BlackBull only offers spot assets for trade, futures and options are not available. We also note that BlackBull Markets does not offer cryptocurrencies. This could be considered surprising, as most brokers offer cryptocurrency for trading nowadays.
BlackBull Markets company name is Black Bull Group Limited, which is registered in New Zealand (Company number 5463921, NZBN 9429041417799). BlackBull Markets holds a Financial Service Provider Register (FSPR) FSP403326 and obtained a derivative Issuer Licence issued by the Financial Markets Authority on August 12, 2020.
BlackBull Markets have a legal obligation to report AML/CFT practices to the Financial Markets Authority. To ensure BlackBull is above board with their compliances and meet FMA requirements, periodic audits are performed by independent companies.
As a company registered with FSPR, BlackBull is required to be a member of an independent dispute resolution scheme. Blackbull Markets participates in the Financial Services Complaints Limited (FSCL) dispute resolution scheme. In the event a dispute between the client and BlackBull arises, FSCL will be able to help resolve disputes in an impartial manner.
BlackBull markets keep your funds in a segregated account. BlackBull uses ANZ bank as its banking partner.
Retail traders will need to deposit at least $200 USD to open a trading account with BlackBull Markets.
When making a deposit, there are no fees charged by the broker. Payment methods include:
Note: When using PayPay there is a 2% fee.
You have a choice of making deposits with the following currency
BlackBull Markets has a withdrawal fee of 5.00 for the account base currency when using Credit Cards, Neteller or Skrill. If using a bank transfer, then the fee will be 20.00. Withdrawals much go back to the same account money was deposited from.
BlackBull considers the customer services they offer as the number 1 reason to consider them as a broker.
Customer service is extremely important to us because you are central to our business
Support is available 24/6 through their Auckland, New Zealand office by live chat, email and phone. Most of the support term has expert knowledge in trading and are keen to use their knowledge to ensure your questions receive quality answers. There is also a FAQ and glossary section that can help to clarify any questions regarding the broker and forex and CFD trading.
Sign up to start trading is relatively simple. The broker offers an online application process that can be done in minutes. The following is needed to meet KYC requirements:
Documents can be submitted with jpg or .pdf file.
BlackBull Markets offers a solid range of education tools In the education section, you will find:
In addition to education, there is also a research section with handy features such as:
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.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.