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BlackBull Markets Review

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BlackBull Markets Review – NZ Broker With a Safe trading Environment

  • Tier 1 Regulation – FMA (FSP403326)
  • Year Founded – 2008
  • Segregated Client Trust Accounts
  • Uses Tier 1 New Zealand Based Banks
Blackbull Markets review

BlackBull Markets have emerged over the past 8+ years as a forex broker of note; pushing the boundaries of what is expected from a spreads perspective, and delivering an all around package that will make trading purists smile.

Taking the first steps in this BlackBull Markets review, we have done some digging to get to the bottom of how safe it is to trade with the broker, and we are pleasantly surprised by the way its’ users feel about them, and the framework they have put in place from a tech standpoint.

Having been launched in 2014, as a New Zealand based broker, you wouldn’t assume that less than 10 years later, this would be a broker that would have expanded its’ reach across the globe. Although BlackBull Markets has stayed true to its’ roots with offices in Auckland, and continues to serve traders from both New Zealand and Australia with excellent efficiency, there are now traders using this broker from all around the world. As part of the expansion, there has been an additional regulation acquired to serve global users (outside of the restricted list) from the FSA in Seychelles.

Whilst the Seychelles regulator would typically be classified as a Tier 3 type regulator due to its’ offshore nature, the FMA of New Zealand is one that would deliver amongst the highest levels of protections for traders, and be amongst the Tier 1 regulatory group. This helps to give an additional layer of security in knowing that BlackBull Markets are a highly regulated broker, and one which has sought to follow the correct path to onboarding traders from wider territories.

FSPR registration is a positive as far as having a place to raise any concerns, as is the fact that BlackBull Markets are an NDD broker, removing potential conflicts of interest that can potentially occur with brokers that run a different order book.

The FMA regulation as you can see below is issued in the full company name of Black Bull Group Limited, although the trading name is clearly listed as BlackBull Markets. We would consider BlackBull Markets a safe place to trade, and a broker that can be trusted to deliver a platform that does all you need.

blackbull markets regulation FMA

It is comforting to read that many clients of Black Bull Markets review them in the same light; with no less than 78% of users giving the broker a full 5 stars on Trustpilot. Reading through broker reviews across the web is one of the ways we have always sought to gather a full plethora of user opinions outside of our own experience, and whilst you will always find the odd negative comment, BlackBull Markets reviews are quite a pleasing sight.

The negative among them seem to focus mainly on the fact that the KYC requirements (uploading documents, and proof of address) had caused some complications, but I found no such issue personally. You will certainly need to have proof of identification, and proof of address documents, but this I have come to expect from all well regulated brokers. It is always advisable to avoid running in to any issues on this topic yourself, that before you get your account running with real funds, you seek to ensure that the account is fully verified and approved for withdrawals. Once that is taken care of, you can then move in to the real business of trading with the confidence in knowing that the backend administration is already well dealt with.

On the positive side, a huge number of reviewers are convinced that the BlackBull Markets customer support team is up there with the best in the business. As you can see from this review of BlackBull Markets from Australia below, this is a broker with an emphasis on helping users. Customer service is one of those support functions that has a fixed cost for a broker, and usually when this element is high performing, it shows a real interest in the user success and giving traders what they need. This only adds fuel to the fire as far as trust goes, and enhances the brokers’ standing in the market.

blackbull markets australia review
blackbull markets

SPREADS : From 0.0
LEVERAGE : 1:500

Trading Fees – Blackbull Markets spreads are up there with the best

  • Spreads – Low (from 0.0)
  • Deposit/Withdrawal Fees – Free to deposit, $5 to withdraw
  • Minimum Deposit – $0

Next you get in to the real reason why you want to know about a broker… the trading proposition. In this BlackBull Markets review, we want to consider the complete cost structure, to know how much it costs you to trade with the broker, and how much it might cost you not to. Outside of the spreads, we will look at the minimum deposit BlackBull Markets set, any deposit or withdrawal fees, along with any hidden fees that might be there.

Comparing BlackBull Markets spreads with some of the most famous names in the forex trading sphere, gives you some very favourable numbers, but there are some variations depending on the account type you choose.

BlackBull MarketseToroIG
Minimum Deposit$0$50$250
PlatformsMT4, MT5, Trading ViewProprietaryMT4, ProRealTime,
L2 Dealer

As you can see, BlackBull Markets spreads start from 0.0 but we do need to clarify that this is on the ECN Institutional Account which carries a minimum deposit of $20,000 and has commissions of $3 per lot. For lower deposit levels you can still take advantage of spreads from 0.8 on the ECN standard account; where minimum deposit levels are $0, and there are no commissions whilst trading. Even at the very entry level of account with BlackBull Markets, spreads remain fully competitive with their illustrious rivals and continue to place BlackBull at the better end of trading fees.

There are quite the number of options to deposit and withdraw with BlackBull Markets, but whilst deposits can be made without any fee from the broker, there is a $5 (or 5 base currency account units) charge levied on withdrawals via most methods. I was pleased to see that there are no inactivity fees, or account fees. Even if it would be a positive to see the withdrawal fee removed, there is transparency with BlackBull Markets in the fee structure, and no hidden costs which is always a good sign.

BlackBull Markets minimum deposit is as low as you can find, with there being no set level for funding your account either once it is activated or for the first deposit. This means that the BlackBull minimum deposit is $0, but you will want to ensure that you give yourself some scope within your account balance for exercising some risk management strategies.

Having a completely flexible minimum deposit with BlackBull Markets means the broker is very well positioned to provide trading accounts to users of all categories; all the way from beginners making their first trade, through to experienced traders looking for a better value proposition from their broker.

BlackBull Markets Trading Platforms

Trading Platforms – MT4, MT5, TradingView
Web Trading – Yes
Number of Instruments – 23000+
Currency of accounts USD, EUR, GBP, NZD, SGD, AUD, CAD, ZAR, JPY

The range of trading platforms available covers the most famous names in the forex business, along with one that has made a name for itself by delivering excellence in charting. MetaTrader platforms (both MT4, and MT5) are both offered by BlackBull Markets, alongside TradingView integration.

Having the capability to trade on your BlackBull Markets live account from within the TradingView platform is a great addition, with the level of functionality available being right up there with the market leaders. You can simply choose the platform of choice from within your secure client area, and from there you can also select the device you would prefer to trade from (Windows, Web, Android, Mac).

Syncing Your BlackBull Markets Account With TradingView
blackbull markets trading platforms

If you are setting up TradingView with BlackBull Markets, you can see below the next steps you would want to take in order to begin.

Firstly, if you do not have an account with TradingView, you will need to sign up, but this is free and can be done in a matter of seconds.

Once you have a TradingView login, you can then begin to integrate your BlackBull Markets account with it by taking the account number of your BlackBull TradingView account (highlighted in yellow below) and inserting it, along with your password into the BlackBull markets login from within the TradingView platform.

Once this is done, you can begin executing trades live on your BlackBull Markets account.

account ID Blackbull Markets Tradingview
Balckbull markets tradingview connection

When you get in to the range of instruments available throughout the BlackBull Markets trading platforms, you can not help but be impressed by the sheer volume of choice particularly on Share Trading. The number of forex pairs is in line with industry leaders (60+), but the range of other CFDs on indices, shares, and other assets pushes the total instruments available past 26,000.

In most cases, successful traders will focus on just a handful of instruments to trade, so will likely not need to access even half of what is on offer here; but having the option to trade the full gamut of instruments and find more niche assets to trade is fully within your scope at BlackBull Markets. You will still likely want to specialise in just a few of the instruments, but the choice you have available from which to find your market alpha is just going to be that much greater.

As you would hope to see from a New Zealand regulated broker, there is the option to base your account in NZD, alongside 4 other different options in USD, EUR, GBP, AUD, SGD, or CAD. Whilst potential BlackBull Markets Canada traders will be disappointed in the fact that they are currently not approved to open accounts with the broker; there is the option to base your account currency in Canadian Dollars for those who are inclined.

It is no surprise due to the range of base currencies that BlackBull Markets continues to appeal very strongly to Australia, Singapore, UK, and European traders outside of their NZ home base.

It is typical these days that most brokers insist your account is run in USD; limiting your flexibility, and inflicting currency exchanges on deposit as and withdrawals. Having the ability to pick and choose between a range of base currencies is a definite benefit to BlackBull Markets and will appear to a wide range of international traders looking to take advantage of the competitive all around package.

The maximum leverage with BlackBull Markets is offered at 1:500, but there is a great amount of flexibility in the levels you can choose to trade with. Leverage as we know can be a double edged sword, in that higher losses and higher profits are both possible when you amplify the lever. Having the ability to adjust across various accounts is a really interesting model that warrants a bit of attention in this BlackBull Markets review.

I hark on about flexibility I feel in many different reviews (including this one), but it is something that carries a lot of importance if a broker wants to appeal to a wide audience.

blackbull markets leverage

BlackBull Markets leverage options as you can see here start from X1 (no leverage), and going all the way up to 1:500. There are various levels in between including 1:33, 1:50, 1:100, 1:200, 1:300, and 1:400 that you could also choose to take advantage of.

So here is the big advantage with leverage flexibility : new traders as a general policy should not look to trade with maximum leverage on any platform, particularly until there is a strong track record of proper risk management over an account and a period of sustained trading.

Starting out with 1:500 will likely see many new traders blow up their accounts. Let’s say then that a trader begins with 1:50 leverage on BlackBull Markets to build a basis of trading experience and then wants to begin increasing the lever they are using after some time. With this flexibility you can do that, and look to build your exposure safely, as part of a trading plan.

There would be no requirement to start a whole new trading account with a different broker, adjust to the trading platform, or re-set up your technical analysis drawings… everything would be there, but you adjust your exposure. The same can be said during times of peak volatility, where you may also want to pull back some of the position sizing using leverage rather than actually adjusting position size.

BlackBull Markets therefore can be a high leverage broker if you choose, but it can also be just the opposite.

blackbull markets

SPREADS : From 0.0
LEVERAGE : 1:500

Payment Methods

BlackBull Markets deposits and withdrawals are vast enough in range that you may find it easier to locate a method that is not supported rather than looking at those that are. Despite this, we are going to take a quick look through all the options available so you can ensure your preferred method is catered for. It is also worth noting again that many of these methods are supported across a range of 9 base currencies.

We would also want to flag up the fact that 11 different cryptocurrency deposits are accepted, giving you the option to make your cryptocurrency balances actively work with your trading account. It is definitely nice to see brokers beginning to adopt cryptocurrency as more than just a speculative asset as was the case in the past, and BlackBull Markets are helping to lead the way with this.

Visa and MasterCard are both supported for deposits and withdrawals. Either method is processed in less than 24 hours (withdrawals), and instantly (deposits). Card withdrawals may take up to 3 days to be received despite the processing speed from BlackBull, and this will depend on your card issue.

  • AstroPay
  • Beeteller
  • Boleto
  • China Union Pay
  • Deposit Channel
  • FasaPay
  • FXPay 88
  • Help2Pay
  • Interac
  • Neteller
  • Skrill
  • OpenPayd
  • PaymentAsia
  • PicPay
  • PIX paymentPoli
  • Thai QR Payment
  • Transferência Eletrônica Disponível

You can see the full list of supported wallets or payment service providers above, and the range is very strong. If we are looking for shortfalls in the range, there is a notable absentee in PayPal, but outside of this all the most popular options are offered.

If you deposit via Skrill, you should note that the BlackBull Markets Skrill account is in the USD base currency, so if you deposit using other currencies (which is an option by the way), you may incur exchange rate fees as your deposit is required to be converted into USD.

Neteller deposits and withdrawals can be made in a wider range of currencies so may be a better option if you have both. You can then select from either AUD, USD, EUR, GBP, CAD, JPY or SGD, without any exchange conversion required.

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Chainlink (LINK)
  • Dogecoin (DOGE)
  • EOS (EOS)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Polkadot (DOT)
  • Ripple (XRP)
  • Stellar (XLM)

Apart from having a solid range of choice to deposit and withdraw, one of the most important things I look for as a trader is how long the broker wants to hold on to your money after a request is made on either deposit or withdrawal. It seems obvious, but one which is taking days to start the process is not one that holds up well in reviews. Entire trading strategies have been set up around having processing speed edges in the past, so it is no surprise that we all want to see efficiency in this area.

BlackBull Markets withdrawals are processed within 24 hours from the request being made, which is within the ‘good’ range. The time to receive post processing will range depending on the payment method you have selected, but the majority of e-wallets and cards are almost instant. Bank transfers can take 1-3 days depending on where in the world the account is held, but this is a limitation of the system rather than the broker.

Deposits made to BlackBull Markets by any method other than bank transfer are applied to your account almost instantly, which is a definite positive. Bank transfer deposits will again take 1-3 days, and are the only method you can deposit with that should take any meaningful length of time to be applied.

Demo Account Review

Demo Platforms Available – MT4, MT5, WebTrader, TradingView
Demo Account Duration – 30 days, potential to extend for live account users
Multiple Simultaneous Held Demo Accounts Available? – Yes
Verification Required – Email

The BlackBull Markets demo account gives you a thorough run of the platforms available for live account users; including MT4, MT5, and TradingView, with real market pricing. Now the standard set up for the demo account out of the box is $100,000 in demo balance on the TradingView platform, but these are are all very easy to change as we will highlight in the section below. Another standard term is that your demo account will have a duration of 30 days to get to grips with the platforms and features before deciding whether you would want to continue on live, or try to extend it with customer support.

Whilst demo accounts will never give you that exposure to trading psychology which is vital, particularly for new traders, there are huge benefits to taking one for a test ride. BlackBull Markets allow to test multiple accounts on the demo environment simultaneously; really allowing you to get a feel for each of the trading platforms on offer, as well as testing your trading plan with various different account balances, currencies, and leverage settings.

We are here talking about flexibility again. Flexibility to use the systems as you choose can be invaluable even in demo mode, as you will very rarely find that one set up is going to be suitable for the masses. You are individuals in life, and you are individuals as traders. This is respected within the functionality of the BlackBull Markets demo account.

blackbull markets email verification

In order to get yourself set up with a BlackBull Markets demo account, you simply need to provide some basic details and confirm your email address. All in all, this took me about 90 seconds to complete (including the email verification above) and then you are in to the client area and fee to test things out for yourself. Your login details and any password changes you make to additional demo accounts will all come through to your email, but otherwise you will be able to avail yourself of any support needed from the staff on hand at BlackBull.

Around 2 days later from my demo account opening test, one of the support staff kindly sent an email providing contact details in case if there was anything I could help with in getting the most out of the demo account which is a nice touch and goes to support what we have seen from the customer support reviews from existing long term clients. If you need any help before that, there is 24/7 support reachable as you can find in this link to the support section below.

Account Types

Each of the accounts offered by BlackBull Markets have some unique advantages over the others, and appeal to traders of different experience levels. There are 3 main account types, along with the Islamic Account option which is effectively an adjusted version of either of these but with no swaps, and Sharia Law compliant.

There are some standard features across each of the accounts such as the maximum leverage (1:500), minimum trade size (0.01), and the ECN processing type. The table below outlines the differences you will find across each of the accounts, to help it become clear quite quickly where your preference might be.

BlackBull Markets ReviewStandardPrimeInstitutional
Commissions0$6 per lot$3 per lot
Minimum Deposit$0$2,000$20,000
Equinix ServerNY4NY4Selection
BlackBull Markets Account Types Compared

The Standard account would be your entry level account, and whilst the spreads are higher than the other options, there is no volume based commission. This account will deliver almost everything you need from BlackBull Markets, outside of the custom options for Server selection and is the level of account which I tested.

The table above is quite clear on the variables, so not a huge amount of additional commentary are necessary, except to say that the institutional level offer is really very impressive and something that BlackBull have clearly put some work in to. There are 5 different server locations that have been selected by BlackBull Markets to deliver the best speed and efficiency to its’ users. NY4 which is the standard server is located in New York, with the other locations being London, Shanghai, Hong Kong, and Tokyo.

The minimum deposit level to take advantage of this on the Institutional account will be prohibitive to many, but if you are a trader with a large balance and looking for a new home for the bulk of your trading, this would be the account choice I would make.

Customer Support

Email – [email protected] 
Deposit & Withdrawal Queries[email protected]
Telephone – +64 9 558 5142
Address – Level 20, 188 Quay Street, Auckland, 1010
Hours of availability – 24 hours a day, 7 days per week
Web address for live chat

In this BlackBull Markets review we are paying particular attention to 3 things when it comes to customer support. Those are the quality of service, the availability, and the breadth of options you have to reach them.


The quality of customer support typically comes down to two main factors; how knowledgeable the team are, and how they behave in your interactions.

BlackBull Markets customer support team is both well equipped and well mannered, delivering a quality of service that has helped them maintain very high customer satisfaction ratings across the usual review portals. 79% of full 5star reviews on Trustpilot again is a great stamp of approval from existing users of BlackBull that the quality of service is very high.

blackbull markets customer support email

It is nice to se that even when going the demo account path, there is an outreach from one of the customer support agents to ensure you are getting what you need from the broker without having to ask. This proactive approach to customer support is something that is built in to the behavioural side, and whilst likely incurring an additional cost for BlackBull Markets to take this approach versus not doing so, the end result is a better all around feeling when you are first starting out with BlackBull Markets. Fortunately, this approach is not lost on existing traders either, with the standards upheld throughout our interactions.


The availability of customer support includes the hours of operation, and the speed at which you are likely to get a response during those hours. There is nothing worse than a platform which states around the clock support but takes hours to respond to the simplest query. This is not a problem you are likely to encounter with BlackBull Markets.

Hours of operation across the various Blackbull Markets methods of email, telephone, or live chat are available 24 hours a day, 7 days of the week. This means you are never far away from a response on any of your trading queries with BlackBull Markets. There is also a dedicated section on their website that contains a huge amount of general support topics that can help take you through some of the usual topics, or FAQs.

The full range of topics as you can see below is quite impressive.

blackbull markets review customer support on web
Contact Methods

There are certainly enough options available to reach customer support; with email, telephone and live chat all being variations that you would expect to see in 2023 and beyond.

If you are someone who likes to call for customer support and speak over the phone, BlackBull Markets NZ telephone number is available but may not be an ideal option for those international traders who would rather not make international calls from a cost perspective. There is another contact number for the French traders out there, but you can also request a callback should you need it.

As alluded to above, many of the usual queries that users have are broken down in simple to understand pages on the BlackBull Markets website, so whilst that is not a contact method per se, I would say it adds another source that can definitely provide support at a high level of quality.

Customer Support Summary

All around, whilst conducting this BlackBull Markets review, we have found the customer support to be of a very genuine nature, and available during the trading day wherever in the world you are. As a broker that is continuing to grow internationally, the 24/7 nature of customer support is something that will really help BlackBull Markets maintain their standards.

Many BlackBull Markets traders are happy to mention the quality of support they have received from individual agents and this is something that is really positive to see from a company culture standpoint. If there is an emphasis on keeping customers happy internally, this is showing outwardly with the feedback we are seeing, and something that is less common than you might assume. A strong area of performance for BlackBull Markets.

BlackBull Markets Review – Leverage Forex Summary

blackbull markets

SPREADS : From 0.0
LEVERAGE : 1:500

BlackBull Markets are a broker that has emerged as a real fintech player in the past 10 years and continues to develop from its’ origins as a forex broker, into a true multi-asset player to compete amongst the famous old names of the industry.

There is an emphasis on providing flexibility; from the platform range, through to the huge number of tradeable instruments, a volume of different deposit and withdrawal methods, alongside leverage that can be set from 1:1 up to 1:500. I was also pleased to see the full flexibility in the BlackBull Markets minimum deposit, with the limit completely removed and set at $0 for you to choose your own comfort level.

Safety and security has not been overlooked either, with Tier 1 regulation from FMA, Tier 1 NZ banks for fund security, and a tech stack that spreads servers across 5 strategic locations. BlackBull Markets are a true NDD broker, removing any potential conflicts of interest and adding a further level of safety in the alignment to success.

When looking at areas to improve, there is a $5 withdrawal fee that we would prefer to see removed in the next BlackBull Markets review. The demo account could also be extended out indefinitely to allow users more of an opportunity to see and learn all the good stuff behind the platforms.

Overall, this is a broker that offers great flexibility, tight spreads (from 0.0), and a level of customer support that helps it shine amongst its’ peers. Firmly positioned as the best forex broker in New Zealand, it is likely we will see BlackBull Markets continue to add users and grow in the years ahead.

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