For this BlackBull Markets review, we opened a live account and deposited over €4,000.

We traded the popular instrument in each market to identify the actual spreads and placed a total of 12 trades.

We contacted the broker’s customer support team to resolve the challenges we faced.

Finally, we withdrew our funds to assess whether the withdrawal process was smooth.

What is Blackbull Markets

Blackbull Markets is a global Forex and CFDs broker launched in 2014 headquartered in Auckland, New Zealand.

The broker is licensed in New Zealand and Seychelles.

BlackBull Markets offers over 200 tradable instruments in the Forex, indices, stocks, and commodities categories.

The broker offers a small number of products compared to the leading brokers.

Here’s a summary of BlackBull Markets’ main features:

🗺️ Authorised & Regulated inNew Zealand, Seychelles
🛡️ Is Blackbull Markets safeYes
💰 EUR/USD Spread1.23
💳 Minimum depositUS$200
💰 Withdrawal feeUS$5 per withdrawal
🖥️ Trading PlatformMT4, MT5, TradingView
📈 Markets offeredForex, Indices, Stocks, Commodities
📉 Number of Products280

Licenses and Regulations

2 global regulators license BlackBull Markets, the Financial Markets Authority New Zealand (FMA) and The Seychelles Financial Services Authority (FSA).

Here are the details of the licenses held by Blackbull Markets’ subsidiaries:

Legal entityRegistered inRegulatorLicense NumberAccepting Clients FromCompensation Scheme Amount
Black Bull Group LimitedNew ZealandFinancial Markets Authority New Zealand (FMA)403326Globally many countriesNZ$200,000
BBG LimitedSeychellesThe Seychelles Financial Services Authority (FSA)SD045Globally many countriesNo compensation scheme
BlackBull Markets FMA (Financial Markets Authority New Zealand) Registration
BlackBull Markets New Zealand License

Is BlackBull Markets Safe

Yes, BlackBull Markets is safe to trade. The broker is regulated by the New Zealand FMA, a tier 2 regulator with strict rules. The broker is also licensed by The Seychelles Financial Services Authority (FSA).

New Zealand’s FMA guarantees investors deposit protection of up to NZ$200,000 to eligible clients.

We did not encounter any major challenges when trading with BlackBull Markets.

For this review, we opened an individual MT4 and MT5 Standard account with Black Bull Group Limited, regulated by New Zealand’s Financial Markets Authority (FMA).

We recommend that you open your account with the New Zealand entity if it is available to you.

Fees and Commissions

BlackBull Markets charges low fees for trading the main instruments on offer. The fees charged for trading Forex pairs, indices, stocks, and commodities were much lower than industry averages.

Only the standard account offered by BlackBull Markets charges a spread and zero commissions. The other two account types charge a spread and a commission on trades.

Spread Charged in our Trades

In our tests, we traded the most popular instrument in each market. We placed 3 trades for each instrument to get an accurate estimate of the average spread. We tested BlackBull Markets’ Standard Account on the MT5 and MT4 platforms, which charged a spread on all trades. The spreads were pretty low, as shown in the table below.

MarketsInstruments1st trade 2nd trade 3rd trade Avg. Spread
IndicesFTSE 1001.

We executed all our trades via the MT4 and MT5 mobile apps on our iPhone.

A closer review of the spreads charged in our trades revealed that they were all below industry standards. None of the average spreads were higher than industry benchmarks.

MarketsInstrumentsAvg. Spread ChargedIndustry Avg. Spread
IndicesFTSE 1001.041.65

Other fees

BlackBull Markets charges other non-trading fees, including deposit and withdrawal fees.

Account Types

BlackBull Markets offers 3 account types with different features. The accounts are known as the Standard Account, the Prime Account, and the Institutional Account.

See the differences below:

Standard AccountPrime AccountInstitutional Account
Trading PlatformsMetaTrader 4 & 5MetaTrader 4 & 5MetaTrader 4 & 5
Minimum Deposit$200$2,000$20,000
Commission0$6 per lotNegotiable
Order ExecutionInstant ExecutionInstant ExecutionInstant Execution
SpreadFrom 0.8From 0.2From 0

BlackBull Markets offers Forex Islamic Accounts to Muslim clients. These accounts do not attract a swap fee for positions held overnight.

We chose to open an individual MT4 and MT5 Standard Account with Black Bull Group Limited for our tests.

Account Opening

BlackBull Markets account opening was fast and smooth. We completed the entire process digitally.

Here are the 5 steps to opening a BlackBull Markets account:

  1. Choose your account type, and enter your first name, last name, email address, mobile phone number.
  2. Enter your street address, City, State/Province, ZIP/Postcode, date of birth, Country.
  3. Provide the purpose for trading, source of trading funds, estimated annual income, estimated net worth, trading experience.
  4. Select your account type, trading platform, account currency, funding amount and leverage level.
  5. Verify your account.
BlackBull Markets Account Opening
BlackBull Markets Account Opening

The registration process took exactly 5 minutes, and our account was approved in one working day.

We opened our account on 17 January 2023, and it was approved on 19 January 2023.

For this test, we opened an individual MT4 and MT5 Standard account with Black Bull Group Limited, regulated by the Financial Markets Authority (FMA) of New Zealand.

Deposit and Withdrawal

BlackBull Markets offers fast deposits and withdrawals. Traders can deposit and withdraw from their accounts using bank transfers, credit and debit cards, and e-wallets such as Neteller.

The broker charges a 2.5% fee on credit card deposits, with credit card withdrawals attracting a €5 fee and Neteller withdrawals attracting a €4 fee.

BlackBull Markets Deposit Methods
BlackBull Markets Deposit and Withdrawal Methods

Minimum Deposit

BlackBull Markets has a minimum deposit requirement of $200 on its Standard account, while its Prime account has a minimum deposit requirement of $2,000. The institutional account requires a minimum deposit of $20,000.


BlackBull Markets’ clients can deposit funds into their trading accounts via bank transfers, debit/credit cards, and e-wallets such as Neteller.

The table below shows the details of our deposits:

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit Card21 January 202321 January 2023Instant2.5%
Neteller21 January 202321 January 2023Instant€0.00

BlackBull Markets charges a 2.5% fee on credit card deposits but does not charge fees for Neteller deposits.


BlackBull Markets allows its clients to make withdrawals via the same payment methods available for deposits making it easy for investors to access their funds.

BlackBull Markets charges a fee on withdrawals.

Payment MethodSubmitted DateFunds Released DateFunds Arrived DateWithdrawal TimeFee
Credit card22 January 202323 January 202324 January 20232 working days€5
Neteller22 January 202323 January 202323 January 20231 working day€4

We did not have any challenges during the withdrawal process, which was quite smooth.

Markets and Products

BlackBull Markets offers over 200 tradable instruments in the Forex, indices, stocks, and commodities markets.

Here’s the complete list of BlackBull Markets’ product offerings:


The broker’s collection of instruments is lower than those offered by the top brokers.

Trading Conditions

The trading conditions at BlackBull Markets are great. Traders can execute most trading strategies since the broker allows high-risk strategies such as hedging and scalping.

BlackBull Markets also allows traders to use Expert Advisors (EAs).

There are no time limits for how long traders can keep their hedging positions open.

Trading MethodAllowed
Change LeverageYes


BlackBull Markets offers its clients high leverage levels from 300:1 to 500:1 based on the entity under which they registered their account.

Traders can change their account’s leverage levels after registration but they have to contact the broker’s customer support team to facilitate the change.

The table below shows the different leverage levels available to clients:

MarketsBlackBull Group LimitedBBG Limited
Major Currency Pairs500:1300:1
Non-major Currency Pairs500:1200:1
Other Commodities (except gold)200:1100:1


BlackBull Markets offers a bonus programme to its clients with a maximum payout of $250. Traders can earn bonuses via the broker’s referral programme.

Here’s how the system works:

Your Friend DepositsYour friend tradesYou’ll each receive
$1,0005 FX lots$100
$10,00020 FX lots$250

Trading Platform

BlackBull Markets offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, as well as highly customizable TradingView to its clients. Clients can access the two platforms via the desktop and mobile MT4 and MT5 applications.

BlackBull Markets Trading Platforms
BlackBull Markets Trading Platforms

Traders who prefer the MetaTrader platforms will find a home with BlackBull markets. However, traders who prefer a proprietary platform are out of luck since the broker does not offer such a platform.

Traders who prefer a modern platform should try the MT5 platform since the MetaTrader 4 forex trading platform is a bit dated.

Research and Tools

BlackBull Markets provides market research via quality videos created by its in-house team of analysts.

The videos have depth and cover both fundamental and technical analysis topics in a comprehensive manner.

The broker provides daily market update videos published on its YouTube channel and live streams longer session covering new economic releases in a live-trading-room format.

While the broker offers detailed video content, we would like to see written content for traders who learn best via reading.

BlackBull Markets VPS Trading
BlackBull Markets VPS Trading


BlackBullMarkets Review found a section dedicated to trader education with 11 learn to trade videos, 5 trading guides and a trading glossary. The training videos can be found on the broker’s YouTube channel.

The broker has a ‘trading resources’ section on its website that offers an economic calendar, which is very useful to traders. The broker publishes about 10 timely analysis (fundamental and technical) pieces covering the major markets.

The broker’s education offering is not as comprehensive as we would have liked. Traders can also open a demo account to practice trading on the broker’s platforms and test their trading strategies.

However, the videos are located in the broker’s video channel instead of on its website, which can be quite confusing.

BlackBull Markets Educational Material
BlackBull Markets Educational Videos

Customer Service

BlackBull Markets’ customer service team was quite helpful and gave us direct and prompt answers that were very accurate. Our first interaction with the team was via live chat, where we asked about the order execution and whether they allow hedging, scalping and change of leverage.

We received a fast and accurate response. The broker provides instant execution and allows scalping and hedging strategies. Traders have to contact the support team to change their leverage.

BlackBull Markets Customer Support
BlackBull Markets Customer Support

You can reach the BlackBull Markets customer support team via email and live chat. Our second query was via live chat, where we wanted to know if they provide stocks and cryptocurrencies.

We got a fast response, and the support agent let us know that they offer stocks and BTCUSD on the MT5 platform. We then asked how we can open an MT5 account and were instructed to send an email to

We then sent an email request to open an MT5 account and got a response in 1 working day. They informed us that it would take one day to open our MT5 account.

We sent an email inquiry about the broker’s institutional account and the Active Trader account to but did not receive a reply from the broker, which was disappointing.

Here are the results of our test below:

QuestionResponse TimeQuality of reply
Live chatWe asked what’s the order execution type at BlackBull Markets? Do they allow hedging, scalping and change of leverage?2 minutesDirect and fast.
Live chatWe asked if they provide stocks and cryptocurrencies?1 minuteDirect and fast
EmailWe sent a request asking BlackBull Markets to open an MT5 standard account1 working dayDirect and accurate
EmailWe asked several questions about their institutional and Active Trader accounts, including spread, execution type, minimum deposit, etc.N/ANo response


Overall, our experience with BlackBull Markets was good. The broker charges stable spreads on stocks and indices, and we discovered that the spreads on the tested instruments were lower than industry benchmarks.

The best thing about the broker is the high leverage levels offered to traders backed by its New Zealand FMA license, which ensures the security of customer funds. Most brokers who offer high leverage usually have licenses from offshore jurisdictions.

The broker’s customer support team provides fast and accurate feedback via the live chat function, and we encourage traders to use this method to communicate with the broker.

We tried to make a direct deposit into our MT5 account but were unable to do so. We contacted the broker and were informed that we have to deposit the funds into the MT4 account, and then they would transfer the amount to the MT5 account. We found this a bit inconvenient, but the process did not take long.

We tested two deposit and withdrawal methods and found that the broker charges a fee on Credit card deposits, but Neteller deposits are free. However, the broker charges a fee on both credit card and Neteller withdrawals.

We recommend BlackBull Markets to traders who run scalping, hedging, and automated trading strategies.

We recommend BlackBull Markets for traders who are

  • Experienced traders
  • Beginners
  • Run Scalping
  • Hedging
  • EAs trading
  • Looking for high leverage with regulated Broker
  • Trading through MT4

BlackBull Markets might not be a fit if you are

  • Real Stock / Futures Trading
  • Prefer other platforms rather than MT4

Author of this review

By George Rossi

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.

Now I am passionate about reviewing and comparing forex brokers.

Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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