BlackBull Markets Review For NZ Traders [2024 Updated] (2024)

Spreads and Broker Costs

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.

• Standard Account: Wider spreads from 0.8 pips, no commissions.
• ECN Prime Account: Spreads from 0.1 pips + commission.
• ECN Institutional Account: Customisable, spreads from 0.0 pips + lower commission rates.

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.

BlackBull Markets Raw Spreads 2024

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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.

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.

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.

Is BlackBull Markets Safe?

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).

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

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Range of Offerings

BlackBull Markets offers over 26,000 different financial products to choose from.

• 70 major, minor, and exotic currency pairs
• 10 indices including the S&P 500, NASDAQ 100, and Dow Jones Industrial Average
• 23,000 + shares like Amazon, Tesla, or Apple
• 10 cryptocurrencies such as Bitcoin, Ethereum, or Ripple
• 23 commodities including energies, agriculture, and metals

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 Trading Platforms

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.

• MetaTrader 4 (MT4): 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.
• MetaTrader 5 (MT5): Building on MT4, MT5 offers additional timeframes, more indicators, and enhanced order handling capabilities, suitable for advanced traders.
• cTrader: Known for its intuitive design and advanced charting capabilities, cTrader is favored for its clean interface, advanced order types, and level II pricing.
• TradingView: 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.

Mobile Trading Apps

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:

• Autochartist: Offers automated market analysis, identifying potential trade setups through technical analysis patterns and statistical data.
• Zulu Trade: A social trading platform that enables users to copy strategies from top traders, automating their trading process.
• Myfxbook: A tool for tracking, analysing, and improving trading strategies, providing comprehensive insights into trading performance.
• FIX API Trading: Tailored for advanced traders, this feature integrates with MetaTrader to provide high-speed, reliable, and customisable trading experiences, unlocking sophisticated trading capabilities.

These tools collectively offer BlackBull Markets’ clients a range of options to automate, analyse, and optimise their trading activities.

Trade Experience

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.

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.

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Funding and Withdrawals

BlackBull Markets offers a range of fee-free funding methods while requiring no minimum deposit to start trading.

What is the Minimum Deposit at BlackBull Markets?

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.

Base Currencies Offered

BlackBull offers nine account base currency options: USD, EUR, GBP, AUD, NZD, SGD, CAD, JPY, and ZAR.

Deposit Methods and Fees

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.

Withdrawal Methods and Fees

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.

Account Opening

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.

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Customer Service

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.

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Research and Education

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:

• Forex Tutorials: These tutorials cover the basics of forex trading, providing insights for beginners and intermediate-level traders. They also offer advanced courses for professional traders, ensuring a complete learning journey from the fundamentals to complex forex strategies.
• Shares Tutorials: Traders interested in stock markets can benefit from dedicated tutorials on share trading. These guides cover various aspects of trading in shares, offering valuable knowledge for those looking to diversify into equity markets.
• Commodities Tutorials: For those interested in commodities trading, BlackBull Markets provides tutorials that include beginner, intermediate, and pro levels, offering insights into trading commodities like metals, energy, and agricultural products.
• Webinars: Regular webinars are conducted, featuring expert traders and market analysts. These webinars are an excellent way for traders to stay updated with market trends and gain insights from industry professionals.
• Market Reviews: BlackBull Markets offers market reviews that provide an analysis of current market conditions, helping traders make informed decisions based on the latest market trends.
• Economic Calendar: An essential tool for any trader, the economic calendar helps in keeping track of important economic events that could impact financial markets.

This combination of educational content and practical trading tools makes BlackBull Markets a strong broker for both learning and trading in various financial markets.

Final Verdict On BlackBull Markets

Conclusion

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:

• True ECN Trading with no Dealing Desk
• Strategically placed servers located at data centres in 5 countries to bring the best possible execution
• Choice of 2 VPS providers free of charge (with minimum deposit)
• 2 popular social trading tools to use with MetaTrader
• Choice of the standard of ECN accounts
• FMA regulation for New Zealand Traders.

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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Is BlackBull Markets Safe?

What is the Minimum Deposit at BlackBull Markets?

What Demo Account Does BlackBull Markets Offer?

What Leverage is Offered by BlackBull Markets?

Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004. Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. He has a Masters and Commerce degree and has an active role in the fintech community. He has also published a book in 2023 on on investing and trading.