BlackBull Markets review (2022) Review
BlackBull Markets is an awarded Forex and CFD broker which has been in business since 2014. It provides access to trade 27 different Forex currency pairs and crosses, the precious metals gold and silver priced in U.S. Dollars, U.S. crude oil and natural gas and indices. They offer MT4 and MT5 platforms and a WebTrader. They also offer spreads from 0.0, leverage up to 500:1 and the minimum deposit is $200. You can open one of three accounts they offer one of which is a demo account.
What can be traded
BlackBull Markets offers the following instruments for trading:
- Equity Indices
The range of asset classes is offered should satisfy most traders looking to trade Forex and major equity CFDs.
You have a choice of three different major account types. All accounts offered are ECN Accounts and requires a minimum deposit of $200. The ECN Prime Account requires a minimum deposit of $2,000 and the ECN Institutional Account requires a minimum deposit of $20,000 and offers a minimum spread of 0 pips. I have to mention that everyone can create a free demo account to test the trading service. It is a free virtual account.
BlackBull Markets regulation
It has a moderate level of regulation. It is registered with the New Zealand Financial Services Provider Registry (FSPR), it’s a member of the Financial Services Complaints Limited (FSCL) and reports to the New Zealand Financial Markets Authority (FMA) on anti-money laundering and counter financing of terrorism matters.
As I have mentioned earlier, you can open a demo account for 30 days to try out your skills, practice trading, and get used to the platform. It is free of charge; you have virtual $100 000 to play around with and to open one is very simple. You can either find it on the main page hidden under the blue color.
Four steps follow to open a live account, but only one short form for a demo account. As simple as that.
BlackBull Markets fees
The fees depend on the account you have opened. The Standard account is commission-free and the minimum round-trip cost of trading the benchmark EUR/USD Forex currency pair is at least 0.8 pips, where the ECN Prime account has lower spreads, there is a $3 commission per side or $6 round turn per lot. On its professional ECN Institutional account, you must negotiate commission rates with the broker on a one-off basis. BlackBull Markets also charges swap fees for keeping positions open overnight.
How to register
After clicking the join button, I had a small form to fill in. That took me a minute.
My new Demo Account details have been sent to my email address in a minute. This email contained the login information. They also advised me, that to start trading, even with a demo account, I need to download the MT4 platform. This is useless for me, as I work on my MacBook. But it looks like they thought about that and added a link for Macs in my email too. So, I clicked on the link and I got a message that the folder doesn’t exist. OK, so I cannot download the MT4 platform onto my computer. Is there another way for me to use the demo account? I tried to log in to the “Cabinet” they offered in the welcome email, typed in my email address and the password I received, and couldn`t get in with these details.
I wrote them a message on live chat. They wanted my account number, but I haven`t received one, so they advised me to email them. This brings me to a problem, that with a demo account, I can only try out the MT4. Not the WebTrader or MT5.
As a MetaTrader 4 (MT4) and MT5 broker, they offer MT4 on IOS, Windows, mobile phone, tablet, MetaTrader 5 or WebTrader, but has no proprietary platform. I was recommended to use the download for the computer because you can do better and more detailed analysis, with your mobile phone it`s not possible. Shame I cannot use the WebTrader on my demo account.
The brokers’ website
I found the design and style of the website average. There is no fee information on the website, you have to find them within the trading platform or in other reviews, as I have done because I couldn`t get into the account. The website offers to join on most pages, simple to find. In the top pane of the website you can choose from:
- Our company
- Client support
In Client Support, you can find FAQ, Education and Trading Resources. Beginners can access a variety of educational resources. You`ll find MT4 videos, forex analysis guides, and a trading glossary also an economic calendar to watch market news and events. There are daily analyses and webinars for the clients too. To find the information you need is simple. The website is straightforward, with no unnecessary adverts and blabber.
Social network activity
In the footer, they offer to check out their LinkedIn, Facebook, Twitter and YouTube account.
On Facebook, they post news about twice or three times a month. You`ll find videos, economic news and facts.
After checking out Twitter, and Youtube, I found out they are also active there as with Facebook.
Advantages and disadvantages
They are fully regulated in New Zealand and provide a very good service, customer service 24/5, live chat or telephone number. There is a free demo account to test the platform by yourself. More than 64 currency pairs are available for trading and that`s big. On the other hand, I had problems downloading the app for MT4, and although I could speak to someone (or a smart something) on live chat, they needed my account number, which I haven`t received. I couldn`t find any precise information about fees and charges.
- Regulated broker
- Great customer service
- High leverage of up to 1:500
- Demo account only on the MT4 platform
- Problems downloading the platform on a Mac
- The high minimum deposit for Prime Account
Pros / Cons