Blackbull Markets Broker Review
Address: Level 22/120 Albert Street, Auckland Central, Auckland 1010, New Zealand
Phone: New Zealand
Email: General Support
Our Overall Rating
- Wide variety of account type choices, including a demo account and an Islamic account
- Powerful system of fibre-optic connectivity and offer of MetaTrader 5
- Several customer service options, including live chat, email and telephone
- Broker is well-regulated across a range of different markets
- Some key indices not offered, such as the NASDAQ
- Live chat function not available at weekends
- Research offer could be more extensive
- Fees levied by payment services providers on some withdrawals
BlackBull Markets is a leading broker offering a wide variety of benefits to the traders who sign up for its services. Its range of asset classes is strong, and it can provide trading services in everything from major and minor foreign exchange pairs to indices and precious metals. It has a complex but choice-friendly account structure available, meaning that traders can select an account structure that meets their needs.
One of the main features of this broker is its commitment to using technology to offer a superior customer experience for the trader. It offers both MetaTrader 4 and the latest iteration, MetaTrader 5. Its mobile apps are available on both iOS and Android, and the broker also has a cutting-edge data solution in place to ensure that connectivity is modern, fast and reliable. The presence of a back-up continuity solution means that traders can have confidence that their access to the system will be available, no matter what.
The broker also offers an extensive customer service function with communication options as diverse as telephone and live chat. Withdrawals are easy at this broker, though there may be some third-party costs involved, depending on the method chosen.
Commissions & Fees
It’s worth noting that there is no one set of rules at BlackBull Markets when it comes to commissions and fees. On the contrary, traders will need to select an account type from the variety on offer – and the financial implications involved in each will vary. The Standard account, for example, does not charge commissions and has a minimum initial deposit of US$200. Spreads at this account begin at the 0.8 level.
Those who go for the Prime account, meanwhile, will be faced with a much higher minimum deposit of US$2,000. Minimum spread levels will drop to 0.1, though there will also be a commission of US$6 per lot on a ‘round turn’ basis.
It’s also possible to opt for what is known at this broker as an Institutional account, which involves a minimum deposit of US$20,000. Here, spreads can begin from as low as 0.0. However, the commission levels are listed on the broker website as “negotiable” – suggesting that traders may have to ask for more information from the broker’s management before proceeding.
There are, however, some consistencies across the account types. Leverage rates on all three account types are 1:500, and it’s also the case that the minimum lot sizes across the accounts lie at 0.01 per round turn.
Aside from this structure of basic accounts, there are also two specialist accounts or account services on offer. The Islamic account can be activated alongside the Standard or Prime accounts, and in terms of fees, the main difference is that it does not charge swap fees for transactions that are kept open overnight. This is because that would involve an interest-related transaction, which is prohibited under the laws of Islam. The Active Trader account is also worth investigating, as it can offer a variety of specialist services, including a dedicated account manager.
This broker says that it does not charge fees on withdrawing cash. However, there may be some fees levied by payment provider services. It specifies, for example, that credit card withdrawals are likely to see a fee of 5 units of the base account currency.
Platforms & Tools
Platform choice is one of the most positive aspects of using BlackBull Markets. It’s clearly something that is very important to the broker, and traders will see knock-on benefits as a result.
MetaTrader 5 is offered by this broker, which is useful given the extensive range of features it provides. These include well over 20 timeframes for highly customised price chart analysis, as well as a built-in economic calendar for fundamental analysis of wider financial, economic and political conditions. Those customers who are more familiar with the MetaTrader 4 service, which is the previous and less advanced iteration of the system, can still use that if they wish.
However, it’s in the home-grown platforms and technology infrastructure that this broker really comes into its own. BlackBull Markets uses what is known as the Equinix Data Centre to store its trading ecosystem, meaning that the service from the firm is very powerful. This allows the firm to customise its operating system offer, which for the trader means precise and bespoke services that meet their exact needs.
The system is powered by fibre-optic internet connections and also a series of data systems located in multiple different localities across the globe. These include Shanghai and London. The advantage here is that traders can continue to place trades and access the system even in the event that one part of it breaks down. As an additional layer of support, this system is backed up by what are called ‘Business Continuity Trading Rooms’.
This broker covers a wide range of financial markets, and traders are likely to find that the vast majority of the most popular trading instruments are available to them here. BlackBull Markets appears to offer its products as derivatives, or contracts for difference (CFDs) to be precise. These financial instruments mean that the trader does not need to assume any ownership of the actual asset in order to trade. Instead, they simply buy the CFD, which then tracks the underlying market moves. They can also take advantage of leverage in order to increase the size of their deposit and hence potential gain – and also their potential loss.
To begin with, the broker’s foreign exchange market offer is extensive, and includes many of the famous major pairs such as the USD/JPY pair, the NZD/USD pair, and more. Unlike some brokers, BlackBull Markets goes further by offering a series of minor pairs. These include the AUD/CAD pair, the GBP/AUD pair, and even the EUR/SEK pair for those who wish to trade the Swedish krona.
Moving away from forex, traders can also opt to trade indices at this broker. Six indices are available in total. These include major American names such as the Dow Jones and the S&P 500, as well as the UK’s FTSE 100 and three others. Some traders may be a little disappointed to see that the NASDAQ is not represented here.
Commodities, energy and precious metals can also be traded at this broker. Commodities on offer include gold and silver, each of which can be traded in a pair with the US dollar. Light crude oil can also be traded, as can natural gas.
If a trader has a question for the client support team, then they may well be able to find the answer using the database of frequently asked questions, which is located on the broker’s website. These cover a diverse range of topics, such as information about fund security, account management questions, and more. If this does not answer the question, customers can get in contact with the client support team.
In terms of contact details, BlackBull Markets provides a whole range of options in the footer of its website. It stipulates its physical address, which is Level 22, 120 Albert Street, Auckland 1010, New Zealand. It also lists a New Zealand phone number, which is (+64) 9 558 5142, as well as a freephone alternative. It also provides customers with an email address: firstname.lastname@example.org.
There is also a ‘live chat’ function available on the site, and this claims to be available 24 hours a day, five days a week, which is the standard foreign exchange trading week timeframe. At the time of writing this review, launching the chat service worked and it appeared to function well.
Something that also falls under the customer service umbrella is the ease with which a deposit can be made to the broker. Luckily, BlackBull Markets accepts deposits in a wide variety of global currencies. These include some of the most obvious options, such as the British pound, the euro and the US dollar, but it also includes the South African rand, the Singapore dollar, and several more.
In terms of payment methods, options such as card payments through Visa and Mastercard are on offer – as are some e-wallet and similar services, such as Neteller and Skrill. Bank Wire is also available. Bank Wire takes a number of days to go through, but the broker can offer instantaneous transactions when other methods are used.
It’s also worth pointing out that this broker offers a demonstration account option to its customers. The trader can decide to use this if they wish to test out trading strategies without any financial risk to themselves – though, of course, this does mean that they will not receive any rewards for successful trades either.
BlackBull Markets has a respectable array of research, education and resources option for traders, though it is perhaps not quite as extensive as comparable offers from other brokers. On the client support page, resources are split into two columns – one for ‘Education’ and one for ‘Trading Resources’.
The former contains a series of trading guides, including some that are presented in video formats – expanding the accessibility of the content and offering traders a choice. A trading glossary also exists, and organises content into alphabetical order for ease of use.
The latter, meanwhile, contains content such as market reviews and news. An economic calendar is also available here.
Ease of Use
The BlackBull Markets website is relatively easy to navigate, though there are some drawbacks. The site is clearly organised, and the menu at the top of the page makes it clear what the site can offer. There’s a highly prominent pair of links on the homepage and elsewhere, with one pushing traders to open a live account and one encouraging them to open a demo account.
However, there are some problems. Some of the text size on the website is small, which may cause difficulty for some people in terms of accessibility. The homepage is also very long, which may cause a sense of information overload for some users of the site.
BlackBull Markets offers a series of mobile phone applications so that traders can place trades on the go. One of these apps is aimed at the Android market, and another is aimed at the Apple mobile operating system software. Both apps are powered by MetaTrader 4. There’s also a separate app available for iPads and tablet computers.
The BlackBull Markets website does not appear to offer a robo trading offer at this time.
BlackBull Markets does not appear to list cryptocurrency as an option in its list of available markets.
Traders will be pleased to note that this broker is registered with a large number of financial services oversight bodies.
In New Zealand, for example, it is a registered company with the number 5463921, though it is the parent company, Black Bull Group Limited, rather than the brand that is registered. The firm is on the designated Financial Services Provider Register in the country.
In the UK, meanwhile, Black Bull Group UK Limited is listed as a registered company with the number 9556804, and it has a registered office in North London.
The broker is also regulated in the Seychelles. There, it is known as BBG Limited and its activities are overseen by the Financial Services Authority (FSA).
BlackBull Markets also carries a significant risk warning on its website. This appears to be there to ensure that traders are maximally aware of the risk that trading these financial instruments carries. It focuses in part on the way that leverage can be both a blessing and a curse for traders, and how the risk levels best ought to be contextualised against the trader’s individual circumstances and capacity to shoulder risk.
The broker has also made the decision to segregate all client deposits in a separate bank account. It has done this in order to ensure that monies paid in by clients cannot be used for other purposes, such as payment of operational costs for the broker.
Finally, BlackBull Markets has also published a long list of other ways that it intends to protect client deposits. This is a real positive for traders: while the publication of such a list does not guarantee that there will be no problems, the level of visibility does offer traders some level of reassurance about the seriousness with which the broker takes the fund safety process. Methods on the list include keeping cash in New Zealand banks that are designated as Tier 1 (and specifically ANZ Bank), as well as a withdrawal system that operates on a 24-hour turnaround basis. The broker also institutes a Know Your Customer (KYC) policy to help ensure that those using the site are legitimate and are not using it for money laundering purposes.
Overall, BlackBull Markets is a strong broker that will no doubt have lots of appeal to traders. One of the main ways that this broker appeals to traders is through its account type offer. From the Standard account to the Institutional account, the account type framework will deliver a commission and fee structure that suits every trader. Islamic accounts and demo accounts are also available.
The range of platform choice on offer is also strong, with MetaTrader 4 and 5 both available – and a sophisticated set of data support services is also live for traders, meaning that fast and reliable connectivity can be banked upon. The broker has also committed itself to a number of regulatory best practices, such as implementing KYC rules – and it is regulated by a series of key international bodies.
In some ways, the broker does let itself down. Cryptocurrencies and some big indices are missing from its market range, for example, while accessibility can be something of a challenge on the broker’s website. However, given that it provides traders with an all-round positive offer, the broker is certainly one to be recommended.
Expert traders have put together this Blackbull Markets review. All aspects of the Blackbull service are covered in detail; from the charges and commissions through to customer support.
- Mobile apps
- Bank transfer
- Credit Cards
- Mobile apps
- Bank transfer
- Credit Cards
- Mobile apps
- Bank transfer
- Credit Cards
- Commissions & Fees
- Platforms & Tools
- Customer Service
- Ease of Use
- Mobile Trading
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