BlackBullMarkets.com Review

I am with BlackBulls for more than 3 years, great broker with good trading conditions, the only thing they need to do to have more Canadian clients is to provide withdrawal options by Interac, currently they do offer deposit with interac which great for Canadian clients, but in order to withdraw using that deposit method your option is limited to bank transfer which is expensive once you receive your withdrawals as Canadian banks charge a lot for incoming international transfers and that is not a good option to withdraw, I they provide withdrawal option by interac soon, thank you.

I am an Australian citizen. In early January 2021, I applied for a trading account with New Zealand registered broker, BlackBull Markets (BBM) who are able to offer higher leverage than is now available to Australian retail traders with non professional accounts. Changes to Australian trading accounts took place under new ASIC regulations that were introduced in March 2021.

I made a mistake in the funding currency that I entered in one of the online application forms. The default currency on the form was US dollars. I failed to change it to AU dollars. I was then unable to edit or otherwise correct this item and was concerned that this error might create problems at some stage later down the track. I tried to submit a support request from the client portal where it states -

"Here you can download the mt4 trading platform, submit a support ticket, deposit/withdraw funds into/from your account, transfer money from an account
to another and much more".

But there was no facility that I could find to submit a support ticket from this portal. Some time later I was told to submit support requests to the account
manager by email.

I more or less resolved the problem of the funding currency error via BBM's live chat system. I was told that this particular piece of information was irrelevant. If so I thought, why did it appear on the application form at all? Nearly two months later after reporting this problem, the portal still displayed the same erroneous and misleading support ticket message even though it would be a quick and simple matter to fix it.

Despite having already provided colour copies of my passport and driver's license, I was required to provide front and side profile pictures of my head and a picture of my Australian passport using a web app provided by BBM. This web app proved difficult and frustrating to use and the instructions provided were highly misleading. The instructions suggested that a high quality web cam was needed to capture all the fine print on the passport image. My first attempt was rejected. I sent an email explaining the problems I had encountered and received a very curt response instructing me to try again. I was feeling quite annoyed and made no effort to take any care with the second attempt. I used an ordinary cheap web cam and much of the printed text on my passport was illegible as a consequence. This second attempt certainly did not comply with the instructions about legibility but it was accepted and my account was
opened. I simply shrugged my shoulders and made a mental note of what seemed to me to be an extremely shoddy administrative process.

Transferring funds to account
I then transferred $AU2000 to my new trading account using international bank transfer. The cost charged by my own bank was $18. There was no charge
at the brokers end and the funds were transferred to my trading account in a timely manner.

Technical support
After trading on this new account for a while I noticed a lack of historical data. BBM appears to provide less than a month of historical data on major currency pairs which is inadequate for many indicators, EA’s or back tests that run on the MT4 platform. While it is possible to download and import data into MetaTrader from an external source, this can be a time consuming and potentially error prone process. I reported this problem about the lack of historical data thinking that it might have just been an incorrect setting on the BBM server. From the outset I was given the run around. I have many years of experience with MetaTrader 4 as well as a solid technical background. I slowly formed the opinion that BBM’s technical support person(s) didn’t know what they were talking about. After several emails back and forth I demanded a proper answer and receive the following.

"I understand that the data available is insufficient for you're needs, but unfortunately there is no more data we can provide other than what is there in the
MT4 History centre to download".

Even this last statement is technically incorrect. The data in the MT4 history centre is what is already on my computer. It has only a limited correlation to what BBM can or are willing to provide.

Another problem that I experienced and reported was that BBM do not provide the currency pair USDSEK (USD/Swedish Krona) which is one of the 6 currency
pairs used to define the USDollar index. Without this currency pair the US dollar index can not be calculated. Indicators and EA’s that depend on it will therefore not work. BBM also do not provide a US dollar index CFD.

Spreads
I compared spreads on a number of occasions between BBM, and two other brokers' accounts. I carried out a number of these tests at both busy periods
and quiet periods. BBM spreads were typically 50% to 100% higher than the other two. These high spreads from BBM could have a significant impact on the profitability of traders who trade short time frames.

Swap costs
I held three different currency positions open overnight and over the weekend to check swap costs. These can also be checked in the contact specification for each currency pair or instrument on the MT4 platform, but I wanted to see what showed up on my account. The swaps debited to my account turned out to be more than three times greater than thee swap costs for the same currency pairs with one of my other brokers. These high swap costs could have a significant impact on the profitability of traders who hold positions for long periods of time.

Transferring funds out of my account.
The BBM account proved unsuitable for my needs so I transferred all the money in it back into my bank. The transfer proceeded in a satisfactory and timely manner. The cost of this transfer at the New Zealand end was $AU20. The round trip transfer fees was therefore $AU38.00 for an account of $2000.

Conclusion
My opinion, based on the experiences described here, is that BlackBull Markets
provide a limited and overpriced service for retail FX trading compared to at least two other mainstream Australian registered brokers. Furthermore their apparent lack of technical competence is disturbing inasmuch as they operate an MT4 server which controls client’s funds. I believe that some of BBM’s administrative systems are also cause for concern. I sent a copy of this report to BBM and invited a response. To date I have not heard from them.

I have found communication to be a problem which concerns me if you needed help with your live account. I am currently with two brokers and support is almost instant. Whereas with BlackBull Live chat is continually unavailable. Also I have sent emails as I am about to fund which have not been answered . On that basis I do not feel confident to use this Broker

Scammers to withdraw 50 euros invent any excuse they do not make me withdraw stay away

The recently added Interac for deposit is great, which is fast free and no conversion. But currently no option to withdraw same way. If we can both deposit and withdraw via Interac, that will make Blackbull perfect choice for Canadian clients.

Jan 23, 2021 - 3 Stars I opened a CAD account bacause I see quite a few Canadians here with good reviews. My bank accout also in CAD. But when making deposit, they convert CAD to USD and charged my visa debitcard/bank in USD, then convert back to CAD again. The two-way unnecessary conversion costs 2.5% each side, plus 3% visa fee, so a total of 8% is gone. I know other brokers with no fee no conversion, same amount goes from bank account to trading account. So probably I wouldn't make any more deposits here.

Reply by Client Services Team submitted Feb 2, 2021 Hi vant66,

I am really sorry to hear about this experience and will do everything I can to help rectify the situation for you. Please get in touch with our support team as soon as possible with a copy of your transaction receipt and we'll cover all of the fees you mentioned.

After careful consideration, we have now removed that transfer provider. This is not the sort of experience we want our clients to have. The two-way conversion was not intended nor were the additional costs. We'll endeavour to have future CAD transfers without fees and without conversion.

I'm also pleased to inform you that as of last week, our Canadian clients are able to fund via Interac, one of Canada's leading payment methods. I hope this makes things a lot easier for you going forward. If there's anything else we can assist you with, please get in touch with our friendly support team and we'll do our best to help.

Withdrawals are fast. Support is good too. Need more deposit methods and remove the 3% fee on cards! Also, the inactivity fee and withdrawal fee should be removed per industry standards.

Otherwise, Broker is good.

The speed of deposit and withdrawal is good, but it is difficult to use for me.
i'm not good at using PC

i tried to close the position for half an hour manually. Broker server not allowed. i lost %25 of my balance

The quick chat is amazing, basicly instant support.

Ngl was not sure at first since a had a bug with my deposit ( evrything's fine by the end of the day) But the support got to me and we figured it out very nicely.

Their spread is pretty low compare to other popular broker and they have different
kind of account!

Another broker I decided to try after seeing reviews here on Forex Peace Army. I needed a brand-new broker to connect to my brand-new Zulu Trade account to trade for investors. Right from the start, I could see the service received was professional, and people working at BlackBull Market can use their brains. The verification was smooth without any hassle. They reply fast to emails and in the live chat as well! The server is a bit slower than other brokers I am trading with, but I didn’t have any connection issue, and all my trades were made to the T. This broker could become my second choice after Darwinex if everything goes smooth with Zulu trade. The spreads on the ECN prime account are good enough if you are a full-time trader.

From now, I prefer to be with a broker having excellent customer service rather than a broker with the best spreads on the market but having the worst customer service. I am done dealing with brokers having some brainless morons at the customer service who can’t handle anything, making you lose your time every time you contact them. Blackbull market customer service is top class, and they know how to treat you like a real trader. For now, I have no complaints about testing accounts and customer service. I am a happy customer with them. I recommend this broker for serious traders!