BlackBullMarkets.com Review

4.386 · 85 REVIEWS
Updated: Oct 6, 2021 · Visit site  · Is this your company?

BlackBullMarkets is a forex broker. Black Bull Markets offers the MT4 and MT5 forex trading top platform. BlackBullMarkets.com offers over 25 forex currency pairs, oil, gold and silver for your personal investment and trading options.

BlackBullMarkets.com

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $200
Established: 2014
Address: Level 22 120 Albert Street Auckland 1010, New Zealand
Contact: support@blackbullmarkets.com, (+64) 9 558 5142
Regional offices:
Regulators: FSPR #FSP403326, FMA #FSP403326, FSA-S #
Prohibited countries:
Trading platforms: MT4, MT5, WebTrader
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (30+)
Cryptocurrencies:
CFD: (5+) Gold, Silver, Stock Indexes, Oil
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
MAM: Yes
ZuluTrade: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, FasaPay, Neteller, Skrill, UnionPay
Withdrawal Methods: Bank Wire, VISA, MasterCard, FasaPay, Neteller, Skrill, UnionPay

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BlackBullMarkets.com profile provided by Client Services Team, Apr 25, 2018

We were founded with the goal of becoming the leading online Financial Technology and Foreign Exchange broker. BlackBull Markets is a true ECN, No Dealing Desk brokerage specializing in Forex, CFDs, Commodities, Fibre Optic Communications and Fintech solutions for a global clientele.

Institutional grade products available to our Retail Clients:
An unrivaled depth of market (up to 100 lot trades per click at 1:500 leverage)
Proprietary trade-order aggregation system decreasing spreads while increasing execution speeds and available markets
Customised account support with personal account manager with 24/6 live support
FREE Virtual Private Servers (VPS) service with Prime spreads.

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4.386 · 85 REVIEWS
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Traders Reviews

jakarta, Indonesia,
Oct 2, 2021,
Registered user

highly recommended broker

Service use: Live

Length of use: 0-3 Months

very good broker...
all trading conditions is good
customer support very friendly and helping
please provide payment methods for clients from south easth asian , like zotapay / paytrust88 / help2pay
that would be very nice and helping us that came from south east asian....because our banks will charge us a cost $30 on bank transfer and withdrawal.....thank you BBM
 
Reply by Client Services Team submitted Oct 6, 2021:
Hi Ivan, really appreciate your feedback and we are delighted to learn that you are enjoying your trading experience.
Ngoc Trinh,
Malaysia, Malaysia,
Jun 12, 2021,
Guest

Huge spread and credit charge

Service use: Live

Length of use: over 1 Year

As compare... Blackbullmarkets have a huge spread with institutional account and there is credit card charge nowadays. Not recommended to trade anymore with this broker. There is other broker better than this.. search it and compare it.
 
Reply by Client Services Team submitted Jun 15, 2021:
Hi Ngoc,

Thank you for your feedback, it's greatly appreciated. Our institutional account is geared towards higher ticket traders looking to take advantage of a larger top of book. This greater market depth, although presenting a sound execution environment, does not necessarily mean tighter spreads than our ECN Prime Account. Therefore, if you are after a more aesthetically appealing spread, we do offer spreads from 0.1 on EURUSD and 10c on Gold. Please do email support@blackbullmarkets.com and cite this review for a change over.

Additionally, we have taken on a lot of feedback regarding credit card fees, and these are being largely removed across all clients. This should create a friendlier environment to trade and reduce costs.

Hope this response helps and for any other questions, please let us know.

Kind regards,
BlackBull Markets Support Team
St.John's, Canada,
Apr 22, 2021,
Registered user

Great broker, please provide Interac Withdrawal for Canadians

Service use: Live

Length of use: over 1 Year

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.
 
Reply by Client Services Team submitted Jun 15, 2021:
Hi TradeSafe,

Thank you very much for your feedback and we are delighted that you are enjoying the service with BlackBull Markets.

Wishing you the best with your trading strategies.

Kind regards,
BlackBull Markets Support
Melbourne, Australia,
Apr 1, 2021,
Registered user

Limited services with incompetent tech support

Service use: Live

Length of use: 0-3 Months

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.
  2 traders have found this review helpful
Reply by Client Services Team submitted Apr 7, 2021:
Hi Wilsonts,

Thanks for your feedback, it's greatly appreciated and for purpose of responding, we are keen to address a few points here.

1. Submitting a ticket with our support team - to submit a ticket, the best way is either from your portal, by emailing support@blackbullmarkets.com, calling our phones or visiting our live chat. Our office is manned 24/6 and happy to help with any query you have. I am glad to know that you resolved your issue initially by visiting our live chat.

2. Verification - as a New Zealand (FMA) regulated Broker, we are obliged to follow a more stringent regime for account on-boarding and this would imply additional facial verification checks. 99% of our clients have no issues with completing this and it's usually a simple check by taking a picture on your phone, then submitting to finalise. Again, we are terribly sorry for the technical issues you faced here.

3. Historical Data - We contacted Metaquotes regarding this issue. The reason why there are not as many bars as expected in the historical data is due to the number of symbols we have on our server which restricts us from having large historical data on our charts. As we are a retail broker and have various account options, the symbols we have on our server are quite a few Unfortunately we do not store historical data either so not much we can do here to help.

4. USD/SEK - We do indeed offer this pair on our MT5 platform.

5. Please do reference our ECN Prime account when comparing spreads, as we price extremely competitively, with FX Majors starting from 0.1, plus a commission.

6. Swaps - it looks like you held your trades over a Wednesday night, which was the reason the swaps tripled, this is to cover the weekend swap and is very normal.

Once more, your feedback is greatly appreciated and we hope to support your trading in the future.

Kind regards,
Support team,
BlackBull Markets
australia, Australia,
Mar 11, 2021,
Registered user

communication issues

Service use: Other

Length of use: Have not used

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
  1 trader has found this review helpful
Reply by Client Services Team submitted Mar 16, 2021:
Hi Numbat,

We are really sorry to hear about your experience when trying to contact our team.

Please note, our Live chat is covered 24/6 and this generally covers market and office hours. Additionally, every account is allocated with an Account Manager who you can email or phone directly to answer any questions - also you can always email support@blackbullmarkets.com and would probably get a response back within 12 hours.

I hope on your second attempts to contact we have been better and helped to ease concerns or answered questions that you may have had. If not, please feel free to reach out and I am pretty positive you will be able to contact us.

Wishing you the best,
Customer Support Team
BlackBull Markets
genet mehretab woldemichael,
ciampino, Italy,
Mar 5, 2021,
Guest

Scammers

Service use: Live

Length of use: over 1 Year

Scammers to withdraw 50 euros invent any excuse they do not make me withdraw stay away
  1 trader has found this review helpful
Reply by Client Services Team submitted Mar 16, 2021:
Hi Genet,

We are really sorry to hear about your experience in trying to withdraw funds. I just had a quick look at your case and it seems that funds have been sent back to you, as our team had to confirm they were being sent to the right destination.

This delay is pretty unfortunate as sometimes cards expire and when trying to send to a new card or by bank transfer, our team generally requests a document for proof of bank ownership. I am sure you can understand that as a regulated broker, we are not trying to make any excuses to keep your funds, instead are obliged to follow AML/KYC laws in New Zealand.

Hope that explanation helps and glad it's all resolved now. For any further issues, please let us know.

Kind regards,
Customer Support Team
BlackBull Markets
van, Canada,
Feb 22, 2021,
Registered user

Deposit and withdrawal via Interac

Service use: Live

Length of use: 3-6 Months

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.
 
Reply by Client Services Team submitted Mar 16, 2021:
Hi Vant66,

Really appreciate the transparency in your feedback here and it shows how we strive to support clients through the deposit process. Sometimes, there are fees involved with conversions or intermediary bank fees on deposits, and where excessive, we generally cover all fees.

When you are trading it's not nice to start on a downer, and we understand how from a phycological standpoint this can impact your trading. We are glad you reached out to us and urge any client who experiences the same issue to contact support@blackbullmarkets.com for support.

Kind regards,
Customer Support Team
BlackBull Markets
M,
Canada, Canada,
Jan 13, 2021,
Guest

Good Broker, Could use some improvement

Service use: Live

Length of use: 0-3 Months

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.
 
Reply by Client Services Team submitted Feb 2, 2021:
Hi M,

Thank you for your honest feedback. We have carefully reviewed your feedback and have been working on a solution for a while.

We are pleased to inform you that going forward, the 3% fee will be removed for deposits. We are continuing to focus on improving our client experience as much as possible and expect to make more positive changes like this soon. Please feel free to get in touch with our friendly support team if there is anything else we can assist you with in the meantime.
Tokyo, Japan,
Jan 6, 2021,
Registered user

good

Service use: Live

Length of use: 0-3 Months

The speed of deposit and withdrawal is good, but it is difficult to use for me.
i'm not good at using PC
 
Reply by Client Services Team submitted Feb 2, 2021:
Hi yuwsk1023,

Thank you very much for your feedback. We'd like to make sure you are comfortable with our client area and trading platform. Please get in touch with your Account Manager and they'll be glad to take you through anything you are having issues with.
Kocaeli, Turkey,
Dec 4, 2020,
Registered user

can't close position

Service use: Live

Length of use: 0-3 Months

i tried to close the position for half an hour manually. Broker server not allowed. i lost %25 of my balance
 
Reply by Client Services Team submitted Dec 7, 2020:
Hi there, thank you for your comment.

Could you please contact tradesupport@blackbullmarkets.com and we can investigate your query.

Frequently Asked Questions

Is BlackBullMarkets a good broker?

Unbiased traders reviews on ForexPeaceArmy is the best way to answer if Black Bull Markets is a good broker. https://www.forexpeacearmy.com/forex-reviews/11640/blackbullmarkets-forex-brokers

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent Black Bull Markets community discussions: https://www.forexpeacearmy.com/community/tags/blackbullmarketscom.

Is BlackBullMarkets legit?

BlackBullMarkets is a New Zealand company. It is the trading name of BlackBullGroupLimited.

BlackBullGroupLimited is registered with the Financial Services Provider Register (company number:5463921).

It is well recommended to verify the regulatory information and read the traders' reviews on ForexPeaceArmy from time to time as regulatory information can change and services can get better or worse. https://www.forexpeacearmy.com/forex-reviews/11640/blackbullmarkets-forex-brokers.

What is the maximum leverage for BlackBullMarkets?

BlackBullMarkets offers a maximum leverage of 500:1 for all types of forex accounts.

What account types does BlackBullMarkets offers?

BlackBullMarkets offers three types of forex accounts which are:

  • Standard account
  • Prime account
  • Institutional account
All the three types are equipped with leverage up to 500:1.

Does BlackBullMarkets offer Islamic (swap-free) accounts?

Islamic, in another word swap-free, accounts are offered in BlackBullMarkets's Standard, Prime and Institutional Accounts, retaining all the features of the regular account types.