BlackBull review 2025:
Everything you need to know

Regulated regions

BlackBull Markets is headquartered in Auckland, New Zealand, from where it provides services globally. It has employees located around the world to support its international client base.

BlackBull holds licenses from two regulators. One is a Tier 1 regulator, the New Zealand Financial Markets Authority (FMA), and the other is a lower-tier regulator, the Seychelles Financial Services Authority (FSA), considered Tier 4. The FMA license covers clients residing in New Zealand, while the FSA license applies to international clients.

Most clients operate with BlackBull through BBG Limited, a company registered in Seychelles and regulated by the FSA (license number SD045).

New Zealand residents operate with Black Bull Limited, a company registered in New Zealand and licensed by the FMA (FSP403326).

BlackBull Group UK Limited also forms part of the company, acting as a payment clearing services provider.

BlackBull clarifies that a different regulatory framework applies to Share Investing.

Restricted countries:

The broker does not accept client applications from Canada, the United States, and several other countries. The list of restricted countries includes Algeria, American Samoa, Belarus, Burundi, Cameroon, Central African Republic, the Democratic Republic of Congo, Cote D'Ivoire (Ivory Coast), Croatia, Cuba, Eritrea, Gaza Strip, Guam, Guinea Bissau, Haiti, Iran, Islamic Republic of Iraq, Japan, Kenya, Kosovo, Lebanon, Libya, Mali, Mozambique, Myanmar, Nigeria, North Korea, Northern Mariana Islands, Panama, Philippines, Puerto Rico, Russian Federation, Somalia, South Sudan, Sudan, Syria, Tanzania, Ukraine, United States Virgin Islands, Vietnam, West Bank (Palestinian Territory, Occupied), and Yemen.

Currencies accepted for deposits/withdrawals

BlackBull accounts can be denominated in US Dollar (USD), Euro (EUR), British Pound (GBP), Australian Dollar (AUD), New Zealand Dollar (NZD), Singapore Dollar (SGD), Canadian Dollar (CAD), Japanese Yen (JPY), and Swiss Franc (CHF). While you can deposit cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Tether (USDT), these deposits will be converted and credited to your account in one of the supported fiat currencies.

Note: The research was conducted based on the Standard account. The Institutional account was not considered for the rest of the research because its opening procedure and requirements exclude the conditions applicable to being considered a retail trader.

The basic difference between the Standard and the Prime account is that the Standard operates with spreads and no commissions, and there are no minimum deposit requirements. In contrast, for the Prime account, a deposit of $2,000 USD is required, and it offers much lower spreads but includes a commission for trades.

Traders can customize each platform's account type (Standard/Prime/Swap-Free), leverage (1, 5, 10, 20, 33, 50, 100, 200, 300, 400, 500), currency (USD, GBP, EUR, AUD, NZD, SGD, CAD, JPY, CHF) and platform type (MT4, MT5, cTrader, TradingView).

Demo accounts: BlackBull offers demo accounts. Once the first demo account is opened, more can be opened, since you gain access to the portal's client area, similar to that of a real account, allowing you to test all the types of accounts that BlackBull offers. Also, when a real account is opened, demo accounts can be opened in the portal.

Swap-free account: This type of account can only be provided to clients if they agree that positions will not be held for over 1 week. If the positions are held longer than the predetermined time frame of one week, it will be considered a violation of the swap-free Account, and it will be reverted to a Standard one. Exotic Pairs, cryptos, and equities are excluded from the Swap Free accounts. If you want to open a swap-free account, the process is not automatic, and you have to contact customer service.

BlackBull also offers PAMM/MAM accounts, Institutional accounts, and BlackBull Invests, but these services meet needs different from those of a retail trader, so they are beyond the scope of this review.

Minimum deposit

BlackBull Markets states that "requires no minimum deposit, however, a minimum amount may be required by your preferred funding method," due to payment provider or processor requirements. The minimum deposit and withdrawal amounts vary based on the chosen payment method. For deposits made with credit and debit cards, Apple Pay, Google Pay, Neteller, and Skrill, the minimum is USD 50. For bank transfers, it is USD 1. For cryptocurrencies, it is USD 25; however, this may vary depending on the currency.

To access a Prime account, a minimum deposit of USD 2,000 is required. Among the options that are no longer typical for retail traders is the Institutional account, which requires a deposit of USD 20,000.

Bonus and promotions

Refer a Friend Promotion: It allows existing clients to earn up to USD 250 for themselves and their referred friends. To qualify, the referred friend must open a new live account, deposit at least USD 500 (for a USD 100 bonus) or USD 2,000 (for a USD 250 bonus), and trade 5 or 20 FX/Metal lots, respectively, within 30 days. Trades must remain open for at least 10 minutes. The promotion is valid from September 5, 2024, to August 31, 2025, and bonuses are credited within ten business days of the following month. Clients can earn bonuses for up to three referrals.

TradingView subscription reimbursement: BlackBull reimburses the cost of TradingView subscriptions for Essential, Plus, or Premium accounts. To qualify, clients must trade a minimum number of eligible FX or Metal lots within a month, 1, 5, or 10 lots for Essential, Plus, and Premium accounts, respectively. Clients can then request reimbursement from BlackBull, which is credited to their trading account.

Depositing can be made via bank wire, credit card, digital wallet, and cryptocurrency. The available methods vary depending on the client's residence and may include local bank transfers. The broker does not charge deposit fees, and processing times range from instant to a few days. BlackBull Markets requires no minimum deposit, however, a minimum amount may be required by your preferred funding method.

Traders can deposit via Visa/Mastercard (debit and credit cards), Apple Pay, Google Pay, bank transfer, crypto, Neteller, Skrill, and more. BlackBull offers a variety of options, including both traditional methods and others. Additionally, deposits can be made in different currencies.

Deposits are made through the client portal, where the default wallet is located. Additional wallets can be added. After selecting the destination wallet, the deposit process is initiated. This process is generally fast, but the exact time depends on the deposit method, which may be direct or via a payment provider. Funds are credited to the selected wallet and can then be transferred instantly to any trading account. These transfers are always instant and free. One issue to keep in mind is that for transferring funds from one trading account to another, the originating account cannot have open positions, even if there is ample margin available, which can present an inconvenience.

During our review, the following methods were available to us: cryptocurrency payments (Bitcoin, Ethereum, Ripple, and USDT), bank wire transfer (3-5 business days), MasterCard and Visa credit/debit cards, Neteller, and Skrill. From our location (in Latin America), local deposit methods were not available.

We deposited using cryptocurrency from a major exchange. BlackBull directed us to a payment processor, and after initiating the transfer from the exchange, the webpage provided updates about the operation until confirmation. Less than a minute later, the payment processor confirmed completion, and seconds after, we received an email confirming the receipt of the deposit. The whole process was simple and quick. This method incurred a network fee and a small loss due to the exchange rate from USDT to USD. No fees were charged by the broker.

We also deposited using Airtm. The process was instant and straightforward. We even tested making a small deposit of USD 5 without any problems and incurred no fees. A few days after, BlackBull announced they no longer supported Airtm and removed it from their list of deposit options. "Please be advised that Airtm is no longer available as a deposit and withdrawal method. If you have previously deposited using Airtm, you will need to withdraw your funds via bank transfer."

The method used for making a withdrawal must be the same as the one used for the deposit. This means that the same methods available for depositing are those that will be used for withdrawing funds. BlackBull states that you may withdraw funds using a different method than the one used for depositing if you meet compliance requirements.

BlackBull charges a USD 5 fee for each withdrawal, regardless of the method or amount. This necessitates extra planning from the trader to avoid incurring excessive withdrawal fees. Withdrawal times vary depending on the method, similar to deposits. However, unlike deposits, withdrawals require prior approval from BlackBull. In an email, BlackBull indicates that it may take three to five days to process. Although it took much less time in practice, it wasn't instant, even with methods that are instant for deposits. The term "instant" is more declarative; it could be instant after this approval process. From the trader's perspective, this means that there are no immediate withdrawals, not even for methods where deposits are instant.

Withdrawals are processed through the client portal in a straightforward manner. Before initiating a withdrawal, funds must be transferred to the desired wallet. Once the transfer is complete, you can select the wallet and follow the provided instructions to complete the withdrawal process.

During our review, we initially couldn't proceed with the withdrawal because some documents needed to be submitted, although they were already uploaded. After contacting Customer Service, this issue was resolved in less than 30 minutes, and we were enabled for withdrawal. Subsequent withdrawals did not require repeating this process.

We used two different withdrawal methods. The first was Airtm, which proved to be a very simple process. Although the deposit was instantaneous, the full withdrawal process took approximately eight hours for the funds to be credited to the Airtm account.

Airtm was discontinued as a deposit and withdrawal method during our review. The withdrawal was successfully processed through another method without any inconvenience. We used cryptocurrency, and from the start of the process to the crediting of funds, it took between four and eight hours. This method was also straightforward; however, the times for depositing are not the same as for withdrawing.

Tradeable asset classes

BlackBull offers a range of assets, including forex pairs, cryptocurrencies, commodities, futures, indices, and equities. While this product list is available across all their platforms, the specific offerings vary.

The declared list comprises approximately 1,989 assets, the majority of which are equities. The breakdown is as follows:

• Cryptocurrencies: 22
• Energies: 3 (WTI, Brent, Natural Gas)
• Forex Pairs: 69
• Futures: 15
• Equities: 1,865 (primarily US)
• Indices: 13
• Metals: 2 (XAU - Gold, XAG - Silver)

While cTrader, MT5, and TradingView offer a similar range of assets, the MT4 platform provides access to fewer than 120. It's worth noting that some assets appearing in cTrader may not initially be visible in TradingView, but become available after being traded on cTrader. The swap-free account excludes exotic pairs, cryptocurrencies, and equities, significantly reducing the available assets.

Despite the broad selection, there's room for expansion, particularly in commodities or commodity pairs with currencies other than USD, like XAU/EUR. Bonds are not offered, though some futures contracts are available.

Each asset's details, including trading conditions, platform availability, and tools like a trading calculator for pip value, swaps, and leverage calculations, are comprehensively outlined on their website.

BlackBull's website claims over 26,000 available assets. This figure, however, pertains to their BlackBull Invest account, which is for trading real stocks, rather than CFDs or forex.

Lot sizes

On its Standard and Prime accounts, BlackBull sets the minimum trade size at 0.01 lots, enabling clients to trade micro-lots. This minimum applies to most of its tradable assets, offering significant flexibility that makes the platform well-suited for retail forex traders. The ability to utilize micro-lots is particularly beneficial for those looking to fine-tune risk management strategies or manage smaller position sizes effectively.

However, for equity CFDs and certain other assets, the minimum lot size increases to 1. While this higher minimum is generally not problematic, it could be a factor for traders dealing with stocks that have exceptionally high nominal values.

Leverage

BlackBull offers leverage up to a maximum of 500:1. During the account opening process, users have the flexibility to select their desired maximum leverage level, up to this limit. A notable feature is the ability to set different leverage levels for each separate trading account; for instance, a trader could operate an MT4 account with 100:1 leverage and simultaneously manage an MT5 account with 300:1 leverage. Adjusting the leverage later is an easy procedure.

The specific maximum leverage varies significantly depending on the asset. For Forex pairs and precious metals like Gold (XAU) and Silver (XAG), leverage can go as high as 500:1. Indices and WTI oil allow leverage up to 100:1, while Natural Gas and UK Brent Futures are capped at 10:1. Futures contracts permit leverage up to 20:1. Cryptocurrencies exhibit considerable variation: Bitcoin (BTC) can be leveraged up to 100:1, XRP up to 50:1, XFET and XNAKA up to 25:1, SOL up to 10:1 and XTRUMP up to 4:1. Equity CFDs offers a maximum leverage limited to 5:1.

Execution quality

All account types (Standard, Prime, Institutional) are ECN (Electronic Communication Network), meaning BlackBull acts as an agent and not as a market maker. However, according to the client agreement: "The Client acknowledges that such Quotes will be set by the Company at its absolute discretion."

According to the broker, their liquidity providers include: ABN AMRO, ANZ, Bank of America, Barclays, BNP Paribas, Citibank, Commerzbank, Credit Suisse, Deutsche Bank, HSBC, JPMorgan Chase, Standard Chartered, RBS, and UBS.

During our review, the execution quality of our trades was positive. Entry and exit orders were executed as intended, with only minor natural slippage observed, and some spread widening during rollover. Notably, trades involving cryptocurrencies were executed at exact prices (including decimals), despite involving large numbers and being typically more susceptible to slippage. BlackBull states it offers 100 ms execution speeds. We did experience some slow connection speeds when using MT5.

With MT5, cTrader, and TradingView, trading is possible during weekends, whereas with MT4, trading is not available. Pending orders can be placed on closed markets when using cTrader and TradingView. In stock trading, we were only able to open long positions, as short positions were unavailable, and these markets trade only during regular market hours. Stock trading incurs commissions, and swaps are always negative for the trader.

Regarding margin, BlackBull stated they "shall have the right, but not the obligation, to start closing Client's open positions starting from the most unprofitable when the Margin is less than 100% of the Margin requirement. In cases where the Margin is equal to or less than 50% of the Margin requirement, Client's positions shall be automatically closed, starting from the most unprofitable, at the prevailing market price."

BlackBull claims to offer negative balance protection, but they also state that "we generally provide negative balance protection to our clients, although it is not explicitly stated in our legal documents due to potential abuse. Clients who engage in malicious trading strategies may be excluded from this protection. While we do offer this protection, it is not guaranteed by our legal policies or under New Zealand law. It is unclear which trading strategies can be interpreted as "malicious."

Trading platform

BlackBull offers traders the most popular platforms in all their versions: MetaTrader 4, MetaTrader 5, cTrader, and TradingView, along with all their capabilities. Traders have the option to use MT4, or to trade directly on TradingView. Accounts opened for cTrader can also be used with TradingView and vice versa. This allows traders some nice flexibility to choose their preferred options, whether they want to trade through the web, mobile, or desktop. BlackBull does not have a proprietary trading platform.

Beyond retail trading, for professional users, BlackBull offers its proprietary platform, BlackBull Invest, for trading stocks, not for CFDs. They also provide BlackBull CopyTrader, which connects traders for copy trading.

Recently, BlackBull launched a proprietary mobile app dedicated to account management, not trading. This app allows clients to conveniently make withdrawals, deposits, and transfers directly from their mobile devices.

BlackBull holds licenses from two regulators: New Zealand's Financial Markets Authority (FMA), a Tier 1 regulator, and the Seychelles Financial Services Authority (FSA), a Tier 4 regulator. The FMA license covers clients residing in New Zealand, while the FSA license applies to international clients.

BlackBull states that client funds are kept in segregated accounts, separate from the company's operating funds. The broker is not a member of the Financial Commission.

Awards and Recognition

List of latest awards received by BlackBull:

• 2025 Best Fast Execution Platform - FXEmpire Awards
• 2025 Best Crypto Trading Tools - FXEmpire Awards
• 2025 Best Crypto CFD spreads - FXEmpire Awards
• 2025 Best Broker for Scalping - Compare Forex Brokers
• 2025 Best TradingView Broker - Compare Forex Brokers
• 2025 Best New Zealand Forex Broker - Compare Forex Brokers
• 2024 Best ECN Broker - BrokerTested Awards
• 2024 Fastest Trade Execution - Forex Expo Dubai
• 2024 Best Copy Trading Broker - Forex Expo Dubai
• 2024 Deloitte Master of Growth Index
• 2024 Best in Class: Offering of Investments - ForexBrokers.com
• 2023 Deloitte Master of Growth Index
• 2023 Fastest Execution Speeds - Compare Forex Brokers
• 2023 Best New Zealand Broker - ForexBrokers.com

BlackBull Awards

Schedule/Time to reply

BlackBull offers customer service through phone, WhatsApp, chatbot, and email, with assistance available 24/7; however, agents are available 24/5. Customer service with human representatives via the chatbot typically has a response time of less than a minute in most cases. If an immediate solution is not possible, contact forms are available for claims, which are usually addressed within 8 to 12 hours.

During our review, BlackBull's customer service efficiently resolved our problems and addressed our questions fairly quickly. The agents are courteous and always willing to help. When an agent is unavailable, the option to leave a query via another method promptly appears. A positive aspect of their service is that agents assist in advancing to the next step, giving the impression they are keen to provide ongoing support rather than just closing a claim. On the downside, every time you make an inquiry, even from the client portal, you need to re-enter your name and email.

The site lacks a clear FAQ section, although there are various useful sections and videos throughout the website that offer detailed help and explanations.

Languages available

The Secure Client Area (client portal) supports several languages, including Chinese, English, French, German, Italian, Japanese, Korean, Portuguese, Spanish, Thai, and Vietnamese. The BlackBull website is available in English, Spanish, Thai, Arabic, Czech, Simplified Chinese, French, Italian, and Portuguese. Customer service is available at all times in English. We also received attention in Spanish, but not consistently at all times.

Reputation and trust –FXStreet's opinion based on public reviews

Overall, the broker has a good online rating. BlackBull has a strong presence on Trustpilot and TradingView, responding to comments. In general, the positive comments outweigh the negative ones.

User reviews online generally praise Blackbull’s customer service, with five-star scores being the most frequent opinion in well-established outlets – although it must be said that most of them come from users in specific regions in Africa.

Negative comments complain about excessive bureaucratic procedures when withdrawing funds and widening spreads during rollovers, issues that we didn’t encounter when doing this review.

FXStreet’s opinion about Blackbull’s reputation is positive, particularly considering their registration with a Tier-1 regulator in New Zealand, their lack of regulatory alerts, and the fact that they have been in business for over 10 years with no brand changes.

The experience using BlackBull was generally positive, with a simple process for opening accounts, making deposits, and withdrawals. A positive factor here is the ability to create different wallets in various currencies and maintain multiple trading accounts with different conditions and trading platforms. The broker offers the most popular platforms, and trading conditions are consistent across these different platforms. Transfers between accounts were easy to execute, but they have the complication that all open positions must be closed to transfer from one account to another or the wallet.

A retail trader must choose between a Standard account without commissions or one with commissions but lower spreads, with the requirement of a larger deposit. In several aspects, both accounts present better conditions than the industry average in terms of spreads. However, swap conditions are not among the best. The most notable cost-related drawback is the $5 withdrawal fee. In this regard, cash deposits are processed faster than withdrawals, where the "approval" process can make what could be instantaneous withdrawals take several hours.

BlackBull offers extensive educational content on its website. It also features reports and research, although not consistently. There are no news feeds or integrations with tools outside the trading platforms. It relies heavily on the platforms themselves.

The bonuses offered are essentially credits, similar to what most brokers provide, and the rest of the benefits are reimbursements. Customer service performed well during the review, both in terms of response times and willingness to assist. Accessing support was easy.

The website boasts a modern design and clear branding. It's distinctive and avoids a generic feel, even with some duplicated content (education), maintaining a modern aesthetic. We found BlackBull's client portal easy to use and intuitive. Not all information is readily available or easily accessible. While it contains a lot of well-structured information, it's not entirely clear.

The experience of trading through BlackBull is free of complications, offering alternatives for the retail trader. Navigating the Secure Client Area is smooth without issues and intuitive. However, one of the costs that seems to have disappeared in the industry —the withdrawal fee— is present.