# BlackBull Markets

New Zealand ECN broker with no minimum deposit, MT4/MT5, cTrader and TradingView

Source page: https://trust.chartnaut.com/brokers/blackbull-markets  
Website: https://blackbull.com  
Type: CFD & forex, Stocks & ETFs, Options  
Founded: 2014  
Based in: Auckland, New Zealand  
Minimum deposit: None  
Markets: Forex, Indices, Commodities, Stocks, ETFs, Options, Futures, Crypto, Bonds  
Platforms: MetaTrader 4, MetaTrader 5, cTrader, TradingView, Trader Workstation, Own platform / app  
Deposits and withdrawals: Bank transfer, Card, Skrill, Neteller, Crypto, Local methods

## Overview

BlackBull Markets is a New Zealand broker, founded in 2014 and based in Auckland, that mostly sells forex and CFDs on ECN-style accounts. It suits traders who want low entry costs, high leverage and a big pick of platforms. Its New Zealand company, Black Bull Group Limited, is licensed by the Financial Markets Authority as a derivatives issuer, and international clients usually sign up with BBG Limited, which is regulated offshore by the FSA in Seychelles.

### Accounts and costs

There are three live accounts. **ECN Standard** has no minimum deposit and no commission, with spreads from 0.8 pips. **ECN Prime** also starts at $0 but gives you raw spreads from 0.0 pips plus a $3 per side commission on FX and metals, which works out cheaper for most active traders. **ECN Institutional** needs $20,000 and comes with custom pricing. Leverage goes up to 1:500, and swap-free versions are available on Standard and Prime.

### Platforms and markets

You get MT4, MT5, cTrader and TradingView, plus BlackBull's own app, BlackBull CopyTrader and ZuluTrade if you'd like to follow other traders. There's a VPS for running EAs. The CFD side covers forex, indices, metals, energies, softs, crypto, share CFDs and futures. BlackBull Invest lets you buy real shares, ETFs, options and bonds from the same broker, with over 26,000 instruments in total.

### Money in and out

BlackBull doesn't charge for deposits, and most methods land instantly. You can pay by bank transfer, card, Skrill, Neteller, crypto and a range of local options. Withdrawals are normally processed within a day, though some e-wallet and card withdrawals carry a flat $5 fee, and card withdrawals return your deposit first with profits sent another way.

## Good

- No minimum deposit on the Standard and Prime accounts
- Wide platform choice: MT4, MT5, cTrader, TradingView and its own apps
- Over 26,000 instruments, including real shares through BlackBull Invest
- Copy trading through BlackBull CopyTrader and ZuluTrade
- Free deposits

## Watch for

- Only regulated by New Zealand's FMA and the offshore Seychelles FSA
- Leverage up to 1:500 is high-risk for newer traders
- Some withdrawal methods carry a flat $5 fee
- Demo accounts can be closed after 30 days of inactivity

## Regulation

- FMA: Black Bull Group Limited, licence FSP403326
- FSA: BBG Limited, licence SD045

- Copy trading: yes
- Demo account: yes
- Negative balance protection: yes
- Segregated client funds: yes
- Swap-free accounts: yes

## Accounts and costs

| Account | Min deposit | Pricing | Max leverage |
| --- | --- | --- | --- |
| ECN Standard | None | No commission, spreads from 0.8 pips | 1:500 |
| ECN Prime | None | Raw spreads from 0.0 pips plus US$3 per side per lot on FX and metals | 1:500 |
| ECN Institutional | USD 20,000 | Raw spreads with custom commission pricing | — |

## What traders say

Checked 2026-10-06.

- Trustpilot: 4 / 5 from 3,495 reviews (https://www.trustpilot.com/review/blackbull.com)
- Forex Peace Army: no score (https://www.forexpeacearmy.com/forex-reviews/11640/blackbull-markets-review)
- Myfxbook: no score (https://www.myfxbook.com/reviews/brokers/blackbull-markets/906982,1)
- TradingView: no score (https://www.tradingview.com/broker/BlackBull_Markets/reviews/)
- Reddit: no score (https://www.reddit.com/r/Forex_Reddit/comments/1p8oqfu/black_bull_markets_review_is_it_legit/)

BlackBull Markets reviews well on the big sites. Trustpilot shows a 4-star rating from about 3,500 reviews, and review sites quote its Forex Peace Army average at around 4.3, though the FPA page itself showed no score in our evidence. The praise centres on fast support and execution. The complaints, mostly on Forex Peace Army, Myfxbook and Reddit, are about withdrawal fees and delays, slippage during news, and a few disputes over cancelled profits.

### What traders like

- **Quick, friendly support.** A large share of Trustpilot and TradingView reviews name a support agent who sorted out a deposit, withdrawal or verification question within minutes.
- **Fast execution and tight spreads.** Reddit and Forex Peace Army posters often describe sharp fills on MT5 and stable spreads on major pairs, even around news.
- **Withdrawals that arrive.** Many say their money reached them without trouble.
- **Platform choice.** Traders like having MT4, MT5, cTrader and TradingView, plus copy trading tools.

### Common complaints

- **Withdrawal fees and delays.** Several reviewers object to the flat fee on each withdrawal, and some describe slow or stuck payouts that needed repeated follow-up.
- **Slippage and spread spikes.** Some traders report large slippage on gold stops during news and spreads widening sharply at market open.
- **Cancelled profits.** A few Forex Peace Army and Myfxbook posters say profits were removed over alleged arbitrage or rule breaches they dispute.
- **Card and inactivity fees.** Some reviewers ask for the card deposit fee and inactivity fee to be dropped.
- **Offshore entity.** Reddit users note that clients outside New Zealand may be placed under the Seychelles licence.

### Recently

- **June to September 2026:** BrokerChooser's summary of public forum posts from that window found withdrawal delays and fees the most common complaint, followed by slippage and odd fills. A WikiFX piece in late August 2026 also pointed to execution and withdrawal complaints.

### Where this comes from

- [Trustpilot](https://www.trustpilot.com/review/blackbull.com): the main review page, the biggest pool of reviews.
- [Forex Peace Army](https://www.forexpeacearmy.com/forex-reviews/11640/blackbull-markets-review): trader reviews and dispute threads.
- [Myfxbook](https://www.myfxbook.com/reviews/brokers/blackbull-markets/906982,1): trader reviews, mixed.
- [TradingView](https://www.tradingview.com/broker/BlackBull_Markets/reviews/): reviews from verified TradingView broker users.
- [Reddit](https://www.reddit.com/r/Forex_Reddit/comments/1p8oqfu/black_bull_markets_review_is_it_legit/): a thread on whether the broker is legit.

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Information gathered from public sources (company websites, regulator registers, third-party review sites). Ratings are quoted from those sources and are not the opinion of Chartnaut.com. Not financial advice. Trading carries a high risk of loss. Questions or corrections: help@chartnaut.com. Methodology: https://trust.chartnaut.com/methodology