BlackBull Markets Review 2024: Pros, Cons, & Fees
Provided you can prove you are of Islamic faith, you will be able to use this pricing structure with any of the Standard, Prime, or Institutional account types. BlackBull Markets has no minimum deposit requirement for its ECN Standard account, $2,000 for ECN Prime, and $20,000 for ECN Institutional. BlackBull Markets does not charge any internal fees for deposits or withdrawals. But, it is important to note that some payments to and from overseas banking institutions may incur intermediary transfer fees from either party independent of BlackBull Markets. Finally, let us compare BlackBull Markets Standard Account average spreads with what other major brokerages offer on the three most actively traded Forex pairs.
Blackbull Markets Trading Platforms
BlackBull Markets provides high-quality articles and daily news that shed light on xcritical global market trends and those of New Zealand, the U.S. and more. Through its Economic Calendar, the broker provides information on scheduled global economic events and releases that can impact financial markets. This can help you to make informed decisions based on upcoming economic data. BlackBull Markets also offers a free demo account that mimics live trading conditions but with a demo balance between $5,000 and $100,000 to help traders build confidence before trading live markets. These features are designed to optimize technical analysis during day trading. Suppose you’re a long-term buy-and-hold investor focusing on fundamental analysis.
These demo accounts provide a risk-free environment for traders to hone their skills and test strategies on different platforms offered by BlackBull Markets. It is an active member of the New Zealand Financial Services Complaints Limited (FSCL) dispute resolution scheme. FSCL aims to provide a cost-effective alternative to legal action for resolving disputes in the financial services industry.
ECN Prime
For those seeking customised solutions and lower commissions, the ECN Institutional Account is the best fit. One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs. The one thing I could not find, which left me disappointed, was a reference to negative balance protection. It appears that BlackBull Markets does not offer it, making highly leveraged trading an especially high-risk xcritical approach with this broker.
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- The MT4 trading platform has an intuitive user interface, which makes it easy for traders to navigate through the platform.
- Use the calculator below to compare BlackBull Markets’ trading costs with competitors like City Index and IC Markets.
- The MT4/MT5 suites are versatile and well-recognized in the financial market.
- You can get your account ready in under five minutes and start trading by following the following five steps.
Net accounts are especially useful when you want to be able to add and reduce your position size. There are no restrictions against hedging with your BlackBull Markets account. If your thing is EA trading, and your trading volume exceeds the minimum threshold, then apply to your free VPS. BlackBull Markets accepts a wide range of methods either to deposit or to withdraw. They also have web and mobile versions, meaning that you can easily trade wherever you are. You can use TradingView to trade, but the best of all is that you are eligible to have a Premium TradingView plan for free.
BlackBull Markets has significantly expanded its range of markets with the launch of BlackBull Shares. Today, BlackBull offers over 26,000 tradeable symbols; 2,500 are available on MetaTrader 5 (716 in Prime account) and TradingView, and 311 symbols on MetaTrader 4. The table below summarizes the different investment products available to BlackBull Markets clients.
BlackBull Markets’ standard account average spreads, such as 1.20 pips for EUR/USD, are competitive and close to the industry norm, with only a 0.1 pip difference from the leading brokers. Their spreads across other major currency pairs like AUD/USD, EUR/GBP, GBP/USD, and USD/JPY also align with industry averages, offering traders fair and consistent trading costs without commission fees. BlackBull Markets’s standout feature is its ultra-fast order execution, a critical advantage for many traders wanting to avoid slippage. In our 2024 tests, BlackBull Markets demonstrated the fastest execution speeds among all brokers we evaluated. Other features we like are their competitive spreads for ECN trading (from 0.1 pips) with the ECN Prime account and a surprisingly large range of trading platforms and copy trading tools. While there is a small withdrawal fee and a high minimum deposit requirement for an ECN Prime account, overall, Black Bull Markets is an impressive Forex broker with which to trade.
The MT4/MT5 suites are versatile and well-recognized in the financial market. Their extensive features and functionalities establish them as the ideal online platform for CFD and forex trading. MT4 has a beginner-friendly and intuitive interface that appeals to newbies and experienced traders alike.
Therefore, the total trading cost for the ECN Prime account is 0.7 pips ( 0.6 +0.1) compared to 0.8 for the ECN Standard option. The $1 price difference translates to thousands in additional annual profit under similar conditions and trading strategies, particularly for high-volume and high-frequency traders. TradingView is the #1 charting and analytical platform used by 50+ million traders worldwide.
Suppose you’re an active day trader or swing trader aiming to refine your strategies and develop unique trading styles. The platform xcriticals limitless flexibility and customizability with unparalleled functionality and ease of use. Highlights of its analytical features include 400+ built-in indicators, 100,000+ community-built indicators, 20+ timeframes and 15+ chart types. One unique feature of the cTrader platform is the cTID (cTrader ID) login functionality.
In such a case, BlackBull Markets ensures a customer service representative is available. Traders have access to customer support 24/7 via live chat, which I find the most convenient form to connect. A phone number, including a toll-free for New Zealand, and nine e-mail addresses are also listed, one with support in Chinese.
Adjust for trade size, currency pair, and base currency to see how BlackBull Markets stacks up against these brokers in terms of trading expenses. Three requirements any successful trader needs from an ECN/NDD trading environment are deep liquidity, institution-level pricing, and high leverage. BlackBull Markets delivers all three, and I especially like the underlying technology they utilize to achieve this. It ensures high-speed trading and offers scalpers and other high-frequency traders the precision trading they require.
This account charges commissions based on the lot size that you trade with a value of $4.00 per lot. No, there are a few brokers regulated by the Financial Markets Authority (FMA) which is the oversite for financial markets in New Zealand. Overall Blackbull Markets review shows they are a good choice for New Zealanders wanting a forex broker that offers FMA regulation and has ECN trading with low spreads. Something that doesn’t appear readily available from brokers with a derivatives trading licence from the FMA. For self-help resources, their website features a comprehensive FAQ and glossary section, offering detailed information about forex and CFD trading and the broker’s specific services.
For instance, the xcritical ECN Standard account is commission-free and requires zero minimum. As an ECN broker, BlackBull Markets offers significant cost savings via near-instant trade execution. The table below shows how the pricing structure and other parameters compare for each account type.