As experienced traders at Chump Profit, we understand the critical importance of conducting thorough research before choosing a brokerage. Regulatory compliance, asset diversity, customer support, and trading conditions are among the critical factors we consider. In this review, we will provide an honest and detailed assessment of BlackBull Markets based on our recent findings and our own trading experiences.
1. Regulatory Compliance:
One of the most critical factors for any trader is the regulatory status of the brokerage they choose. BlackBull Markets claims to be highly regulated, with entities registered in both New Zealand and the United Kingdom.
In New Zealand, the company operates under the name Black Bull Group Limited and is a registered Financial Services Provider (FSP403326).
Black Bull Group Limited
LICENCE CATEGORY: DERIVATIVES ISSUERS FSP No: FSP403326 TRADING NAME: Blackbull Markets LICENCE GRANTED: 12/08/2020 LICENCE STATUS: ACTIVE
In the United Kingdom, it is registered as BlackBull Group UK Limited with Company Number 9556804.
While BlackBull Markets provides several registration* numbers and addresses, we found that BlackBull Markets is only fully regulated by the Financial Services Authority in Seychelles (FSA) under license number SD045 for the provision of investment services.
Note: *Regulation refers to the legal framework and rules that govern a broker's operations, while a license is the official authorisation granted by a regulatory authority allowing the broker to offer specific services within a specific jurisdiction.
While this is a positive aspect, the lack of other regulation raises concerns about the brokerage's compliance with essential laws and regulations globally.
For potential clients considering BlackBull Markets additional due diligence is essential to make an informed decision and to trust that the brokerage is operating within the necessary legal frameworks in your country.
2. Asset Diversity:
The availability of a wide range of trading instruments is crucial for portfolio diversification. BlackBull Markets claims to offer access to over 26,000 tradable instruments, including Forex, Shares, Commodities, and Cryptocurrency CFDs. This diverse selection of assets presents intriguing opportunities for traders to explore various markets and trading strategies.
However, it's important for potential clients to review the specific instruments offered and check for any potential limitations or gaps in the asset selection. We found in our own experience trading some Indices and Commodifies required a minimum of 1 lot to open a position, which could be considered too high for certain trading styles, even with 500/1 leverage. Moreover, customer support was not helpful when inquiring about this issue, which might raise concerns about the brokerage's responsiveness to client needs.
3. Fees and Customer Support:
Transparent fee structures and excellent customer support are crucial aspects of a reliable brokerage. While BlackBull Markets offers a No-Fee Funding model that eliminates fees on deposits made through various payment methods, we have concerns about the fees associated with smaller deposits and withdrawals. It is essential for traders to fully understand the fee structure to avoid any unexpected costs that might impact their trading experience.
Moreover, customer support plays a vital role, especially during times of market volatility or technical difficulties. BlackBull Markets boasts 24/7 customer support in multiple languages, accessible through email, live chat, and phone. While the availability of round-the-clock support is promising, our findings indicates that many traders have reported unsatisfactory experiences with the customer support team. Reports of subpar assistance and responsiveness raise concerns about the reliability of their support services. As customer support is an essential aspect of a brokerage's overall service, potential clients should thoroughly evaluate and even test the responsiveness of the support channels before committing to the platform.
4. No-Fee Funding Model:
The No-Fee Funding model is undoubtedly a standout feature of BlackBull Markets, as it eliminates fees on deposits made through various payment methods, including bank deposits, credit cards, Skrill, and Neteller. This fee-free approach can potentially benefit traders by allowing them to maximise their investment capital. However, it is crucial for traders to understand the specific terms and conditions associated with this model, such as minimum deposit requirements and any potential limitations on fee-free funding options. Full comprehension of this model will enable traders to take full advantage of the fee savings and make more informed financial decisions.
5. Educational Resources:
BlackBull Markets offers a range of educational materials, including trading guides, forex calendars, and videos, catering to both novice and experienced traders. These educational resources are valuable tools for enhancing trading knowledge and skills. Novice traders can benefit from the comprehensive guides and tutorials, while experienced traders may find value in the market analysis and forex calendars to stay informed about high-impact economic events. The availability of educational materials showcases the brokerage's commitment to supporting its clients' growth and development as traders.
6. Trading Conditions and Platforms:
Detailed information about leverage options and the usability of BlackBull Markets' proprietary trading platform is lacking. Leverage is a critical factor for many traders, as it enables them to amplify their market exposure. Therefore, potential clients would benefit from a comprehensive understanding of the available leverage levels and the margin requirements to make informed decisions about their trading strategies.
BlackBull Markets provides a comprehensive range of trading platforms to suit different preferences and needs. Traders can access the full MetaTrader suite, which includes MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for both desktop and web. Additionally, the broker offers its own platform called BlackBull Shares, which is powered by Interactive Brokers’ TWS platform. For those who prefer a powerful charting experience, TradingView is also available as a trading platform option, offering a wide array of robust analysis tools.
While the availability of multiple platforms is a positive aspect, our review finds that there are some limitations with the MT4 offering. Specifically, there is a limited range of markets available, and the platform lacks additional add-ons. However, some special features are accessible through third-party providers, such as support for Virtual Private Servers (VPS) hosting and integration with third-party social copy trading apps.
Beyond the MetaTrader suite, BlackBull Markets also provides access to TradingView and HokoCloud. One notable aspect of BlackBull Markets' services is its focus on social copy trading. Traders have several third-party apps at their disposal, including ZuluTrade and MyFxbook, which facilitate social copy trading. Moreover, BlackBull CopyTrader, a recent proprietary addition, offers full integration with MetaTrader, enhancing the broker's social copy trading suite.
BlackBull Markets caters to traders with a diverse selection of trading platforms, making it possible for each individual to choose the one that aligns best with their trading style and preferences. Furthermore, their emphasis on social copy trading opens up additional opportunities for traders to follow successful strategies and potentially enhance their trading experience.
In conclusion forex broker reviews
Upon careful evaluation, BlackBull Markets appears as a regulated brokerage with a diverse range of tradable assets, accompanied by efforts in customer service. The No-Fee Funding model and educational resources add further appeal to traders seeking cost-effectiveness and knowledge enhancement.
However, it is essential for potential clients to be aware of some concerns, which have led us to assign BlackBull Markets a score of 5 out of 10. One of the main reasons for this is the relatively weak regulation from Seychelles.
If you require higher leverage options and prefer brokerages outside the UK and European Union, consider regulated alternatives like FP Markets and Vantage. These brokerages operate under stronger regulatory frameworks as they are regulated by the Australian authorities.
In conclusion, while BlackBull Markets showcases positive features, it is crucial for traders to thoroughly assess their individual needs and risk tolerance, ensuring they align with the brokerage's offerings and level of regulatory oversight. Consider exploring alternatives with more robust regulatory credentials if seeking higher leverage options outside of the UK and EU.
Making an informed decision is paramount to successful trading and safeguarding your investments.
How Chump Profit Calculates Forex Broker Trust:
At Chump Profit, we understand the significance of choosing a trustworthy forex broker for a seamless trading experience, paramount during out forex broker reviews. As the CEO of Chump Profit and an experienced forex trader, I have developed a methodology to evaluate broker reliability based on my own trading experience and working for numerous brokerages.
Forex broker reviews, buy real experts.
When assessing forex brokers, our team prioritise factors such as regulatory compliance, track record and reputation, security of funds, trading platform functionality, customer support, transparent fee structures, efficient withdrawal processes, educational resources, risk management features, and clear terms and conditions.
By rigorously examining brokers based on these critical criteria, we aim to provide traders with reliable and trustworthy recommendations. At Chump Profit, we are committed to empowering traders with the knowledge and insights they need to succeed in the dynamic world of forex trading.
Kyriacos Kyriacou: Experienced trader, broker, and educator in forex. He has a B.A. in Economics from Liverpool University and an M.S. in Marketing from Surrey University.