Warning:
Avoid BlackBull Markets - An Unreliable and Low-Rated Broker
Editorial Team | June 2, 2023
When it comes to choosing a reliable and trustworthy broker, it’s essential to conduct thorough research and consider customer reviews. In this article, we highlight the reasons why BlackBull Markets should be avoided as an unreliable and low-rated broker. From regulatory concerns to inadequate resources, there are several aspects that raise red flags for potential investors.
Lack of Regulatory Licenses
BlackBull Markets operates with a limited number of regulatory licenses, primarily authorized by the Financial Markets Authority (FMA) in New Zealand. While this regulatory oversight provides a certain level of trust, it lacks additional Tier-1 licenses outside of New Zealand. The absence of regulatory supervision in other jurisdictions poses a significant risk to investors, as it leaves their investments unprotected in the event of any malpractice or financial instability.
High Commissions and Fees
Trading costs at BlackBull Markets are considered average for the industry. However, it’s important to note that the commissions and fees associated with their account types can be higher compared to other brokers. For instance, the ECN Prime account requires a minimum deposit of $2,000 and incurs a commission of $3 per side or $6 round turn per lot. These costs can add up, impacting investors’ profitability and reducing their overall returns.
Limited Mobile Trading Apps
BlackBull Markets falls behind industry leaders when it comes to mobile trading apps. Unlike brokers such as IG and Saxo Bank, BlackBull Markets does not offer a proprietary mobile app. While it provides the standard MetaTrader 4 (MT4) and MetaTrader 5 (MT5) apps for iOS and Android, the absence of a dedicated mobile app restricts the trading experience for users on the go. Traders who heavily rely on mobile trading may find this limitation inconvenient and prefer brokers with more advanced mobile platforms.
Subpar Trading Platforms
While BlackBull Markets offers the full MetaTrader suite, including MT4 and MT5, the trading platforms have certain limitations. The broker’s MT4 offering lacks platform add-ons and a wide range of markets. Special features are provided through third-party providers, which may not offer the same level of integration and functionality as the native platform. This can restrict traders from accessing advanced tools and features available with other brokers, limiting their trading strategies and potential profit opportunities.
Insufficient Market Research
Despite recent efforts to expand its market research coverage with the acquisition of research firm ATM Strategy, BlackBull Markets still falls behind the best forex and CFD brokers in this category. While the broker produces a daily series featuring technical and fundamental analysis, the lack of more comprehensive and timely market analysis leaves investors with limited insights to make informed trading decisions. A robust market research offering is crucial for traders to understand market trends, identify potential opportunities, and manage risk effectively.
Inadequate Educational Resources
BlackBull Markets’ educational offering has made progress with an expanded number of articles and videos. However, it still has a long way to go to compete with the best forex brokers for beginners. While the addition of thematic categories and organized content is a step in the right direction, interactive elements such as quizzes and progress tracking are lacking. These features play a vital role in enhancing the learning experience for retail traders and helping them develop the necessary skills and knowledge to navigate the financial markets successfully.
Customer Complaints and Fraudulent Practices
BlackBull Markets has faced numerous customer complaints, indicating potential fraudulent practices. Users have reported difficulties in withdrawing funds, leading to account suspensions and a lack of response from the broker. These experiences raise concerns about the transparency and reliability of BlackBull Markets’ operations, ultimately questioning the safety of investors’ funds. Such issues can significantly impact investors’ trust and confidence in the broker, making it an unattractive option for those seeking a reliable and secure trading environment.
Final Thoughts: Minimize Risk, Avoid BlackBull Markets
Considering the various shortcomings and negative customer experiences associated with BlackBull Markets, it is strongly advised to avoid this broker. The lack of regulatory licenses outside of New Zealand, high commissions and fees, limited mobile trading apps, subpar trading platforms, insufficient market research, and inadequate educational resources collectively make BlackBull Markets an unreliable and low-rated choice for traders. Moreover, the customer complaints and potential fraudulent practices further add to the concerns surrounding this broker.
When choosing a broker, it’s crucial to prioritize safety, transparency, and the availability of comprehensive resources. There are numerous reputable brokers in the market that offer better regulatory protections, competitive pricing, advanced trading platforms, robust market research, and comprehensive educational resources. By conducting thorough due diligence and exploring alternative options, traders can minimize risk and find brokers that prioritize their interests and provide a trustworthy trading experience.
Not Recommended
- for Investors and traders globally
Not Trusted
Not well regulated by top-tier financial authorities
Popularity
24
people
chose this broker in the last 6 months
BrokerRated Score
1.2/5
BlackBull Markets review summary
BlackBull Markets is a New Zealand-based forex broker. BlackBull Markets has low forex and CFD fees. The account opening is okay, digital and user-friendly. The trading experience is supported by not so well educational tools, including videos, texts and a demo account. On the negative side, there is a withdrawal fee. Research tools are basic and the Prime Account minimum deposit is high. BrokerRated gave BlackBull Markets a 1.2/5 rating based on analyzing 500+ criteria and testing via opening a live account.
Is BlackBull Markets a legit broker?
See how BlackBull Markets is regulated and whether you should have any concerns using it.
No
BlackBull pros and cons
Pros
Cons
- Low forex and CFD fees
- Decent user-friendly account opening
- Average educational tools
- Withdrawal fee
- Limited research tools
- $2,000 minimum deposit for Prime Accounts
ActivTrades main highlights
🗺️ Country of regulation
New Zealand, Seychelles
💰 Trading fees class
Low
💰 Inactivity fee charged
No
💰 Withdrawal fee amount
$5
💰 Minimum deposit
$0
🕖 Time to open an account
1 day
💳 Deposit with bank card
Available
👛 Depositing with electronic wallet
Available
💱 Number of base currencies supported
8
🎮 Demo account provided
Yes
🛍️ Products offered
Stock, Forex, CFD
Fees
BlackBull Markets has low forex and CFD trading fees and there are no deposit fees. On the other hand, withdrawal carries a charge.
Account opening
The account opening process at BlackBull Markets is fully digital, user-friendly and fast. Our account was approved within a day. On the other hand, the minimum deposit is high for Prime Accounts.
Deposit and withdrawal
BlackBull Markets’ deposit and withdrawal services are great. Several base currencies are available, there are numerous options for moving your money, and there is no deposit fee. However, the broker charges a fee on withdrawals.
Web trading platform
ActivTrades has its own web trading platform called ActivTrader. It’s highly customizable, multilingual and has a clear fee report. On the other hand, there are no price alerts.
Mobile trading platform
BlackBull Markets has a great mobile trading platform, provided by MetaTrader 4. It’s well-designed and user-friendly with good search functions, but lacks a more secure login.
Desktop trading platform
In design and functionality, BlackBulls Markets’ MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts.
Markets and products
At BlackBull Markets, you can trade real stocks, forex and CFDs. In other words, popular asset classes like bonds or ETFs are not available.
Research
BlackBull Markets has limited research tools. Clients will not find a quality news service and the range of analytic tools is limited. As a plus, clients have access to an economic calendar and market analyses.
Customer service
BlackBull Markets has great phone, email, and live chat support. On the negative side, customer support is not available 24/7.
Education
BlackBull Markets offers great educational tools in the form of educational videos, quality educational texts, trading platform tutorials and a demo account.
Safety
While BlackBull Markets is regulated by the top-tier Financial Markets Authority of New Zealand, the broker doesn’t offer investor protection.