BlackBull operates in your country (United States) — but holds no local license. You’d likely be onboarded under an offshore entity, which means weaker fund protection. Confirm which entity before depositing.

Moderate risk

Scam Risk Scoremonitored · 2026-07-28

Lower riskHigher risk

Authorised by Tier-1 regulator(s): FSA
16 user exposure/complaint reports filed
Withdrawal complaints in ~78% of recent reviews

How this score is calculated — view the open algorithm

A transparent weighted score from objective public data — each factor scored 0–100 (higher = riskier), combined by the weights below.

Factor	Score	Weight
Regulation & licensing	8	35%
Company age	22	15%
Clone / impersonation	0	12%
Withdrawal & exposure complaints	100	12%
Offshore registration	45	8%
Transparency (site/info/social)	25	10%

Based on public regulatory records, industry databases and independent reviews (Trustpilot, Forex Peace Army). Exit Risk reflects recent negative momentum in real reviews. A risk estimate from public data, not a definitive legal judgment; brokers may request a correction.

Company

Legal nameBlack Bull Group Limited

Headquarters🇳🇿 New Zealand

Founded2018-01-11

Years operating5-10 years

Employees0

Official websiteblackbull.com

Trading conditions

Avg execution speed0 ms

Avg slippage0

Swap rating—

Trading cost rating—

Monitored traders0

Monitored orders0

Funding & instruments

Deposit methods7 · Bank, Transfer, MASTER, VISA, Skrill

Withdrawal methods17 · Neteller, Skrill, MASTER, VISA

Instruments--

Registered address

Level 20, 188 Quay St Auckland 1010

Regulation & licenses · 3

Regulator	License type	License No.	Region	Status
FMA	Market Making License (MM)	403326	New Zealand	Regulated
FMA	Inst Forex Execution (STP)	1002113	New Zealand	Regulated
FSA	Derivatives Trading License (EP)	SD045	Seychelles	Offshore Regulation

Account types · 3

Account	Max leverage	Min. deposit	Min. spread	Commission	EA
ECN STANDARD	1:500	US$200	EURUSD average is 0.2; Gold average is 0.2	--	✓
ECN PRIME	1:500	US$2,000	EURUSD average is 0.2; Gold average is 0.2	--	✓
ECN INSTITUTIONAL	1:500	US$20,000	EURUSD average is 0.2; Gold average is 0.2	--	✓

Review analysis AI

BlackBull Markets carries a guarded risk score of 26/100, reflecting its dual regulation under New Zealand’s FMA and offshore Seychelles FSA. While the broker operates a legitimate business with a clear physical presence, the discrepancy between advertised $0 minimum deposits and our records of $200+ raises transparency concerns. Traders should verify account terms directly and consider the limited recourse available under the Seychelles licence.

Best for

Traders seeking high leverage up to 1:500
Clients preferring ECN execution with low spreads
Investors wanting access to 26,000+ instruments
Traders who value multi-regulatory oversight (FMA + FSA)

Not for

Traders needing a strictly Tier-1 regulated broker (FMA is not Tier-1 due to limited investor protection compared to FCA/CySEC)
Clients requiring very low minimum deposits (discrepancy between advertised $0 and actual $200)
Traders looking for extensive educational resources or proprietary trading platforms

Period:

What users complain about

What users praise

Where reviewers are from

Hong Kong13

Thailand3

United Arab Emirates1

India1

Nigeria1

New Zealand1

Real user reviews

Where BlackBull operates

Active across 78 markets (by market presence). Licensing rarely covers all of them — where it isn’t locally licensed, you’re onboarded under an offshore entity with weaker protection.

🇳🇿 New Zealand Licensed

🇪🇸 Spain

🇵🇰 Pakistan

🇮🇳 India 1 complaint

🇩🇪 Germany

🇦🇺 Australia

🇨🇳 China

🇲🇽 Mexico

🇺🇸 United States

🇦🇹 Austria

🇧🇷 Brazil

🇫🇷 France 1 complaint

🇨🇦 Canada

🇨🇴 Colombia

🇹🇭 Thailand 3 complaints

🇿🇦 South Africa

🇩🇲 Dominica

🇻🇳 Vietnam

🇸🇨 Seychelles Licensed

🇭🇰 Hong Kong 10 complaints

🇦🇪 United Arab Emirates 1 complaint

Market presence: WikiFX SkyEye · complaints: our records · licensing: official registers. Where you’re accepted is set by the broker’s own terms — always confirm before depositing.

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What BlackBull says about itself as stated by the broker · not independently verified by FXCanary

About Us

BlackBull Markets presents itself as a multi-regulated multi-asset broker headquartered in Auckland, New Zealand, providing an institutional trading experience for all traders. According to its website, the company was founded in 2014 by Michael Walker and Selwyn Loekman, and its mission is to deliver a superior trading experience through innovative technology and exceptional customer service.

The broker claims to serve tens of thousands of clients globally, continuously improving its offerings to meet evolving trader needs. It states that it provides access to hundreds of markets, aiming to be a trusted leader in the financial industry.

Account Types

BlackBull Markets advertises three main account types on its website: ECN Standard, ECN Prime, and Prime+. The Standard account is described as perfect for beginner traders, with spreads from 0.8 pips and no commission. The Prime account, marked as most popular for experienced traders, offers spreads from 0.0 pips and a commission of US$3.00 per lot per side.

The Prime+ account is aimed at high-volume traders, also with spreads from 0.0 pips and US$3.00 commission per lot. Crucially, the website states that both Standard and Prime accounts require a minimum deposit of US$0, while the Institutional account (not listed in the comparison table but mentioned elsewhere) requires US$20,000. Maximum leverage is advertised as up to 1:500.

Trading Platforms & Instruments

The broker claims to offer the MetaTrader 5 (MT5) platform for desktop, web, and mobile, with a no-minimum-deposit requirement for demo and live accounts. It also promotes a Share Investing feature for long-term exposure to underlying assets, alongside traditional CFD trading.

According to its website, BlackBull Markets provides access to over 26,000 tradable instruments, including 70+ currency pairs, major stock indices, precious metals, cryptocurrencies, commodities, and equities across 27 global markets. The broker emphasises low-cost institutional spreads, fast execution (average under 100ms), and 24/7 client support.

Regulation & Security

BlackBull Markets states that it is a New Zealand registered and incorporated company, registered with the Financial Service Providers Register (FSPR) and a member of the Financial Services Complaints Limited (FSCL) dispute resolution scheme. The website highlights its multi-regulated status, though specific regulatory bodies are not named on the compliance page.

The broker claims to maintain strict Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) policies, ensuring all business practices are above-board and ethical. It also states that client funds are held in segregated accounts, and it operates as a No Dealing Desk (NDD) broker with ECN execution.

About BlackBull

Company Overview

BlackBull Markets is a retail forex and CFD broker based in Auckland, New Zealand, founded on 11 January 2018 according to corporate records. The broker operates under the brand name BlackBull Markets and targets both retail and institutional clients, offering access to a broad range of financial markets.

The company’s registered address is Level 20, 188 Quay St, Auckland 1010. It maintains a strong online presence across social media platforms including Facebook, Instagram, LinkedIn, and YouTube. As of 2025, the broker claims to serve tens of thousands of clients globally.

Regulation and Licensing

BlackBull Markets holds regulatory licences from two jurisdictions: the Financial Markets Authority (FMA) of New Zealand and the Financial Services Authority (FSA) of Seychelles. The FMA licences include a Market Making (MM) licence and an Institutional Forex Execution (STP) licence, both classified as 'Regulated' in New Zealand.

The FSA licence in Seychelles is a Derivatives Trading Licence (EP) and is classified as 'Offshore Regulation', which carries a lower level of oversight compared to Tier-1 regulators. This dual regulatory structure means clients under the FMA enjoy stronger investor protection, while those under FSA may have limited recourse. The FXCanary Scam Risk Score for BlackBull is 26 out of 100, indicating a guarded risk level.

Account Types and Trading Conditions

Based on regulatory records, BlackBull Markets offers three ECN account tiers: ECN Standard (minimum deposit US$200), ECN Prime (US$2,000), and ECN Institutional (US$20,000). All accounts provide maximum leverage up to 1:500, which is typical for offshore brokers. The broker advertises spreads from 0.8 pips on Standard and from 0.0 pips on Prime and Institutional accounts, with commissions applicable on the latter two.

Notably, the broker’s website currently advertises a US$0 minimum deposit for Standard and Prime accounts, a discrepancy from our records. Traders should verify the actual minimum deposit requirements directly with the broker. The accounts are designed for different experience levels, with the Standard account geared towards beginners and the Institutional account for high-volume traders.

Platforms and Tradable Assets

BlackBull Markets provides the MetaTrader 5 (MT5) platform, which is widely used for forex and CFD trading. The platform is available for desktop, web, and mobile devices, offering advanced charting tools, automated trading via Expert Advisors, and one-click execution. The broker claims average execution speeds under 100 milliseconds.

The broker offers over 26,000 tradable instruments, including 70+ currency pairs, indices, commodities (such as gold, silver, oil), equities from 27 global markets, and cryptocurrencies. This extensive product range allows traders to diversify across asset classes. Additionally, BlackBull Markets offers a share investing feature for long-term ownership of underlying shares.

Deposits and Withdrawals

Information on deposit and withdrawal methods is limited in public records. The broker’s website suggests that minimum deposits start from US$0 for Standard and Prime accounts, though our records indicate higher minimums for the ECN accounts. The broker accepts various payment methods commonly used in the industry, including bank transfers, credit/debit cards, and online payment systems.

Traders should note that deposit and withdrawal policies may vary by region and account type. It is advisable to review the broker’s website for the most current information on funding options, processing times, and any associated fees.

Client Support and Education

BlackBull Markets promotes 24/7 client support via email, phone, and live chat. The broker’s website includes a comprehensive support section with articles on trading conditions, platform guides, and account management. It also provides swap-free (Islamic) accounts upon request, with specified administrative fees.

The broker does not prominently feature educational resources such as webinars or courses on its main site, but the support section covers common queries. Social media channels are active, providing market insights and company updates. For beginner traders, the ECN Standard account with higher spreads and no commission may serve as a starting point, while experienced traders can benefit from the low-cost Prime accounts.

Overview compiled by FXCanary from regulatory records and public data. full BlackBull review