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BlackBull Markets Review 2024

Written by
Krisztián G.
Fact checked by
1d ago
Regulated and trusted. Tested via live trading.
2,029 people chose this broker
Not available in United States; see best alternatives

Why choose BlackBull Markets

BlackBull Markets is a New Zealand-based forex broker with low forex fees. Account opening is fast, fully digital and user-friendly. The trading experience is supported by great 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.

BrokerChooser gave BlackBull Markets a 4.0/5 rating based on analyzing 600+ criteria and testing via opening a live account.

  • Low forex fees
  • Fast and user-friendly account opening
  • Great educational tools
Overall score
Minimum deposit
FX fee
Index CFD fee
Withdrawal fee
Account opening
1 day
Visit BlackBull Markets

74-89% of retail CFD accounts lose money

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EURUSD spread
Usual spread in pips


Score: 3.5/5
BlackBull Markets has low forex trading fees and there are no deposit fees. On the other hand, CFD fees are only average and withdrawal carries a charge.
  • Low forex fees
  • No fee for deposit

We compared BlackBull Markets's fees with two similar brokers we selected, TMGM and Fusion Markets. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of BlackBull Markets alternatives.

Low FX fees

BlackBull Markets charges a forex commmission: $3.00 commission per lot per trade. Spread costs come on top of this, e.g. the EUR/USD spread is 0.1.

EURUSD spread
FX commission per lot
BlackBull Markets
$3.00 commission per lot per trade
$3.50 commission per lot per trade
Fusion Markets
$2.25 commission per lot per trade
BlackBull Markets forex spreads and commissions

However, the broker's fees are not as low as the ones charged by its closest competitors.

High index CFD fees

All index CFD fees are built into the spread. The spread for S&P 500 index CFDs is 0.5.

S&P 500 CFD spread
BlackBull Markets
Fusion Markets
BlackBull Markets index CFD spreads and commissions

Average stock CFD fees

All stock CFD fees are built into the spread. The spread for Apple stock CFDs is 0.7.

Apple CFD
BlackBull Markets
Fusion Markets
BlackBull Markets stock CFD spreads and commissions

No inactivity fee, low withdrawal fee

There is no account or deposit fee, however, withdrawal carries a price tag.

Inactivity fee
Withdrawal fee
BlackBull Markets
Fusion Markets
BlackBull Markets inactivity, withdrawal and other fees

The withdrawal fee is

  • $5 (or 5 units in any other account currency) per withdrawal for credit/debit cards or electronic wallets.
  • $20 (or 20 units in any other account currency) per withdrawal for bank transfers.

In addition, there is a 5% fee if you deposit and withdraw without trading.


BlackBull Markets is a legit brokerage. While it is regulated by the top-tier Financial Markets Authority of New Zealand, the broker doesn't offer investor protection.
  • Negative balance protection
  • Regulated by top-tier FMA
Read more

Deposit and withdrawal

Score: 4.3/5
BlackBull Markets's 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.
  • Credit/Debit card available
  • No deposit fee
  • Several account base currencies
Read more

Account opening

Score: 5/5
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.
  • Fast
  • Fully digital
  • User-friendly
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Mobile app

Score: 3.3/5
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.
  • User-friendly
  • Good search function
  • Price alerts
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Desktop platform

Score: 3.4/5
In design and functionality, BlackBull Markets's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts.
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Price alerts
Read more

Product selection

Score: 1.7/5
At BlackBull Markets, you can trade real stocks, forex and CFDs. In other words, popular asset classes like bonds or ETFs are not available.
Read more
“I recommend BlackBull Markets for forex traders looking for low fees who prefer the MetaTrader platform.”


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Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

author image
Krisztián Gátonyi
Author of this review
I have 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. I'm actively involved in reviewing the 100+ brokers listed on our site. I personally open accounts with real money, execute trades, test customer services. I hold an MSc in International Business from the University of Middlesex. My purpose is to help people find the best investment provider.
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Visit BlackBull Markets 74-89% of retail CFD accounts lose money
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