BlackBull Markets
Multi-asset brokerBlackBull Markets is a New Zealand-headquartered multi-asset broker covering forex, shares, commodities, futures and indices across MT4, MT5, cTrader and TradingView, with no set minimum deposit on any account type. It onboards through two entities — New Zealand clients go to its NZ company, everyone else to its Seychelles company — and which one you get decides the protections that apply to you.
Risk warning: CFDs and margined forex are complex, high-risk products; leverage can work against you and you can lose more than you expect. BlackBull does not publish a retail loss percentage — unlike UK/EU-regulated brokers it is not required to, because it onboards through Seychelles and New Zealand entities. The absence of that number is not evidence of better outcomes. Only trade with money you can afford to lose. (Checked 2026-08-02.)
Quick facts
- Regulation
- Seychelles FSA (SD045) for global clients; NZ FMA derivatives issuer licence for NZ clients
- Platforms
- MT4, MT5, cTrader, TradingView, CopyTrader
- Spreads
- From 0.8 pips (Standard) / 0.0 pips (Prime) + commission
- Min deposit
- No set minimum
- Trustpilot
- 4.7 (~3.4k reviews)
Where you can trade
Onboards non-New Zealand clients through its Seychelles entity (BBG Limited, FSA licence SD045); New Zealand residents go to its New Zealand entity. Clients from the US and Canada are not accepted, alongside a long restricted list. Verify eligibility on the official site before funding.
Notable restrictions (38)
Checked by SMCM 2026-07-28. The provider's official list is authoritative and can change. See the official list ↗
Eligibility depends on your country of residence and which entity you are onboarded to, and can change. Always confirm you can open an account — and under which entity — on the provider's official site before funding.
Our take
BlackBull Markets is a New Zealand-headquartered broker with a wide product range — forex, shares, commodities, futures and indices — and the full platform set: MT4, MT5, cTrader, TradingView, plus its own CopyTrader. It advertises "over 26,000 tradable instruments", though read the small print: that is a group-wide total across all its entities and platforms, not the number you get on one account. Its more concrete feature is the entry cost: none of the three account types set a minimum deposit, so you decide how much to fund rather than clearing a threshold first — which is rare among brokers offering raw spreads.
The detail that decides your protections is which entity onboards you, and the gap here is unusually concrete. The New Zealand company holds a genuine FMA derivatives issuer licence (authorised August 2020) and belongs to an independent dispute-resolution scheme, so a New Zealand client who cannot resolve a complaint has an ombudsman to escalate to. Everyone else is onboarded to BBG Limited in the Seychelles, licensed there — the brand and the Auckland head office are the same, that recourse is not. Both offer leverage up to 1:500; New Zealand does not cap retail leverage the way the UK or Australia do, so the number itself is not the warning. Note too that BlackBull publishes no retail loss percentage — it is not required to under these regulators — so you cannot compare it on that measure with UK/EU-regulated brokers.
It suits cost-sensitive traders who want raw pricing without a funding hurdle, and anyone who wants a choice of four platforms. Check the restricted-country list before you start: the US and Canada are excluded, and so are less obvious ones like Japan, Kenya, Ukraine and Vietnam.
Pros
- No set minimum deposit — you choose how much to fund, on any account type
- Raw spreads from 0.0 pips on Prime accounts (US$3.00 per lot per side)
- MT4, MT5, cTrader and TradingView, plus BlackBull CopyTrader
- Broad market coverage — forex, shares, commodities, futures and indices
- Swap-free accounts available (administrative fees apply)
Cons
- Most clients outside New Zealand get the offshore Seychelles entity, not the FMA-licensed NZ one
- No published retail loss percentage, so it can't be compared on that measure
- US and Canadian clients not accepted, plus a long restricted list
- High leverage (up to 1:500) magnifies losses as well as gains
Full details
- Entities / jurisdiction
- BBG Limited (Seychelles, FSA licence SD045) for global clients; Black Bull Group Limited (New Zealand, FSP403326) for NZ clients — protections depend on which one onboards you
- NZ licence
- Black Bull Group Limited holds an FMA derivatives issuer licence, authorised 12 Aug 2020 (verified on the NZ Financial Service Providers Register). Applies to the New Zealand entity only.
- Dispute resolution (NZ entity)
- Financial Services Complaints Limited (FSCL), a Financial Ombudsman Service — membership 5623. An escalation route for NZ clients; clients of the Seychelles entity are not covered by it.
- Account types
- ECN Standard (beginners), ECN Prime (most popular), Prime+ (high volume)
- Spreads from
- 0.8 pips on ECN Standard; 0.0 pips on ECN Prime and Prime+
- Commission
- None on ECN Standard; US$3.00 per lot per side on Prime and Prime+ (Prime+ adds a commission rebate)
- Minimum deposit
- No set minimum on any of the three account types — BlackBull publishes this as "US$0", meaning it imposes no funding floor, not that an account can be traded empty
- Leverage
- Up to 1:500 on all account types
- Assets
- Forex, shares, commodities, futures, indices. BlackBull advertises "over 26,000 tradable instruments", but its own wording is that it and its associated entities provide these across all its platforms — it is a group-wide total, not the count available on any one account.
- Platforms
- MT4, MT5, cTrader, TradingView, MetaTrader Web Trader, BlackBull CopyTrader, BlackBull Invest
- Execution
- ECN pricing; Equinix London server on all account types
- Swap free
- Available on all account types — subject to administrative fees
Who it may fit
- • Traders who want raw spreads without a minimum deposit
- • Traders who want a choice of MT4 / MT5 / cTrader / TradingView
Who should avoid it
- • US and Canadian residents (not accepted)
- • Traders who want tier-1 (FCA/ASIC-style) protections
FAQ
- Is BlackBull Markets regulated?
- Yes, but by different regulators depending on who you are. Black Bull Group Limited holds a New Zealand FMA derivatives issuer licence (authorised August 2020) and handles New Zealand clients, who also get access to the FSCL dispute-resolution scheme. Clients everywhere else are onboarded to BBG Limited, licensed by the Financial Services Authority in Seychelles (SD045) — an offshore licence with weaker recourse. Confirm which entity holds your account, because that is what decides your protections.
- What does it cost to trade with BlackBull?
- ECN Standard has no commission but wider spreads from 0.8 pips. ECN Prime and Prime+ offer spreads from 0.0 pips with a US$3.00 per lot per side commission. Compare the all-in cost on the instruments you actually trade, not the headline spread.
- Is there a minimum deposit?
- No. BlackBull publishes a figure of US$0 for all three account types, which is the industry's way of saying it sets no funding floor — you choose how much to fund, rather than having to clear a threshold like US$50 or US$200 first. It does not mean an account can be traded with nothing in it: you still need enough margin for the position you open. A low barrier to opening an account is not a low barrier to losing money, and with leverage up to 1:500 a small balance can go quickly.
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Last checked: July 2026