BlackBull Markets Review

BlackBull Markets Review

Forex, Metals, Indices, Energies & Cryptocurrencies

  • MT4 platform
  • $200 minimum deposit
  • Micro lots
  • 500:1 leverage
  • ECN Trading
  • NDD order execution
  • 60+ markets
  • Social trading
MT4 ECN Forex Broker • Crypto ECN CFD Trading  • BlackBull Markets

BlackBull Markets Review

BlackBull Markets is an Electronic Communication Network (ECN) broker offering trading in Forex and other markets on MT4. ECN means that BlackBull finds prices from liquidity providers and aggregates these prices. BlackBull says that its aggregation system finds the best prices by letting these Tier-1 liquidity providers effectively compete against one another. According to BlackBull, its liquidity providers are ABN-AMRO, ANZ, Bank of America, Barclays, BNP Paribus, Citibank, CommerzBank, Credit Suisse, Deutsche Bank, HSBC, JPMorgan Chase, Standard Chartered, RBS and UBS.

BlackBull offers the MT4 online trading platform, where the trader can find the price quotes determined by the aggregation system. MT4 is provided for desktop and as apps, but the WebTrader is not currently available at BlackBull. This kind of ECN broker is following what gets called a 'True ECN' model (i.e. connecting traders with liquidity providers, aggregating prices from multiple providers and using technology to find the best prices).

Additionally, BlackBull locates its trading servers in three of Equinix's data centers: London (LD4), New York (NY4) and Tokyo (TY3). Equinix data centers co-locate the broker's servers with other those of other financial institutions and use fiber optical cables, to deliver low latency order execution (i.e. the order goes through rapidly).

BlackBull uses STP (Straight-Through-Processing) and NDD (no dealing desk) order execution. STP means in effect that the order is rapidly routed and NDD means that the broker does not intervene in the order process.

All in all, BlackBull Markets can be described as an MT4 ECN broker offering low latency order processing and supporting a wide range of trading styles.

BlackBull Markets has a range of account types. In common with other ECN brokers, it has an ECN Standard account which does not charge commissions. This means that its spreads for markets for which it does charge commissions on its other accounts are higher. The spreads for this account are from 0.8 pips (which is competitive for a minimum Forex spread). The minimum deposit for this account is $200.

In addition to its ECN Standard Account, BlackBull has an ECN Prime account. This is its 'True ECN' account, offering STP processing, routing orders to and from liquidity providers. This means that while spreads from liquidity providers can be very low for the more liquid Forex pairs, the broker adds a commission charge. This commission charge is $6 per lot. Spreads for this account are from 0.1. BlackBull has a higher minimum deposit for this account, which is $2000.

Thus there is a distinction between the 'entry level' ECN Standard Account and the ECN Prime Account. There is additionally an Islamic Account, which is offered for both the Standard and Prime Accounts.

BlackBull also has an ECN Institutional Account (or VIP Prime Account), for traders who want this level of service and functionality. FIX API is available for institutional clients, allowing them to directly connect with the ECN (i.e. direct market access). The minimum deposit for this account is $20,000. Spreads for this account are from 0.

The minimum trade size for all accounts is 0.01 lots (micro lots). Maximum leverage is 500:1 for all account types (increasing leverage increases risk).

In terms of its range of market, BlackBull has the same offering across the ECN Standard and ECN Prime Account (and all other accounts). It has 60+ markets available, covering Forex, Indices, Precious Metals (Gold and Silver), Energy and Cryptocurrency CFDs. This is a competitive number of markets for an ECN broker.

The Crypto CFDs offered are Bitcoin, Ethereum, Litecoin and Dash. When trading a CFD, the trader does not own the underlying financial market.

Traders may wish to trade when they are not connected to the broker, for example when trading using automated trading strategies. To do so they can rent a Virtual Private Server (VPS). This is provided free (T&Cs apply) for traders who have an ECN Prime Account, a minimum deposit of $2,000 and trade a minimum of 20 lots per month.

To trade on a real account, the trader needs to deposit at least the minimum deposit required for the account. BlackBull Markets lets the trader deposit via Bank Wire, Credit Card, Skrill, Neteller, China Union Pay and Fasapay. To withdraw money, there are fees (for example there is a $20 fee for withdrawing by Bank Wire) and there is a minimum withdrawal amount of $100.

For social traders, BlackBull allows the use of ZuluTrade, Myfxbook and SwipeStox. It also lets the trader link their trading account with PsyQuation, which analyses trading using a machine learning robot coach.

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