Is BlackBull Safe or Scam？

The first thing that troubles us when we enter the forex market is which broker we must choose and invest our precious, hard-earned money with. As we all know, choosing a reliable broker in this ocean of forex is challenging. Therefore, to help you choose the best broker. In this article, we will review the Black Bull Forex broker.

BlackBull is an STP (Straight Through Processing) forex broker that provides online trading services to retail and institutional clients. The company was founded in 2014 and is headquartered in Auckland, New Zealand. BlackBull is regulated by the Financial Markets Authority (FMA) of New Zealand.

Regulation

While the broker is regulated by the Financial Markets Authority and claims to hold client funds in safe, Tier 1 New Zealand-based banks with segregated accounts, the negative reviews from some clients who report issues with withdrawing their funds raise concerns. It's important for individuals to conduct their own research, carefully evaluate the broker's features and services, and exercise caution when investing their money.

Alternative Brokers of BlackBull

There are many alternative brokers to BlackBull depending on the specific needs and preferences of the trader. Some popular options include:

UFX - provides a user-friendly trading platform and a wide range of educational materials, but there are some concerns about its regulation and customer service.

Valutrades - offers competitive spreads and multiple account types, but its product offerings are limited and its customer service could be improved.

Z.com Trade - offers low spreads and no deposit or withdrawal fees, but its product offerings are limited and it is only regulated in one jurisdiction.

Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

Market Instruments

BlackBull offers a diverse range of 26,000+ financial instruments across various asset classes, including forex, energy, indices, cryptocurrencies, equities, and metals. Traders have access to a wide range of currency pairs, including majors, minors, and exotics, and can also trade popular cryptocurrencies like Bitcoin, Ethereum, and Dogecoin. Additionally, the broker provides access to a variety of equity CFDs, including those from major markets like the US, Europe, and Asia. Traders can also trade popular indices like major US and the NASDAQ, as well as energy products like crude oil and natural gas. Lastly, BlackBull provides access to precious metals like gold and silver, which are often used as safe-haven assets during times of market volatility. Therefore, both beginners and experienced traders can find what they want to trade on BlackBull.

Accounts

Demo Account: BlackBull provides a demo account that allows you to try out the financial markets without the risk of losing money.

Live Account: BlackBull offers a total of 3 account types: ECN Standard, ECN Prime and ECN Institutional. The minimum deposit to open an account is $0, $2,000 and $20,000 respectively. If you are still a beginner and don't want to invest too much money in Forex trading, the ECN Standard account will be the most suitable option for you.

Trading Platforms

As for the trading platform, BlackBull provides its clients with many options. There are public platforms including TradingView, MetaTrader 4 (MT4), MetaTrader 5 (MT5), BlackBull Trader, and BlackBull Shares.

Leverage

BlackBull offers a maximum leverage of up to 1:500, which is a generous offer and ideal for professional traders and scalpers. However, since leverage can magnify your profits, it can also result in a loss of capital, especially for inexperienced traders. Therefore, traders must choose the right amount according to their risk tolerance.

Spreads & Commissions

BlackBull spreads and commissions depend on the account type. We can see that the spread starts from 0.8 pips on the ECN Standard account, from 0.1 pips on the ECN Prime account, while only the ECN Institutional account can enjoy raw spreads from 0.0 pips.

There is no commission for the ECN Standard account, a commission of 6 USD per lot for the ECN Prime account and 4 USD per lot for the ECN Institutional account.

Deposits & Withdrawals

BlackBull offers its clients multiple options for depositing and withdrawing funds, including bank wire, POLi, and credit/debit card (Visa/MasterCard). The base currencies are USD and NZD.

Customer Support

Below are the details about the customer service.

o Languages: English, Spanish, French, Chinese, German, Portuguese, Italian, Thai language, Korean, Arabic, Vietnamese, etc.

o Service Hour: 24/7

o Live chat

o Email: support@blackbull.com

o Phone: +64 9 558 5142

o Address: BlackBull Markets, Level 20, 188 Quay Street, Auckland, 1010

o Social media: Facebook, Instagram, LinkedIn, YouTube, Twitter, WhatsApp and Telegram

Review

When we searched for this broker on Wikifx. We found that it's a regulated broker with a good rating. Also, we checked the complaint section for this broker and found many complaints regarding withdrawals. When we read the user's review, this is what we found there. We are sharing screenshots with you.

Conclusion

Based on the information provided, BlackBull appears to be a well-regulated broker that offers a wide range of tradable instruments across multiple asset classes and various trading platforms and tools. The broker's educational resources and customer service are also noteworthy.

However, there are some negative reviews from clients regarding difficulty with withdrawals and accusations of being a scam platform, so traders should proceed with caution and do their own research before investing with BlackBull.

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