BlackBull Markets Review 2026
BlackBull Markets is a New Zealand-founded ECN-style broker whose Black Bull Group Limited holds an FMA derivatives-issuer licence (granted 12 August 2020; FSPR FSP403326), plus BBG Limited (FSA Seychelles) for international clients.
- 69 / 100
- Compliant
- New Zealand
- FMA New Zealand
- FSA Seychelles
- Min. Deposit
- $0
- Max. leverage
- 1:500 entity-dependent
- Spread From
- 0.0 pip
- Commission
- $6/lot
- Trading platforms
- MetaTrader 4, MetaTrader 5, cTrader, TradingView and BlackBull copy tools where offered.
Key features
- Black Bull Group Limited FMA FSP403326, licence active
- BBG Limited FSA Seychelles SD045
- ECN-style raw accounts on MT4/MT5/cTrader
- No FSCS/ICF-style fund on the NZ or Seychelles entities
Regional coverage
New Zealand residents should confirm the FMA-licensed company. International clients are often routed to the Seychelles entity.
Investor protection
NZ clients of Black Bull Group Limited are under FMA derivatives-issuer rules and FSCL dispute membership. Seychelles accounts have no equivalent statutory compensation fund.
Licenses and Legal Entities
Match the legal entity and license number below against the account agreement before you deposit.
FMA New Zealand · License No. FSP403326
Black Bull Group Limited · New Zealand (derivatives issuer licence)
FSA Seychelles · License No. SD045
BBG Limited · Global / International
Trading conditions
- Min. Deposit
- $0
- Spread From
- 0.0 pip Raw
- Commission
- $6/lot
- Max. leverage
- 1:500 entity-dependent
- Islamic
- Yes
- Trading platforms
- MetaTrader 4, MetaTrader 5, cTrader, TradingView and BlackBull copy tools where offered.
Spreads shown are minimum values from the lowest-spread account type. Actual spreads vary by account, instrument, and market conditions. Islamic (swap-free) account availability may depend on your region and entity. Always verify directly with the broker.
8-pillar score
Weighted /100
Pros
- Holds at least one tier-1 licence (FCA, ASIC, CySEC, DFSA, CFTC/NFA or FMA).
- Advertises raw / 0.0-pip pricing on at least one account path.
- Published minimum deposit is $0, which is usable for a small live test.
- Islamic / swap-free accounts are published as available in supported regions.
- Both MetaTrader 4 and MetaTrader 5 are listed.
Cons
- At least one offshore entity is in the group. Protection and leverage follow that company, not the brand name.
Usually not for
- US residents who need a CFTC/NFA retail forex broker.
How do I choose a licensed forex broker?
Choose the entity licensed where you live — FCA (UK), CySEC (EU), ASIC (Australia) or DFSA (Dubai/Gulf) — and match its license number to the client agreement before you deposit.
Detailed explanation
A brand is not a license. Compensation, leverage caps and complaints follow the company that opens the account. CySEC covers the EEA (Cyprus ICF). FCA sits under UK rules and the FSCS. ASIC serves Australian retail clients. DFSA serves the DIFC. Offshore entities such as FSA Seychelles or FSC Belize sit outside those schemes.
Example
A UK account under an FCA-authorised company can use the Financial Ombudsman and, if the firm fails, the FSCS (up to £85,000). The same brand’s Seychelles entity would not.
Common mistake
Treating a CySEC, FCA or ASIC logo on a landing page as proof that your account is covered. Many groups onboard international clients through an offshore company. If the agreement names that company, the EU, UK or Australian compensation scheme does not apply.
Professional tip
Search the official register by license number, not only by brand. Confirm the status is authorised or active, that forex or CFDs are listed, and that the legal name matches the agreement before the first deposit.