Independent broker review

BlackBull Markets Review 2026

FMA New Zealand
FSA Seychelles

BlackBull Markets is a New Zealand-founded ECN-style broker with an FMA derivatives-issuer licence (FSP403326) and an FSA Seychelles entity for international clients.

Last verified 02 September 2026 How we score brokers

Reviewed by Marcus Reed Senior Markets & Regulation Analyst

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Pros, cons and who it is not for

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.

Licenses and Legal Entities

Match the legal entity and license number below against the account agreement before you deposit.

FMA New Zealand Verify License

Legal Entity: Black Bull Group Limited
License No.: FSP403326
Serves: New Zealand

FSA Seychelles Verify License

Legal Entity: BBG (Seychelles) Limited
License No.: SD045
Serves: Global / International

Platform coverage

Schematic frames of the published platform stack. These are not live account captures and do not show profits, balances or fills.

MetaTrader 5 — schematic of typical chart and order ticket access. Not a live account capture and not performance data.

MetaTrader 4 — schematic of the desktop/mobile path listed by the broker. Not a live profit-and-loss screenshot.

TradingView — schematic of charting linked to a broker account where the entity offers it.

Broker overview

Trading platforms

MetaTrader 4, MetaTrader 5, cTrader, TradingView and BlackBull copy tools where offered.

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.

Regional coverage

New Zealand residents should confirm the FMA-licensed company. International clients are often routed to the Seychelles entity.

Key features

Black Bull Group Limited FMA FSP403326, licence active
BBG (Seychelles) Limited FSA SD045
ECN-style raw accounts on MT4/MT5/cTrader
No FSCS/ICF-style fund on the NZ or Seychelles entities

Verification log

Dated checks on this profile. 2026 is the first published score year.

2026-09-02 Published the 2026 8-pillar score for BlackBull Markets. This is the baseline year — earlier ranks are not backfilled.
2026-08-19 Directory entity check: licences, legal names and register URLs re-verified on this profile.

2026 broker scores

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