MyFxBots In-Depth Review of BlackBull

The broker publishes three CFD account tiers, all described as ECN accounts with no minimum deposit on the primary comparison table. Two naming sets appear on the same page, and the broker does not state which set applies to which entity, so both are reproduced below as published.

A second table on the same page lists Standard, Raw and Pro with minimum deposits of US$50, US$100 and US$500, spreads from 1.4, 0.0 and 0.6 pips, a minimum trade size of 0.01 lots, a listed margin call level of 50% and a listed stop-out level of 20%. Traders should confirm which table applies to their country of residence during registration, because the broker does not say.

Swap-free accounts

Swap-free accounts are offered at the broker's discretion and only to clients in 22 approved countries: Albania, Algeria, Azerbaijan, Bangladesh, Brunei, Egypt, India, Indonesia, Jordan, Kuwait, Malaysia, Maldives, Morocco, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia, Thailand, Turkey, the United Arab Emirates and Uzbekistan. The broker states that swap-free removes overnight interest but is not indefinitely fee-free, that it monitors trading behaviour for compliance, and that it may revoke swap-free status at any time, after which swap charges can apply to existing and future orders. An administrative fee structure applies from the fifth rollover period; the full schedule is set out in section 7.

Money management and copy trading accounts

The Client Portal documentation lists applications for MAM/PAMM services and a Lead & Follow section for managing or applying to MAM and PAMM services as a lead trader or investor. A separate Investor Account is available through the Client Portal, with credentials issued within 12 hours of application and funds transferred from the main trading account. Copy trading is delivered through the CopyTrader platform, which the broker states is free to join, requires no minimum deposit of its own — funding requirements are set by the chosen provider — and permits following multiple providers at once.

Partner and institutional accounts

The broker operates a partner programme with separate affiliate and introducing broker tracks, CPA of up to US$1,000 per client, rebates up to US$10 per lot across 10 referral tiers, and an affiliate portal with tracking and reporting. The Client Portal also supports partner accounts alongside live, demo, investor and MAM accounts. No institutional or corporate naming is applied to the retail tiers beyond the Prime+ account, which the broker describes as being for high-volume traders and which is the entry point for commission rebates.

The practical implication is that most retail traders will be choosing between a commission-free spread-plus-markup model and a raw-spread-plus-commission model, and should model their own average lot size before choosing.

The broker publishes a country-selectable funding table covering cards, wallets, bank transfer, crypto and a set of regional processors. Deposits are free at the broker level; withdrawals carry a flat US$5 fee per request, except for the Airwallex local bank transfer route, which is listed at US$0. Third-party providers may add their own charges, and the broker discloses a 2.5% American Express fee as an example.

Availability is country-dependent and the broker states that funding options may differ by account type and jurisdiction. Withdrawals may be made by a different method from the one used to deposit, subject to the broker's compliance checks. Card withdrawals follow a refund hierarchy: the deposited amount is returned first, with profits paid by other methods. The practical implication for a trader is that the widest deposit currencies come from third-party wallets and processors rather than from the broker, so readers should confirm the route available for their own country before funding.

Pricing is an ECN model: the broker passes through a spread and, on the Prime tier, adds a commission. The broker states that it is strictly non-dealing desk, that it does not re-quote, and that slippage can occur during high-volatility periods and may work either for or against the trader.

Spreads and commissions

For a Prime account the broker illustrates the commission as US$3 per side for US$100,000 traded, so 0.01 lots attracts US$0.03 per side. The published commissions page separately states a Prime+ commission equivalent of US$2 per lot, which conflicts with the US$3 per lot shown on the account tables; traders should confirm the applicable rate in writing before trading size. Commission rates shown apply to forex and metals only, and other asset classes may be priced differently.

Swaps and overnight financing

A swap is charged or credited when a position is held past the daily rollover, calculated from the instrument, the direction of the position, its size and the number of nights held. The broker notes that Wednesday may carry a triple charge to account for the weekend, and that closing before the rollover time avoids the charge entirely. Swap rates are published inside the platform contract specifications rather than in a static table on the website.

Non-trading fees

Swap-free administrative fees

Swap-free accounts are exempt from overnight interest but not from charges. An administrative fee applies to positions held for five rollover periods or longer, weekends included, recurs every five days until the position closes, is charged per position in USD per lot, and is prorated for partial lots. The published schedule is symbol-specific: US$150 per lot on USD/JPY, gold and GBP/CHF at US$170, US$140 on GBP/JPY, US$120 on USD/CHF, US$100 on silver, US$75 on EUR/USD and EUR/GBP, US$50 on WTI and Brent, and US$5 on the Hong Kong 50 and Japan 225 indices. The broker states plainly that swap-free does not mean indefinitely fee-free, and that positions open on or after 13 October 2025 fall under this structure.

The practical implication is that a trader intending to hold positions for days rather than hours should price the swap-free administrative fee against the standard swap before requesting swap-free status.

Maximum account leverage is published as up to 1:500 on every account tier, and the broker's headline figures repeat 1:500 across its product pages. The ceiling is not uniform across instruments.

The broker also documents temporary reductions during high-risk periods on selected instruments. Gold is reduced from 1:500 to 1:200 and WTI from 1:100 to 1:25 for new positions, with normal leverage restored afterwards; existing open positions are not affected by the reduction. The broker states that leverage limits may differ by entity, and its entity guidance notes that clients may have access to different products, leverage limits or account features depending on country of residence.

Leverage magnifies losses as well as gains. A position opened at 1:500 moves the account balance on roughly one five-hundredth of the notional exposure as margin, so a small adverse price move can consume a large share of the funds committed. The broker's own 70% margin call and 50% stop-out levels mean positions can be closed automatically before a trader chooses to act.

The broker does not advertise a deposit bonus, a welcome bonus or a no-deposit bonus on its website. What it does publish is a referral programme and a platform subscription rebate.

Refer a Friend

The referred client must deposit at least US$500 and trade five forex or metal lots to trigger a US$100 payment, or deposit US$2,000 and trade 20 lots to trigger US$250. Both the referring client and the referred friend receive the payment. Eligible trades must remain open for at least ten minutes, all requirements must be met within 30 days, and the programme allows three referrals per year.

Free TradingView subscription rebate

Clients who open a live account and trade a qualifying volume of forex or metal CFDs can have the cost of a TradingView subscription credited to their trading account: one lot per month for the Essential tier, five lots for Plus and ten lots for Premium. Hedged positions do not count toward the volume, each eligible trade must stay open at least ten minutes, and reimbursements are processed monthly after eligibility is verified. The broker states the offer cannot be combined with other promotions.

Partner remuneration

The partner programme pays affiliates up to US$1,000 per client on a CPA or revenue model and introducing brokers up to US$10 per lot across ten referral tiers. This is a commercial arrangement for partners rather than a client bonus.

All of the above are subject to conditions, and the broker applies eligibility rules, holding-time requirements and volume thresholds that determine whether anything is actually paid. The full terms and conditions govern each offer, and readers should read them before assuming a payment will be made. Trading to reach a volume threshold carries its own cost, and a bonus or rebate does not reduce the risk of loss on the trades that generate it.

Four trading platforms are offered for CFDs, plus a separate share-investing platform and a copy-trading platform. All are available with any account type, and the broker publishes platform-specific onboarding guides for each.

Programming and automation options differ by platform, which matters for traders running automated strategies. MetaTrader 4 and MetaTrader 5 accept compiled Expert Advisors, while cTrader runs strategies written in C# through cTrader Automate on the desktop version. MetaTrader 4 cannot be used for crypto on a 24/7 basis because of platform limitations the broker acknowledges, so traders whose Algorithmic Trading depends on weekend crypto exposure should plan around MT5, cTrader or TradingView.

Mobile and desktop coverage

The broker's mobile apps page lists a Client Portal app alongside MetaTrader 4, MetaTrader 5, cTrader, TradingView, CopyTrader and Invest apps for iOS and Android. Desktop coverage is Windows native across the MetaTrader and cTrader families, macOS for MT4, MT5 and cTrader, and browser access for every platform except the mobile-only Invest experience. The broker also supports third-party tooling: ZuluTrade for social and mirror trading, Myfxbook for account analytics, and a ForexVPS-hosted virtual private server for always-on execution.

The broker advertises more than 26,000 tradable instruments across 80 or more markets. Counts differ slightly between pages, so the figures below are quoted as the broker publishes them for each class.

The range is broad enough to support Day Trading on index and forex CFDs, swing trading across metals and majors, and scalping on the tighter-spread instruments, with the caveat that a minimum trade size of 0.01 lots applies and that commission structures vary by asset class. Traders should check the contract specifications for the specific symbol before sizing a position, because lot sizes are not uniform: a forex lot is 100,000 units of the base currency, a gold lot is 100 units, a silver lot is 5,000 ounces, and a share lot is typically one share.

Two licensed entities are published, and the one that holds a given client's account depends on country of residence. The broker states that the entity providing the account is identified in the account opening documents, the client agreement and the Client Portal, and that clients unsure which entity holds their account should contact support.

For New Zealand clients, the contracting entity is Black Bull Group Limited, incorporated in New Zealand and licensed by the Financial Markets Authority as a derivatives issuer. The FMA register records the licence as granted on 12 August 2020 and active as of this review. The broker's compliance page publishes the Financial Services Providers Register number FSP403326 and the New Zealand company number 5463921, and notes that the FSPR registration is a registration rather than the licence itself.

For most clients outside New Zealand, the contracting entity is BBG Limited, incorporated in Seychelles under company number 857010-1, with a registered address at JUC Building, Office F7B, Providence Zone 18, Mahe. BBG Limited is authorised and regulated by the Seychelles Financial Services Authority under licence number SD045 for the provision of investment services.

Client money handling is described consistently across the broker's pages: funds are held in segregated client accounts with ANZ Bank in New Zealand, separate from the company's operating funds, and the broker states that it neither accepts cash deposits nor third-party deposits, and that deposits are matched to the account holder's name on file.

Two points deserve a reader's attention. First, the broker publishes no investor compensation scheme for either entity, so a segregated account is a structural protection rather than a statutory guarantee, and the broker's own share-investing documentation names Black Bull Group Limited as the beneficiary of the account into which client funds are paid. Second, the protections are not identical between the entities: New Zealand clients have access to the Financial Services Complaints Limited dispute resolution scheme, where the broker publishes participant number 5623, while the complaints procedure published for the international entity commits to acknowledgement within two business days and a written response within 21 business days, with escalation to the Seychelles Financial Services Authority. New Zealand clients also receive a product disclosure statement, and the broker publishes a separate risk warning per entity. Clients must also meet identity and address verification requirements before a live account is funded. A trader should confirm which entity appears on their client agreement before depositing, because the regulatory protections follow that entity and not the brand.

Support is advertised as available 24 hours a day, seven days a week, across four channels. Contact details are published on the contact page, and a separate complaints route exists for formal disputes.

The broker states that its support team operates around the clock and that dedicated account managers are available to partners. For formal complaints the published timeline is specific: acknowledgement within two business days, investigation, then a written response within 21 business days wherever possible, with notice if more time is needed. If the client is not satisfied with the final response, or receives none within 21 business days, the Seychelles entity's procedure allows escalation to the Financial Services Authority of Seychelles for independent review. Support is provided in English by default; the broker's website is published in eight languages, and the Client Portal has its own language setting. The practical implication is that a complaint about a Seychelles-entity account has a defined escalation path outside the broker, which is worth knowing before a dispute arises rather than after.

Education is delivered through a separate academy domain linked from the main site, and is organised by asset class and by platform rather than as a single course.

• Four asset-class course tracks — forex, crypto, commodities and stocks — each split into beginner, intermediate and advanced levels.
• Platform tutorials covering TradingView, cTrader, MetaTrader 5 and MetaTrader 4.
• An AI in trading course series, with separate modules for TradingView, cTrader, MetaTrader 5 and MetaTrader 4.
• A recorded webinar library of ten sessions at the time of review, covering institutional positioning, gold trends, bitcoin chart setups, Asian-session strategy and moving averages.
• Written platform documentation covering order placement, stop loss and take profit, trailing stops, pending orders, depth of market and adding symbols.
• A four-minute video walkthrough for each of MT4, MT5 and cTrader introducing the platform's five key components.
• A daily insights podcast and daily market analysis video series.

The curriculum leans towards Trend Trading and Range Trading material, with the day-trading webinar content addressing session timing rather than strategy automation. The broker does not publish a structured assessment, certification or progress-tracking system, so the material functions as a self-directed library rather than a course with outcomes. A newer trader should treat the beginner tracks as orientation and expect to supplement them.

Research is split between a market-analysis hub, a separate investment-research site for equities, and a set of calculators embedded in the main site.

The gap is in automation-facing research. There is no signal service, no strategy marketplace with verified statistics and no published sentiment indicator from the broker itself, so traders running systematic strategies will rely on the platform's own tools and third-party integrations. News Trading around scheduled releases is supported by the economic calendar and the daily briefing cadence; Mean Reversion and Fibonacci Retracement work is left to the trading platform's charting rather than to a broker-supplied tool. The calculators are optimised for MT4 and MT5 accounts, and the broker warns that cTrader results — for example on Brent, where barrels and points rather than lots and pips apply — may be inaccurate and should be verified in the platform.

The broker maintains a dedicated awards page listing 27 recognitions in the order it presents them, spanning 2018 to 2026. The full structured list and the accompanying database record are held as a separate data output.

The awards fall into three broad groups. Industry award bodies dominate: ForexBrokers.com recognised the broker in its annual awards in 2022, 2023, 2024 and 2025, including Best in Class for Offering of Investments in three of those years. The Forex Expo Dubai awarded Best Global FX Broker in 2022, Fastest Trade Execution and Best Copy Trading Broker in 2024, and Best Gold Spread in both 2025 and 2026. FXEmpire recognised the platform in 2025 for fast execution, crypto trading tools and crypto CFD spreads, and Compare Forex Brokers recognised execution speed, scalping conditions, TradingView integration and New Zealand brokerage in 2023 and 2025.

Regional and business recognition makes up the second group: the Auckland Business Awards recognised excellence in international trading in 2022, MoneyHub named the broker Favourite Forex Trading Platform in 2025, and BrokerTested recognised Best ECN Broker in 2024 and Best ECN Forex Broker in 2022. The third group is growth indices rather than trading awards — the Deloitte Fast 50 in 2018, 2019 and 2021, the Deloitte Master of Growth index in 2023 and 2024, and the APAC Technology Fast 500 in 2018.

Awards of this kind are awarded by publishers and event organisers, and several of the bodies involved assess brokers on criteria that include commercial relationships. They are a useful signal of market presence rather than an independent measure of execution quality or fund safety, and they should be weighed alongside the regulatory and fee findings above rather than instead of them.

BlackBull presents a coherent picture: an ECN broker with a New Zealand derivatives issuer licence behind its domestic entity, a Seychelles licence for its international business, segregated client funds at ANZ Bank, more than 26,000 instruments, four mainstream trading platforms including MetaTrader 4, MetaTrader 5, cTrader and TradingView, no minimum deposit on its published account tiers, and 24/7 support. The platform coverage is a genuine strength for traders who need Expert Advisor support, copy trading or share investing from the same account structure, and the education and research libraries are more substantial than many competitors' offerings.

The weaknesses are equally concrete. The restricted-country list excludes 39 jurisdictions and the broker states it also declines applications at its compliance team's discretion, so availability is narrower than the marketing implies. No investor compensation scheme is published for either entity, which means segregation at a New Zealand bank is the protection rather than a statutory guarantee. Swap-free accounts carry a symbol-specific administrative fee from the fifth rollover period, and the two account-naming tables, the two currency-pair counts, the two Prime+ commission figures and the two stop-out levels show that the published documentation is not fully reconciled.

This broker is likely to suit a trader who values platform breadth and instrument range, who is comfortable verifying conditions before funding, who trades sizes at which a per-side commission is worth a tighter spread, and who is not resident in a restricted jurisdiction. It is less suited to a trader who needs a statutory compensation scheme, one who relies on very frequent small withdrawals given the flat per-request fee, one who intends to hold swap-free positions for extended periods, or one whose Day Trading, Momentum Trading or Breakout Trading approach depends on conditions the broker does not publish.

Trading forex and CFDs with leverage carries a risk of loss, and leverage magnifies losses as well as gains. No award, rebate or spread advantage removes that risk, and past execution statistics do not predict future fills. The decision rests with the reader: confirm the entity on the client agreement, verify the fee schedule that applies to the account being opened, and size positions on the assumption that the margin call and stop-out levels will eventually be reached.