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OFFSHORE · FSA-SC · NZ FSPRRBI ALERT LIST#54 of 66 international brokers

BlackBull Markets review: the verdict.

Listed on the Reserve Bank of India Alert ListThe RBI lists BlackBull as not authorised to deal in forex or run a forex trading platform for Indian residents. Indian residents trading forex on unauthorised platforms can face action under FEMA. Source: RBI Alert List (RBI press release 2025-2026/1530, 19 Nov 2025; checked 24 Oct 2026).

Verdict score

6.0 / 10

Launch formula: 60% hard data, 40% outside ratings. Verified reviews from our traders replace outside ratings as they come in.

Regulation3.0

Best licence: Offshore

Trading cost5.0

No published spread

Accessibility5.0

Deposit not published

Platforms & payments5.9

5 platforms · 0 payment methods

Outside ratings8.9

Trustpilot 4.7 from 3,519

BlackBull Markets vs top-rated peersPER YEAR

I trade standard lots of EUR/USD a month.

Trive$720

GO Markets$1,200

FP Markets$1,440

Zero Markets$1,440

Vantage$1,440

Cheapest vs most expensive here, per year$720

Regulation

Who licenses BlackBull Markets.

Licences as BlackBull Markets lists them. A tick means we found the entity on the regulator's own register.

Regulator	Tier	Entity	Licence no.	On register
FSA-SC	OFFSHORE	BBG Limited	SD045	Not yet checked
NZ FSPR	—	Black Bull Group Limited	FSP403326 (registration)	Not yet checked
NZ FSPR	—	Black Bull Trade Limited	FSP1002113 (registration)	Not yet checked

Accounts

Published EUR/USD costs.

Account	Spread	Commission	Cost / lot
Standard (ECN Standard) from	—	$0	—
Raw (ECN Prime) from	—	$6	—

Cost per standard lot = spread in pips × $10 + round-turn commission. Brokers publish “typical”, “average” or “from” spreads; “from” figures flatter the broker.

Key facts

The fine print.

Website

www.blackbull.com

Founded

2014

Headquarters

New Zealand

Minimum deposit

Not published

Max leverage

1:500

EU/UK leverage cap

—

Platforms

MT4, MT5, cTrader, TradingView, own app

Deposits & withdrawals

Not published

Islamic (swap-free) account

Not published

Copy trading

Yes

Withdrawal fees

Not published

Inactivity fee

Not published

Restricted countries

Does not accept client applications from Canada and the United States; services not intended for residents of the EU, UK or India.

RBI Alert List (India)

LISTED as "BlackBull" · list of 19 Nov 2025 · checked 24 Oct 2026

Verified reviews

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Verified reviews open soon. Reviews backed by a statement, a read-only MT4/MT5 login or a withdrawal receipt count up to 3× more, and every verified review enters the weekly 100 USDT draw.

Outside rating used for now: Trustpilot 4.7 from 3,519 reviews.

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Sources · data as of 2026-10-24

founded: www.blackbull.com/en/
accounts: www.blackbull.com/en/
platforms: www.blackbull.com/en/
hq country: www.blackbull.com/en/
regulators: www.blackbull.com/en/
trustpilot: www.trustpilot.com/review/blackbull.com
copy trading: www.blackbull.com/en/
max leverage: www.blackbull.com/en/
restricted countries note: www.blackbull.com/en/

Research notes: Homepage inconsistent: headline 'min deposit $0' but comparison table lists US$50 Standard / US$100 Raw / US$500 Pro -> min_deposit left null. Account naming inconsistent (ECN Standard/ECN Prime/Prime+ vs Standard/Raw/Pro); spreads 'from' 1.4/0.0/0.6 (table) vs 0.8/0.0/0.0 (ECN section), not EUR/USD-specific -> null. Raw/ECN Prime commission US$3 per side per lot (=$6 RT) on FX & metals. Pro/Prime+ commission unclear, omitted. NZ FSPR entries are registrations, not licences. Own app = BlackBull CopyTrader / BlackBull Invest. HQ: HSBC Tower, 188 Quay St, Auckland. Accounts pages returned client errors.

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