Black Bull Global Review: Legit or Scam broker? - Topedgefx.com

Black Bull Global Review: Legit or Scam broker?

Black Bull Global is an outfit of BlackBull Markets which is incorporated in New Zealand but not regulated there.

Another subsidiary of the broker is Black Bull Group UK Limited which is registered in UK and is operating out of London but not regulated by the FCA.

The result is a bunch of websites that share the same template while targeting different clientele in different countries.

The broker in question is operating from the web address blackbullglobal.com, and is the subject of this review.

Meanwhile, you can also check which brokers we’re recommending for your trading.

What Black Bull Global offers

Currently they claim to provide 64 Forex pairs, technical and trading analysis, social trading facility and tier 1 bank with deep liquidity.

Black Bull Global is also advertising and attracting clients using their award-winning status.

In addition to this, they want traders to believe that they are a true ECN broker with no dealing desk activities.

Black Bull Global is promising 24/6 customer support (including live chat) while also praising their support for being friendly.

Some of these promises are nothing but mere marketing declarations to attract customers.

As soon as you sign up and start trading, you will realize that not everything they promise you will be fulfilled.

Account types

They provide 3 account types where the minimum deposit is $200.

This is supposed to be their standard account.

However, traders who want to transition to the next account type (ECN Prime) will be required to part with at least $2,000.

ECN Institutional, which is the 3rd account type offered by Black Bull Global is reserved for traders with at least $20,000 in equity.

All of the trading is done on the MetaTrader software.

While this is good news, nearly all Forex brokers are offering this platform as a standard feature to their traders, thus decisions shouldn’t be made solely on whether or not a broker provides MT4 for trading.

In addition to their trading account offering, Black Bull Global is providing traders with a VPS.

To qualify for this VPS, one has to choose their second account type (ECN Prime) meaning they have to deposit 2K in addition to having traded at least 20 lots.

Spreads and leverage

I must say that the cost of trading with Black Bull Global is attractive — if the live spreads on their website is anything to go by.

Spreads on the standard account (which is their basic account) start at 0.8 pips while ECN Prime users are supposed to enjoy 0.1 pips.

Only institutional traders are exempted from spreads because they’re paying a negotiable commission.

It is unusual for Forex brokers to provide such low spreads and therefore I suspect that there is a catch.

From their website, I can tell that ECN prime users are paying low spreads but paying commission as well.

This is $6 per lot. This might not sit well with some Forex traders but that is just how things operate with this broker.

In terms of leverage, Black Bull Global is giving a maximum of 1:500.

This is considered generous leverage but don’t abuse it as it can be detrimental to your trading.

Is Black Bull Global a regulated broker?

I don’t understand why the broker is an outfit of multiple other entities going by the same name but regulated elswhere.

These guys are in New Zealand but their regulatory information does not say whether they are licensed by the FMA.

However, there is also reference to being regulated by  Financial Services Authority (FSA) of Seychelles.

I don’t know where this is coming in but the company in question (which is apparently associated with Black Bull Global) is known as BBG Limited.

Based on their style of operation, one would be tempted to think that Black Bull Global is probably in a network of white label brokers who are regulated under one entity, Black Bull Group Limited.

It would have made sense if this broker was regulated by the FMA since this is where they operate from.

The information they provide at the footer of their website is not very straight forward as to whether Black Bull Capital is licensed independently.

I would therefore be hesitant to trade with them unless these issues are discussed in a clear manner.

Customer feedback

Black Bull Markets (which is the overseeing entity of this broker) is quite popular.

The FPA forum has a number of comments and reviews from users who are either happy with their service or disgusted.

From the mixed reviews and opinions, I can deduce that the major accusation against Black Bull Markets is that their customer support is sloppy and they’re occasionally known to be rude.

Other customers have also complained that the broker is not a true ECN but as always, this type of feedback is countered from one of the rep who will deny everything.

With regards to Black Bull Global (which is the broker that we’re discussing), I can say that feedback is not there just yet.

I find it rather amusing that a broker that is enjoying the support of an established network of Black Bull entities is not as popular as I had anticipated.

In fact, the website of this broker was created in October 2019. So it is still a very new website to say the least.

With no reviews to talk about, there’s nothing much to write home.

However, I would wish to see real feedback about this broker’s trading services as opposed to relying on those for Black Bull Markets.

Conclusion

Black Bull Global appears to be a professional Forex broker but lack of popularity still bothers me, to some extent making me hesitant to recommend them.

There’s also a huge mix up when it comes to their regulatory details as I see that the information is somewhat conflicting.

I have no idea how this broker won the award which they’re advertising on their website.

Things are just not adding up.

Therefore, on a scale of 1 to 5 (5 being the best and 1 the poorest), I would rate Black Bull Global with a 2 star.

Thanks for reading.

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