BlackBull Markets, a MetaTrader broker in plain vanilla, offers a growing selection of products and support for several third-party social copy trading platforms. BlackBull Markets cannot compete with the best forex brokers because of its lackluster education and limited research resources.
Pros and cons of BlackBull Markets
- Residents of New Zealand can access this license, unlike other brokers who don’t hold the full FMA license.
- Offers all the MetaTrader Suite (MT4 & MT5).
- Multiple third-party copy trading platforms, such as ZuluTrade or Myfxbook, are supported.
- Integration with TradingView’s web platform was available in 2021.
- Additional tier-one licenses are not available in New Zealand.
- The Seychelles-licensed entity of BlackBull only provides light regulatory protection.
- BlackBull’s limited scope and educational content cannot compete with the best MetaTrader broker offers.
- Based on average spreads, we found that BlackBull Markets’ commissions and fees align with industry averages.
- BlackBull Markets is the best forex broker with only 281 symbols.
Commissions and fees
BlackBull Markets’ trading costs are average for the industry. They will vary depending upon which one of its three account types they choose.
In October 2021, the average spread for the Standard account was 1.25 pips. This makes it more expensive than the BlackBull Markets ECN Prime account (my favorite). The effective spread for EUR/USD in October 2021 is 0.824 after accounting for the round-trip commission equivalent to 0.6 pips per transaction on the ECN Prime account.
Comparison of Accounts: The Standard account has no minimum deposit and is free from commissions. ECN Prime accounts offer lower spreads but require a minimum $2,000 deposit. There is also a $3 per side commission or $6 per lot. BlackBull’s exclusive account, the ECN Institutional, is for active traders who deposit at least $20,000 and have commission rates negotiated on a case-by-case basis.
Other trading platforms
BlackBull Markets primarily serves as a MetaTrader broker and offers the MetaTrader 4 (MT4) & MetaTrader 5 (MT5) platforms for desktop and online.
Overview: The broker’s MT4 platform has a limited number of markets and does not offer any platform add-ons. Third-party providers offer special features such as hosting support for Virtual Private Servers (VPS) and integration of third-party social copy trading apps. BlackBull Markets also offers MetaTrader, TradingView, and HokoCloud.
Social Copy trading: BlackBull Markets provides several third-party apps for social copy trading in addition to the native Signals Market in MT4. ZuluTrade, MyFxbook, and other platforms are supported for copy trading.
VPS Hosting: If you are an algorithmic trader and want to operate your MetaTrader platform 24-7, BlackBull Markets provides VPS service via BeeksFX. This is a monthly charge. If you deposit $2,000 or more in the ECN Prime account and trade at least 20 standard lots (or 2,000,000 units) per month, you can get a free VPS service.
How to choose the best forex platform in 2022
Choosing the best forex platform can be a daunting task. You want to ensure you are selecting one that meets all your needs and is trusted by traders in the community. Several resources are available to help you determine which platform will work best for you.
One of the first steps when choosing a forex platform is understanding the different types of platforms available. There are three main categories: web-based platforms, desktop trading platforms, and mobile apps. Each type has its advantages and disadvantages, so it’s important to consider your needs before selecting.
Web-based forex platforms provide access from any device with an internet connection, making them ideal for those who don’t want to be tied down to one computer. They are typically user-friendly and easy to use; however, they may offer fewer features than desktop platforms.
Desktop trading platforms provide more powerful tools and features than web-based platforms but require installing software on your computer. These programs often have customizable interfaces and automated options that allow you to trade more easily. However, they can take up a lot of space on your hard drive and require regular updates.
Mobile apps offer the convenience of accessing the market from anywhere with an internet connection. While some apps are not as feature-rich as desktop trading platforms, there has been a surge in popularity over recent years due to their convenience and portability. They also tend to be more user-friendly than desktop trading platforms.
It’s also important to consider the broker or platform you select when choosing a forex platform. Ensure the broker is reliable and trustworthy, offers competitive spreads and fees, and provides the customer service you need if something goes wrong. Also, check out reviews from other traders to get an idea of how satisfied people are with their choice of platform.
Finally, ensure the platform you select provides all the features you need for successful trading. This may include analysis tools such as technical indicators and charting capabilities; pricing data; automated strategies; order types; margin requirements, and support for multiple currencies or markets.