If you want to know whether BlackBull is a reliable forex broker or not, please continue to read.
In this article
WikiFX provides inquiry services in the forex field.
WikiFX evaluates the reliability of BlackBull based on the facts.
What is WikiFX？
| WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. |
| WikiFX is able to evaluate the safety and reliability of more than 34,000 global forex brokers. |
| WikiFX gives you a huge advantage while seeking the best forex brokers. For more information, such as the review and exposure of brokers, please visit our website (https://www.WikiFX.com/en) |
To explore whether BlackBull is a scam or not, we evaluated BlackBull from different aspects, such as regulatory status, exposure, etc.
Table of Contents
1. Evaluate the reliability of BlackBull based on its general information and regulatory status.
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A. General Information of BlackBull
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B. Regulatory Status
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C. Fund Security
2. The feedback from Twitter
3. Exposure related to BlackBull on WikiFX
4. Special survey about BlackBull from WikiFX
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A. Scoring Criteria
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B. Field Investigation
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C. WikiFX Alert
5. Conclusion:
1. Evaluate the reliability of BlackBull based on its general information and regulatory status
To understand BlackBull better, we explore BlackBull by analyzing three main perspectives:
A. General Info of BlackBull
B. Regulatory Status
C. Fund Security
A. General Info of BlackBull
BlackBull's general info has been shown below:
(source: WikiFX)
About BlackBull
According to its website, BlackBull claimed to be a true ECN broker. BlackBull, also called BalckBull Markets, is an online forex broker providing financial technology solutions, including forex, CFDs, and commodities, to global customers. BlackBull has a professional team that is willing to help clients across the globe. It serves tens of thousands of traders from 180+ different countries.
Leverage & Accounts
The company has set up three types of accounts: ECN standard accounts (suitable for beginners), ECN premium accounts (clients can experience real ECN trading) and ECN institutional accounts. The maximum leverage for all these accounts is up to 1:500.
Spreads & Commission Fees
The minimum spread for ECN standard accounts is 0.8, no handling fee charged. The minimum spread for ECN prime accounts is 0.1, charging $6 per trading lot; the minimum spread for ECN institutional traders is 0.0, and commission fees need to be negotiated.
Deposit & Withdrawal
The minimum deposit is US$200, wire transfer, union pay, credit card Neteller, and Skrill for deposit available, with a deposit into account by wire transfer taking 1-3 working days, and instant arrival for other methods. Withdrawal methods are credit card, Neteller, Skrill, and international banking transfer, with the first three ways charging US$5 for handling fees and international banking transfer charging US$20 for handling fees.
Trading Platform
This broker uses MT4 and MT5 as its main trading platform.
(source : WikiFX）
B. Regulatory Status
What is a Legitimate License？
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The legitimate license is the business license issued by the financial regulatory institution of each country/region.
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Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under the protection to some extent.
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Whether a forex brokerage firm holds a legitimate license or not is one of the important factors to evaluate the reliability of forex brokers.
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The content of the regulation and the difficulty of obtaining a license vary with the country and agency issuing the license.
The legitimate license of BlackBull
BlackBull is a regulated broker. It was regulated by Financial Markets Authority (FMA) with license number: 403326 and The Seychelles Financial Services Authority (FSA) with license number: SD045. However, please note that this broker exceeds the business scope regulated by New Zealand FSPR(license number: 403326).
(source : WikiFX）
C. Fund Security
Account segregation is imperative since it allows traders to have access to their funds all the time. Even if the broker is bankrupt, traders will still be capable of getting their money back.
BlackBull particularly cares about the fund security of clients. BlackBull uses ANZ Bank, one of New Zealands oldest financial institutions, to manage its operational liquidity. client funds are all held in segregated bank accounts in ANZ Bank.
2. The feedback from Twitter
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BlackBull does have an official Twitter account, which has about 1.1 million followers.
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BlackBull has a good reputation on Twitter. Many investors praised its work.
3. Exposure related to BlackBull on WikiFX
On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.
As of June 10, 2022, WikiFX has received 8 complaints related to this broker within 3 months. Below are some of them.
Those traders can not withdraw their money from this broker. Moreover, some of them believed that BlackBull manipulated the trading.
4. Special survey about BlackBull from WikiFX
A. Scoring Criteria
WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.
| The Scoring Criteria of Brokers on WikiFX |
| License index: reliability and value of licenses |
| Regulatory index: license regulatory strength |
| Business index: enterprise stability and operational capability |
| Software index: trading platform, instruments etc |
| Risk Management index: the degree of asset security |
BlackBull has been given by WikiFX a decent rating of 6.33 /10.
(Note: Because different regions or countries have different levels of regulatory strictness, the score of the same broker might be slightly varied in other regions or countries. For details, please consult WikiFX customer service.)
(source:WikiFX)
According to the above, it seems that BlackBull is very poor at risk management. Risk management includes the measurement, assessment, and contingency strategy of risk. Ideally, risk management is a series of prioritized events. BlackBull seems not to have enough capital and good strategies to secure clients assets in the unstable market.
B. Field Investigation
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To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.
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On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.
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WikiFX did make an on-site survey on BlackBull in 2019 and successfully found their office
The visit by the WikiFX investigators confirmed the authenticity of BlackBull Markets address in the regulatory information. Although the company is not very big, it is regulated and has won numerous awards.
(source:WikiFX)
C. WikiFX Alerts
(source:WikiFX)
5. Conclusion:
It is no doubt that BlackBull is a regulated broker, and your money is protected under its management. It is an award-earning broker providing good financial service to clients across the globe. Its many years of experience contribute to its unshakable status in forex trading industry. However, due to the recent complaints that WikiFX received, We advise you to make yourself comfortable and do more research before making a decision. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself. If you have any problems, please do not hesitate to contact WikiFX. The global customer service of WikiFX is +234-706 777 7762 on WhatsApp. Or you can call +65-31290538. We are willing and ready to help you out.
Click on BlackBull's WikiFX page for details
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