A lot cryptocurrencies are quite unpredictable, but you don’t necessarily have to suffer from that. For example, to limit your risk or to expand your horizons, you can also trade in other assets that are just as interesting. You can do it on a platform like BlackBull Markets. You can read more about the platform itself on our BlackBull Market overview page. You can read our results in this review.
BlackBull Market offers
To get straight to the point: We could have wished that the range was a bit more extensive in some places. For example, only the major fiat currency pairs in the primarily Western countries can be traded. So if you’re interested in the Chinese yuan, the Brazilian real, the Thai bath or other exotic currencies, you’ll have to look elsewhere.
The same applies to raw materials. For example, if you would like to trade certain metals such as steel, copper or aluminum, you will need to find another platform. When it comes to stocks, you have a huge choice.
It is also very nice that with some assets you have the choice between a CFD based on the futures contract and a contract based on the spot price. If you don’t like the added complexity of futures, these contracts are an excellent solution. We must also really emphasize that trading CFDs cannot be compared to trading cryptocurrencies. Both are volatile, but if you are unlucky with a cryptocurrency it will ‘just’ go to zero. With CFDs, you can lose more than you investbecause you can trade with great leverage.
Create an account
When you create an account, the platform asks who you are and where you live, what you earn and what kind of profession you have. You will also receive a warning about risks. The latter certainly does not matter, because with CFDs you trade with huge leverage, which means that you can lose much more than what you put into your account. Finally, you will also be asked if you can send your proof of identity and, for example, a bank statement or energy bill for verification.
It is noteworthy that it is not mandatory to provide baptismal names. This is often required to comply with the law. However, you must present identification and, for example, proof of your home address, which is mandatory for proper regulation. All in all, it seems that the company adheres to these kinds of rules well.
BlackBull Markets could also have referred to more information when you filled in the account information. For example, you can choose from a ‘Standard’ account and from ‘Prime’, but only if you search the page yourself becomes clear what this means. With a standard account, you don’t have a minimum deposit, but the spreads are slightly higher ($0.00008 per contract). At Prime, the broker charges a commission of USD 6 per contract, but also a lower spread of only 0.1 pip ($0.00001). If you trade with larger amounts and know what you’re doing, you may be better off choosing Prime. You must deposit at least $2,000 with such an account.
As an institute, you can also contact this company. For smaller investors, this has the advantage that the platform provides a little more confidence. Several companies in the financial sector have gone bankrupt recently, both in the crypto industry and in traditional finance. Opportunities for institutional clients indicate that the company takes itself very seriously and is therefore likely to be more trustworthy. Unfortunately, you do not have guaranteed security with any bank, and this is also evident from the user declaration.
The minimum contract size is only one hundredth of a single contract for all three account types. This means you can start with relatively little money. This amount is of course different per asset because each contract differs slightly from each other. In the case of forex trading pairs, a contract starts with 100,000 currency units. For example, if you go long on EURUSD, you buy a CFD for at least 1,000 euros.
Once you have an account, you can create different wallets, up to five per account. You can deposit money here in different ways. In addition to credit cards, there is support for regular bank transfers and SEPA transactions to the EU and UK. So you don’t necessarily need a credit card, as is sometimes the case with trading platforms. You can also pay with various cryptocurrencies, although you cannot trade them on this platform. It is of course possible that this will change in the future.
The platform also supports various plugins for your charts. It is nice that it is about MetaTrader 4 or 5 (Android, Mac, Windows), MetaTrader via the web application, TradingView (web application) or BlackBull’s own Share Trading interface. You may already know the characteristics of some platforms.
You have so many choices that you don’t have to worry about blurry, too-small graphs or clunky interfaces. You can choose the software that suits you best and the charts are large and comprehensive. You also have access to a wide range of technical indicators, to which you can also add custom indicators or modify the existing versions.
The interface of MetaTrader 4 looks a little old, but the main thing is that it works well. Fortunately, you can always switch to MetaTrader 5 or TradingView, where access is almost flawless. There is also an app for that iOS and Android, which you can use for the more than 23,000 shares. This portal is also available through the desktop version.
Also nice is the ESG dashboard. ESG stands for Environment, Social and Governance, which is a trend and investment method where extra attention is paid to investing in companies that are aware of the environment, social conditions and policies. It is becoming more and more prominent and BlackBull Markets has thought about this. Therefore, you can easily see how a company scores in these areas in the ESG dashboard.
Private servers for top-class security
In addition to fast servers, you can sign up for even faster servers for $30 per month. These are located in New York, London and Tokyo close to the exchanges where the actual orders are processed. This gives you the advantage that your latency is up to 30% lower, that the servers are guaranteed to be online almost all the time (99.999% of the time) and that your data is automatically backed up.
This can save you money by minimizing the difference between when you press the buy button and when your order is processed. You also get access to additional and customized security options. However, it is required that you deposit at least $2,000 and that you trade at least 20 forex or precious metal contracts per month. You may not see this on all platforms.
It is clear that extra emphasis has been placed on the robustness of the platform. Even at this point, brokers do not always pay attention to the processing speed of the platform, keeping spreads low and the reliability of the servers. Black Bull Markets is obviously aware of it, and it has enough confidence to allow both institutions and savvy retail investors to trade at a low price.