All of us know how much dedication and hard work is required to earn money. It is a lifelong process, and when it comes to savings, it becomes more difficult to save some. But it doesn’t take more than a few seconds to lose this hard-earned money. One wrong decision can ruin your savings. That is why the step of selection of a broker is very essential. It is vital to do a lot of research about the broker you are choosing. Otherwise, the same risk of losing money is also there if the broker is not reliable and does not offer quality services to its clients. BlackBull Markets broker is one of those brokers whom you should stay alert. Here in this review, we will discuss some details about the broker based on our research.
About BlackBull Markets
The company came into existence in the financial market in the year 2014. It’s been seven years since it came into the market, but the company has failed to keep up its services according to its customers’ standards. The firm is not upgrading the quality of the services, which is the contemporary world’s primary demand. Customers also do not get a wide range of tradable assets here.
However, it is not so difficult to find the website of the broker, but honestly, you will not see anything interesting on their website. Also, you will face some issues when you open that website. Some unwanted files will start to download in your system without asking your permission. These files even can crash your device and steal sensitive data that you don’t want to lose at any cost. These activities show that the website is collecting data from customers without their consent.
These activities irritate traders and show the sign of some kind of malpractice. So, reevaluate your decision about investing your money with BlackBull Markets.
Is BlackBull Markets safe or not?
The first thing to notice is the website of the broker, which acts weird and shows that it is not safe to use. The unwanted downloads irritate the traders, and it does not stop even after many visits to the website. It shows that some malicious activities are going on to steal sensitive information from website visitors.
Outdated Trading Platforms
With so much awareness about MetaTrader, the broker offers a meta trader trading platform to show that they are keeping up with the pace. But by keeping in mind the flexibility, the broker does not provide any kind of application which a user can use without worrying about anything. The broker lacks where comes the flexibility and accessibility of a user.
Types of Trading Account
The broker offers three types of accounts which are ECN Standard account, ECN Prime account and ECN Institutional Account. All these three accounts are separated from each other based on the key difference between leverage, spreads, commission, minimum deposit and many other features. All the accounts have something more or less respected to other account types. Some features in these accounts create confusion as these do not clear why in a basic account there is no commission and in top account types why there is commission.
However, we were unable to find the difference in the reason for segregation among these accounts. Well, many reputed and well-organised brokers such as ETFinance, 101invetsing, PrimeFin and TradedWell clarify the features of their accounts and also make things clear to avoid any confusion.
Financial Products and Instruments for Trading
BlackBull Markets claims that it offers various trading instruments such as indices, forex, commodities, and many more. But if you are thinking of investing your money in crypto, then this is not the best platform where you should invest your money. Because for investing in crypto, you need to make a separate account with another broker who helps you with crypto trading. It also shows that the broker is making no progress in the financial market. Now it is up to you whether you want to invest your money with such a firm which is not even updated with time.
Leverage Beyond Permitted Limit
BlackBull Markets provides leverage up to 1:500 on every type of account. The limit which is broker offering is far beyond the limit set by financial bodies. High margin ratios are risky and unsafe. Leverage is known as a double-edged sword. That is why using a high leverage account amplifies the losses along with profits. And in most of the cases, the chances of loss is higher than gain.
Commission and Spread Looks Suspicious
The broker does not clear how much commission it charges per lot. For some accounts, it says no commission, and for some it says negotiable. This creates confusion. ALong with that in the top category account, the company claims that they charge a “Zero” spread. Doesn’t it sound too good to be true?
Apart from commissions and spreads, the broker is anywhere far in terms of minimum deposit. BlackBull Markets asks for a minimum deposit of $20,000 for the top category account, which looks like they don’t like average traders to join them.
Time-Consuming Withdrawal and Deposit
The process of withdrawal and deposit irritates the traders as it takes an ample amount of time. The broker does not offer instant deposit and withdrawal services like other brokerage firms. Unlike other firms, it takes several days to complete the transaction. First, you need to fill the withdrawal form and then it would take the time up to 5-7 working days to process the withdrawal.
Also, there are only limited options for withdrawal and deposit of funds so you might face some trouble while depositing or withdrawing.
Rubbishy Customer Support Service
If we talk about the customer service of the company, then we would say it is the worst in that scenario. The company claims to provide 24/5 customer support, but when we tried to contact them, there was only one option available which is live chat. In live chat also, you need to wait for a long time to get a response and this time taking process actually frustrates the customer. In each and every response they take more than 3 minutes which is disgusting.
There is no other way that a customer can contact the broker. Also, in the name of support, the website redirects to the FAQ section every time. It seems like the broker does not want to see the issue after being in the industry for the last seven years.
Limited Educational and Research Tools
Unlike other brokers here you will not get a lot of educational and research material like videos, lectures or courses. And the tools which are available are also not quality material. So if you are going for BlackBull Markets then be prepared to face this issue.
Disadvantages of BlackBull Markets
- No trading application available.
- The Commission is not clear.
- The spread looks too good to be true.
- Leverage is beyond the permitted limit.
- Not enough research and educational material
- The minimum deposit is way higher.
- Limited trading tools
Here in this article, we try to get innocent traders to stay away from such suspicious brokers. Our review will help you understand how you can stay away from such phoney firms and save yourself.
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