Blackbull Markets

What Blackbull Markets does

BlackBull Markets is a privately-held Auckland-based retail forex and CFD broker founded in 2014, operating globally (excluding the US, UK, EU, Canada, and India) under an FMA-licensed New Zealand entity and an FSA-licensed Seychelles entity. The company provides retail traders access to over 26,000 tradable instruments across 80+ markets — spanning forex, commodities, equities, indices, crypto CFDs, and futures — delivered through four integrated trading platforms: TradingView, cTrader, MetaTrader 4, and MetaTrader 5, supplemented by proprietary tools including BlackBull CopyTrader (social/copy trading), BlackBull Invest (real-asset share/ETF investing), and VPS hosting for algorithmic trading.

The core technology stack is built on institutional-grade execution infrastructure co-located at Equinix's LD5 London data centre, delivering average execution speeds under 100 milliseconds and 99.999% uptime. Liquidity is sourced through a strategic partnership with LMAX Group, which both supplies institutional liquidity pools and holds a minority equity stake alongside New Zealand's Milford Asset Management. Co-founders Michael Walker and Selwyn Loekman retain control of the business, which is currently pursuing a dual IPO on the ASX and NZX in mid-2026.

BlackBull generates revenue primarily through transaction-based fees — commissions ($3 per side per lot on ECN Prime accounts) and spread markups (from 0.0 pips on ECN Prime to 1.4 pips on Standard accounts) — augmented by affiliate/IB referral commissions (up to $1,000 CPA and $10/lot rebates) and volume-based rebates for high-tier Prime+ clients. The company reported NZ$108 million in revenue and NZ$55 million EBITDA (50% margin) over the trailing 12 months leading into its March 2026 IPO roadshow. Customer acquisition is hybrid: self-serve digital onboarding with no minimum deposit on Standard accounts, complemented by a global IB/affiliate network, sports sponsorships (Auckland FC), and content marketing via a 3,000+ video YouTube education library.

Name

Blackbull Markets

Legal name

Black Bull Group Limited

Website

https://blackbullmarkets.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

101–250 employees

Short description

BlackBull Markets is an Auckland-based retail forex and CFD broker offering 26,000+ tradable instruments across 80+ markets via TradingView, cTrader, MT4, and MT5, with Equinix LD5 execution infrastructure and LMAX institutional liquidity. The company serves global retail traders (excluding US/UK/EU/Canada/India) and is pursuing an ASX/NZX dual IPO.

Ownership category

akta.pro rank

Product category

Retail Forex and CFD Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Equities Brokerage (FSAEACAH)

akta.pro secondary industries

Prime Brokerage & Institutional Trading Services (FSAPADAF), Margin Trading & Collateralized Borrowing (Exchange-Operated) (FSADAAAL)

Keywords

• Forex brokerage
• CFD trading
• ECN execution
• Copy trading
• Retail trading platforms

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Marketing or Sales, Personnel, Operations, Supply Chain

Revenue model

1. Trading Commissions: Commission charges on ECN Prime/Raw accounts: $3 per side per lot. Standard and Pro accounts are commission-free with wider spreads.
2. Spreads Markup: Revenue generated from bid-ask spread differentials across all account types, with variable spreads from 0.0 pips on ECN Prime to 1.4 pips on Standard accounts.
3. Affiliate Referrals: Partner program revenue sharing with affiliates earning up to $1,000 per client (CPA) and IBs earning up to $10/lot in rebates. Company retains portion of client trading volume.
4. Volume-based Rebates: Prime+ account offers lot-based rebates for high-volume traders, creating recurring revenue based on trading activity tiers.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels9 records

Core offering

BlackBull Markets is an ECN forex and CFD broker providing retail traders access to over 26,000 tradable instruments across forex, commodities, equities, indices, crypto, and futures markets. The service is delivered through four integrated trading platforms (TradingView, MetaTrader 4, MetaTrader 5, and cTrader) with institutional-grade execution via Equinix LD5 London servers and LMAX liquidity pools, supplemented by proprietary BlackBull CopyTrader and BlackBull Invest platforms.

Product overview

BlackBull Markets operates as a multi-platform forex and CFD broker offering a unified trading ecosystem. The core product is the BlackBull Markets Trading Platform accessible via four integrated third-party platforms: TradingView, MetaTrader 4, MetaTrader 5, and cTrader. These are supplemented by proprietary add-on modules including BlackBull CopyTrader (for social/copy trading) and BlackBull Invest (for share investing). The company also offers a mobile Client Portal app, VPS Trading services for automated trading, and a BlackBull Partners program for affiliates and introducing brokers. All offerings are unified by institutional-grade execution infrastructure providing access to over 26,000 tradable instruments across forex, commodities, equities, indices, crypto, and futures markets.

Differentiator

Problem solved

Functional benefit

Brands

• BlackBull CopyTrader: Platform for copying trades or leading followers
• BlackBull Invest
• BlackBull Partners
• BlackBull Partners

Products and services

• BlackBull Markets Trading Platform ECN forex and CFD trading platform offering access to over 26,000 tradable instruments across forex, commodities, equities, indices, crypto, and futures markets. Provides institutional-grade trading conditions including spreads from 0.0 pips, leverage up to 1:500, and execution speeds under 100ms, available in Standard, Prime/Raw, and Pro account tiers.
• TradingView Integration

Quantifiable outcome

• Average execution speed under 75 milliseconds (research by CompareForexBrokers.com)
• +2 more outcomes

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature4 records

Partnerships

Three partnerships are on record, tiered core, flagship and minor.

• LMAX GroupcoreTechnology or IntegrationBlackBull Markets partnered with LMAX Group to deliver institutional trading conditions. Through this strategic partnership, clients access LMAX Group's exclusive institutional liquidity pools across forex, gold, silver, stocks, indices, commodities, and crypto CFDs. This provides superior pricing and execution quality.
• Auckland FCflagshipGTM or Marketing PartnerBlackBull Markets joined A-League Men Premiers Auckland FC as the Official Trading Partner for the 2025/26 season. This sports sponsorship provides brand visibility across New Zealand and Australia, aligning the brand with values of precision, timing, and performance under pressure.
• Starship FoundationminorOthersMajor Partner of the Starship Foundation supporting New Zealand's national children's hospital. The partnership supports the vital work of Starship which handles over 140,000 patient visits annually including over 1,000 outreach clinics.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• XM Group: Globally active retail forex and CFD broker with multi-platform support, bonus-driven customer acquisition, and broad geographic reach. Comparable in target customer and product breadth, though larger and broader in geographic coverage.
• Eightcap: Australia-based forex and CFD broker with ECN pricing, MT4/MT5/TradingView support, and an active affiliate/IB program. Closely comparable in scale, customer segment, and product mix.
• IC Markets: Australia-headquartered ECN forex and CFD broker with a very similar multi-platform offering (MT4, MT5, cTrader, TradingView) and institutional-grade execution. The closest direct competitor to BlackBull in product, customer (active retail traders), and business model.
• Pepperstone: Australia-based ECN forex/CFD broker also offering MT4/MT5/cTrader/TradingView with a tiered account structure and tight spreads. Highly comparable in target customer, scale (publicly listed on ASX), and product breadth.
• Axi (AxiTrader): Australia-headquartered ECN forex and CFD broker with MT4/cTrader/TradingView support and a strong affiliate/IB program. Directly comparable in target customer, partner economics, and Oceania/Asia-Pacific positioning.
• Tickmill: UK/FSA-regulated multi-jurisdiction ECN forex and CFD broker offering MT4/MT5 with tight raw-spread accounts. Comparable in execution quality and active-trader customer segment, though more established in Europe.
• Vantage (Vantage FX): Australia/Cayman-regulated ECN forex and CFD broker with MT4/MT5/cTrader/TradingView support and a multi-tier account structure. Direct competitor in Asia-Pacific with similar institutional-liquidity positioning.
• Exness: CySEC/FCA-regulated global ECN broker with deep liquidity and a multi-platform offering. Comparable in execution economics and active retail customer base, though operating at significantly larger scale.
• FP Markets: Australian-regulated ECN broker providing MT4/MT5/cTrader/TradingView with institutional liquidity and similar tiered account pricing. Directly competes with BlackBull for active retail traders in the Oceania and Asia-Pacific markets.

Broad incumbents

• IG Group: London-listed global multi-asset broker with much broader product portfolio (shares, options, futures, FX, CFDs) and deeper geographic footprint. Not a direct niche competitor but the dominant listed incumbent whose scale and regulation set the bar for the category.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/blackbull
• YouTubeyoutube.com/channel/UCTd_TtLf2ajBMKsjv-Ms3RA
• Facebookfacebook.com/blackbullmarkets
• LinkedInnz.linkedin.com/company/blackbull-group-limited
• Instagraminstagram.com/blackbull

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Blackbull Markets