BlackBull Markets is a New Zealand forex and CFD broker founded in 2014, regulated by the FMA in New Zealand with an offshore entity in Seychelles. Its main incentive is a refer-a-friend welcome bonus that pays $100 after a $500 deposit and 5 lots traded, or $250 for a $2,000 deposit and 20 lots, with all conditions due within 30 days. The bonus credit itself cannot be withdrawn, only the profits made trading with it, so the headline $250 is the exception rather than the rule.
Risk warning: Trading carries a high risk of losing money, especially with leveraged products such as CFDs. A bonus does not reduce that risk. Only deposit what you can afford to lose.
BlackBull Markets
New BlackBull Markets clients who join through a referral link can earn US$100 after depositing US$500 and trading 5 FX or metal lots, or US$250 after depositing US$2,000 and trading 20 lots.
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BlackBull Markets was founded in Auckland in 2014 by Michael Walker and Selwyn Loekman and has grown into one of New Zealand's better-known retail brokers, with a minority investment from fund manager Milford Asset Management. The primary entity, Black Bull Group Limited, holds a New Zealand FMA derivatives-issuer licence (FSP403326, granted 2020), a genuinely reputable mid-tier licence. A Seychelles FSA entity, BBG Limited (SD045), serves offshore clients, and a UK company handles payment clearing without FCA authorization.
Two regulator notices deserve untangling. The UK's FCA has published a consumer warning that BlackBull may be serving UK customers without FCA permission, meaning UK clients get no Financial Ombudsman or FSCS protection. Separately, New Zealand's FMA has warned about clone websites impersonating BlackBull; that notice is about imposters, not the real broker. The net picture: legitimate NZ licence, weak offshore arm, and no UK authorization.
BlackBull is platform-rich: direct TradingView trading, MetaTrader 4 and 5, cTrader, its own CopyTrader for copy trading, and BlackBull Invest with a large share and ETF range. The ECN Standard account is commission-free with spreads from about 0.8 pips and no minimum deposit; ECN Prime quotes from 0.0 pips with roughly $6 round-turn commission; an invitation-tier Institutional account sits above. Active TradingView users can also get their subscription reimbursed monthly by trading 1 to 10 lots depending on plan tier.
The live promotion pays both referrer and referred friend when the friend funds and trades: $100 each for a $500 deposit plus 5 traded lots of forex or metals, or $250 each for a $2,000 deposit plus 20 lots. Every qualifying trade must stay open at least 10 minutes, all conditions must be completed within 30 days of account opening, and referrals cap at three per year.
The bonus is credited as cash to the trading account but is itself non-withdrawable; only profits generated while trading are withdrawable. Twenty lots in thirty days is a demanding pace for a $2,000 account, so the $100 tier is the realistic target for most claimants. Weigh commissions too: on a Prime account, 20 lots cost about $120 in round-turn commission against the $250 reward.
Older BlackBull promotions still circulate on aggregator sites, including a LATAM 100% deposit bonus and a $50 no-deposit bonus from 2023. Neither is linked from the current site and third-party trackers treat both as lapsed; the referral program and the TradingView reimbursement are the live offers.
BlackBull does not accept clients from the United States or Canada, and UK residents should note the FCA warning above. Account opening is fast, with verification typically cleared within a business day.
Client feedback is strong overall, around 4.7 on Trustpilot across thousands of reviews, with the recurring complaint cluster in the one-star tail being withdrawal processing speed and a flat withdrawal fee of about 5 euros. Since only profits are withdrawable from the bonus, that friction lands exactly where bonus claimants feel it; plan withdrawals in batches rather than small increments.
Yes, primarily in New Zealand: Black Bull Group Limited holds an FMA derivatives-issuer licence, FSP403326. An offshore Seychelles entity (BBG Limited, SD045) serves other regions. BlackBull is not FCA-authorized, and the FCA has published a warning about its UK-facing activity, so UK clients carry extra risk.
A friend opens a live account through your referral link, then within 30 days deposits $500 and trades 5 lots of forex or metals for $100 each, or deposits $2,000 and trades 20 lots for $250 each. Each qualifying trade must stay open at least 10 minutes. Both sides are paid, and you can refer up to three friends per year.
Not the bonus itself. The credit is non-withdrawable; only profits you make while trading are withdrawable. Treat the bonus as trading capital rather than cash back.
Not currently. A LATAM-branded 100% deposit bonus and a $50 no-deposit offer from 2023 still appear on aggregator sites, but neither is linked from BlackBull's current promotions and they should be treated as lapsed. The live offers are the referral bonus and a TradingView subscription reimbursement.
Live clients who trade a minimum monthly volume of forex or metals CFDs (1 lot for Essential, 5 for Plus, 10 for Premium, each trade held 10+ minutes) get their TradingView subscription cost reimbursed to their account monthly. It cannot be combined with other BlackBull promotions.
Residents of the United States and Canada are not accepted at all. UK residents can technically sign up via the offshore entity but do so against an FCA warning and without UK protections, which is a poor trade for a $100 bonus.