Black Bull Group Limited
Financial Markets Authority (FMA) · Reference FSP403326 1
Derivatives issuer
Stated by BlackBull. The FMA’s website refused our requests, so we could not check its register.
Claimed by the firm, not yet verified
BlackBull Markets
BlackBull Markets is a forex and CFD broker based in Auckland. Black Bull Group Limited holds a derivatives issuer licence from New Zealand’s FMA, and BBG Limited holds a securities dealer licence in the Seychelles.
Research-based assessment This profile has not completed TTI’s on-site verification and 30-day platform review. How TTI verification works
Verified licences
| Regulator | Licence | Legal entity | Register status | Source |
|---|---|---|---|---|
| Financial Services Authority Seychelles (FSA) | SD045 | BBG Limited | Authorised Checked 4 Oct 2026 | Register entry for BBG Limited (opens in a new tab) 3 |
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
Assessment summary
BlackBull’s Seychelles company is on the FSA’s list, but we could not check the New Zealand company’s FMA licence because the FMA’s site refused our requests. Black Bull Group Limited files audited accounts (BDO, year to March 2026) and is owned by Black Bull Global Limited, whose shareholders include LMAX Exchange Group and Milford Private Equity. Client money in New Zealand is held in trust, but both agreements leave clients liable for losses beyond their deposits, no compensation scheme applies, and the Seychelles terms let client money be passed to liquidity providers. The FCA warned in April 2026 that BlackBull Markets was not authorised in the UK (the warning has since been removed), and it is on the Indian and Malaysian alert lists. BlackBull’s website blocked our requests.
Key positives
- Clients can tell which regulated entity serves them 14
Each agreement names the company clients deal with, its number, regulator and licence, and its address.
- Ultimate ownership can be identified 256
The Companies Office shows Black Bull Global Limited owns Black Bull Group Limited. Black Bull Global has no single controlling shareholder: its largest holders are two jointly held allocations of 24.5% and 22.5%, LMAX Exchange Group Limited (20.8%) and Milford Private Equity Fund III LP (20.6%).
- Authorisations are current and unrestricted 3
The FSA licence we could check is current.
- Legal entity details are published 1234
The agreements give each company’s full name, number and address, which match the New Zealand Companies Office and the FSA’s list.
- Financial statements are available 5
Black Bull Group Limited files audited consolidated accounts at the Companies Office, most recently for the year to 31 March 2026, with an unqualified opinion from BDO.
Key concerns
- Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 10
Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
- Listed on the Securities Commission Malaysia Investor Alert List 11
Reduced the enforcement dimension by 0.5 points (low severity, 7.8 years before the review, counted at a quarter of its weight).
- An investor compensation scheme applies 14
Not met No compensation scheme covers clients of the New Zealand or Seychelles companies, and none is named.
- Retail clients have negative balance protection 147
Not met The New Zealand terms say clients remain liable for losses regardless of the funds in their account, and the Seychelles agreement makes clients liable for any deficit. We could not read the New Zealand PDS or the website.
- Client-facing entities appear on the regulator’s register 123
Partly met We matched BBG Limited on the Seychelles FSA’s list of securities dealers. We could not check Black Bull Group Limited’s FMA derivatives issuer licence, because the FMA’s website refused our requests; the Companies Office confirms the company itself.
Breakdown by dimension
Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.
Regulatory status and licence verification 26% of score Whether the firm’s licences exist, are current and cover what it offers.
- Partly met
Client-facing entities appear on the regulator’s register 123
We matched BBG Limited on the Seychelles FSA’s list of securities dealers. We could not check Black Bull Group Limited’s FMA derivatives issuer licence, because the FMA’s website refused our requests; the Companies Office confirms the company itself.
- Met
Authorisations are current and unrestricted 3
The FSA licence we could check is current.
- Partly met
- Partly met
- Met
Criteria and their weighting are explained in the methodology.
Corporate transparency and ownership 13% of score Whether you can find out who owns and runs the firm.
- Met
- Met
Ultimate ownership can be identified 256
The Companies Office shows Black Bull Global Limited owns Black Bull Group Limited. Black Bull Global has no single controlling shareholder: its largest holders are two jointly held allocations of 24.5% and 22.5%, LMAX Exchange Group Limited (20.8%) and Milford Private Equity Fund III LP (20.6%).
- Met
- Met
- Met
Financial statements are available 5
Black Bull Group Limited files audited consolidated accounts at the Companies Office, most recently for the year to 31 March 2026, with an unqualified opinion from BDO.
Criteria and their weighting are explained in the methodology.
Client fund protections and disclosed safeguards 13% of score What protects client money if something goes wrong.
- Partly met
- Not met
- Not met
- Partly met
- Not determined
Criteria and their weighting are explained in the methodology.
Enforcement and substantiated adverse findings 13% of score Regulator warnings, enforcement actions and final legal findings on record.
Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone warnings never count. Total deducted: 2.5 points.
- Met
- Regulator warning
FCA warning that BlackBull Markets was not authorised and may be targeting people in the UK (since removed) 8
22 Apr 2026. Not counted: the matter is not concluded, or was removed or overturned.
- Regulator warning
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 10
19 Nov 2025. Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
- Regulator warning
Listed on the Securities Commission Malaysia Investor Alert List 11
1 Jan 2019. Reduced the enforcement dimension by 0.5 points (low severity, 7.8 years before the review, counted at a quarter of its weight).
Criteria and their weighting are explained in the methodology.
Complaint handling and documented resolutions 8% of score How the firm handles complaints, and what independent records show.
- Partly met
- Partly met
- Not determined
Independent complaint outcomes show no adverse pattern 9
BlackBull has no UK company, so there are no Financial Ombudsman Service decisions, and we did not find published decisions of other dispute bodies.
- Not determined
Complaint data is disclosed 1
We found no complaint statistics published by a regulator or dispute body for BlackBull’s companies, and its website blocked our requests, so we could not check whether it publishes its own.
Criteria and their weighting are explained in the methodology.
Trading terms and operational transparency 8% of score Whether costs, execution and risks are disclosed before you sign up.
- Partly met
- Partly met
- Met
- Partly met
- Not determined
Risk warnings are clear and current 7
We could not access BlackBull’s website to check its risk warnings.
Criteria and their weighting are explained in the methodology.
Public disclosures and communication 4% of score Whether public claims hold up and the firm communicates openly.
- Not determined
Marketing claims are accurate and attributable 7
We could not access BlackBull’s marketing pages.
- Met
- Partly met
Criteria and their weighting are explained in the methodology.
On-site office verification 5% of score What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.
- Not met
Real office at the stated address, not a ghost address
- Not met
Office of the assessed entity
- Not met
Staffed and operating
Criteria and their weighting are explained in the methodology.
On-site assessment and platform testing 10% of score What our on-site checks and 30-day platform testing found.
We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.
- Not determined
Company identity
- Not determined
Regulatory claims
- Not determined
Office visit
- Not determined
Account opening
- Not determined
Platform usability
- Not determined
Costs and disclosures
- Not determined
Customer support
- Not determined
Deposits and withdrawals
- Not determined
Trading functions
- Not determined
Complaints process
Criteria and their weighting are explained in the methodology.
Regulation and legal entities
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your account would be with.
BBG Limited
Financial Services Authority Seychelles (FSA) · Reference SD045 3
Securities dealer
Listed by the FSA as a securities dealer; the licence number is BlackBull’s own (the register shows none).
Authorised Verified on register, 4 Oct 2026
Black Bull Global Limited
No licence recorded for this entity.
Black Bull Trade Limited
No licence recorded for this entity.
Dated findings
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
Regulator warning Removed by the regulator
FCA warning that BlackBull Markets was not authorised and may be targeting people in the UK (since removed) 8
On 22 April 2026 the FCA published a warning that BlackBull Markets, at www.blackbull.com and its social media accounts, was not authorised by the FCA and may be targeting people in the UK. The warning page was available in an archived copy of 13 May 2026, but on 6 October 2026 the FCA’s page returned “Page not found”, so we record the warning as removed.
Regulator warning Active
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 10
The Reserve Bank of India’s Alert List, updated as on 19 November 2025, includes BlackBull (blackbull.com) among entities that are neither authorised to deal in forex under the Foreign Exchange Management Act nor authorised to operate a forex trading platform in India. The list warns residents but does not allege fraud.
Regulator warning Active
Listed on the Securities Commission Malaysia Investor Alert List 11
The Securities Commission Malaysia’s Investor Alert List includes “BlackBull Markets Sdn Bhd / BlackBull Markets Malaysia” (blackbullmarkets.com/my) for conducting regulated capital market activities of dealing in securities and derivatives. The list records the entry under the year 2019 without a specific date; we use 1 January 2019. The entry was still on the list when we checked on 4 October 2026.
Company response
Firms can respond to their profile and to any finding. No response has been published for BlackBull Markets. How firms can respond.
Assessment history
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 6 Oct 2026 | Trust score 76 out of 100 Sound | 1.2 | Current |
Corrections and updates
No corrections have been made to this profile.
Sources
- 1 Black Bull Group Limited terms and conditions (8 September 2022) (opens in a new tab)
Terms of Black Bull Group Limited (FSP403326), Level 20, 188 Quay Street, Auckland, trading as BlackBull Markets. The company acts as principal and counterparty to all CFDs, prices from its hedging counterparties, and holds client money on trust in segregated trust accounts with New Zealand registered banks under the client money rules. Clients remain liable for any losses realised in their account regardless of the trading resources available. A $5 inactivity fee applies after 90 days without trading. Changes take effect on seven days’ written notice. Complaints go to compliance@blackbullmarkets.com and then to Financial Services Complaints Limited (FSCL), of which the company says it is a member. With the client’s consent, the company may transfer the client relationship to its related company BBG Limited for NZ$1.
- 2 New Zealand Companies Office: Black Bull Group Limited (5463921) (opens in a new tab)
Incorporated on 18 September 2014; registered office Level 20, 188 Quay Street, Auckland Central; trading name BlackBull Markets. Directors: Simon John Botherway, Selwyn Jap Loekman and Michael Gray Walker. Black Bull Global Limited (8133487) holds all the shares and is recorded as the ultimate holding company.
- 3 FSA Seychelles capital markets register: securities dealers (opens in a new tab)
Lists BBG Limited among licensed securities dealers at JUC Building, Office No. F7B, Providence Zone 18, Mahe, with the trade name Black Bull Markets and the website www.blackbull.com. The register does not show licence numbers.
- 4 BBG Limited client services agreement (version 3.1, May 2024) (opens in a new tab)
Agreement of BBG Limited (Seychelles company 857010-1), licensed by the FSA under SD045, with its office at JUC Building, Office F7B, Providence Zone 18, Mahe. Client money is placed in segregated client accounts with third parties, which may include liquidity providers, and may be passed on as margin, where it may be held in an omnibus account. Clients are liable for any deficit if positions are liquidated. Complaints go to the compliance department by complaint form or email; no external dispute body is named. An inactivity fee of up to USD 10 applies after 12 months. Amendments are notified in writing or on the website.
- 5 Black Bull Group Limited and its subsidiary: consolidated financial statements for the year to 31 March 2026 (opens in a new tab)
Filed on 8 July 2026 and audited by BDO Audit Pty Limited, which found that they present fairly the group’s position (unqualified). Profit for the year was NZ$1,691,910 (2025: NZ$1,970,241). The directory names Black Bull Global Limited as 100% shareholder, the three directors and ASB Bank and ANZ Bank New Zealand as banks. Client funds are held in trust under the Financial Markets Conduct Act 2013. Since 1 April 2022 the company has entered into back-to-back derivatives with Black Bull Trade Limited, a related company with a common shareholder, which takes the risk of client trades. BBG Limited, in the Seychelles, is described as an online intermediary broker for forex and CFDs. (Scanned document; read with text recognition.)
- 6 New Zealand Companies Office: Black Bull Global Limited (8133487) (opens in a new tab)
Incorporated on 16 October 2020, with no ultimate holding company. The largest of its 11 share allocations are a 24.5% allocation and a 22.5% allocation each held jointly by individuals and a trustee company (the second including director Selwyn Jap Loekman), LMAX Exchange Group Limited of Jersey (20.8%) and Milford Private Equity Fund III LP (20.6%).
- 7 BlackBull Markets website (opens in a new tab)
On 6 October 2026 blackbull.com answered our requests for its pages with a “Please wait” bot check (ShopShield), so we could not read its website, legal hub, pricing or risk warnings; we did not try to get around it. PDF documents under blackbull.com/wp-content/uploads/ could be downloaded.
- 8 FCA warning: BlackBull Markets (archived copy) (opens in a new tab)
An archived copy, taken on 13 May 2026, of the FCA’s warning first published on 22 April 2026: BlackBull Markets, website www.blackbull.com, with its Facebook and Instagram accounts, is not authorised by the FCA and may be targeting people in the UK. On 6 October 2026 the FCA’s own page (fca.org.uk/news/warnings/blackbull-markets) returned “Page not found”, so we treat the warning as removed.
- 9 Searches of FCA, CySEC, CVM and KNF records and the Indian and Malaysian alert lists for BlackBull (opens in a new tab)
On 6 October 2026 we searched the FCA’s list, CySEC’s 1,173 board decisions, the CVM’s declaratory acts, KNF’s lists and the Indian, Securities Commission Malaysia and Bank Negara Malaysia alert lists for BlackBull and its companies, and ran web searches for actions by the FMA, the FCA and others. We found the FCA’s 2026 warning, since removed, and the Indian and Malaysian alert-list entries, and no enforcement action. The FMA’s website refused our requests.
- 10 Alert List (updated as on 19 November 2025) (opens in a new tab)
Lists entities not authorised to deal in forex or operate forex trading platforms in India. Entry 58 is BlackBull, https://blackbull.com.
- 11 Investor Alert List (opens in a new tab)
Includes an entry dated 2019 for “BlackBull Markets Sdn Bhd / BlackBull Markets Malaysia” (blackbullmarkets.com/my) for conducting regulated capital market activities of dealing in securities and derivatives.
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