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Black River Markets Review


Black River Markets is a Forex and CFD broker located in Malaysia. Since the company was established in early 2019, it is practically brand new, so it can be hard to find out much about them on the internet. A quick look at the website suggests that this broker has an amazing customer service reputation, some amazing spread offers on some accounts, and high leverages for all account types. On the other hand, the website can be vague when it comes to information related to funding and products, so we reached out to support to get more details. Stay with us to find out everything you need to know about this FX broker.

Account Types

Those wishing to open an account with Black River Markets will have four account types to choose from: Core Standard, Core Prime, Core ECN, and Core ECN Pro. Regardless of which account you choose, you’ll have access to 64 tradable pairs. The range of deposit minimums, spreads, and different commission fees make each account stand out individually, so one should be able to find an account that seems tailor made for themselves personally. Below, you’ll find the minimum deposit, average spread, and commission fees associated with each of the four account types.

Core Standard

  • Minimum Deposit: $10
  • Spread: 2.4
  • Commission Fees: None

Core Prime

  • Minimum Deposit: $100
  • Spread:1.8
  • Commission Fees: None

Core ECN

  • Minimum Deposit: $250
  • Spread: 0.8
  • Commission Fees: $3

Core ECN Pro

  • Minimum Deposit:$1000
  • Spread: 0.1
  • Commission Fees: $3.50

You’ll notice that the deposit minimums range from $10 to $1,000 and each account type offers a different experience. If you don’t have much for your deposit, the Standard or Core account would be best suited for you. On the other hand, if you can make the largest deposit requirement, you’ll be rewarded with the best spreads. Meanwhile, the Standard and Prime accounts come with higher spreads, but lack commission fees. All accounts offer the same leverage options. Demo accounts are offered in addition to PAMM, MAMM, Islamic, and IB accounts. Note that you will need to provide proof of ID and address in order to have your account approved.


Like many other Forex brokers, Black River Markets exclusively offers the award-winning MetaTrader 4 platform. There really is a reason why this platform is the most commonly offered choice among brokers, and it is actually preferred over the newer version that has recently been released. With MT4, traders can analyze financial markets, perform advanced trading operations, run trading robots (Expert Advisors), and copy deals of other traders. If you’re interested in downloading the program, you can do so by navigating to the ‘Trading Platform’ page on the website. MT4 is available for download via Windows. The program can also be downloaded on your smartphone or tablet through the Play Store and Google Play. If you’re a Mac user, the easiest way to access the platform is through Webtrader, since there is no download for Mac.


Black River Markets briefly advertises a leverage of 500:1 as being available on their homepage. Since we couldn’t find anywhere else on the website mentioning leverage, we were curious if this was available for all of the account types, especially the ECN Pro account, which comes with the highest deposit minimum. To our surprise, support informed us that this option is in fact available on all account types. This is really special. Elsewhere, you’ll have trouble finding such a high option and brokers usually limit the highest leverages to the accounts that require the lowest minimum deposits. If you compared the ECN Pro account with a similar account elsewhere, you’d likely find the leverage options here to be five times higher than with another broker. Do keep in mind that there is more risk involved with choosing a higher leverage, so only do so if you’re experienced enough to handle the experience.

Trade Sizes

The minimum lot size is listed as 0.01, or one micro lot for all account types. The maximum size allowed for one order is 100 lots, which is much more significant than the 50 lot average you’ll find with many other brokers. The margin call level is 100%, while the stop out level is 70%. Note that reach the stop out level would result in your trades being closed automatically, so be sure to keep an eye on your account to keep this from happening.

Trading Costs

You would be charged commission fees if they are applicable to your account and pay swap fees for positions held overnight with this broker. Also, the broker would profit from spreads, which is the difference between the bid and ask price. Commission charges vary based on the account you’ve chosen. For the Standard and Prime accounts, there are no commission fees, but you’ll be trading with higher spreads. If you choose the ECN account, you’ll be charged $3 per trade in commission fees, but you’ll have access to the second-best spread choice. Finally, the highest commission fee of $3.50 per trade is applicable when trading from the ECN Pro account, but you would also have access to almost nonexistent leverages. Where a contract is held at the close of business the day before its specified date, it is rolled over onto a new date. Upon re-opening, the contract is subject to a swap charge.

Managed account costs.


On their homepage, the company advertises 42 instruments and 64 tradable pairs as being available, but finding out more specific information without opening an account is difficult. We did reach out to support to ask for more details, but they suggested we open a demo account in order to view their assets. This wouldn’t be a bad suggestion if one didn’t have to go through the approval process to create a demo account. Since the explanation is so vague, we can’t say whether the assets with this broker are competitive.


Black River Markets is very transparent about the spreads for each of their account types, which makes it much easier to compare accounts. Others may leave information about their spreads off their website entirely, so this made us feel more confident about this broker. The highest spreads are for the Standard account and are fixed at 2.4 pips. truthfully, this amount is above average and although it is coupled with the lowest deposit minimum, it did make this account less attractive. If you agree, the fortunate thing is that the Prime account offers an average spread of 1.8 pips and also comes commission free. The only difference is that you’d need to deposit $100 in order to open the Prime account. The larger deposit seems worth it in this case, since you’d have access to much more acceptable spreads. If that still isn’t low enough for you, there are two options left.

If you choose the ECN account, you’ll be happy to know that spreads are as low as 0.8 pips, although there are commission fees and a larger deposit requirement than the Prime account calls for. Choosing the ECN Pro account offers the best spreads, which are set around 0.1 pips. This is truly one of the best options we’ve seen, but you will be dealing with the highest commission fees and you’ll need to meet the $1,000 deposit minimum.

Minimum Deposit

We mentioned the minimum deposits for each account earlier, but allow us to go into more detail. The Standard account comes with the lowest deposit requirement, which is only $10. We do see offers this low with other brokers, but this certainly isn’t true for all of them. Having the ability to make such a small deposit is definitely beneficial for beginners. Close behind is the Prime account, offering a minimum deposit of $100. This is about average when compared with other brokers, although it is still a realistic expectation.

The deposit for the ECN account is reasonable at only $250, but may seem steep to beginners or those that don’t have much to start with. Finally, traders will need to deposit $1,000 if they’d like to trade from the ECN Pro account. If you have the ability to meet the deposit, this account really does come with some advantages, so it may be well worth the larger deposit requirement. It also isn’t a surprise, since many brokers offer at least one account type with a high deposit minimum. Elsewhere, this can rise into the hundred of thousands of dollars, so we were impressed with the $1,000 offer.

Deposit Methods & Costs

Black River Markets is not very forthcoming with funding information. Their website does mention that bank wire, local bank transfer, Neteller, and Fasapay are available funding methods. We were really disappointed to see that credit/debit card was not included in the list and it would have been nice to see Bitcoin as well, although it was great that a couple of e-wallets are offered. Unfortunately, the website does not list processing times exactly. However, we did find where the company briefly mentions same day deposits as an advantage. This would likely be available for Neteller and Fasapay, but bank options usually take 2 to 5 business days in general. The website also fails to mention any withdrawal fees, however, support informed us that no fees are charged on behalf of Black River Markets. If you’re using bank wire, you can expect your bank to charge some type of fees.

Withdrawal Methods & Costs

You’ll have trouble finding any information on the website about withdrawals. We can assume that the deposit methods of bank wire, local bank transfer, Neteller, and Skrill are the available withdrawal methods. Support did inform us that no fees are charges on behalf of Black River Markets when it comes to withdrawals. However, it’s safe to assume that your bank will charge some sort of fee for withdrawals from their end. We’ve seen these fees range from $0 to $30, but we’ve also seen them go as high as $50. The best thing to do is to check with your bank before choosing wire as a withdrawal method.

Withdrawal Processing & Wait Time

The website claims same day withdrawals are available. Realistically, we would assume that the request would need to be made within business hours, so that it could be processed before the end of the day. We really can’t say for sure, since the website does not list processing times. Bank options would likely take a bit longer to be received, since the bank would have to allocate the funds to your account. Usually, this takes around 2 to 5 days with other brokers. We assume that Neteller and Skrill would be the fastest methods for withdrawal and that these withdrawals would likely be available the same day.

Bonuses & Promotions

Currently, Black River Markets is offering an ongoing Demo Trading Contest. The prize pool consists of $3,000, which is divided out based on first, second, and third place through three rounds. As the contest moves into the 2nd and 3rd rounds, the prizes for each place get higher, with the top prize being $1,000. The first round has already ended , but the second round begins August 30th of 2019. The third and final round begins September 1st of 2019 and each round lasts for approximately a month. Since no real funds are involved, this is an excellent opportunity to win real money. In order to participate, you must open a real account with the company. Once you’ve registered and verified your account, you’ll receive information about your demo login details. You would simply need to be one of the top three traders during the specified time period in order to win.

Educational & Trading Tools

You won’t find any educational opportunities or trading tools offered directly on Black River Market’s website. This is disappointing, especially since the demo account is harder to access with this broker, due to the fact that one must register and verify a live account first. You will find a variety of tools directly built into the MT4 platform, so this somewhat makes up for the lack of them on the website. Still, it was a little disappointing to see that nothing special is directly offered. If you do need educational information, we suggest searching the web or checking YouTube for information. There is the option for Copy Trading, PAMM & MAM services though, and both new and experienced traders may want to take advantage of these.

Customer Service

Black River Market’s customer service has been rated as 5 stars, which proves that this company takes providing quality assistance very seriously. A direct phone number is listed on their website, in addition to LiveChat, email, WhatsApp and Telegram numbers. Office hours are from 8:00 am to 11pm (GMT+8), Monday through Friday. Although the company does not offer 24 hour phone support, they do provide this for email responses. In fact, support replied to our late night email quite quickly. LiveChat or phone would be the quickest way to get in touch during business hours, but email would be the best option for anyone in a hurry after the cutoff time for live support. Below, you’ll find all of the contact information listed on the website.

Social Media: https://Facebook.com/BlackRiverMarkets and Twitter

Demo Account

This broker does offer demo accounts, but they are not as accessible as with other brokers. In order to open a demo, you’ll first have to register a live account and complete the verification process. Since many prefer to practice on a demo before deciding whether to open a real account, this can be a drawback. However, verification should be pretty straightforward, so long as one has access to a personal ID and some type of address document. Still, we felt that these requirements were a little unnecessary. If you do decide to open a demo , you’ll be trading from the Standard account type with a starting balance of $10,000 and a leverage set at 1:500. The demo account seems to go hand in hand with the current ongoing contest.

Countries Accepted

If you’re interested in opening an account from the U.S., you’ll need to select United States Minor Outlying Islands from the drop down list when creating an account. As long as you select this for your country, you should have no issues signing up for an account. Black River Markets does not list any other restricted countries on their website.


Black River Markets is a newly established broker offering four different account types, each of which comes with it’s own advantages and disadvantages. We’ll cover those, but let’s start with the overall positives and negatives about this broker. There are two or three accounts with very reasonable minimum deposit requirements, there are very high leverage options for all account types, and commission free options. You also can’t beat the spreads on the ECN Pro account. While demo accounts are available, one would need to complete verification before being able to open one, which is a drawback. On the other hand, there is an ongoing contest for the demo accounts where one could compete for free. Customer support is impressive with a 5 star rating and is available through a variety of methods with convenient hours.

However, there are some drawbacks to choosing this broker. For starters, funding information is vague on the website. We do know that a few deposit methods are available, but they are missing cards and Bitcoin as options. The website does say same day processing for deposits and withdrawals, but there still isn’t much to go on. Another drawback is the higher than average spreads on the Standard account. The spreads definitely make that account type less attractive, so we would skip the Standard account and go for the Prime, ECN, or ECN Prime account on that basis. We can’t say if the asset offerings are competitive or not, since the website and support are both vague when describing their product portfolio. With that in mind, we will look at the specifics to consider for each account type.

On the Standard account, you’ll be able to deposit only $10 and won’t have to pay commission fees, but you’ll have to deal with the highest spreads. With a Prime account, the deposit minimum is still very reasonable, there are no commission fees, and spreads are average. If you choose the ECN account, you’ll be paying commission fees and making a larger deposit, but the spreads are better than average. Finally, with the ECN Pro account, you’ll need to make a larger deposit, but commission fees are only $.50 higher than the regular ECN account and spreads are almost nonexistent. Black River Markets could certainly use improvement in some areas. On the other hand, if you choose the right account type for your trading style, then there are certainly several advantages to choosing this broker.


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