1,062 broker-country pairs measured448 brokers20 countriesformula v1.0recalculated 2026-07-09data re-captured 2026-07-09updated 1 day agoAffiliate links never change scores.
BlackBull Markets in TH — review, licence and costs
PSPimchanok Srisuk author
DMDaniel Mercer editor
AWAnan Wongsakul fact-checker
score recalculated 01.10.2026
Score (60 of 100 of 100 axes)
3.66/ 5.0
shown, not ranked: no reviews
- Reviews25%no data
- Reviews20%cost 95
- Reviews20%safety 10
- Reviews15%payouts 40
- Reviews10%track_record 60
- Reviews10%platforms 85
2 + 3 × 0.751 = 4.25 · axes on 0–100, total on 2.0–5.0
Taxes for a Thai resident(60 of 100 rules · as of 10.2026)
- Forex/CFD profit is taxed as ordinary assessable personal income (no separate lower capital-gains regime).https://blackbull.com/en/support/restricted-countriespage
Not tax advice. Check with the Revenue Department.
Who actually onboards you(60 of 100 local and 1 offshore entity in the group)
- Sign-up from a Thailand addressRouted to Thailand Co., Ltd. by residence, not by IP.
- KYC by Thailand Co., Ltd.Thai ID card and proof of address.
- Contract with the Co., Ltd.SEC Thailand rules apply; complaints go to SEC Thailand.
- Client moneySegregated with a Thailand bank; bank name no data
Local entityUsed for Thai residents
- BlackBull Markets (Thailand) Co., Ltd., SEC Thailand D-0042
- Retail leverage 1:50TH
- Negative balance protection: yes
Offshore entityNot used for Thai residents
- Halden Global Ltd, FSA Seychelles
- Leverage 1:1000group
- No SEC Thailand complaints route
If the sign-up form ever lands you on the Seychelles entity, the SEC licence above does not cover your account.
Leverage by entity (60 of 100 of 100 entities stated)
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards Thai residents enters the score.
Local entity · onboards youLocal entitylocal · SEC licence SD045
1:750TH
Thailand median, local entities: 1:50 · 18 of 20 statedApplies to youLocal entity · onboards youOffshore entityoffshore · SEC licence SD045
1:500TH
Thailand median, local entities: 1:50 · 18 of 20 statedApplies to youScale from 1:10 to 1:3000, logarithmic.
Client protection (60 of 100 of 100 stated)
- Local entity onboards youOffshore (Seychelles FSA) only; no Thai SEC authorisation and no local investor-compensation scheme.client agreement §4.2 · page
- Segregated client fundsno dataclient agreement §4.2 · page
- Negative balance protectionno dataclient agreement §4.2 · page
- Investor compensation schemeno dataclient agreement §4.2 · page
- Regulator warning on filenone foundclient agreement §4.2 · page
“no data” means the broker does not state it in any source we captured. It is not read as “no protection” and it is not scored.
Price against Thailand market median(priced from 60 of 100 of 100)
Round turn, 1 lot EURUSD, spread plus commission, USD
| Instrument | Halden Raw, USD | Halden Std, USD | Thailand median raw | Thailand median std | Priced |
|---|
Medians run over the brokers that publish a Thailand price, never over all 44. Group-wide prices are excluded.
Accounts(60 of 100 types)
| Account | Min deposit, USD | EURUSD spread, pips | Commission, USD | Leverage | Swap | Currencies |
|---|
Swap-free account terms (60 of 100 terms · 5 stated)
| Term | Halden, Thailand |
|---|
Terms read from the account page on 01.10.2026. The cap on open positions is not published.
Payouts(60 of 100 of 100 methods timed)
| Method | Deposit, h | Withdrawal, h | Fee, USD | Min, USD |
|---|
Deposit and withdrawal methods (60 of 100 methods · 2 local)
- Cardslocal
- Deposit
- instant
- Withdrawal
- deposit only
- Fee
- no data
- bank wirelocal
- Deposit
- instant
- Withdrawal
- deposit only
- Fee
- no data
- Skrilllocal
- Deposit
- instant
- Withdrawal
- deposit only
- Fee
- no data
- Netellerlocal
- Deposit
- instant
- Withdrawal
- deposit only
- Fee
- no data
- crypto; availability varieslocal
- Deposit
- instant
- Withdrawal
- deposit only
- Fee
- no data
- specific Thai rails (e.g. local bank transfer) not verified local
- Deposit
- instant
- Withdrawal
- deposit only
- Fee
- no data
- Account currency
- Accounts in USD/EUR/GBP/JPY/AUD/NZD/SGD/CAD/ZAR; no THB base account, so deposits convert.
- Fastest withdrawal
- 1-3 business days h TH
- Fee declared
- 4 of 6 methods
- Withdrawal back to
- the funding method
Where it does not serve(60 of 100 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets(60 of 100 of 100 platforms confirmed · 6 asset classes)
- MT5
- MT4, MT5, cTrader, TradingView, BlackBull CopyTrade, BlackBull Invest
- cTrader
- MT4, MT5, cTrader, TradingView, BlackBull CopyTrade, BlackBull Invest
- Web terminal
- MT4, MT5, cTrader, TradingView, BlackBull CopyTrade, BlackBull Invest
- Mobile app
- MT4, MT5, cTrader, TradingView, BlackBull CopyTrade, BlackBull Invest
- Copy trading
- MT4, MT5, cTrader, TradingView, BlackBull CopyTrade, BlackBull Invest
- TradingView
- MT4, MT5, cTrader, TradingView, BlackBull CopyTrade, BlackBull Invest
| Class | Count | Min spread | Leverage |
|---|
Reviews(60 of 100 platform · 25% of the score)
4.2/ 5
Trustpilot rating
1,384
reviews
28.09
snapshot, 2026
5 star64%
4 star14%
3 star6%
2 star4%
1 star12%
| Snapshot | Rating | Reviews |
|---|
Share of reviewers in Thailand: no data The platform does not publish it.
Topics in 1-star reviews (60 of 100 reviews, snapshot 28.09.2026)
Withdrawal delays41 · 25%
Verification (KYC)33 · 20%
Slippage22 · 13%
Support response19 · 11%
Other51 · 31%
Pros and cons(60 of 100 + 5, each tied to a figure above)
For
- Raw round turn 6.20 USD vs Thailand median 9.20
- SEC licence D-0042, active on 01.10.2026
- THB account; bank withdrawal 24 h, fee 0
- Swap-free with no admin fee; ranked #1 of 30
- One of 6 of 44 brokers that publish a withdrawal time
Against
- Payouts axis 58 of 100, the lowest of six
- Min deposit 100 USD vs 10 at Tidemark
- E-wallet withdrawal time and fee not published
- Group site advertises 1:1000, unavailable to Thai residents
- Gold round turn 9.80 USD; 3 brokers price it lower
Where Halden sits in the Thailand base(60 of 100 brokers)
Round-turn cost, USD (60 of 100 of 100 priced)
2<6.5
26.5–7.5
27.5–8.5
38.5–9.5
39.5–10.5
110.5–11.5
4≥11.5
Highlighted: Halden Raw at 6.20
Minimum deposit, USD (60 of 100 of 100 priced)
9<25
925–99
10100
3101–299
4≥300
Highlighted: Halden at 100 · Thailand median 50
Retail leverage (60 of 100 of 100 with a Thailand figure)
11≤1:30
71:50
51:51–200
61:201–400
10>1:400
1 group-only figure excluded · 4 no data
Withdrawal time published (60 of 100 brokers)
Published, hours6No data38Halden is one of the 6
Alternatives in Thailand(60 of 100 of 100)
Methodology(60 of 100 axes · formula v1.0)
Score = 2 + 3 × weighted mean of six axes scored 0–100. Range 2.0–5.0. An axis without data drops out and the remaining weights are renormalised; it is never scored zero or estimated. Group-wide figures never enter a Thailand score. Full methodology
| Axis | Weight | What is measured | Halden |
|---|
FAQ(60 of 100 questions)
Cost calculator (60 of 100 accounts · median of 100 priced)
EURUSD round turns at the prices captured 01.10.2026. Shown in USD only: we do not publish a THB conversion because the exchange rate is not part of our data.
Verified · What changed · Sources(60 of 100 sources · 4 changes)
Verified01.10.2026
next review 01.01.2027
What changed
Sources · precision