Beware! BullsEye Markets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
BullsEye Markets is an offshore forex and CFD broker, offering several account types on the MetaTrader4 platform with leverage of up to 1000:1.
Among the trading instruments we counted over 60 forex pairs with lots of exotic currencies like Thai Baht, Swedish Krona, Norwegian Krone, Danish Krone, Russian Rubble, Czech Krona, Chinese Yuan, Israeli Shekel, South African Rand, Mexican Peso, Polish Zloty, Hong Kong Dollar, Hungarian Forint, Turkish Lira and Singapore Dollar, CFDs on stocks, indices, energy commodities, precious metals and even cryoto coins including Bitcoin, Bitcoin Cash, Etehereum, Litecoin gold, Ethereum Classic, Ripple, Dash, Monero, Zcash, IOTA, Santiment, OmiseGO, NEO, Eidoo, Metaverse ETP, Tron and EOS.
The benchmark EURUSD spread as tested with a demo account was about 1,3 pips, which is basically in line with what traders would usually expect with a standard account.
All that said, however, we should point out we have some serious concerns about the regulatory status of the broker – an issue that we will discuss in the following paragraphs.
BullsEye Markets regulation & safety of funds
BullsEye Markets is owned and operated by Bullseye Markets LTD, which is registered on the Marshall Islands. Unfortunately the broker appears not to be authorized by any official financial regulator and that significantly decreases its credibility.
Have in mind that you can feel secure about your investment only with brokers, regulated by official institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).
The reason – the strict financial and ethical rules, among which the requirement to maintain a certain minimum capital adequacy ratio, to keep all clients money in a segregated, protected from creditors account, to provide negative balance protection, to allow external audits, not to offer any trade bonuses and in certain cases even to insure traders money.
Here for example, if you are dealing with a FCA broker and the broker is unable to pay you will be compensated with up to 50 000 GBP. Similarly, with a CySEC broker you will be able to get back up to 20 000 EUR of your capital.
BullsEye Markets deposit/withdrawal methods and fees
BullsEye Markets accepts payments with VISA and MasterCard, as well as some popular e-wallets like Neteller, Skrill and UnionPay. Apart from that they accept payments with wire transfer and even Bitcoins. The minimum deposit requirement ranges between 50 USD and 5000 USD depending on the account type.
How does the scam work?
A typical scenario goes like this: It will all start with a video add, you will happen to watch on one of the so called robo- scam websites, like Crypto Revolt or Bitcoin Evolution, where you will be invited to join some cutting – edge trading platform or app with the promise of fast and easy returns. And all you have to do is register, leaving your e-mail and phone.
After you do that, you will be transferred to the web site of an unregulated, forex broker and will be invited to open a trading account with about 250 USD. And besides, do not be surprised if your first trades are so profitable – your account will simply be manipulated so that you will be more easily convinced to invest more.
Also that is when you will receive a call form your “senior account manager”, who will expertly advise you, that in order to make real money you will simply have to invest more – like 10 000 USD or so.
And than you will not realize you have been scammed until the moment you decide to withdraw some of your funds. Scammers will simply refuse your withdraw request on the ground that you have to reach some minimum trade volume, linked to a trading bonus you have accepted. Of course it could be something else, but the bottom line will be the same – you will not be given any money back.
What to do if scammed?
Do not waste a moment, but immediately file for a charge back with your credit card company. Mind that under the new regulations, if you have used MasterCard, you will have 540 days to do that, while with VISA the 540 days rule will come in effect in December.
If scammers have tricked you to tell them your credit card number and online banking password, immediately block your credit card and change your online banking password.
Finally, in case you have lost money, do not loose more by contacting the so called “recovery agencies”. They will not recover any of your funds, but will simply collect an upfront payment and basically will leave you even deeper in to the red.