Beware! MarketBullish 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.
MarketBullish is a forex and CFD broker based in Tbilisi, Republic of Georgia, which is not regulated to the standards, required by the authorities in markets like the European Union, the US, Australia or Japan.
Other wise the broker offers over 60 forex pairs, with plenty of exotic currencies like Malaysian Ringgit, Thai Bath, Chinese Yuan, Indonesian Rupiah, South African Rand, Turkish Lira, Singapore Dollar, Swedish Krona, Russian Rubble, Romanian Lei, Polish Zloty, Norwegian Krone, Mexican Peso, Indian Rupee, Israel Shekel, Hungarian Forint, Croatian Kuna, Hong Kong Dollar, Danish Krone and Brazilian Real.
Other trading assets include CFDs on gold, silver, platinum, palladium, stocks, oil, natural gas, over 30 indices, bonds, as well as commodities like zinc, copper, cocoa, coffee, corn, cotton, rice, soybeans, sugar and wheat. On their trading platform we found even crypto CFDs with coins – namely Bitcoin, Bitcoin Cash, Bitcoin Gold, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple and Enigma.
All of that is offered with a leverage of up to 500:1, on the MetaTrader5 platform and spreads advertised to start at 1,3 pips with their opening account.
MarketBullish regulation & safety of funds
MarketBullish is owned and operated by MB Alliance LLC, a company based in Georgia, which is said to be authorized and regulated under the local jurisdiction. The problem here is that the sole financial regulator in Georgia – the National Bank of Georgia does not specifically regulate forex and CFD brokers. The bank oversees the monetary policy as well as all commercial banks, but the emerging forex market in the country remains largely unregulated.
And we should also note that MarketBullish operations on regulated markets like the European Union, the US, Australia or Japan are completely illegal, as the broker does not have a legit license to operate there.
Brokers regulated by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC), for example, are required to provide a negative balance protection to all their customers, to file regular reports, to allow external audits, to maintain at all times some minimum operational capital, to keep all clients funds in a protected, segregated form their own account and in certain cases even to insure traders funds.
Traders with CySEC brokers, for example, do not have to worry about the first 20 000 EUR of their trading capital as it will be guaranteed by the Investor Compensation Fund, backed by the regulator.
Similarly, all trading accounts with FCA regulated brokers are insured up to 50 000 GBP.
MarketBullish deposit/withdrawal methods and fees
MarketBullish accepts payments with various e-wallets including PerfectMoney, EPay, Payeer, FasaPay, UnionPay, ABVCash and SticPay, as well as major credit cards like VISA and MasterCard and bank wire. The minimum deposit requirement is just 10 USD, but we came across some rather unusual details in their Client Agreement, which you should consider before opening an account with them.
For example, if you file a charge back with your credit card company for a payment you have made with the broker, MarketBullish will charge you a 150 USD “research fee”, which they say can be accompanied by another 150 USD fee “for administrative processing” in case your charge back request is not accepted.
Also, have in mind that MarketBullish does not provide you with a negative balance protection, which means you can end up loosing more than you have deposited. As we already noted, all EU licensed brokers are obliged to provide you with a negative balance protection.
How does the scam work?
Lately, a lot of scammers use the services of the so called rob scam websites like Crypto Revolt and Bitcoin Evolution. Those scam sites are especially designed to hook you with an offer of easy and risk free money – you will watch a nicely cut promotion video in the end of which you will be invited to register by leaving your e-mail and phone.
And if you do that you will be instantly transferred to the web page of a unregulated, offshore broker and you will be asked to deposit about 250 USD. Besides, if you invest those money the people behind the robo scam website will get their commission.
Now, have in mind that trading with a scam broker is not real. For instance your trading platform and your account will surely be manipulated so that you will be more easily tricked to invest a large sum. For example, your first trades will surely be quite successful and probably your initial 250 USD will almost double.
Also, that is the time when you will receive a phone call as well. It will be “your personal, senior account manager”, who will simply explain that if you want to start making real money, you will simply have to invest more – 10 000 USD for a start.
And chances are you will deposit those money as well, without realizing you have been scammed until the very moment you try to withdraw some of your funds. However, it will simply turn out you can not. Scammers will refuse your withdraw request on the grounds you have not met some minimum trade volume requirement, possibly linked to the welcoming bonus you have so carelessly accepted when you opened your account. Certainly it could be something else, but whatever the excuse is, the end result will be the same – you will not be allowed to withdraw anything.
What to do if scammed?
The first and most important step to be taken, if you suspect you are scammed, is to file for a charge back with your credit card company. Fortunately, if you have made your deposit with VISA and MasterCard, under their latest antis-cam policy you have 540 days to do that.
Often scammers will try to steal money directly form your bank account. So if for any reason you have disclosed your credit card number or online banking password, block your credit card and change the password immediately.
And do not be fooled by the offers of the so called recovery agencies. They will not retrieve your money back, as they claim, but will simply take a payment in advance and basically that is the last time you will hear form them.