Beware! FXBulls 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.
FXBulls is a Forex broker which has a logo very similar to the one used by XM. The latter itself is among the market leaders, and it’s not surprising to see copycats, trying to replicate their style. As a matter of fact, it is not the only legit broker that FXBulls are trying to clone. Find out more details in the FXBulls review.
FXBulls REGULATION AND SAFETY OF FUNDS
FXBulls was officially blacklisted by the CySEC in an official document published on September 2, 2020. FXBulls is a confirmed scam and you should avoid it, and report immediately if they contact you!
On their web page, however, they say to be regulated by FCA, CySEC, FSCA in South Africa and DFSA in Dubai. About their authorization in Dubai they even use the name Global Markets MENA Limited, which is a shameless lie to its customer. The mentioned company, however, was registered by FxPro, these scammers are trying to clone XM and FxPro at the same time, unfortunately for them, their trickery was brought to light by us. The search for FXBulls in the registries of the financial regulators mentioned was fruitless, no results were produced.
In fact, it is a Hong Kong enterprise, which is not registered by HKSFC, as well. You cannot even find a company linked to this broker, it is a totally anonymous entity and you should stay away, it is pure scam.
Your funds are not safe if you make a deposit with FXBulls, it is an unlicensed, unauthorized and unregulated entity, which was also recently blacklisted! A true Forex broker, which holds licenses to operate throughout different jurisdiction, abiding by the local and international law, is going to treat your funds with an utmost care. Complying with the product intervention measures that the European Securities and Markets Authority has agreed, which further CySEC and FCA have implemented, the European Forex brokers are required:
- to limit the leverage to between 1:30 (Forex majors) and 2:1(cryptocurrencies);
- to close out a customer position when the funds fall to 50% of the margin needed;
- to provide negative balance protection on a per account basis, meaning that losses cannot exceed the total funds;
- to restrict or completely obliterate the incentives offered to trade Forex and CFDs;
- to provide a standardised risk warning to the customers.
Failure to do so will result in disciplinary action such as salty fines or license being suspended/revoked.
In contrast, FXBulls is surely going to rip you off, and then disappear, running away with your money. Stay away from this broker, it’s pure scam.
FXBulls TRADING SOFTWARE
FXBulls offers only MT4 accounts to its customers, we managed to download the platform and test it. The EUR/USD spread is 1.5 pips, and the leverage offered is 1:500, which automatically proves that we are dealing with unregulated entity. As already cleared out, in EU and UK there is a leverage cap agreed and the brokers regulated by FCA and CySEC cannot offer more than 1:30. In fact, on their web page FXBulls says that professional investors can take advantage of leverage levels as high as 1:1000!
The account opening was really easy, one of the easiest we’ve ever seen, they simply wanted an e-mail, phone and names in order to register. Legit Forex brokers usually ask all sort of questions, which are mandatory to answer, such as an income, trading experience etc. Avoid FXBulls and report immediately if they approach you!
FXBulls DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit required is 100 USD. The funding methods include wire transfers, credit/debit cards, Neteller and Btrade, which is only available to Korean customers. It’s strange to see the Neteller in the list, but we do not know who operates this broker and in reality there might be a company that is otherwise legit to accept bank or other type of payments. Also, Hong Kong is regarded as a jurisdiction having problems with transparency, you can incorporate an offshore IBC there just for a few hundred bucks, which is ready to make deals on the very next day.
The withdrawal process is an obscure matter. There are no legal documents presented such as T&Cs or Client Agreement. The minimum withdrawal is unknown, the processing time unknown, fees unknown!
There is no dormant account policy to be found, the fees for inactivity are unknown.
No trading bonuses or promotions offered, but FXBulls has its own affiliate partnership program, which has its own website- fxbullspartner.com. The website is available in English and Korean languages only. In fact, there is the name of VantageFX mentioned, but we doubt that the Australian broker has authorized them as representatives, and we suspect that they try to clone another legit broker!
HOW DOES THE SCAM WORK
Clone firms, are scammers pretending to be companies that are legal and authorized. The most commonly used approach is to register companies and domains whose name is identical or very similar to those of certified and legitimate companies, very often the highly reputable ones are targeted. The unsuspecting customer will believe that the scammer represents a well-known company and will agree to follow his instructions which might include bank transfers, deposit of funds etc. Sooner or later they are going to exploit the victim and cause significant financial damages.
Scammers introduce financial or investment opportunities which are often too good to be true. Lucrative returns with low or no risk at all, groundbreaking trading conditions, trading robots and bots that always execute the winning trades, the scammers will promise you the moon and the stars only to gain your trust.
Fraudsters are in the social media nowadays, more and more scammers will first introduce their “services” to the people through Facebook or Instagram. You will click on a page, they will contact you, probably offer you demo account and after some time an invitation code will become available. Once you are signed-up they will ask you to deposit money and this is just the beginning. The end is always the same, a robbed-off investor who lost his hard-earned money.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
Stay away from FXBulls, it is a confirmed scam!