Beware! Forex Bullish 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.
Forex Bullish is a generic name made of two terms used in forex trading. The name does not invoke confidence in this forex broker.
Forex Bullish is a forex company trading in forex, CFDs, stock, cryptocurrency, metals, indices, commodities, futures, shares, energies and bonds. Potential traders have a choice between 4 different account types – Classic, Standard, Premium and VIP.
Forex Bullish Regulation and safety of funds
If you open the Terms and Conditions document on this company’s website, you’ll find a long list of financial supervisory authorities (including CySEC) where this company is licensed. Upon checking this information, though, nothing proved to be even close to this forex broker’s statement. This company is neither registered, nor regulated and we are almost 100% sure that we are dealing with scammers. So, stay alert!
As always, what we recommend to our readers is to find a legitimate and licensed broker from one of the well-established jurisdictions where you can have some guarantee for the safety of your funds. Jurisdictions, such as EU and UK, in our opinion offer the best conditions. First of all, brokers in these jurisdictions must have an initial capital of no less than 730,000 EUR and also, they must contribute to a compensation scheme. From this scheme, in case of bankruptcy, traders will be compensated by up to 85,000 GBP per person if the broker is regulated by FCA or 20,000 EUR per person if the broker is regulated by CySEC. These are excellent guarantees for the safety of your funds in addition to the fact that brokers must report on a daily basis about their transactions to avoid shady deals. These are the best but you can also look up the licensed brokers in US, Australia and New Zealand where the conditions are also very good.
Forex Bullish Trading software
Forex Bullish offers trading software for automated trading. You must be aware that choosing this type of software has a lot of pros and cons. First of all, it looks like something easily done and may tempt inexperienced traders. What you need to do as a trader is just establish the rules for trade entries and exits which will be then automatically executed via a computer. However, you must remember that auto trading is not foolproof and you may still lose money in the transactions. Also, it is one of the scammers traps – a promise for high profit for a low price, as one of the testimonial say on the company’s website “increased revenue by 100% using Forex Bullish”. Do you seriously believe that?
In the account information, we find out that the spread for the Classic account is 1.9 pips which could be still seen as within normal boundaries. However, the leverage at 1:500 is alarmingly high. High leverage can bring big win but it can also signify big loss. Given the fact that in forex trade around 70% of traders lose money in transactions, we expect the latter to happen rather than the former. Please avoid brokers with such high leverage as it hides a lot of risks for your hard-earned money. Instead look for brokers in EU that have a leverage restriction which cannot exceed 1:30 or US brokers that cannot exceed 1:50 in leverage.
If you are looking for a trading platform that can facilitate your forex transactions, we actually recommend the two trading platforms preferred by around 80% of the brokers around the world for their excellent qualities – MetaTrader 4 and MetaTrader 5. These two platforms also offer auto trading options and much more – an app market, a financial calendar, VPS, code base with customs scripts, trading signals (for a subscription fee), etc.
Forex Bullish Deposit/Withdrawal methods and fees
The minimum initial deposit for the Classic account is $100. The other accounts start at $1,000, 2,500 and 5,000 respectively (screenshot below). There are no fees on deposits and withdrawals and processing time is between instrnat to 2 hours or 2 business days. Among the many payment methods that the company offers, we can mention Bitcoin, Neteller, Skrill, PayPal, MasterCard, VISA, American Express, Discover Network, Western Union and MoneyGram.
For dormant account that have been inactive for more than 3 months, the company charges a monthly fee of $99.90 which we find rather high (almost as high as the minimum initial deposit).
As per the Terms and Conditions document, Forex Bullish does not provide bonuses to its clients.
We consider that the deposit/withdrawal methods set by this company are generally acceptable, except for the fact that the company is not legitimate.
How does scam work?
No one wants to be duped by scammers, but it happens all the time because they know how to manipulate people. As they say in one popular song “sweet dreams are made of this” and this is what scammers rely on – creating in people’s mind a sweet dream of being rich! Scams usually start by unsolicited telephone calls or ads on the Internet or social media promising quick and easy profit. It is easy to fall into scammers’ trap and once you make a deposit, you are done for! Scammers won’t let you get away easily even if you realise that you are being scammed. They will try to delay you when you try to withdraw your funds by asking you to provide this document or fill out this form, etc., in order to make you miss the deadline when you can file for chargeback.
What to do if scammed?
You need to act very quickly. First of all, if you have made a deposit using a credit card, you must immediately file for chargeback. Fortunately, VISA and MasterCard allow for 540 day period in which you can file for chargeback. This is the good news. The bad news is that if you have made a deposit using bank wire or Bitcoin, the chances of you getting your funds back are nil!
Another thing you can do is cancel your credit card if the scammers have your CVV code. Check your PC and erase the software that gives scammers access to your personal data.
Be careful, because even doing all that we recommended, your unfortunate experience with scammers may not be over. There are the so-called recovery agents. One of those may approach you offering to recover your funds for a fee. Do not trust them and always check the legitimacy of the recovery agent and the agency.
Also, be aware that some “victims” of scam may post comments after the review, saying how they lost money and how a recovery agent helped them retrieve their funds. They will even put the contact info for this so-called recovery agent. Do not trust them either as it is another case of scam!