Beware! MT4Bulls 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.
It doesn’t take much time to see that there is something not really well with MT4Bulls, a broker claiming to be a master at trading. This type of self-advertisement is common with the more shady side of the FX industry. Furthermore, the structure of the website does not give us too much hope for anything, and it seems that most of the text on it is filler, making it rather uninformative and at times downright useless. As you can see, we are not off to a good start. Read the review to find out what more we found out.
To create an account, the users must pass a very simple and quick process that did not give us much hope for a decent trading area. As we expected, the user dashboard was using a template that we have seen hundreds of times with previously scammer brokers. In fact this might be the most overused user area design ever!
As we have come to expect, the alleged MT4 platform that should come along in fact belongs to a different entity. OIt comes under a different name than that of the broker, and as such does not represent the trading conditions of MT4Bulls. Quite the ironic turn seeing that the word MT4 is literally present in the name of the broker. Next, we were given the chance to open a web based trading software, that in the end turned out to be a hoax. Not only did it come with third party charts, but it also was not named after MT4Bulls. As a matter of fact, we have no idea who really owns the web trader; it just says “Webtrader Online”, with no indication of what companies owns the rights! Nevertheless, we were still able to log in with the details provided by MT4Bulls.
And so we will take the trading conditions from it even though we have very little trust left in this platform. The EUR/USD spread is around 1.8 pips which is not at all too bad. The leverage was capped at 1:400. The financial instruments given to us were forex pairs, indices, cryptocurrencies, commodities, and stocks.
The website can either be in English or German.
MT4BULLS REGULATION AND SAFETY OF FUNDS
MT4Bulls is a broker that reveals no regulatory information. The website offers nothing concrete, and neither do the legal documents.
Judging by what we have said so far as well as what we will be revealing, there is no doubt that MT4Bulls is UNLICENSED, and a potential scam!
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself but the traders as well.
MT4BULLS DEPOSIT/WITHDRAW METHODS AND FEES
The user dashboard produced an error when we tried to access the payment area. Thus all pay6ment details will be taken from the website and Terms and Conditions.
The website reveals that the minimum deposit is $500 which is the most common offhsore broker requirement. The funding methods users can use according to the website are credit cards, debit cards, and wire transfers.
The minimum withdrawal amount is $200 for cards and $500 for bank transfers. Withdrawal requests are processed in 24 hours. There is no mention of any fees in the Terms and Conditions, yet if we were you we would stay vigilant.
It goes without saying that MT4Bulls is not worth it! All your deposits will be lost forever!
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial piece of advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.