Beware! Marketbull.co.uk 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.
Marketbull.co.uk is allegedly a UK broker offering deposit protection, transparency, safety and security. Well, the truth is quite the opposite, though. It’s an exposed scam that numerous regulators blacklisted, so we are going to discuss it and show you what makes it so dangerous.
Marketbull.co.uk REGULATION AND SAFETY OF FUNDS
Marketbull.co.uk claims to be authorised in Britain and Luxembourg, but that’s a blatant lie. In fact, the Luxembourg regulator CSSF single-handedly exposed it as a scam as it issued a warning against this fake brokerage. Other authorities like the Estonian FI and the Austrian FMA also blacklisted the broker to raise awareness among traders and investors. Needless to say, your funds will be stolen if you deposit.
So, let’s focus on the scam to see how it unveils. First of all, we have fraudulent regulation claims aiming to mislead customers and trick them into believing that Marketbull.co.uk is legit. It’s not regulated, and it’s not legit; that’s a scam!
What’s more, the fraudsters even abuse the incorporation numbers of a Luxembourgish trust also present in England in their pursuit to make the scheme appear as if authentic. The trust mentioned has nothing to do with this fraudulent broker, so we also have firm cloning meaning that the scammers also pretend to work for authentic companies. Clones like this one are dangerous because at times the information presented may be challenging for people to verify, and some of them tend to take guards off and trust scammers. The easiest way to avoid scams is to always double-check and contact authorities if needed. It’s worth depositing only if you are 100% sure the broker is legit.
Another critical fact we need to note is that all warnings issued by financial authorities stress on the fact that the entities mentioned are neither authorized nor regulated. Trustworthy regulation is crucial because it guarantees transparency and safety for clients’ funds. For example, Forex companies licensed in the EU are bound by law to keep deposits segregated so as to avoid misuse or misappropriation. Moreover, if a broker faces financial challenges, clients won’t lose their money as it’s kept segregated in trustworthy banks that are financially sound.
Now, we’d like to offer the high-rated EU brokers and British brokers on both lists instead of Marketbull.co.uk- note that the licensed ones are also covered by deposit insurance funds. Hence, clients of CySEC brokers can get up to €20 000 in compensation, while the British protections are even greater- up to £85 000 per person. The licensed European brokers are safe, so you can go for it if eligible to open accounts there.
Marketbull.co.uk TRADING SOFTWARE
Marketbull.co.uk pretends to offer various platforms, including the leading MT4, but that’s falsehood. In fact, it can only provide an inferior Webtrader delivering a EUR/USD spread of 3 pips, meaning that the trading service is generally expensive- $30 per lot traded, while the industry standard is around $10.
As Marketbull.co.uk is a scam, though, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists instead. We recommend MT brokers because both terminals are market leaders packed with sophisticated indicators, reliable charting tools and EAs making automated trading possible.
As to leverage, it can get to 1:1000– an insanely risky level that’s actually EU wide prohibited, and that proves by itself Marketbull.co.uk is not legit. In fact, leverage is so dangerous that it’s now a part of the licensing regime in many countries. Namely, licensed EU, British, and Australian brokers have to limit clients to 1:30, while the US brokers to 1:50. In contrast, most of the high-leverage brokers are unregulated, so you’d better be careful with their offers.
Marketbull.co.uk DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250 via abncbp.com only. Well, this website is not freely accessible and it’s also known to process payments for scams like FXActiv (many warnings) and Euromts.uk (CONSOB warning), too. Fishy processing websites like this one may also carry additional security risks, so you should always stay alert and deny depositing via dubious pages before it’s too late.
Anyway, since the broker reviewed is a scam, check the high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a trusted payment system. The brokers on top are adequately regulated, and you won’t come across fraudsters.
Discussing withdrawals is useless in this case, but even more so, the broker doesn’t have legal documentation. The absence of Terms alone undeniably proves that’s a suspicious broker worth being avoided.
HOW DOES THE SCAM WORK
Marketbull.co.uk is an exposed scam, so you should avoid it at every cost. Below, we’ll show how scammers usually work and we indeed strongly believe that the scammers behind the broker reviewed are deploying the same or very similar tactics to steal investors’ money.
It all starts when you click on a fraudulent ad or suspicious social media profiles offer you deals that sound too good to be true. Once scammers get your e-mail and phone numbers, they will immediately approach you, and being seasoned manipulators will start insisting that you should deposit as quickly as possible. They will promise bonuses, promotions, risk-free offers, Bitcoin opportunities, and anything else you could possibly imagine to lure you. To make an impression, scammers often pretend to work with reputable firms, banks, governments and so on, and if you are not careful enough, you may get tricked into believing it’s a serious business.
Usually, scammers pretend to manage your account, and soon, they’ll show you fake profits on your name. Thinking that you are in the money, you’ll probably ask for a withdrawal, but they’ll promise even greater gains. If you believe them, you’ll increase the deposit size, and those criminals will ask for even more, again and again. At some point, you’ll insist on getting your funds back, and as soon as the cons realise they have milked you for your savings, they’ll disappear. But before they get lost, they’ll give it a last try, asking you to pay a hefty tax if you want to withdraw all the money in the account.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police. Seek help actively!
Remember, it’s crucial not to rush blindly to recover your funds because fraudulent fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but don’t do a thing to help you!
Last but not least, share online your experience; it’s important to protect others, as well. Be responsible!