Beware! Bullexo 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.
Bullexo is an example of a dangerous trend that is slowly creeping into light, that of very well designed brokerage websites owned by complete and utter scammers. Bullexo’s design, at first, leaves little to be desired, and we completely understand why someone newer to the trade game will take an immediate liking to the shady broker. It does a good presentational job, but the review will focus on the real important stuff: the quality of services. It’s here that the broker starts to show signs of complete illegitimacy.
We were faced with a very easy registration process, and after less than a minute we were redirected to a a BTC depositing wallet, giving the users direct access tot he only investment option. The ease of the registration and the direct demand for depositing are two signs that are defining of any scammer broker.
Then we accessed a web trader, where forex currency pairs, commodities, indices, ETF, stocks, and cryptocurrencies are all the available tradeable assets. The EUR/USD cost of trade is 0.2 pips, with no mention of commissions, meaning that this spread is definitely manipulated.
The leverage, according to the website is capped at 1:100 for the Standard account, and it grows up to 1:600 for the last account type. But here’s the issue: there never was a choice between account types when we were opening an account. So, we have no real idea what the actual leverage value is.
BULLEXO REGULATION AND SAFETY OF FUNDS
We found one clear sign that points to something, a logo of the Saint Vincent and the Grenadines Financial Services Authority, which, as a matter of fact, does not regulate the FX market, but only the banking sector. However in the terms an conditions we are explicitly told that the broker does not provide services to residents of Saint Vincent and the Grenadines.
So essentially Bullexo is so bad that it is even banned in the most popular scammer FX environment. We can’t say we have ever experienced this before.
So, it obvious that Bullexo is unregulated, but worse of all it’s anonymous and thus untraceable. Any deposits made here will be lost! Moreover, and personal details will also be lost and worse, manipulated to cover the brokers shady needs.
If you are investing in an unregulated broker better not invest at all; at least in the latter occasion you will not be ensnared in an investment scam that will not only take your money but will greatly waste your time and energy. Better yet, if you have the will to invest, and either are skilled at it or want to expand your knowledge, there is no better way to go than any of the European, UK, US, or Australian brokers we have compiled for you. These are all regulated, and so are up to industry standards, but are also limited in the amount of freedom they can have by some of the top regulators!
BULLEXO TRADING SOFTWARE
Here is the web trader we got. It it familiar, and quite frankly useful if it were not used by Bullexo.
We find this to be quite helpful as a software, mostly for novice clients and newer investors just getting into the game. Unfortunately, this web trader has been used by many scammer brokers, not so much recently though, but we still remember it being used by many unlicensed entities some years ago. There are a couple of useful tools here, but just enough to satisfy the target audience of the illicit broker.
BULLEXO DEPOSIT/WITHDRAW METHODS AND FEES
The user has only one choice of investment method: a direct BTC wallet, where the user is encouraged to deposit in a completely unreliable BTC address. There is no guarantee the user will ever have this money reflected in his/her trading account.
According to the site the minimum deposit is $500 for the Standard account, but as we already discussed account tiers rarely apply to unlicensed brokers. These levels are mostly used to create an image of professionalism around the otherwise fake broker.
It seems that the only way to take out money is through a bank transfer, but this is also not really made specific. In the withdrawal section of the client dashboard the client is told that there are applicable bank fees and commissions, but that’s just about it for the withdrawal information. The website holds no further details on the matter.
HOW DOES THE SCAM WORK
Scams have surprisingly little evolved over the past decades since their inception. It’s basically the same principle being rendered through different sites and by a plethora of different agents.
The core remains the same. The broker tries to grab the client’s attention either by advertising false profit gains, or by directly contacting the user, who is the vastness of the internet let his guard down at some point and either provided an email or a phone number to some now forgotten source.
Should the user get contacted (or fall for the ads) he or she will be shown to the website of the investment fraud and promptly be pushed to invest, either by sweet talking representatives of the scam, or by the account manager which is also the one that keeps the whole thing in check.
The ultimate goal is to compel the user to invest once, and after that the trap is fully shut. The client already lost money, and any further investments are a bonus to the broker. All withdrawals will not be available, and even if the broker seems to be keeping a straight face, it’s all part of the scheme.
Sometimes the users will get a small teasing taste of profit, just so they are motivated to invest more. But after that one time is when most clients realize that something is wrong.
WHAT TO DO IF SCAMMED
The best thing to do is to file for a charge back with your credit or debit card provider, provided that you had previously invested via them. MasterCard and VISA have a chargeback period of 540 days, so its relatively easy to get reimbursed, and that’s why fewer and fewer scammer brokers are offering card payments.
An easier way to lose money is through wire investments. The only advise we can give you is to contact the bank as soon as the money has been lost (or when you realize you have been played). That and to change your bank account password and user name!
We come to the favorite investment methods of unlicensed brokers – crypto wallets. These are untraceable, and thus once a payment goes through it’s finished! There is no real way of getting one’s money back.
Also do not trust recovery agent or agencies promising to get your money back. These will fee you a hefty sum in return for their services, but as soon as you pay them they will disappear!