Beware! Bullden 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.
Bullden claims to be one of the largest Forex brands, but that’s a pure lie. In reality, Bullden.io is just another anonymous website that appeared online less than 6 months ago, so all their statements are practically false and fraudulent, aimed to create a false sense of expectation and security. Bullden is a scam, and we will review it.
Bullden Regulation And Safety Of Funds
Bullden doesn’t share a single corporate detail – no address, no company names, no licenses (if any), and basically absolutely nothing relevant for a Forex broker is provided. The business entity is totally anonymous, and we can neither say who operates the brokerage nor where it’s actually located. The lack of transparency is evident and triggers a major red flag – shadiness is always a warning sign!
However, there is a much more critical aspect in this case! Bullden is an exposed scam, as it was blacklisted by the Belgian regulator FSMA. The brokerage was included on a list of scams, and FSMA warned that these platforms act aggressively, trying to persuade the victims to allow them to take control of their computers remotely in order to make money transfers. The authority continues, saying that the fraudsters also try to convince victims to invest increasingly higher amounts of money. So, with all those things considered, we confirm that you’ll lose money to fraud if you deposit with Bullden!
Avoid it, and find real Forex brokers instead – Bullden is a fake one! For example, CySEC (Cyprus) brokers and FCA (Britain) brokers have been proven safe because both authorities impose tight restrictions to ensure the safety of clients’ funds. The mandatory regulations include client account segregation, risk-reducing measures like leverage restrictions, negative balance protection, and increased capital requirements to license a broker (€730 000). But most notably, both CySEC and FCA brokers are covered by deposit insurance funds – clients of Cyprus brokers can claim up to €20,000 in compensation, while UK protections are up to £85 000 per person! On the other hand, trading with fishy unregulated brokers will leave unprotected and vulnerable to fraud, so it’s never recommended to trust your money with such entities.
And here, you can see a fraction of the FSMA’s list of scams:
Bullden Trading Software
On its website, Bullden states that its platform is one of the best on the markets, but that’s just another lie. The Webtrader we encountered is anything but good – it’s just a simple web-based terminal that cannot offer any advanced tools whatsoever.
So, even if we didn’t already know that Bullden is a scam, we would still urge customers to avoid the brokerage simply because of the inferior trading software. That said, we’d like to introduce our lists with MetaTrader 4 brokers and MetaTrader 5 brokers. The high-rated companies on top of the lists are safe and allow access to the best Forex software. Both MTs are leaders known for their security and advanced trading features like automated trading and analytical tools, strategy testers and the marketplace with thousands of Forex apps that can help you achieve better results. Trading with MT brokers is a good option, but bear in mind that markets are overcrowded with scammers, so trusting regulated companies only is a must!
Bullden Trading Conditions
The trading conditions are not so good. Bullden offers 255 trading instruments grouped into 7 asset classes – Forex, Stocks, Indices, Crypto, Commodities, Metals and NFTs. The number of asset classes is sufficient, but bear in mind that regulated brokers provide thousands of instruments, not only 255!
The trading costs are somewhat good as the average EUR/USD spread is floating around 0.5 pips, a rate in line with the industry standard ($5 per lot traded). That said, we’d like to remind you that Bullden is still an exposed scam, so the favourable price for trading remains irrelevant.
The trading risks are high as leverage is 1:100 by default, and we didn’t find a way to reduce or increase it. 1:100 is prohibited in too many jurisdictions, so Bullden’s services are practically illegal in the EU, US, UK, Australia, Japan and other countries. Beware!
Bullden Deposit/Withdraw Methods And Fees
Bullden does not impose minimum deposit requirements, so allegedly, customers can deposit as little as $1. Still, Bullden is an exposed scam, and you shouldn’t deposit even a cent there, so why don’t you check our affordable brokers instead? Some of them will let you open an account for as little as $5.
As for funding, clients can deposit via Bitcoin only, which is a red flag, as all transactions are final and non-refundable. Simply put, once you deposit with Bullden and get scammed, you’ll have no chance of recovering your money!
Considering withdrawals, there is not much specified, except for the conditions after a bonus. Namely, once clients accept incentives, the following formula applies: the bonus amount/4 in terms of lots. Simply put, for a bonus of $200, clients should trade 50 lots (5 000 000 USD), which is a totally unacceptable requirement!
As for fees, Bullden doesn’t specify much either, with the exception of the dormancy charge – $50 monthly, which is yet another unacceptable condition! Bullden is a scam!
How Does The Scam Work
Forex scams are not as sophisticated as you might think. The scheme usually consists of a fraudulent website and a scam call centre called a boiler room. Scammers pay little attention to excellence and create scrappy websites as they focus on contacting as many people as possible, and for that reason, their websites are usually substandard and ignorant. And to find victims, scammers use social media, Discord groups, Telegram chats, fraudulent ads, and most notably, they interact with hackers to buy people’s details. What usually happens is that you may receive an unsolicited phone call or a chat on social media by scammers who promote get-rich-quick schemes, guaranteed earnings, bonuses etc.
But the worst part of the scheme unveils after the first deposit. Clients will be fooled with fictitious profits, followed by promises for even more gains and requests for more deposits. In the worst case, victims will deposit again, but if they want to withdraw, they will not be allowed to. In a typical trick, scammers say that clients should pay taxes in advance if they want their money back. If this happens, the fraud becomes more than evident, and victims usually realise they’ve been scammed.
What To Do If Scammed
Inform the authorities first – call the police, contact other regulators and agencies and report what happened. Also, deactivate your cards ASAP and call your bank to inform them about what happened. They’ll give you instructions.
Unfortunately, if you deposited cryptocurrencies, there is not much you can do as these transactions are irreversible. If you used your bank card, you’d at least have the chance to file for a chargeback. However, keep in mind that scam recovery agencies are flooding the market, so you need to be cautious while trying to get your money back.
And lastly, consider sharing your experience to help protect others; we’ll appreciate it!