Beware! FulBrightSl 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.
When your website opens with none other than actor Matt Damon walking forwards and breaking the fourth wall, you’re either in a perfect position to hire him to act as mascot for your broker, or you’re full of it. It did not take us long to know that FulBrightSl, or Fulbright Securities Limited, is very much full of it, and this review proves it. Relying on a world famous actor, or another personality, it illegal without the approval of the individual, and something tells us that FulBrightSl has forgone notifying Mr. Damon of their unauthorized usage of some stock footage of him.
It all became very clear the moment we opened an account, which took no more than 10 seconds. We were then redirected to one of the most common scammer user areas out there. There was also a web trader which, safe to say, was unimpressive, and lackluster.
But at least we had something to work with. The EUR/USD cost of trade was 0.4 pips, while the leverage was capped at 1:100. The website leverage varies very much from this one, and in fact differs from sub section to subsection. Moreover, there is no way that we will ever trust such a low spread value, considering that the broker has not even provided any spread commissions details. This spread is either completely false, or has a hidden commission somewhere.
FULBRIGHTSL REGULATION AND SAFETY OF FUNDS
We always find that when a broker goes overboard with the legal details it’s either a very serious company or the biggest liar ever. Well, you can guess what FulBrightSl is, just by the context.
The claims that FulBrightSl is regulated by the FCA, ASIC, and the Financial Services Authority Seychelles, is a serious contention. But as you might have already guessed, none of these regulators oversee the broker. There are no results in their databanks for one FulBrightSl. So, the firm here has lied.
Moreover, we find a UK address claim, but in no way should this be considered as a serious legal claim. If the firm is somehow located in the UK, then it’s only a matter of time until it gets busted.
Moreover, there are no terms and conditions, which are the most crucial legal documents. Need more proof that FulBrightSl is unregulated and a risk to all invested capital?
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
FULBRIGHTSL TRADING SOFTWARE
This is the trading platform available here. It’s not much, you might say, but this is actually overselling it.
This is perhaps one of the worst one ever, and it’s obvious why we have seen it used only by unregulated brokers. Notice the third party chart? It means that the trading values might not be the broker’s own, but originate from a completely different place. As for the rest of the web trader, it’s pretty much useless. There are no tools or options trustworthy enough, and it barely scrapes what the standard web trader should look and feel.
FULBRIGHTSL DEPOSIT/WITHDRAW METHODS AND FEES
From the user area, we find that the payment methods are a Bitcoin wallet, credit cards, debit cards, and some e-wallets. The minimum deposit is $250 for cards, and there is no minimum for BTC. Please be advised that all crypto deposits will be lost as they are untraceable with unlicensed brokers.
From the withdrawal area, we are told that the available withdrawal methods are bank, Bitcoin, Ethereum, USDT, and card, immediately revealing that FulBrightSl is not adhering to anti-money laundering rules.
There is no payment information on the website, and thus we have to stop here. But even if we did find details, it would not have changed the fact that FulBrightSl is a scam and a risk to all. Investing here would be a mistake as all funds will be lost.
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.