Beware! Bull Fighters is an offshore broker! Your investment may be at risk.
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Bull Fighters is a website full of assurances of transparency and trustworthiness. But fact checking leaves no doubt that this is not the regulated forex broker it claims to be. In this review, we will take a detailed look at the reasons why it is advisable to stay away from Bull Fighters.
Bull Fighters Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has.
Genuine brokers also provide access to a comprehensive set of legal documentation. The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.
The owner of the website is listed as the company Bullfighters Uk Ltd, allegedly based in the UK.
In order to operate as a forex broker in this jurisdiction, a company must have the relevant licences from the Financial Conduct Authority (FCA). But a check of that regulator’s register shows that Bull Fighters is not among the authorised financial services providers.
If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the FCA.
These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the Financial Conduct Authority (FCA). They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.
Bull Fighters Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|Bull Fighters platform||✅||❌||✅||❌|
|cTrader||40+ indicators||✅||✅||Android and iOS|
After registering an account we get access to a basic looking web trading platform. The menu for placing orders was not active for an unverified account. In addition, the platform did not display current buy and sell prices.
It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.
If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
Bull Fighters Trading instruments
Bull Fighters states that it offers trading in all major asset classes, including cryptocurrencies. The latter constitutes further evidence that this cannot really be a licensed broker in the UK because the FCA prohibits trading in crypto derivatives.
Bull Fighters also does not provide specific information on trading conditions. When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.
Bull Fighters Spreads and cost of trading
As stated, even the trading platform itself does not provide information on what the price paid by the customer is.
Bull Fighters Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
In the Bull Fighters platform we see a leverage of 1:2000. The website indicates a level of 1:500. This in itself is proof that we are not dealing with a licensed British broker.
High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.
Another such evidence is Bull Fighters’ claim that it offers bonuses. Regulated brokers are prohibited from offering bonuses and promotions. Scammers often use promises of supposedly generous bonuses to tie their potential victims to extortionate terms.
If you are nevertheless willing to take the risk of high-leverage trading and want to take advantage of bonuses, promotions and prize games, the best option is to use the services of offshore brokers operating under an established brand.
Bull Fighters Deposit and withdrawal methods
At the time of writing this review the deposit menu was not active. We were therefore unable to ascertain what payment methods were available.
Experience has shown that fake brokers routinely advertise conventional payment methods, but actually steer their potential victims towards cryptocurrency transactions. This not only guarantees them anonymity, but also deprives the defrauded of the option to request a refund or chargeback.
Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill, Neteller or Sofort.
If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.
Bull Fighters Minimum deposit
The minimum deposit required by Bull Fighters is 150 USD. For the same or often lower amount you could open an old account with almost any licensed broker.
Bull Fighters Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Bull Fighters||100-300 lots for 1000 USD bonus||5%||$10|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
The minimum withdrawal amount is 10 USD. Bull Fighters charges a 5% withdrawal fee if the customer has made less than five ” independent transactions”.
When a bonus is used, the withdrawal becomes conditional on meeting minimum volume requirements – between 10 million and 30 million currency units for each 1,000 USD bonus.