Beware! Bullxm 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.

 

Bullxm provides us with many reasons to doubt that it truly represents a trustworthy forex broker. In this review, we will look at the clues that this website is in all likelihood a scam, and point you in the direction of more credible investment intermediaries.

Bullxm Regulation and safety of funds

Guaranteed FundsSegregated AccountsNegative balance protection
Bullxm
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.

Bullxm, however, is anonymous. The Terms and Conditions state that the broker is based in South Africa, but no legal entity name, regulatory licence number or office address is given.

There is no licensed broker using the Bullxm’s trade name and domain in the database of the regulator in that jurisdiction, the Financial Sector Conduct Authority (FSCA).

Financial authorities in another country, Greece, have issued warnings to investors that the Bullxm is not authorised.

If you have decided to invest in financial instruments you have a choice of much more trustworthy options.

Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.  In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

Bullxm Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
Bullxm platform30+ indicatorsAndroid and iOS
MT430+ indicatorsAndroid and iOS
MT550+ indicatorsAndroid and iOS
cTrader40+ indicatorsAndroid and iOS

Bullxm implements one of the industry’s most popular trading platforms, MetaTrader 4 (MT4).

It should be noted that the presence of some kind of trading software is no guarantee that this is a genuine broker. Financial scammers often use rigged trading platforms to fool their victims that their money is actually being invested. However, this trading is entirely fictitious and the money goes directly into the scammers’ pockets.

There are more than enough licensed brokers offering clients the MT4 experience and/or the newer version of the software 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.

Bullxm Trading instruments

CurrencyStocksIndicesCryptoCommodities
Bullxm
XMYesYesYesNoYes
FBSYesYesYesYesYes
FXTMYesYesYesYesYes

In theory, Bullxm offers trading in a large number of financial instruments from all major asset classes. But in practice there are no guarantees that this trading is real. It is undoubtedly wiser to invest through a licensed and established forex broker rather than through such an anonymous website.

Bullxm Spreads and cost of trading

BullxmXMFBSFXTM
Spread EURUSD30.611.1
Spread GBPUSD31.31.21.4
Spread USDJPY31.31.21.4

The trading software has a very high spread of 3 pips. This is double the industry standard and is very disadvantageous to the client.

Bullxm Maximum leverage

ForexStocksCryptoGoldIndices
Bullxm400:1100:110:1100:1100:1
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

Bullxm offers leverage up to 1:400. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders.

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

Bullxm Deposit and withdrawal methods

Deposit timeWithdrawal timePrice
Bank wire2-5 business days2-5 business days$25+
Credit cardInstant24 hoursNot specified
Fee depends on crypto

Bullxm allows the deposit of funds through obscure payment processors.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller

Bullxm Minimum deposit

BullxmXMFBSFXTM
Minimum deposit$500$5$10$5

The minimum deposit required is 500 USD. For a significantly lower amount you could open a starter trading account with a duly licensed and established forex broker.

Bullxm Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
BullxmNot specifiedNot specifiedNot specified
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

Bullxm does not specify extraordinary conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.

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