BullBitcoin review – 5 things you should know about bullbitcoin.io

Beware! BullBitcoin is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

BullBitcoin presents itself as a broker suitable for investors who are just entering financial trading. But fact-checking reveals that this is yet another scam targeting people without sufficient experience and knowledge in this field. In this review, we’ll show you how to tell the difference between a trustworthy broker and a fake, using BullBitcoin as an example.

BullBitcoin Regulation and safety of funds

The BullBitcoin website lacks identifying information. No company name or contact address is provided. Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.

The text of the Terms and Conditions states that this broker is operated by a company with the generic name CRYPTO LTD, which is based and licensed in the United Kingdom.

However, there is no licensed broker with this name in the UK financial regulator’s database.

Another clue that BullBitcoin is a scam is the lack of a free account registration option. The website only allows you to send a request. Financial scammers sometimes prefer to handpick their potential victims through social networks and online forums, which is why they do not allow free registration. Genuine brokers allow easy Demo account creation.

If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. 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.

BullBitcoin Trading software

BullBitcoin uses a simple web-based trading platform that is accessible without registration. While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

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.

BullBitcoin Trading instruments

BullBitcoin’s trading platform includes cryptocurrencies, currency pairs, commodities, indices and stocks. But we have no good reason to believe this trading is real. Furthermore, the FCA prohibits brokers who do operate in the UK from offering crypto CFD trading to retail traders. So this is further proof that BullBitcoin is not what it claims to be.

BullBitcoin Spreads and cost of trading

In the trading platform we see a zero spread, which implies that the broker charges commissions for trading. But BullBitcoin does not provide any specific information about the price paid by the customer.

BullBitcoin Maximum leverage

BullBitcoin claims to offer leverage of up to 1:50, which exceeds the levels allowed to UK brokers. So this is further evidence that BullBitcoin is not a regulated broker.

Another such piece of evidence is the claim that BullBitcoin 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.

BullBitcoin Deposit and withdrawal methods

Due to our inability to register an account, we were unable to ascertain what payment methods  BullBitcoin uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.

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 or Neteller. If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.

BullBitcoin Minimum deposit

BullBitcoin specifies a minimum deposit of 250 GBP, which is the industry standard. But this means that for the same amount you could open a trading account with an established and duly licensed forex broker. Some of the leading brands in the industry offer Micro and Cent accounts with a very low entry threshold that are suitable for novice investors.

BullBitcoin Withdrawal requirements

BullBitcoin requires a minimum withdrawal amount of 100 currency units and charges a 30 USD fee for each withdrawal after the first of the month. But withdrawal becomes almost impossible if the account has used a bonus. Then the withdrawal is allowed once the minimum volume requirement – number of lots equal to the bonus amount divided by two is met. In addition the trading volume needed to reach the minimum requirements for trades made on the forex platform will be calculated as 0.1% of the actual volume traded. These are typical scam traps designed to block any withdrawal requests.