FOREX

FXBulls Review: Is Fxbulls.com A Safe Broker Or A Scam?

Fxbulls.com Review: this is the website of FXBulls, a Forex broker that claims to be regulated in the UK, Cyprus, South Africa and Dubai. Is it safe to invest funds in FXBulls? Consider our reviews and see our expert take on this.

The most vital part of our reviews is uncovering if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

FXBulls does not disclose where it is based, but it does make bold claims of being regulated in the UK by the FCA, in Cyprus by the CySEC and many other recognised Forex authorities. But on checking, we found that these authorities do not list it among licensed brokers.

Also, it tries to copy XM’s logo, likely trying to pass itself as being affiliated with this top industry company. However, we found that FXBulls is a blacklisted broker under CySEC’s watchlist already.

Thus, we conclude that this is an unlicensed broker. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of FXBulls

FXBulls makes the usual claim of offering users the best in the Forex market. From fast trade executions to high-tech technology and so much more.

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It is common for Forex brokers to claim that they provide the best trading environment in the market. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

FXBulls Trading Platform

The broker mentions that traders can get access to the MetaTrader 4 trading platform. Additionally, it also offers a web trader for those who prefer it.

We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots. Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

FXBulls also mentions that traders can use such instruments as Forex currencies, commodities, indices and cryptocurrency on its platform. While this seems tempting, it is only mentioning it because legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The broker mentions offering maximum leverage of 1:500. It is important to note that while some leverages may seem generous, it is not advisable. High leverages can lead to huge loss of funds for inexperienced traders.

FX Bulls also claims to offer 1.5 pips spreads, which is quite high and risky. Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

FXBulls Deposit and Withdrawal Methods

We found that FXBulls supports deposit via visa, Mastercard, Neteller, wire transfer and Btrade. This also another ploy to pass itself off as a legit broker but we are not fooled.

One of the characteristics of a legit broker is allowing deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

The minimum deposit required is $100. This is not surprising as all the deposit methods it mentioned are all for cryptocurrencies. Usually, many legit brokerages require between $100 – $250 or even lesser.

FX Bulls says nothing about withdrawal or deposit charges.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is FXBulls Licensed?

No. FXBulls is not a licensed brokerage and cannot be trusted. It tries to pass itself off as an authorised broker but it turns out that this is false.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get in touch with this Forex broker call:  +91 7567 555 02 or send an email to: support@fxbulls.com

Conclusion

FXBulls has proven to be a broker unworthy of trust and thus, we rate it low. It also does not reveal enough information for us to go on with and tries to falsify some claims. Do not invest with any company that falsifies claims and hides many of its trading conditions.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website

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FXBulls

2

TRADING CONDITIONS

2.0/10

LICENSE

1.0/10

CLIENT REVIEW

1.0/10

CUSTOMER SUPPORT

4.0/10

Pros

  • Affordable deposit minimum

Cons

  • Blacklisted/unregulated broker
  • Hidden withdrawal and deposit conditions
  • Impersonating another company
Summary
Review Date
Reviewed Item
FXBulls
Author Rating
11stargraygraygraygray

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