Fxbulls.com is an offshore broker who lives off the legacy of legit brokers. You do not want to trade with this broker, and its not just us; even CySEC thinks so. Read this FXBulls broker review to understand why you should avoid this broker.
In our bid to keep forex traders from scam brokers, we have made it our duty to review forex broker websites. That way, we can help you tell which one is legit and which one’s not. This review tells you all you need to know about FXBulls Broker.
About FXBulls Broker
FXBulls is a forex brokerage company, founded in 2018 without reference to any parent company whatsoever. The contact info section of fxbulls.com situates them in Hong Kong. However, they claim to be licensed in different countries by multiple financial agencies including FCA, CySEC, FSCA in South Africa and DFSA in Dubai Apparently, they tade in forex and CFDs, but is any of this even true? We don’t think so.
The website of this broker gives us more than enough reason to doubt their credibility. Let’s take a look at what we found.
FXBulls.com: Reasons to Stay Away
We found these red flags on fxbulls.com. You just might want to avoid this broker.
FXBulls Withdrawal and Deposit
FXBulls actually have an impressive minimum deposit amount. They manage to maintain the industry average of $100 and some of their deposit methods include; Bank wire, debit/credit cards, NeTeller, and BTrade.
However, it would be unwise to get too excited too soon. The withdrawal terms and conditions of FXBulls brokers are UNKNOWN. This is because there are no Terms and conditions on the website. The withdrawal fees, processing time, minimum withdrawal amount, dormancy fees, and other terms are unknown.
The above is a clear sign of an illicit broker. Do no trade with a broker until you are explicitly sure of their trade terms and conditions.
Fxbulls.com Trading Platform
Fxbulls.com happens to sneak in one positive thing to it’s name; it uses the Metatrader 4 trading platform, the most popular trading platform in the forex industry today. This trading platform, for reasons too many to list, has topped the forex market for a long time. Even its successor; Metatrader 5, hasn’t replaced it. Offshore broker or not, Fxbulls does a good thing by employing this platform.
On the other hand, the maximum leverage offers by this broker is 1:500. This is a worrisome number, for a company that claims to be registered by the FCA and CySEC. These regulatory bodies have long ago, set their maximum allowable leverage at 1:30.
FXBulls Licensing and Regulation
First and foremost, FXBulls has received a warning from CySEC, one of the most reputable financial regulatory agencies, as seen in the photo above. This is enough to render every other claim they have as invalid, but for the sake of formalities, let’s go further.
FXBulls is a company situated in Hong Kong; or so they claim, yet they are not registered by the HKSFC, the financial regulator in Hong Kong. They even go ahead to tell us they are registered in Dubai as Global Markets MENA Limited; a name belonging to FxPro brokers. They also clone the logo of XM brokers and tweak it a bit for their use.
FXBulls is more or less a clone broker, not licensed to run a brokerage company.
Conclusion: Is Fxbulls.com a Legit Broker?
No! Fxbulls.com has been warned by CySEC. Furthermore, they have no Terms and Conditions, and have all the makings of a clone site. It truly goes without saying that they’re an illicit broker website.
Hence, any funds you deposit with them is at maximum risk. We do not recommend that you trade with this broker, and we advise you deal with a transparent broker who’s licensed by a reputable agency.
If however, you wish to add something else about this broker, feel free to use the comments section.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!