BullBitcoin – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
BullBitcoin - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2024
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://bullbitcoin.io
Founded: 2024
Regulations: No Regulation
Languages: English
Deposit Methods: Cryptocurrencies, Credit Card
Minimum Deposit: £250
Free Demo Account: Unavailable
Number of Assets: Unknown
Types of Assets: Currency Pairs, Cryptocurrency, CFDs on Indices and Commodities
Trading Accounts and Conditions
BullBitcoin offers their clients the following types of trading accounts:
- Beginner: The deposit range is from £250 to £2,500. Withdrawal approvals take up to 7 days. Leverage is 1:1. There is a 25% Welcome Bonus.
- Bronze: The deposit range is from £2,500 to £10,000. Withdrawal approvals take up to 4 business days. Leverage is 1:3. There is a 40% Welcome Bonus.
- Silver: The deposit range is from £10,000 to £25,000. Withdrawal approvals take up to 3 business days. Leverage is 1:5. There is a 50% Welcome Bonus.
- Gold: The deposit range is from £25,000 to £100,000. Withdrawal approvals take up to 2 business days. Leverage is 1:20. There is a 60% Welcome Bonus and rewards of up to £1,000.
- Platinum: The deposit range is from £100,000 onwards. Withdrawal approvals take up to 1 business day. Leverage is 1:50. There is a 70% Welcome Bonus and rewards of up to £5,000.
- VIP: By invitation only.
Spreads are not mentioned on the Account Types page, but on another page, the information is that the spreads start as low as 0.0 pips. Other trading conditions are not specified.
BullBitcoin – Advantages
There are no advantages to trading with BullBitcoin.
BullBitcoin – Disadvantages
Listed below are all the reasons why we have marked BullBitcoin as a scam and untrustworthy:
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Unregulated Clone Firm
This broker does not mention anything about their company name, location or regulation details on their website.
When you check their Terms & Conditions, the contract seems to be between the trader and a company called CRYPTO LTD (Company number 10307906). This company is located in London, England.
We checked the Company number and the name of the company, and both are registered with the Companies House in the UK. However, there is no mention of BullBitcoin or their domain name in that company information page. Added to that, this company is registered not as a financial services company, but in the Companies register, CRYPTO LTD is listed in the Business, Energy & Industrial Strategy section.
Furthermore, there is no record of either CRYPTO LTD or BullBitcoin in the FCA’s register. The FCA, which is short for the Financial Conduct Authority, is the United Kingdom’s financial authority, and all forex brokers must be registered with them. So, when a broker is not listed with the FCA, you know that that entity is operating illegally and is therefore a scammer.
And finally, another issue that we face with this broker is that they seem to have used another entity’s credentials and passed them off as their own in a bid to project legitimacy. Such entities are called clone firms.
Thus, our investigation into BullBitcoin’s regulation status has revealed that not only is this broker unregulated but that they are in all probability a clone firm, and this makes them the worst kind of scammers.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Incomplete Legal Documents
BullBitcoin does not bother to present the entire set of legal documents on their website either. We cannot find the KYC Policy, the AML Policy, the Privacy Policy and so on.
A regulated broker – a legitimate entity – would present the entire set of legal documents, not just the Terms and Conditions. It is the entire set of legal documents that tell us how legitimate a broker is.
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Issues with Registration
When you choose a new forex broker, the first thing you need to do is register for a trading account with them. This means filling in and submitting the registration form available on their website. Other documents may be required for verification purposes after the registration process is completed.
With BullBitcoin, there is not registration page at all. Instead, this broker demands that you send them a message, requesting them to allow you to sign up with them. This process is highly suspect, since this allows the broker to select the kind of applicants they want. This is a tactic we have seen many scammers use, where they can then specifically target the novice and untutored traders for their scam.
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Issues with Trading Platform
BullBitcoin’s lies continue with their trading platform. The broker promises an excellent trading platform that is web-based. However, when we checked their platform, we found out that it is a very poorly constructed piece of software, one that is more for show that for function. There is hardly anything you can do on this broker’s trading software.
When a broker compromises on the quality of their main offering, their trading platform, then you know that you are dealing with a scammer.
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Issues with Trading Conditions
BullBitcoin’s trading conditions are also another sign that we are dealing with a scammer.
The minimum deposit is just about within industry standards, but we need to point out that there are numerous upcoming and established brokers that require minimum deposits of less than $50.
The leverages seem to be targeting cryptos, because these numbers are not for forex pairs. The spreads are suspiciously low at 0.0 pips, especially since we do not know what commissions are being charged. Other trading conditions are all missing.
Such incomplete data tells us that we are dealing with a scammer.
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Issues with Withdrawal Policy
This broker’s withdrawal policy is also incomplete; the only thing BullBitcoin states is the processing time for withdrawal requests. And a 7-day turnaround time for such requests is simply outrageous, especially in times when this process can be completed almost instantaneously.
Beyond the withdrawal process time, we are not anything else about this broker’s withdrawal policy.
Conclusion
BullBitcoin is not trustworthy; this broker is a scammer.
BullBitcoin
Pros
- None
Cons
- Unregulated Clone Firm
- Incomplete Legal Documents
- Issues with Registration
- Issues with Trading Platform
- Issues with Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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