Forex Bullish – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Forex Bullish - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2020
According to the Terms and Conditions, you will contract with a company called Safe Side Trading Ltd, which is based in St. Vincent and the Grenadines. The contract states that Forex Bullish is owned by this company. So, the first thing that we have noticed about this broker is that it is located offshore, in a country that does not have financial regulations in place for CFD and forex brokerages.
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://fx-bullish.com
Founded: 2019
Regulations: Unregulated
Languages: English
Deposit Methods: Bitcoin, Neteller, PayPal, Skrill, Visa, American Express, MasterCard, Western Union, Discover Network, MoneyGram
Minimum Deposit: $100
Free Demo Account: No
Number of Assets: 200+
Types of Assets: Forex, Cryptos, Stocks, CFDs, Metals, Indices, Futures, Commodities, Bonds, Energies
Trading Accounts and Conditions
Forex Bullish offers 4 types of trading accounts to its customers:
- Classic Account: The minimum required deposit is $100, spreads are from 1.9 pips, and the leverage is up to 1:500.
- Standard Account: The minimum required deposit is $1,000; spreads are from 1.5 pips and leverages go up to 1:500.
- Premium Account: The minimum required deposit is $2,500; spreads are from 1.2 pips and the maximum leverage is 1:500.
- VIP Account: The minimum required deposit is $5,000. Spreads are at 0.6 pips and the maximum leverage is 1:500.
Forex Bullish – Advantages
There are no advantages to investing with Forex Bullish.
Forex Bullish – Disadvantages
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Unregulated Clone Firm
According to the Terms and Conditions, you will contract with a company called Safe Side Trading Ltd, which is based in St. Vincent and the Grenadines. The contract states that Forex Bullish is owned by this company. So, the first thing that we have noticed about this broker is that it is located offshore, in a country that does not have financial regulations in place for CFD and forex brokerages.
In the Contact Us section, this broker lists addresses in the UK, Switzerland, the US and Australia. And in the Licenses & Regulation section, the broker talks about being regulated by multiple financial authorities. Those are a lot of licenses to have, and it definitely lends a lot of credibility to the brokerage.
However, when we checked all these details, we found out that they were all lies. Here is the list and what we actually found out about Forex Bullish’s licenses:
- CySEC (Cyprus Securities and Exchange Commission) – license no. 124/10. There were documents found with this license number.
- IFSC (International Financial Services Commission), Belize – license no. IFSC/60/354/TS/18. There are no matching results found on the ISFC’s register.
- FCA (Financial Conduct Authority), UK – Reference No. 705428. This license belongs to a company called Trading Point of Financial Instruments UK Limited, which was founded in June of 2015. Its brokerage, com, was founded in July of 2019.
- ASIC (Australian Securities and Investments Commission) – No. 443670. This license also belongs to Trading Point of Financial Instrument Pty Ltd.
As you can see, this broker has lied about its regulatory status. Not only that, it has used the information of another regulated company and presented it as its own, which makes it a clone firm. This evidence clearly shows that this broker is a scammer and if you invest your money with them, you will lose all your funds.
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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Automated Trading Software Offered
Forex Bullish offers its clients the use of an automated trading software. There is no regular trading platform such as the MetaTrader 4 software.
Automated trading algorithms are used by traders who have years of experience in the market. But this broker sells it as an easy to use option which even novice traders can use. This is a lie. Without understanding the market dynamics, it is a sure way to lose money.
Furthermore, it is possible for the broker to fix the software so that you will lose money while trading. Brokers are market makers, which means that they make money only when you lose money while investing. So, if a broker offers you an automated software, it becomes a conflict of interest where the broker can program the software to cause you to lose your investments.
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High Returns Promised
Another red flag is that this broker promises that its clients will get high returns and that risks will be low. No broker can make this promise. The forex and CFD markets are notoriously unstable, which means that traders basically speculate on price movements. It is also a fact that most traders actually end up losing money while trading. Because of the uncertainty of these markets, authorities around the world insist that regulated brokers publicize what percentage of their clients actually lose money. This number ranges from 75% to 85%.
So, Forex Bullish promising high returns is just another lie that this scammer is telling you.
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Very High Leverage
Forex Bullish offers its clients a maximum leverage of 1:500. Considering that it is targeting markets in the UK, Europe and the US, these leverage levels are illegally high. Brokers in the UK are allowed to offer a leverage of up to 1:40, those in the EU are allowed to offer leverages of up to 1:30 and those in the US are allowed to offer leverages of a maximum of 1:50. The only market that allows such high leverages is Australia.
Besides the fact that this broker is offering leverages that are mostly illegal, high leverages also carry high risk.
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High Dormant Account Fees
Forex Bullish states in its Terms and Conditions that if an account has been inactive for 3 months or more, then the broker will charge a monthly fee of $99.90, which is excessively high. Most regulated brokers charge a nominal fee – and that too after 6 to 12 months of inactivity.
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Fake Testimonials on Website
If you read through the testimonials that Forex Bullish has published on its website, then you will know that they are manufactured. The broker also claims that it has helped its clients increase their investments by 100%.
Conclusion
Forex Bullish is an offshore clone firm that is operating outside the law. If you invest your money with them, you will lose all your funds. It would be best to find a regulated broker that has clear terms of service, so you know what you are getting into.
Forex Bullish
Pros
- None
Cons
- Unregulated Clone Firm
- Automated Trading Software Offered
- High Returns Promised
- Very High Leverage
- High Dormant Account Fees
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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