BullGeko really thought it could conduct its illicit scam under the radar. Fraudsters like this one always get busted.
We’ve analyzed the case of this phony provider in the BullGeko Review. Read it carefully to see why the BullGeko broker cannot be trusted.
Despite claiming to operate under the jurisdictions of the UK and Australia, BullGeko is an offshore entity from the Marshall Islands.
Basically, it operates in an offshore domain where the Forex market isn’t regulated. BullGeko is unlicensed and yet it provides services to traders onshore, which is illegal and violates the rules set by the likes of the European Securities and Markets Authority (ESMA) and the UK’s FCA.
A broker is as good as the license it possesses and we’re afraid the BullGeko regulation is fake. Instead of dealing with offshore fraudsters, seek out Tier 1-licensed brokers that are authorized by reputable regulators such as the FCA, ASIC, CySEC, etc.
BullGeko is an unregulated offshore broker from the Marshall Islands. The financial swindler has been defrauding unsuspecting traders from the UK, Netherlands, Australia, Canada and New Zealand since November 2021.
The BullGeko reputation found on its website is misleading. First of all, it seems that this dubious BullGeko Limited isn’t found in the database of the Marshall Islands’ regulator GLOFSA.
Thus, the company isn’t present in the financial market. It’s just a ruse to make the scam seem legit and so are the two fake addresses. Yup, BullGeko had the audacity to post a UK and Australian address.
Needless to say, both are fake. We found a jewelry store located at the UK address that BullGeko provided.
Since November 22, 2021, BullGeko has been implementing its scam and defrauding unsuspecting traders from the following countries:
As mentioned, the heat is on BullGeko in Canada and the Netherlands. It would be great if other regulators reacted to this threat as well. If you have useful info, tell us, please.
Let’s see what Trustpilot users have to say about BullGeko. The page may be misleading as the broker has a good average rating. Yet, the majority of the recent reviews are essentially complaints.
Some are concise warnings while others are lengthy confessions and explanations. Traders have been saying stuff like this:
Gains trust making returns on small invest to groom and then gets you to invest more. Suddenly pulls the plug without warning and you can’t log in and no response from previous ‘best friend’ investor.
The BullGeko trading platform hasn’t been described so well. From the info on the broker’s website, we suppose it’s a WebTrader.
WebTrader is a browser-based platform with basic charts, graphs and calendars without any advanced features such as automated trading. BullGeko doesn’t support any third-party software such as MT4, MT5 or cTrader.
Both are available. Since WebTrader is accessible via a browser, all you need is an internet connection.
There is no need for a separate app. The issue here is that BullGeko is unregulated so neither version of the platform is safe. Your funds could be missing the next day.
Scammers such as BullGeko have several ways of finding clients online. Things you should watch out for – Google ads, Facebook & Instagram posts, YouTube videos, online campaigns, etc.
Also, be cautious about being dragged into private WhatsApp and Telegram chats or texting via dating apps such as Tinder. Fake LinkedIn ads could be a dangerous trap.
Last but not least, the scammer can send you an email or call you directly on your phone in a pushy and assertive manner.
Here’s what BullGeko advertises on its website:
What we have in this segment is a trap. Namely, BullGeko claims to offer spreads from 0.1 pip and 0 pips (VIP account) with no commissions.
Offshore hoax brokers like this one intend to steal all your deposits. So, they don’t need fees and commissions to earn money like legitimate providers.
BullGeko offers four different account types:
The shady broker didn’t specify the minimum deposit amounts for each type. BullGeko listed different perks for its accounts but that’s probably another lure. The leverage wasn’t disclosed and since there’s no demo account, we couldn’t check for ourselves.
No. There’s no free demo account available with BullGeko. That’s not how legitimate brokers roll but BullGeko doesn’t seem to care.
Thus, we strongly advise you not to invest in this fraudulent scheme. You would be risking your money right off the bat.
Allegedly, the BullGeko withdrawal procedure is performed using the following methods:
No fees are involved except for the inactivity fee of 30 $. However, withdrawal issues will undoubtedly appear given this shady bonus clause we found in the T&C section:
Trading bonus are added value that matches customers deposit providing extra trading leverage. Eligibilty and conditions ob bonus are subject to change. Company also has special agreements with affiliates joining bonus, sign up bonus and referral bonuses. Micro accounts are not subject to trading bonus. Client are not required to accept bonuses. All accounts with bonuses are required to meet trading turnover before withdrawal (deposit +bonus x30 = withdrawal) Company reserves right to cancel bonus at anytime.
Basically, if you invest 1,000 $ and receive a bonus of 500 $, you’d have to achieve a trading volume of 45,000 $ to be able to withdraw, which is insane. This is why onshore European regulators banned bonuses.
Global Fraud Protection recently learned about multiple cases of traders losing money to BullGeko. If you’ve been scammed, know that you’re not the only victim of BullGeko scam.
We’re here to tell you that there’s no time to cry over it. Instead, our team of experts will gladly help you get your money back as they specialize in bank chargebacks, recalls and advanced CipherTrace crypto tracing methods.
If this broker steals your money, contact us for help. Book your free consultation today via Online Chat, the easiest and fastest way!
Absolutely not. BullGeko is unregulated and flagged as a scam by official warnings. Call us for help if you need a refund.
No. There’s no free demo account available on BullGeko’s website.
No. Since BullGeko offers a proprietary web platform, there is no need for an app.
No. Several traders have lost money to BullGeko already. The broker cannot be trusted.
Absolutely not. BullGeko is unregulated and flagged as a scam by official warnings. Call us for help if you need a refund.
No. There’s no free demo account available on BullGeko’s website.
No. Since BullGeko offers a proprietary web platform, there is no need for an app.
No. Several traders have lost money to BullGeko already. The broker cannot be trusted.
The post BullGeko Review – Bullgeko.com Is A Dangerous Offshore Broker appeared first on Global Fraud Protection.
