In the BullishFX review, you’ll read exactly why BullishFX is a scam broker. The website of this scammer is absolutely bogus.
It looks unfinished and its content is deceitful, to say the least. Keep reading to find out how we exposed this fraudulent online scheme.
Here’s the main problem – BullishFX is unregulated. The brokerage is allegedly run by Oval Capital International Ltd from Hong Kong. However, this company isn’t registered with Hong Kong’s regulator – the SFC.
Therefore, BullishFX regulation claims are fake. The broker is unlicensed to provide trading services. Instead of trusting such a fraudulent entity, we suggest you look for a provider that has a legit trading license, preferably Tier 1.
Make sure your broker is registered with renowned financial authorities such as the FCA, BaFin, CNMV, ASIC, FINMA, etc. Regulators under the jurisdiction of the European Securities and Markets Authority (ESMA) are a pretty safe bet.
BullishFX claims to operate under the jurisdiction of Hong Kong, but the broker isn’t registered with the SFC. Promising Forex trading and CFDs on metals, the broker scammed traders from the US, Philippines, and Indonesia.
As mentioned, BuillishFX is not a valid Hong Kong-based broker. Neither BullishFX nor Oval Capital International Ltd is registered with the SFC, and all Hong Kong financial market entities must adhere to the SFC.
The broker and the company may not even be connected for all we know. Moreover, BullishFX didn’t provide a valid physical address on its website. The BullishFX reputation is going down the drain.
We did some research to find out where this illicit broker was active. Turns out, BullishFX set its sight on “nearby” archipelagos.
Not just that, we also noticed traces of this scam all the way across the Pacific. Here are the three countries where BullishFX looked for victims:
On the top of our head, we can think of several ways scammers find victims. They often buy Google ads, create fraudulent Facebook, Instagram & YouTube content, post fake LinkedIn ads, etc.
Or, they might hire agents to run online marketing campaigns for them. A more direct approach would be private WhatsApp & Telegram chats.
To that, add persistent phone calls and emails. Sometimes scammers even spend weeks or months trying to “seduce” potential victims on dating apps such as Tinder. Our bet is that BullishFX uses one or more of these methods.
BullishFX’s only available trading platform is MetaTrader 4. If you by some chance researched trading platforms, you surely came across MT4.
This phenomenal platform was designed by MetaQuotes in 2000. Ever since then, traders have been utilizing MT4’s cutting-edge tools.
The platform offers an abundance of advanced options such as automated trading, live market reports, instant execution, multiple timeframes, etc. It’s truly a gem of a platform but the problem here is that BullishFX is unregulated.
Seems unlikely. BullishFX didn’t mentioned mobile trading. The platform page on the website is broken. As for the platform, you cannot access it without completing the verification process.
BullishFX provides Forex and CFD trading. Aside from FX currency pairs, the broker included only CFDs on precious metals.
For FX currency pair trading, BullishFX included only market spreads. The average spreads for XAU/USD (gold) and XAG/USD (silver) are 50 and 5 pips, respectively.
BullishFX didn’t disclose commissions. That’s a red flag because all legit brokers mention how much they charge per lot. Then again, BullishFX isn’t a legit broker.
BullishFX doesn’t offer an account division. Basically, you have only a basic live account, about which we know nothing since the scammer didn’t go into detail.
The minimum deposit is unknown and the leverage cap is 1:500, which is considerably high and risky. Bear in mind that Hong Kong’s SFC imposed a leverage restriction of 1:20 for retail clients.
No. There’s no free demo account. This is bad news because it means traders have to open a live account and invest real money before even seeing the platform and trading conditions. They are, therefore, exposed to great risk, especially considering BullishFX’s unregulated status.
The White Label is essentially a partnership program. BullishFX invites you and your member to trade using the broker’s “superior technology” and other benefits.
White Label seems like a suspicious scheme. Apparently, all you have to do is apply for a partnership but we advise you not to.
The funding methods, as well as the required minimum deposit, is a mystery. This is what we’ve been writing about the whole review, BullishFX hasn’t got an ounce of transparency.
We don’t know about the BullishFX withdrawal process but we guess that’s the segment where problems may arise. We don’t want problems, do we? So don’t invest hard-earned money into this scam.
If you’re having withdrawal issues or if the broker violated any terms and conditions, please write a complaint. We can help you report the scammer to Hong Kong’s SFC.
The method of getting a refund depends on which payment option you used to deposit funds. Over here at Global Fraud Protection, we have a team of experts that specialize in bank chargebacks and crypto-tracing solutions such as Cipher Trace.
If this broker steals your money, contact us for help. Get in touch with us today using Online Chat, the easiest and fastest way to book your free consultation.
No. BullishFX is anonymous and unregulated. Don’t invest! If you did, contact us as soon as possible to get your money back.
No. BullishFX doesn’t offer a free demo account, which means you have to open a live account and risk losing money.
No. BullishFX claims to offer only the desktop version of MT4.
Yes, MT4 is a great platform. However, the broker’s unregulated status is a big problem.
No. BullishFX is anonymous and unregulated. Don’t invest! If you did, contact us as soon as possible to get your money back.
No. BullishFX doesn’t offer a free demo account, which means you have to open a live account and risk losing money.
No. BullishFX claims to offer only the desktop version of MT4.
Yes, MT4 is a great platform. However, the broker’s unregulated status is a big problem.
The post BullishFX Review – You Must Avoid This Perplexing Fraud Broker appeared first on Global Fraud Protection.
