Finding a Forex broker that is well regulated and which will keep their word to the end is harder than what many new traders think. More often than not, new traders fall prey to rogue FX brokers. It is important for you, the trader, to gather as much information about a broker before deciding to open an account with them. In our Bulltraders.com review, we are going to explore the different features of the broker which should help you determine whether the broker is legit or not.
The Bulltraders.com broker overview
Bulltraders.com was established in 2009. The brokerage firm is owned and controlled by BT Technologies Ltd which is located at the Jaycees Building Stoney Ground, Kingstown, St Vincent and the Grenadines. The company has engaged BT Technologies Ltd, Leganitos for analysis and financial research. The company is based in Madrid, Spain. According to the official website, official payment services of the firm are provided by Cauri Ltd 20-22, Wenlock Road, London, U.K.
In our Bulltraders.com scam review, we will see that the firm touts some of its features to traders as long experience and having more than 150 instruments to choose from. Like is the case with many FX brokers today, Bulltrader.com offers customers CFD, indices, commodities, FX, and crypto trading services.
Regulations and license details
Bulltraders.com is registered in St Vincent and Grenadines. The registration number is 23345 IBC 2016. It is good to note that St Vincent is a leading destination for crooks and tax evading businesses. The corporate, as well as financial laws in this jurisdiction, are quite lax and this makes it a haven for shell corporations. There is a risk that in case something happens to the company, you will never recover your money. A trader should seek to open an account with an online broker that is properly regulated. Among the leading regulators in the world include the Financial Conduct Authority (FCA), Cyprus Securities Exchange Commission (CySEC), and ASIC of Australia.
The broker’s official website states that persons living in the USA, Japan, Korea and some provinces of Canada cannot operate an account with them.
Trading experience at Bulltraders.com broker
Bulltraders Forex broker has a proprietary trading platform which was developed by UTIP technologies. This platform is compatible with desktop computers, mobile devices and web-based gadgets. When you use this trading platform, you will access features such as stop-loss and take-profit options, trading reports, economic calendar and market analysis. You may be familiar with MetaTrader4, the most popular trading platform among FX traders. At the time of preparing this Bulltraders.com review, the broker did not have MT4 as one of the trading platform options.
When you open a Standard Account with Bulltraders, you will enjoy leverage of up to 1:100. However, all the other types of accounts enjoy 1:200 leverage. It is important to note here that brokers licensed by CySEC which is a leading regulatory body only allow 1:30 leverage for currency pairs. This is in accordance with the ESMA regulations. Very high leverage by brokers has been seen to be detrimental to traders, especially the newbies. In this Bulltraders opinion, we advise traders to keep away from Bulltraders.com.
The different types of accounts
The Bulltraders website is a bit crowded and you might have a hard time finding what you want. You will get to know of the different types of accounts the broker offers after reading several Bulltraders.com reviews. There are three types of accounts; namely, Micro, Standard, and Pro. The Micro Account doesn’t require a minimum initial deposit. With this account, you get to enjoy trade sizes of 0.01 lots and leverage of 1:200. The Standard Account requires a minimum initial deposit of $1000. The trade size allowed is 0.1 lots and the spread is 2 pips. The premier account at Bulltraders is called the Pro Account and a trader is required to make an initial deposit of $5000. The maximum leverage allowed for this account is 1:200 while the spread stands at 2 pips.
Is Bulltraders.com legit?
As we have already seen earlier in this Bulltraders.com scam review, Bulltraders broker is registered in St Vincent and Grenadines. There is nothing wrong with being registered in this jurisdiction. However, if you are looking for a broker that is regulated by a strict and reliable body, Bulltraders.com will not be on the list. The Standard Account of the broker which is supposed to attract a majority of traders is inaccessible because of the high deposit. Moreover, the broker does not have MT4 as one of the trading platforms which is what a majority of FX traders prefer.