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Bull Sphere Review - is it scam or safe?

Bull Sphere Review - is scam or good forex broker?

RATING: 1.2 / 0 REVIEWS Bull Sphere
Bull Sphere is an offshore broker. Your money is not safe.


Trading Accounts and Conditions


Trading account  Min. deposit Max. leverage Spread
Micro  $10  1:1000 from 1 pip
Standard  $1000 1:500 from 0.2 pips
ECN $500 1:1000 from 0.0 pips
Pro  $100 1:1000 from 1 pip
Classic  $100 1:1000 from 1.8 pip


Bull Sphere offers the above account types. Although its trading conditions seem good, we don’t recommend doing business with this broker.



Bull Sphere Advantages


MT4 & cTrader supported

This broker offers its clients two of the most popular forex trading platforms: the industry’s standard MetaTrader 4 (MT4), and cTrader, developed by Spotware especially for ECN trading.


The MT4 is preferred by most traders, because it is user-friendly and reliable, supports automated strategies, and offers advanced charting with a number if build-in technical analysis tools. cTrader also has a large set of advanced charting and market analysis tools, such as a number of chart timeframes, technical indicators, trend lines, Fibonacci levels, market depth, etc. 



>> Choose some of the best MT4 brokers <<



Seemingly good trading conditions

As we mentioned in the beginning, the trading conditions offered by Bull Sphere are overall attractive. The minimum initial deposit is just $10, and the maximum leverage provided to clients is as high as 1:1000, so even the most aggressive traders will be well-suited. Besides, the spreads announced on almost all accounts seem good, and we found demo ones as low as 0.1 pips on EUR/USD, with a commission of around $9 charged per standard lot round turn.



Click on the image to zoom in.


That being said, note that the trading costs are not as important as the security of your funds, which depends on whether the broker holds a license from a reputable financial agency. So, you’d better check out the spreads of some leading regulated forex brokerages.


>> Real-time comparison page <<



Bull Sphere Disadvantages


No address, no number, no license

The corporate information on Bull Sphere’s website is rather scarce. It only features the supposed name of the company behind the brand, Bull Sphere Global Limited. There is no contact number, no address, and no mention whatsoever of regulation, so we can safely conclude that this broker is not regulated, which a major red flag.


The missing regulation brings together with it uncertainty regarding the most crucial aspect of a brokerage – the safety of the clients’ funds. Also, brokers that don’t hold a legit forex license are not entitled to operate on any regulated financial market, such as the EU, US, Canada, Japan, etc.


Only cards & bank wire

Another disadvantage of Bull Sphere, although not a major one, is that this broker supports only bank wire and cards (debit or credit) as payment methods. So, it’s clients are not able to use PayPal, Skrill, nor other popular e-payment systems.


Not that many CFDs

When we tried out Bull Sphere’s MT4 in demo mode there were around 50 forex pairs available for trade, as well as CFDs on silver, gold, and oil. Most broker offer more currency pairs and wider range of CFDs, also including stocks, indices and cryptocurrencies like Bitcoin. If you are keen on trading the cryptocurrency markets, we have drawn up a list of some brokers offering Bitcoin CFDs which are reliable and recommended.



>> Trade cryptocurrencies with a regulated forex broker <<





Although we listed a few advantages of Bull Sphere, they are definitely overshadowed by the fact that the broker is not regulated and has not shared with potential clients important details such as the company’s headquarters.


Basically, when trading with such a broker, your entire investment is at risk and it is very likely that you won’t be able to withdraw anything. In contrast, when dealing with a licensed broker, you will be assured a certain level of protection.


For example, UK’s Financial Conduct Authority (FCA) requires frequent reporting on activities and enforces a lot of rules. When looking at it from a security of funds perspective, the most important ones are the following: segregation of client accounts, and the coverage of the FSCS compensation scheme, which guarantees clients’ trading capital against broker bankruptcy. So, if you trade with an FCA-regulated broker which happens to become insolvent, you will be able to claim 90% of your account value, up to £85,000 from the FSCS.


 >> Trade with a FCA regulated broker <<



And finally, here are the highlights of the present review of:


Pros Cons
Claims to support the MT4 No address, no number, no license
Generous leverage, seemingly good spreads Only cards & bank wire
  Not that many CFDs


Latest news about Bull Sphere
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