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BullsEye Review - is it scam or safe?

BullsEye review - Is bullseyemarkets.com scam or good forex broker?

RATING: 1.1 / 2 REVIEWS ForexBrokerz BullsEye
BullsEye is an offshore broker. Your money is not safe.

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BullsEye is a forex and CFD, operated by a company based on the Marshal Islands – a fact that would not have been a problem, if they were licensed by a legit financial regulator. Unfortunately they do not have a license to offer financial services and that is our main issue with them. Still, here are a few positive things about the broker, with which we will start our review.

 

Account type Min. deposit Max. leverage Spreads
Micro Account $50 1:1000 1.1 pips, floating
Classic Account $500 1:400 1 pip, floating
ECN Account $500 1:400 raw spreads*
Pro Account $5000 1:200 raw spreads*
Swap Free Account n/a n/a n/a
*commission

BullsEye Advantages:

 

A variety a trading instruments, including a number of crypto CFDs

 

Along the various CFDs, on assets like oil, natural gas, silver, gold, platinum, palladium, copper, stocks and some 11 indices, the broker also offers 61 forex pairs with many exotic currencies like Israeli Shekel, Thai Baht, Mexican Peso, Swedish Krona, Norwegian Krone, Danish Krone, Russian Rubble, Turkish Lira, Czech Krona, Polish Zloty, Hungarian Forint, Chinese Yuan, Hong Kong Dollar, Singapore Dollar and South African Rand.

 

Apart form that, while testing their trading platform with a demo account we came across a number of crypto CFDs with major coins like Bitcoin, Bitcoin Cash, Etehereum, Ethereum Classic, Litecoin,  Ripple, Dash, Monero, Zcahs, IOTA, Santiment, OmiseGO, NEO, Eidoo, Metaverse ETP, EOS and Tron. And because all crypto assets are gaining more and more popularity, here you may also check our list of brokers trading with Bitcoin CFDs: 

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:1000

 

You can trade all those assets with a leverage of up to 1:1000 - quite a rare opportunity, especially after the European Securities and Markets Authority caped the maximum leverage allowed with forex transactions on the European market to 1:30 in early August.

 

And although BullsEye offers 1:1000 leverage only with its Micro Account, while with its premium accounts the leverage is caped at 1:400 or 1:200, even leverage of up to 1:200 is more than enough to accommodate even the most aggressive trading style. 

 

Also, be aware that higher leverage is associated with higher risk and professional traders rarely use leverage exceeding 1:100.

 

Competitive spreads

 

As tested with a demo account the benchmark EURUSD spread floated about 1,1 pips and that, we should note, is in line with what most traders would expect with a standard account. 

 

BullsEye says their spreads start form 1 pip with their Micro and Classic accounts and form zero pips with their ECN and Pro accounts. The two premium accounts, however, have a trading commission of 10 USD and 5 USD per lot respectively, 

 

Have in mind that a commission of 10 USD per lot adds 1 pip to the actual spread, if the second currency in the pair is USD, where 1 standard lot equals 100 000 base currency units.

 

Also, here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

You can start trading with just 50 USD

 

At BullsEye you can open a Micro account with just 50 USD and this is fine. At the same time for the Classic and the ECN accounts you will have to invest 500 USD, while for the premium Pro Account the minimum investment is at least 5000 USD.

 

BullsEye accepts Bitcoins and popular e-wallets

 

BullsEye accepts all kinds of payment methods form popular e-wallets like NetellerSkrill, WebMoney and UnionPay to credit cards like VISA, MasterCard and American Express and even Bitcoins. Besides, here you may check our list of brokers also accepting Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Swap free or Islamic account available

 

BullsEye also offers swap free or Islamic account, designed especially for Muslim traders, as they are forbidden to take or receive interest under the Sharia Law. Basically with a swap – free account you do not pay interest on positions left open overnight. That service instead is usually covered by additional fee or just higher spreads. Here you may check our list of brokers offering Islamic accounts:

 

>>Islamic Forex Broker<<

 

MetaTarder4 supported

 

BullsEye supports MetatTrader4 and that is a good news as well. This is one of the most reliable and widely used trading platforms, featuring more than 50 integrated market indicators, various charting tools and even specially designed automated trading robots, with which you can run automated trading sessions. So, here you may also check our list of brokers offering the MetaTrader4 as well:

 

>>MT4 Brokers<<

 

BullsEye Disadvantages:

 

No regulation

 

As we already noted BullsEye is owned and operated by a Marshal Islands based company -  Bullseye Markets LTD. And while any one can register a company on the Marshal Islands online, without setting foot on the tiny South Pacific atoll, to operate as forex and CFD broker on regulated markets like Europe, the US or Australia, you should have a proper license, issued by an official financial watchdog, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

 

Brokers with legit licenses are required to abide by strict rules, among which to maintain a certain minimum capital adequacy ratio, to keep all trader's money in a segregated, protected form creditors account, to provide clients with a negative balance protection, to refrain form offering trading bonuses, to file regular reports and in certain cases even to insure traders money 

 

For instance, if you are trading with an FCA broker and the broker is unable to pay, you will be compensated with up to 50 000 GBP. Similarly, with SySEC brokers you can get compensated with up to 20 000 EUR. Here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Conclusion:

 

Although offering attractive trading conditions with a good choice of trading instruments and leverage of up to 1:1000, you should not forget that BullsEye is a unregulated, offshore broker with rather limited credibility. With that in mind you should also remember that the safety of your investment is guaranteed only with properly regulated brokers, licensed by legit financial institutions across the developed world.

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Traders` reviews for BullsEye

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Don t even consider to use this sheety broker

if i could i give them minus 5 stars..i try to withdraw my money since 2 months.. they don t answer to my emails ...nothing good about this broker!!!

Babu Florin 11/12/2019

Scam

DO NOT MAKE account to this broker, is scam. They are not paying, not even the initial deposit. Biggest scam i ve ever seen.

Razvan 08/23/2019
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