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The BullFX Review - is it scam or safe?

The BullFX Review - Is thebullfx.com scam or good forex broker?

RATING: 1.5 / 1 REVIEWS ForexBrokerz The BullFX
The BullFX is an offshore broker. Your money is not safe.

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Trading Accounts

 
Account type  Minimum deposit  Maximum leverage Spread
Standard $1,000 1:200 From 1.8 pips
ECN $5,000 1:200 From 1.6 pips
Professional $10,000 1:100 From 1.6 pips
 
 

The BullFx is a forex broker, which offers multiple account types. Some of the parameters may not be viewed highly by more experienced traders. 

 
 

The BullFx Advantages

 
 

STP business model – The BullFx Operates via the straight-through processing (STP) business model. This means the company only makes money as a commission on client's trading (hidden in the spread). This limits the potential for conflict of interest, as they don't gain much when their customers lose. Some of the most famous STP brokers include FXTM and FxPro.

 

 

>>Other STP forex broekrs<<

 

 

A lot of payment options available – There are a lot of ways to deposit funds at The BullFx. The full list includes Bank Transfer, Credit Card, Skrill, China UnionPay, AliPay and even Bitcoin.

 

 

Reasonable leverage ratios – The maximum leverage available at The BullFx is 1:200 (and 1:100 for bigger accounts). While some traders may find these levels to be low, as a lot of brokers offer higher leverage, like XM, who provide 1:888. That being said, a reasonable trading could be utilized with 1:100.

 

 

MetaTrader4 available – We agree with the choice of trading platform made by The BullFx. With features such as the top notch charts, custom technical indicators,  automated trading systems (called Expert Advisors) and more this is a great platform. It also has pretty decent mobile and Web versions. Here is a preview of the desktop application:

 

 
 
 
 
 
 

The BullFx Disadvantages

 

 

Off-shore registration – The BullFx claims to be registered in multiple jurisdictions. When looking at their website we found two offers zones being mentioned. The company regulated in Vanuatu and overseen by the local Vanuatu Financial Services Commission (VFSC). This does not give them much credibility. 

 

 

>>Why you should beware offshore brokers?<< 

 

 

High minimum deposit –  The $1,000 investment requirement is high for a lot of people. This doesn’t lower the credibility of the company as a single factor, but simply prevents some people form joining. Luckily, there are brokers like the FCA-regulated industry leaders from IG who accept traders, regardless of their financial capabilities – there is no minimum deposit.

 

 

Unusual presentation –  While the presentation of The BullFx generally seems nice, but a lot of the details are hidden in the account creation page. This is not up to par with the rest of the industry, where such things are advertised heavily.

 

 

Higher than expected spreads – The spreads at The BullFx are a bit wider than the industry averages. One could easily find better conditions than 1,6 – 1.8 pips on EUR/USD.

 

>>Compare spreads here<<

 
 

When testing the platform provided by The BullFx, we saw spreads in line with the claims on the website. This is always nice to see, as some brokers, provide misleading information.

 
 

Conclusion

 

The BullFx is a forex broker, registered in Vanuatu. They have the “Dealer in Securities” license provided by the local VFSC, but this isn’t that impressive. The island has recently became a hotspot for shady forex brokers, due to the ease at which this document is given to companies. The minimum capital requirement for those attempting to register a broker is a mere $2,000. 

 

 

Obviously other jurisdictions have much higher standards. We like to look at the UK’s Financial Conduct Authority (FCA) as it is one of the most famous and well-respected agencies. First of all, they require €730,000 in capital holdings from applicants, which makes the VFSC’s level appear like pocket change. Furthermore the FCA implements multiple stringent rules upon the brokers, which it oversees. We will cover only two of them, as they are the most important when it comes to not being scammed by the broker.

 

 

>>A list of UK FCA regulated brokers<<

 
 

Client accounts are segregated form the company’s operational ones. Simply put this means there is no way for the broker to steal your money. Additionally  FCA-regulated investment intermediaries must participate in the Financial Services Compensation Scheme (FSCS). The Scheme represents a common pool to which brokers must contribute funds periodically. The money is then used as compensation, in case one of them goes bankrupt. If this happens, clients can claim for a compensation, equivalent to their account balance, up to £50,000.

 

As far as offshore brokers go, this one looks almost good (except for a couple of the trading conditions). However, they are still a loosely regulated company. Here is a recap of the strong and weak sides of The BullFx:

 
 
Pros Cons
STP business model Off-shore registration
A lot of payment options available High minimum deposit
Reasonable leverage ratios Unusual presentation
MetaTrader4 available Higher than expected spreads
 
 

 

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Traders` reviews for The BullFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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