BullishFX Review: Do Not Deal With This Scam Broker
BullishFX Review, We have seen many would-be brokers in our time. Some have very elaborate websites and almost seem to be legit. Others use journalistic templates intended for amateur web developers. BullishFX is the latter. Their entire website is done in WordPress, and it’s not a good-looking site either.
A good portion of the website is incomplete, and some web pages aren’t even there. Still, BuillishFX has managed to defraud a lot of people. Find out how they managed to do it, and what to look for when choosing a broker in our BullishFX Review.
|Company||Oval Capital International Ltd.|
|Address||Hong Kong (alleged)|
BullishFX Regulation and Fund Security
The BullishFX website is not just badly done, it is unfinished and much of the information simply isn’t there. There is an allegation about their parent company, Oval Trading International LTD, being based in Hong Kong. When we checked the register of Hong Kong’s main financial regulator, the SFC, it didn’t contain any info on this company.
This means that their credentials are fake. It has come to our attention that BullishFX offers their services to clients in the US. Even if company was a legitimate Hong Kong company, they would need to have a license in the US as well.
The agency that regulates brokers in the US is called the CFTC. This strict regulator requires a brokerage to operate at least $20 000 000 in capital, and an additional 5% if they handle more than $10 000 000 in client funds. Additional regulation in the US is handled by another agency called the NFA, which imposes a maximum leverage of 1:50 and segregated bank accounts.
Because the BullishFX did not disclose a lot of information we checked the regulator databases instead. Neither the US CFTC, nor UK FCA or other European regulators such as CySEC, BaFIN, CONSOB or CMNV had any information on this company. This is strong evidence that this company is not regulated.
BullishFX Trading Software Overview
BullishFX uses the industry standard MT4 trading software for their business. They make it seem so, at least. You see, we couldn’t progress further than the account creation page in their distribution of MT4, and we will touch up on this later in our BullishFX Review. Unfortunately, even the best software is useless when it falls into the hands of scammers like this company.
MT4 is a specialty software made exclusively for online trade by MetaQuotes. This software is the current industry standard thanks to its excellent versatility. The program features interactive charts, one-click trading, as well as multiple timeframes. It has seen great incremental development since its inception in 2005.
Account Types Available at BullishFX
It’s difficult to point at the single problem with the BullishFX accounts. Let’s start with the fact that you can’t open an account at all with the current state of the website. This is how the Eurivex scam works also. If you try to register, their server will return a 503 Error – Service Unavailable.
After this disappointment, we tried to create an account using BullishFX MT4 platform. Although we did manage to progress a few steps through the account creation wizard, the Demo didn’t allow us to finish the process. This means that BullishFX does not offer a demo.
A similar problem occurred when we tried to create a live trading account. This time, the account creation was successful, but the server didn’t return the necessary login information, so we were locked out of the application with no username or password.
We found user testimonies about this fraudulent broker, and they mentioned some information, like leverage of 1:100 and the minimum deposit being $100.
Deposits and Withdrawals Procedure
Here is where the cryptic nature of the BullishFX website plays its role yet again. The broker doesn’t even mention which funding methods are available for their clients. We can make an educated guess and assume that this scam broker only accepts Cryptocurrency payments.
Crypto transfers are notoriously difficult to track. Scammers use Cryptocurrency payments not only to avoid chargeback, but also to cover up their profits when taxes come due. This is also what the BizzTrade scam does.
Another shady part of the deal is that there is no information on withdrawals either. It is likely that this scam broker utilizes large hidden fees, or even denies withdrawals.
How Is Fraud Carried Out?
Since the BullishFX site is so lacking in the information department, they mostly rely on their boiler room agents. It is difficult to resist these charismatic, and more often than not quite pushy people. These very talented miscreants excel in the line of work they perform.
It’s easy to say “Don’t be swindled!”, but you should know one thing – an honest broker does not need to have pushy agents. Remember that these blood suckers want some quick cash, and the whole trading facade is there just to make the deal seem sweet. Without any withdrawal information, you might as well be throwing your money in the bin for all we know.
BullishFX is a dubious unregulated brokerage with a very simple website. This website does not contain any information on accounts, or how deposits and withdrawals function. Much of the website is missing, and it is currently impossible to create an account, be it a demo or a live trading one.
The reason behind this is so that the victim can be put at the mercy of a pushy boiler room agent that won’t take no for an answer. Stay safe and avoid opaque or vague brokers like BullishFX.
FAQs About BullishFX Broker
How Secure is the BullishFX Trading Platform?
BullishFX is an unregulated brokerage, and it is quite possible that the MT4 platform they use has been compromised.
Does BullishFX offer a Demo Account?
Although BullishFX does offer a demo account, it is not possible to finish the demo account creation process
Are Payouts Subject to Taxes at BullishFX?
It is quite possible that BullishFX uses hidden fees and taxes for their withdrawals.