Bullquote Review: The Truth About Bullquote.Com Brokerage
Bullquote Review, How else could we possibly start a review about an anonymous brokerage business except with proof of their missing regulation? A dangerous lack of vital company data points to a likely offshore location.
Bullquote brags about some fictitious rewards, a user-friendly platform, and a secure trading environment. But when we examine the legal docs, no evidence of their regulatory status comes up. This automatically calculates all their claims!
And although there’s no official warning against this fishy business yet, it doesn’t mean they’re safe for investing. Without a license, they may offer you the world, but it is all meaningless. Our Bullquote review deals with the particularities of their offer, so read on.
|Annual, first-deposit bonus
Is Bullquote Legit? Regulation and Safety of Funds
Bullquote doesn’t immediately disclose its headquarters location. If you carefully read the Terms and Conditions you will find Marshall Islands is mentioned as the country of the governing law. An immediate scan of their regulator’s database of entities with a GLOFSA license provided no results for Bullquote.
Well then, since they didn’t acquire the jurisdictional regulation, perhaps they have another. That’s why we proceeded to check other public registers by regulators like FCA, FINRA, BaFin, CySEC, NFA, IIROC, and ASIC. Bullquote doesn’t appear in any of them. Yet, they persistently offer their suspicious services to the residents of the EU and the UK.
Let’s revise the terms under which UK and EU brokers can obtain a license. Applying for one takes a huge investment of 730 000 GBP/EUR. This is pretty concrete proof of a company is seriously focused on maintaining a long-lasting business project.
The crucial point that defines the safety of the trading environment is the segregation of clients’ funds through separate bank accounts. Along with that, UK and EU brokers offer trading under reduced risk of loss by implementing the leverage limit to 1:30 and negative balance protection. Apart from having to be fully transparent, ESMA forces MiFid rules on all EEA brokers for additional customer safety.
Bullquote offers a pretty high leverage of up to 1:400, which is unquestionably not acceptable in the EU and the UK. Moreover, they offer bonuses. These are banned in both zones because how brokers tend to misuse them and deceive clients. We suspect this to be the case with Bullquote too. We can only advise you to be extremely cautious and not invest here.
Bullquote Trading Platform Overview
Let’s revise the two trading platforms advertised at Bullquote:
- CFD trading platform (allegedly available for web and mobile trading)
- ETF trading platform
Now, the comical part is the account opening procedure. When we attempted to submit our details and register an account, the page only allowed us to send an inquiry. Apparently, you can’t become a customer directly. You can only apply for an account. This circumstance didn’t make us happy, as it prevented our access to the trading terminals and client area.
Bullquote claims no downloads are needed and immediate access to various markets is guaranteed. The site contained no direct links to web traders or download options. We sincerely doubt the broker has developed any trading software at all.
Bullquote Welcome Bonus
Our Bullquote review explains the fact that bonuses are banned instance in EU and UK regulatory systems. Vicious brokers like Bullquote use these as a tool. The plan is to prevent your withdrawals and keep you indebted.
Bullquote explains in their account types that a welcome bonus exists. Except that the broker refers to it as the No-interest loan on deposit. It ranges from 10% to 40% of the deposited amount. Be extremely careful with these as they always come with strings attached. We’ll discuss this later in this review.
Account Types Offered at Bullquote
At Bullquote, you should be able to choose the account type that perfectly fits all your trading needs and preferences. Pretty funny considering the provision of services is a fake brokerage site. Take a look at this unreasonably expensive offer of live trading accounts:
- Basic – 250 € (10% welcome bonus)
- Silver – 5 000 € (20% welcome bonus)
- Gold – 25 000 € (30% welcome bonus)
- Platinum – 100 000 € (40% welcome bonus)
There are zero valid reasons for investing such huge amounts of money with a bogus broker. Requiring extremely high payments for services that regulated brokers offer for $100 or less if just unacceptable!
Bullquote Funding Methods
Bullquote mercilessly charges for every single move you make as their customer. Their T&C explains you have to cover all the occurring fees pertaining to every transaction. So whether you’re trying to deposit or withdraw funds, you will be paying fees and commissions.
Available funding methods are allegedly credit cards and bank wire transfers but please take this with a dose of caution. We couldn’t get to the user area and actually verify this as Bullquote wouldn’t let us.
Again, we remind you of the dangers of depositing with unsafe sites and payment services. Not only could they steal your crucial info, but they can charge you like Bullquote tries to. Dormant accounts are charged a $30 fee. Another persistent threat is the required turnover as a condition to withdraw.
How is the Fraud Orchestrated?
Over at Bullquote, you become their marionette as soon as you deposit anything. Even worse if you accept the frightful bonuses. These unmistakably always come with special conditions.
Until you fulfill these rules, the bonus amount of cash remains a non-deposited sum ineligible for withdrawals. Not only do you have to pay the processing fees, but the trading volume requirement becomes an especially heavy burden.
You see, Bullquote demands that you perform a certain number of successful trades before anything. It’s either that or accumulating a profit which equals 30 x (deposit+bonus). If you do not meet this criterion, your withdrawal attempts are automatically denied.
Being so huge and full of risks and opportunities alike, the Forex market is the fastest-growing financial playground. Your best shot is to partner up with a good broker that offers the best trading conditions.
There’s no other way to succeed in investing and price speculating. Since Bullquote proves to be a non-lucrative choice for a broker, we’ve offered you some better solutions. You don’t have to pick any of them if you do not wish to, but at least open a demo account and explore their rich offers.
FAQs About Bullquote Broker
What Can I Trade with a Bullquote Broker?
Tradable instruments at Bullquote are currency pairs, shares, indices, and crypto. But investing here is futile due to the missing regulation.
What are the Available Methods of Withdrawal?
The transaction channels mentioned by Bullquote are credit cards and bank wire.
Is Bullquote Broker Regulated?
No, the firm is definitely not licensed or regulated but a rather anonymous monetary services provider from an offshore zone.