The BullFX Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
The BullFX Review – is it scam or safe?
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.
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.
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.
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.
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.
The BullFX Review – is it scam or safe? Conclusion
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