BullsBears Trades: reviews of working with a broker in a detailed overview
Why Is Trading so Popular?
Many people believe that trading is an easy way to make money without leaving home. Brokers support this confidence by promising that with their help one can get rich. One such broker is Bulls&Bears Trades, operating in the financial services sector since 2010. But can this company be trusted? What do traders say in their reviews? Let’s find out below.
Information about Bulls&Bears Trades Company
The owners of the Bulls&Bears Trades website have tried to convince visitors of the benefits and reliability of cooperation with the company. They list all the advantages, mention recent awards, and emphasize educational opportunities. The site supports several languages and looks quite solid overall.
However, a beautiful appearance does not always guarantee honesty and reliability. Users are more interested in the real experience of the company, its registration, reviews, and transparency of trading conditions. And in this aspect, Bulls&Bears Trades has terribly failed.
Let’s start with the claim of a 10-year history of the company, which is untrue, as there are no mentions or reviews about it on the Internet prior to the current year. Domain registration data indicate that the actual age of Bulls&Bears Trades is only a few months old.
It is also noticeable that the domain is registered with a Ukrainian hosting company, while the contact information and registrant data are hidden. However, the site claims that the representation of Bulls&Bears Trades is in London, and the “User Agreement” states that the company is registered in the UK.
An attempt to verify the company’s address leads to an office building where any space can be rented. However, the registration in Britain can easily be verified on the government’s official website. And the verification results show that Bulls&Bears Trades was not registered. There is a company with a similar name, but with a “non-active” status.
It is obvious that scammers have fabricated their registration, hoping that no one will check it in foreign registries.
Regulation of Bulls&Bears Trades Activities
All brokers registered in the UK must have a license from the country’s main financial regulator, the FCA. However, Bulls&Bears Trades does not appear in this body’s database.
Considering the absence of registration, this is not surprising. Apparently, we are dealing with a virtual company. Nevertheless, Bulls&Bears Trades offers its services to users from the Russian Federation, so it should obtain a license from the Central Bank. However, there is no such document, leaving traders without protection guarantees.
Trading Conditions at Bulls&Bears Trades
Several types of trading accounts are provided for traders. Scammers indicated the most popular tariff with a minimum deposit of 10,000 euros.
Although the website promises spreads from 0.1 points on the main page, in reality, they do not exceed 0.8, even in the most expensive account. However, the leverage is high – 1:1000. This means that profits increase by 1000 times when using broker funds, but the debt can be huge in case of failure. It should be noted that the British regulator limits leverage at 1:20-1:50 for all licensed companies.
Reviews about Bulls&Bears Trades
Despite its short existence, Bulls&Bears Trades already has negative reviews. Let’s present some of them for your information.
One of the deceived traders published his complaint online, which we will also outline.
Deception Methods at Bulls&Bears Trades Company
Scammers find clients through social networks or phone calls, posing as employees of a large company, talking about benefits, and using psychological pressure. Their goal is to make the client register and deposit money.
Then a personal manager appears, offering to open deals and invest. Initially, the account grows, but then other persuasions begin. Naive traders sometimes invest in real estate or even take out loans, relying on scammers’ promises.
The outcome is predictable: when the client stops making profits or requests a withdrawal, contact is terminated, and the account is blocked. Refund is impossible.
Should You Trust Bulls&Bears Trades?
Research has shown that Bulls&Bears Trades is a fraudulent organization that has gathered negative reviews and is likely to close soon. Be cautious and do not fall into the trap of these scammers.