Online trading is nothing new; for centuries people have been trading in the financial markets and have accumulated a lot of wealth. Hundreds of thousands of instruments in these markets can be traded to earn a profit. You just have to find an online broker to gain access. This sounds simple enough, but the staggering number of companies can create a bit of a challenge. How do you pick one from such a massive range of options? Reading a BullstreetFX review can be insightful because it will provide you details about this brokerage.
Knowing the ins and outs of the broker is essential because of the widespread number of scam and fraudulent companies operating in the market. They could steal your money, or take advantage of your sensitive and confidential data. BullstreetFX offers trading services in the financial markets through an advanced trading platform with attractive promotions and convenient options for deposits and withdrawals. Their website is very simple, but you need to uncover the truth about this company before taking things forward. Let’s get started:
Lack of regulation
A look at the BullstreetFX website shows that the company claims to be based in the United States. They have gone as far as providing an address, but this appears to be fake. In order to operate in the US, it needs to be duly authorized and licensed by the local Commodity Futures Trading Commission (CFTC) and should also be a member of the National Futures Association (NFA). But, there is no such information available.
Another issue is that there is no other information available on the BullstreetFX website either. There is no company background, or even name. As a matter of fact, the Spanish regulator called the Comisión Nacional del Mercado de Valore (CNMV), has also blacklisted the brokerage, which is another indication that it is a scam.
No legal documents
When you go through the BullstreetFX website, you will realize that it is not just the company information that’s missing; they don’t have any legal documents either. These are usually found in the form of a Client Agreement or Terms & Conditions and are meant to dictate the relationship between the broker and its clients. Yet, you will not find any documentation on the broker’s website and this means you have no details about the fees they will charge, their withdrawal policies, or any other policies that may be applicable.
A shady platform
The trading platform provided by a brokerage is its most essential feature and it dictates your experience and performance as well. The platform you find on BullstreetFX is a web-based platform, which is quite shady and most of the unregulated and scam brokers in the market offer this platform. It may be easy to use and simple, but it doesn’t even come close to the functionality offered by some renowned trading platforms in the market, such as the MetaTrader or the Sirix platform.
If you take a look at the spreads charged by BullstreetFX for the benchmark EUR/USD pair, you will be shocked to discover that it is 4.1 pips, which is extremely high. The average spread charged by most brokers is between 1.0 and 1.5 pips and such excessively high spreads indicate that the broker is not genuine.
Misleading payment options
A look through the offerings on the BullstreetFX website indicate that the brokerage works with debit and credit cards for payment purposes, including both Visa and MasterCard. Of course this is reassuring because these payment options provide you the option of a chargeback in case of a problem. However, if you check the user dashboard, you will realize that this claim is false. The payment options available on the website are Finatic, Transferencia and Bitcoin, none of which can offer you a chargeback because they are irreversible.
The truth you uncover about BullstreetFX is that it has all indications of foul play and scam, so you need to skip this option.