GulfBulls is an online Forex and CFD broker that assures us that it is one of the world’s leading online trading platforms. Gulf Bulls claims to offer traders chance to trade a wide variety of instruments, using top-notch instruments and analysis tools.
Should one trade with GulfBulls?
GullBulls isn’t a trusted broker from the word go. It is a website designed to scam you out of your money.
- GulfBulls is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK.
- Unlicensed brokers like GulfBulls do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- GulfBulls claims to be located in United Kingdom but does not provide authorization from the local financial watchdog, in this case, the UK FCA. This means that GulfBulls is an illegal entity operating on the British soil without proper authorization, see proof below.
- The broker is not transparent about the trading conditions applicable to their platform. There is no information on the required minimum deposit, spread and important fees.
- Bear in mind that unregulated brokers in general are completely uncountable for the way they handle your money, which makes any dealings with such entities extremely risky. Basically that is how people usually get scammed.
Is GulfBulls Safe?
GulfBulls is considered not safe, as it is not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC, FSC in South Africa and the US CFTC.
The easiest way to check if a broker is licensed is by looking it up in the registry of the respective financial regulator – be it the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission, the Financial Sector Conduct Authority (FSCA). All of them keep such registers and they are publicly available.
GulfBulls is an unauthorized and illegal broker. Deposits with this broker are not protected, the company can’t legally offer its services in almost any country. It is a total scam.
How GulfBulls work
You will notice how the GulfBulls scam broker works immediately you make a deposit to the GulfBulls platform. Scammers will take deposits from you but never let you withdraw anything.
They will use many tactics to make you deposit more. When you ask for a withdrawal, scam brokers will present silly legal document and conditions that is out of the question as far as legit brokers are concerned. But it will just be a lie to get more money from you.
They will request that you send them more money while declining all your efforts to withdraw your deposits.
At this point, most people will realize that they have fallen victim to a classical Forex trading scam.
GulfBulls is a scam broker that is operating illegally from the British soil – your deposit is at risk.
GulfBulls would not process any of your withdrawal requests. Scam brokers don’t allow withdrawals as a rule.