Bullexo Review – Why This Broker Is A Total Scam

Welcome to the Bullexo Review. Here, we’ll discuss why this phony broker is nothing but trouble. Yup, it’s an offshore broker off the coast of Saint Vincent and the Grenadines (SVG).

Thus, everything associated with Bullexo is shady. From the ineffective trading platform to unfavorable trading conditions and high prices, we have all the red flags in one place. Keep reading to find out more.

Additionally, we strongly advise you to avoid the fraudulent brokers ViaChains, Equinox Markets, and Bitsterzio.

Is Bullexo An Anonymous Scam Brokerage?

You’ve read that right. Everything on the deceitful website is fake regarding security, regulation, satisfied customers, etc. We’ve mentioned that Bullexo operates from SVG, a notorious den of thieves.

The island has a favorable tax system and lax rules, ideal for scammers. Moreover, the local Financial Services Authority does not issue Forex licenses. We saw the FSA logo on Bullexo’s website, so it’s safe to say that the broker is unlicensed.

Bullexo is an offshore fraud based in Saint Vincent and the Grenadines and has been blacklisted by the UK’s FCA. The scam broker allegedly provides trading in Forex pairs, CFDs on commodities and crypto assets.

Arguments For Trading With a Licensed Broker

Shady offshore providers are bound to defraud you since they aren’t regulated by reputable authorities such as the FCA, ASIC, BaFin or CySEC.

You’re better off with licensed brokers. That way, you can get negative balance protection, leverage restriction (1:30), a compensation scheme (up to 20,000 EUR in the EU), transactions reporting and segregated funds in a top-tier local bank.

A Warning From The FCA

Since this broker was suspicious from the beginning, we decided to do a quick background check. We wanted to see whether any regulator had anything to say about Bullexo.

It didn’t take us long to find a warning issued by none other than the UK’s FCA against the fraudulent broker. That speaks volumes about how shady this monkey business really is.

Analysis of Customer Reviews of Bullexo

After finding out about the warning, we hopped over to Trustpilot to see what traders thought of Bullexo. At the time of this writing, Bullexo had reviews for both of its websites; 57 reviews in total with an average score.

However, the first page was full of customers’ complaints. Each comment we found was pointing out how Bullexo was an outrageous scam. For example, here’s one victim’s experience:

Absolutely a false organization. These individuals ought to be arraigned. I submitted multiple request for withdrawal for over 2months and nothing was done about it. They just kept demanding for more and afterwards vanished on me with no more response…

Trustpilot user, October 9, 2022.

Overview of Bullexo’s Trading Platform

Here we got WebTrader, which is basically a lackluster browser-based platform with limited features. Yet, Bullexo promotes it on its website as if it were some advanced piece of software.

WebTrader has nothing on Meta Trader platforms. We suggest you find a broker that offers MT4 or MT5 so that you could utilize algorithmic trading, API integration, live market reports, etc. Oh, and yes, make sure the broker is licensed.

iPhone and Android Trading Apps

It seems that Bullexo also advertises mobile trading apps. However, since WebTrader is an online platform, it can be accessed via any device connected to WiFi.

The mobile versions are good for quick adjustments and trading on the go, but they are inferior to their PC counterparts in terms of trading experience. But Bullexo doesn’t offer a demo account, so we couldn’t check the platform at all.

What Financial Instruments Does Bullexo Include?

Since there’s no demo account, we’ll have to list what Bullexo put on its website. Usually, offshore providers advertise as many trading instruments as they can to attract unsuspecting traders.

Bullexo has a very limited offer of available assets – there are no indices, stocks or ETFs. Nevertheless, here’s a quick overview:

• Forex currency pairs – EUR/USD, GBP/JPY, AUD/NZD…
• Commodities – crude oil, natural gas, gold, corn…
• Crypto assets – BTC, ADA, ETH, XPR…

Areas Of Bullexo’s Scam

For this one, similarweb.com was our best friend. There we checked the activity and number of visits to both of Bullexo’s websites. The results were alarming, to say the least.

Namely, bullexo.com was visited 238,400 times in the last three months of 2022; 98,000 times in November alone. More than 90% of visits came from the UK. The good news is that bullexo.com was shut down.

However, bullexo.net emerged and in December 2022 had 12,300 visits, mostly from the UK. Fortunately, the FCA reacted and issued a warning against this relentless fraudster.

Furthermore, we highly recommend that you avoid the scam brokers PrimeOakmont, Nexta Capital FX, and WiseFXPro.

Bullexo And The Types Of Accounts Offered

Let’s briefly discuss Bullexo’s accounts. Here’s a quick overview of the account types that Bullexo offers with some of the perks:

• Standard – 500 USDT, leverage up to 1:100, standard spread;
• Education – 5,000 USDT, 1:200, 15% spread discount;
• Specialty – 25,000 USDT, 1:300, gold spreads;
• Pro – 100,000 USDT, 1:400, expert spreads;
• Titanium – 150,000 USDT, 1:600, custom spreads;

As you can see, the unscrupulous broker accepts payments in US Tether, i. e. crypto. The prices are way too high to risk it.

Leverage ranges from 1:100 to 1:600, which is illegal in the UK and Europe. The FCA and ESMA set a leverage restriction of 1:30 for retail clients to help prevent huge losses. We wouldn’t trust these dubious spreads’ benefits either.

As mentioned, Bullexo doesn’t offer a free demo account. Thus, we couldn’t give the trading platform a go and check how it all functions under these conditions.

Bullexo Deposit and Withdrawal Policies

Despite mentioning USDT as the funding method, Bullexo switched to Bitcoin in the T&C section. When a broker deals exclusively in crypto payments, know that it’s almost always a scam.

Fraudsters love crypto because it allows them to conduct their schemes and stay anonymous. Judging by the reviews we read, Bullexo strives to make you deposit funds. Once you decide to make a withdrawal, the broker will play dumb and then vanish.

Bullexo Terms and Conditions

The T&C section is full of redundant and irrelevant information. Bullexo placed special emphasis on the crypto payment parts. 

AML and KYC policies? We highly doubt the financial swindler cares about that. But, it had to be in there to make Bullexo appear legitimate.

Bullexo Broker Scammed You? – Please Tell Us Your Story

This scammer was brought down once but it seems it has reemerged. Hence, we could use all the information we can get to send Bullexo back to the controversial island it came from.

If you need help getting a refund, there’s a way to go about the chargeback procedure. We are more than willing to assist you in the process. Just give us a call! 

What Is the Chargeback Procedure?

• If you’ve deposited via Bitcoin, or any other cryptocurrency, you’ll first have to track the transaction.
• The scammer will remain uncovered, but at least you’ll locate the wallet to which you sent your money.
• That wallet is located within a crypto exchange, so you’ll have to request a refund from the exchange.
• You’ll surely need expert assistance on this, so book a consultation with us to find out what to do.

Contact us today and start your chargeback process.