Bullexo is an illustration of a risky pattern that is gradually coming to light: extremely well-designed trading websites run entirely by fraudsters. At first glance, Bullexo’s design is admirable, and we fully comprehend why a less experienced trader will fall in love with the dubious broker right away. It does a good job of presenting itself, but the evaluation will concentrate on the crucial information: the caliber of services. The broker begins to exhibit symptoms of complete illegitimacy at this point.
Regulation
One obvious indicator that refers to something was a logo for Saint Vincent and the Grenadines Financial Services Authority, which in actuality only regulates the banking industry and does not have any authority over the foreign exchange market. However, the broker specifically states in the terms and conditions that citizens of Saint Vincent and the Grenadines are not eligible for its services.
Bullexo is so bad that it is even prohibited in the most well-known FX scam environment. We cannot claim that this is a first for us. Bullexo is uncontrolled, but what’s worse is that it’s anonymous and therefore impossible to track.
All deposits placed here are forfeited! Additionally, personal information will be misplaced or, worse yet, altered to suit the shady requirements of the broker.
Trading Software
This is the online trader that we have. It is well-known, and to be honest, it would be helpful if Bullexo did not use it. Especially for new clients and investors just entering the market, we find this software to be quite useful. Unfortunately, many fraudulent brokers have used this web trader. Although not lately, we still recall seeing it used by many unlicensed organizations in the past. There are a few helpful tools present, but they are merely enough to appease the illegal broker’s target market.
Trading Conditions
Bullexo provides entry to numerous markets across a wide range of account types. You could exchange cryptocurrencies, commodities, metals, options, and currencies with this broker. Amazing spreads were available from the dealer; on EURUSD, they were as small as 0.2 pips. Bullexo may have manipulated its platform in order to display these impressive figures, but platform manipulations are not unheard-of in the world of scam brokers.
Deposit and Withdrawal Methods
The only available investment option for the user is a direct BTC wallet, where they are urged to transfer money into an entirely shady BTC address. There is no assurance that the user’s trading account will show this money.
The website states that the Standard account requires a $500 initial deposit, but as we already covered, unlicensed brokers rarely qualify for account tiers. These stages are mainly used to give the otherwise fake broker a professional appearance.
Although this is also not specified, it appears that a bank transfer is the only way to withdraw money. The client informed us that there are relevant bank fees and commissions in the withdrawal part of the client dashboard, but that is pretty much it for the withdrawal details. There is no additional information on the subject on the website.
Conclusion
Due to their lack of a financial services license, we are unable to suggest Bullexo as a broker. In online communities, we also discovered some unfavorable remarks. It is best to avoid this dealer because your money is not secure. No matter if it is a forex broker, cryptocurrency exchange, or any other business, always remember to read reviews and comments about a company before sending money to someone.
If you have been scammed by Bullexo, then file a complaint against the scam broker on our website and get a free consultation from our experts.
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