Bullbit is already facing charges from the FMA with clients filing complaints due to withdrawals and change of trading conditions. Here’s our candid bullbit.net review.
Our review of BullBit will expose some of the false trading conditions set which change the moment clients hit withdrawal. Despite claiming to offer reliable execution without commissions, these are all false claims.
A few trading instruments in place, we have a platform lacking in every sense when it comes to providing liquidity. BullBit is one of the brokers to avoid this year with a warning from a formidable regulator exposing these facts.
Here’s the full Bull Bit Review
Claims that BullBit was founded in 2018 remain sketchy as the registration details shows a platform created in 2022. The secure platform claim is another false credential as testing the platform exposed risks from third parties.
The platform remains anonymous with no clear structure or information as to who owns or runs the operation. With the address provides, you would expect the platform to get a license from the Financial Conduct Authority (FCA) which isn’t the case.
2nd Floor College House, 17 King Edwards Road, RUISLIP HA4 7AE, London, United Kingdom is the address. Mind you, there’s a phone number provided (+442030972610) which we suspect the platform uses virtual lines or VoIP.
Let’s dive in and take a look at some of the available trading instruments and tools offered by this bogus broker, Bullbit.
Bullbit offers traders four account types to choose from. These include Basic, Standard, VIP, and Prime. What made us wonder why this broker would claim to be beginner-friendly is the high minimum deposit listed.
With the basic account, investors have to make a minimum deposit of €2,000 to get started. There are 10 currency pairs available for trading with an acceptable leverage of 1:100. The broker also offers bonuses of up to 30%.
Investors must deposit €5,000 to get started with currency pairs jumping to 30. There are commissions incurred with leverage also at 1:200. Bonuses on this tier are set at 50% with technical support supposedly available 24/5.
€15,000 is the minimum deposit acceptable with the VIP account with investors having to use 50 currency pairs. Leverage is higher on this tier with traders using a risky leverage of 1:200 on all assets.
You also get a loyalty program with a personal manager accompanying a 100% bonus. The tier promises insured transactions of up to 10 trades. There are NO commissions incurred with the VIP account.
It’s the most exclusive account with investors having to part with €50,000 to get started. Members get 24/7 technical support with over 100 currency pairs available for trading. You also get a mentor with NO commissions available.
Leverage with the prime account is 1:400 with a loyalty program available and auto-trade feature. Trading strategies are also provided with a personal manager accompanying the mentor on various occasions.
Bonuses are set up to 150% with insured transactions up to 20.
There are three main assets available on this platform including cryptocurrencies, indices, and stocks. Not a lot of trading instruments which limits traders from spreading risks with the little trading assets.
Global indices and stocks from leading companies are what seem relevant on this platform. Lucrative and volatile assets in the crypto sphere are limited to a handful of pairs, which isn’t what a trader wants.
Here’s where matters get interesting as the platform fails to offer any reliable support, despite claims of availing 24/5 help. The platform doesn’t offer live chat and support is barely available, even during email conversations.
We sent an email last week and haven’t received a response back. This is what customers are facing especially after committing to the platform and finally hitting the withdrawal aspect. This is why we’ve got to steer clear.
Bullbit does not provide trading services to residents of the following countries including Israel, Japan, North Korea, and United States. However, when push comes to shove, the broker accepts all traders regardless of their citizenship.
Despite claiming to offer various training for beginners, we encountered material one can easily get from the web. The beginner and advanced courses are retrieved from YouTube channels with video lessons on offer free on various social media platforms.
Slow at executing trades and being unreliable is the cornerstone of this trading platform. It’s high time we avoided investing with a broker whose speed of trading is equal to the 80s internet speed.
Traders are losing trades since we don’t have instant execution thanks to the platform provided. There’s no sense in placing quick trades as the speed of execution leads many to losing a handful of trades.
As we stipulated earlier during the bullbit.net account reviews, €2,000 minimum deposit is way too high. There’s every need to stay away from a broker not allowing an acceptable industry minimum deposit of €250.
Withdrawing funds from the platform is another major issue traders are growing in number with complaints. Most seem to not get their payouts processed in time with the broker claiming to process on weekdays.
That’s far from the truth as a legit broker offers instant withdrawals which is not the same with Bull Bit. You’re likely going to lose a large chunk of your investment with this broker which goes to show the risks involved.
Here’s another downfall with Bull Bit as the platform fails to offer reliable trading platform. Mobile trading is the norm as it allows trading on the go. And this is why we’ve got to stick to these trading platforms such as MT4.
Mobile trading is essential to every trader as it offers investors a chance to trade on the go. Without a valid trading platform, the broker essentially limits traders to using desktops and PCs which is dated.
The platform uses a custom-made trading platform which is far from the exceptional MT4 or MT5 trading terminals. When trading, look for such exceptional trading terminals offering stability and favorable trading tools.
Bullbit is facing a warning from one of Europe’s top regulator, the Financial Markets Authority. The platform claims to reside in the UK and doesn’t have a valid license to operate from the Financial Conduct Authority.
And this goes to show we’re dealing with an unregulated broker meaning security is an issue. There’s no DDoS protection or SSL encryption to protect investors from hackers or third party attacks looking for data.
A closer look at what traders on the BullBit platform have gone through indicates what to expect. And traders have aired their concerns and grievances with the platform. Bullbit rating on Trustpilot.com is poor with a 1.9 star.
The platform claims to offer several trading tools including calendars, calculators, economic calendar, and informers. What caught our eye were signals provided which were far from accurate.
From what we’ve seen with this broker, it’s best to steer clear from the platform. What we’ve got is a platform failing to offer fair and reliable trading conditions. Please stay away from Bullbit as the Financial Markets Authority issued a warning.
The best online brokers enjoy licenses and regulation from reputable regulators.
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