MarketsBull Review

An Unreliable and Dangerous Forex Broker

Reviews: 1

1 RATING
(1)

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Published: 21 May 2020

Posted by: Anonymous

MarketsBull is a forex and CFDs forex trading company. It is supposed to be operated by Marketsbull Limited and is based out of Suite No. 305, Griffith Corporate Centre, Beachmont 1510, and Kingstown. It claims to operate from Saint Vincent and the Grenadines region.

Shady Address

The address of the company is registered with 3-4 other different companies. All of these companies are believed to operate from the same address. It is not practically possible.

The address is thus a virtual registration of the companies. The virtual addresses are provided by the companies to ensure easy registration of the company at regional level.

Fake Claims of Regulation

Marketsbull claims to be registered in Saint Vincent and the Grenadines with a registration number of 23888 IBC 2017. It is not true as the Financial Services Authority of Saint Vincent and the Grenadines show no results for this company in their database. The absence of Marketsbull clears the fact that it is not regulated under any regulatory watchdogs.

The registration means that the company provides details to the region about its operations. Regulation means that the broker is responsible for the standard operating procedures set by the authority and is working under the guidelines of the same.

But Marketsbull is unregulated so there is no supervision of their operations and control of funds. It can be verified at the link http://svgfsa.com/?s=Marketsbull

Marketsbull claims to be operating from the island region of Saint Vincent and the Grenadines. The Financial Services Authority of the SVG region does not have any regulation under the name of  Marketsbull.

Different Places of Operation and Governance

Another setback is the terms and conditions of the company. It states that Markets Bull falls under the laws of Marshall Islands. The Marshall Islands are in Oceania and Saint Vincent and the Grenadines are in North America. In other words, There Is a complete mismatch of the region of operations and the region of governance.

Warning by CONSOB

The government agency of Italy CommissioneNazionale per le Societa e la Borsa is responsible for the regulation of the securities exchanges. The CONSOB has released a warning against the fraud operations of Markets Bull. The company is not allowed to provide services in Italy. You can find that here; http://www.consob.it/web/consob-and-its-activities/warnings?viewId=ultime_com_tutela

Unknown Ownership

Marketsbull is an offshore unregulated broker. The location and headquarters of the company are not genuine as they don’t give details about the team of experts behind the company. The ownership details are not specified. The company uses VOIP to reach traders.

It gives an undue advantage to Marketsbull to forge the details of the address. The calls from the company appear from a random location. The forged details of addresses and location are the reason for the gripe of traders. There is no strong evidence of the origin and details of the company.

Hidden Trading Conditions

Markets Bull fails to provide details about their trading conditions. There are no details about the trade sizes, trade lots, etc.

Trading Accounts

There is no provision of a demo account in this company. The absence of a demo account with an unregulated offshore broker hints at the weak trading policies of the company. Following are their live trading accounts:

  1. Standard Account: The standard account of the company requires a minimum initial investment of $500. It is 10 times higher than the initial investment requirement of most brokers. The leverage is claimed to be 1:200 and the spread is supposed to be fixed.

2. Gold Account: The gold account of the company does not provide any details about the spread. The minimum initial investment required by the company is set at $10,000. It is 20 times the deposit of their standard account. There are no useful services provided in this account as well. The only difference between utility of the gold account and  the standard account is the change in leverage to 1:400. The service of account managers are of no use as the experience of the account manager cannot be established. A professional trader who is investing sums larger than $10,000 deserves more facilities than this.

3. Platinum Account: The platinum account of Markets Bull requires a minimum initial investment of $50,000. It is a gigantic amount to consider as a minimum deposit. The leverage ratio is claimed to be 1:500. There is no difference in its services and that of the gold account.

In myMarketsbull review, I found that there is no provision of MAM and PAMM accounts. The three types of live trading accounts do not provide any details about the trading tools. The spread is fixed but the value is not disclosed.

The high charging live trading accounts of the broker are not fruitful to the traders as the bonuses provided by the company aims to inculcate rash less trading among the investors. The traders are encouraged to invest more so that the broker can earn more from the trades. It’s a greedy approach. The demo account is not available as well, so you can’t check the effectiveness of their trading services.

Trading Platform of Markets Bull

The company provides accounts over the Meta Trader platform. MT4 is the much-trusted platform with trading charts. It is a fully-customizable secure platform and is suitable for both  the newcomers and  professional traders.

However, the provision of scalping is not available here. The live trading account of the company does not support web trading, mobile trading, and social trading facilities.

Concealed Deposit and Withdrawal Conditions

MarketsBull does not provide multiple options for making payments. It only accepts UpayCard, MoneyNet, credit/debit cards, and bank wire transfers. There is no provision of e-wallets like Neteller or Skrill.

The company has mentioned Skrill on its website but there is no mention of Skrill in the deposit and withdrawal channels of the company.

Skrill only works with  regulated brokers due to its “anti-scam” policy. This is another evidence of MarketsBull’s fraudulent activities. There are no details about the deposit fee. The time taken by the company to deposit funds into a trading account is one week. It is three times higher than the standard time taken by other brokers.

There are no details about the withdrawal conditions and the withdrawal fee. The time taken for a withdrawal request to be completed is more than 10 days. The other charges like the dormant fee, maintenance fee, and processing fee are not specified.

Website Analysis

The website of the company is https://marketsbull.com/.

The information on the website is of very low quality as the design is not impressive. Apart from the details of the website, the broker fails to provide sufficient information to the traders about their trading conditions. There are no active links provided on the website. More or less, the website of the company is not self-sufficient to serve its purpose.

Social Media Presence of MarketsBull

MarketsBull does not have active social media accounts. There are no details of the company on leading platforms like Facebook and Twitter. It fails to understand the value of social media in the brand building of the company.

Active social media accounts of a broker work as a bridge between the traders and the company. It is an intermediate between the customer’s feedback and the services of the broker. MarketsBull fails to provide informative content over social media accounts.

Frail Customer Support

Marketsbull does not provide round the clock technical support to its traders. There is no facility for the regional contact numbers. There is no provision of email IDs, Skype details, and live chats with the customers.

The company has no provision for strong and reliable technical support to the traders. There is no way to contact the team if any issues arise while trading.

The quality of technical support by the broker is an indicator of the fairness and professionalism of their services to the traders. Sadly, MarketsBull doesn’t take care of its traders’ needs. It should be learned that a broker always wins whether a trader is losing or winning in the deals.

You Shouldn’t Trust MarketsBull

Marketsbull cannot be given more than 0.5 ratings over the 5 point scale. It is not regulated under any of the financial supervisory authority, the address of the company and the ownership details cannot be established, there is no facility of demo accounts to the traders, and the live accounts of the company are too expensive.

The company fails to provide basic details about the customer helpline numbers, deposit, and withdrawal conditions. The act of hiding essential services and their details from the traders reflects the high level of the unprofessionalism of MarketsBull. It is not advised to trade with a fraudulent, dangerous, and shady broker like MarketsBull.

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