BullsProfit.Online, or just BullsProfit, is an alleged FX and CFDs broker offering trading grounds for traders. In reality, it’s just an illusory company with almost nothing to offer, but headaches and financial frustration. The broker opens with the classic Wall Street bull, hence the name of the firm, and suggest a severe and professional trading ground. But the image is awkwardly presented, there are overplaying elements, the logo of the broker is laughable, and of course, fake testimonies. These are just a hint at the true nature of this broker. Read on to find out more.
Registering was very easy, and we didn’t even have to confirm an email or anything. This suggest that anyone can enter the user area of BullsProfit and start investing. The broker has taken this route. The other way that scammer brokers take is to handpick users based on how easily manipulated they are.
Once we entered the client dashboard we were immediately faced with the fact that there is no trading platform being used by this here broker. Therefore, this broker is not a broker as it offer not any trading condition, in reality. There are no applicable spreads, leverages, and definitely no tradeable assets.
The website of the broker is available in English only.
BULLSPROFIT REGULATION AND SAFETY OF FUNDS
The website present users, those who bother to look, with a Certificate of Incorporation, which really seems to be fabricated. Or not. Such documents are handed out like candy to any new company, of which hundreds are created each day. Most of them fail. Being incorporated is not the same as being regulated. All brokers, fake or legit, can be incorporates, but only 5% of these firms can receive a license allowing them to provide FX trading services.
There is also a vague London-based contact address. Combined with the Certificate of Incorporation, we are led to believe that the broker is registered in the UK. Maybe it is. What matter is that it is NOT licensed there!
Aside from a useless one-page terms and conditions document, there is nothing else in terms of legal provisions. This is one more huge indication that this broker is UNLICNESED. Legal documents are crucial for all online companies, let alone FX brokers.
As an unregulated broker, BullsProfit is a clear risk to all traders and their investments.
We cannot, for the life of us, recommend to our readers, or for that matter to anyone else, to register and invest in an unregulated broker. It would be like throwing money down the drain. It is imperative to check that the broker is regulated by the FCA or CySEC, or any other license issuer out of the hundreds. Regulatory agencies make sure that their brokers function with the user’s interest as their top priority. Moreover, certain agencies offer compensation schemes to all users of their overseen brokerages. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000. These funds are applied when the regulated broker cannot pay its dues.
BULLSPROFIT TRADING SOFTWARE
As we mentioned, there is no real trading software anywhere. The user area does not provide any trading options at all.
Besides a trading software, it seems that the firm promotes some kind of investment plans, according to the website. However, these were never seen in the user area.
There is literally nothing that user can do, except to invest in some questionable crypto wallet and hope for the best.
BULLSPROFIT DEPOSIT/WITHDRAW METHODS AND FEES
Honestly, we found no gateway for depositing. The user area shows 4 different deposit packages, but clicking on either of them does nothing. On top of them, we are given a crypto wallet onto which we are expected to invest. No way, we say/ Deposits made in crypto wallets are lost forever! There is never a minimum deposit requirement when paying through a crypto wallet.
The withdrawal area reveals that clients can take out money by means of WesterUnion, BTC wallet, PayPal, and Cheque. However, it doesn’t seem to us that users will be getting their funds back anytime soon.
The website offers no further deposit or withdrawal details.
We can conclude that BullsProfit is not really a broker of any kind. Without a trading license, a trading platform, or anything for that matter, we can safely conclude that this broker is completely useless and can only take your money!
How does the scam work?
Users have entered the scam once they have registered or provided certain contact details to the broker or the investment schemes.
They get to this point once after being tempted by one of the thousands of alluring online ads that promise easy money and a chill lifestyle to go with it. Most of these ads lead to either the broker’s site or an intermediary website. Whichever one happens to be the source of the ad, either one will ask the client for contact details.
Through these contact details, the scammer will contact the user and solicit a first deposit in the scam. This is the most important step, for the first deposit is the initiating ritual, where the user gets to build an artificial trust with the reps of the scam.
After the first deposit, the broker/scammer is able to build on this relationship, lying to the user. As a result of this, more deposits will be demanded, and more fake promises will be wasted.
This is all a ticking time bomb, since the user will want, at some point, to withdraw his/her money. The scammer will deny this request and those that follow, making up excuses at it goes.
What to do if scammed?
Filling for a chargeback is the best solution. Credit and debit card companies allow for this service, The good news is that MasterCard and VISA have a chargeback period of 540 days.
Users should immediately change their bank account user name and password if they have lost money to an investment scam through a wire transfer. They should also contact their bank and try to find a solution with the institution.
Forget about being able to retrieve crypto funds. Crypto deposits are the surest way to lose money!
Moreover, do not trust recovery agents or agencies. These are either an extension of the investment scam or an independent fraud. They promise to return your lost investments but not before demanding a payment for their “services”. After the user pays them, they will disappear with the money!
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