ForexBull broker review
Scam brokers get away with their schemes simply because many new traders are not aware of the depth of the rot in the Forex industry. Among the hundreds and probably even thousands of Forex brokers, a large proportion of them constitute scam brokers who should not be trusted with traders’ money. A good example of such a broker is the ForexBull scam that has been operating since 2016. In that time, the company has managed to rip off many clients with promises of huge returns only to do the opposite and take their money. Let’s find out more about this company before delivering the verdict.
Is ForexBull legit?
To determine whether a Forex broker is truly legitimate and trustworthy, the only way is to learn more about the company itself. To do so, simply go to their website since this is an online business. The ForexBull website review reveals various details about the company, but none of them were satisfactory. In fact, the website itself was really not that impressive. At first, it may seem like the website is really good until you realize that the content is outdated – really outdated. In their ‘News’ page, the latest addition was from the 22nd of April 2017, meaning that there hasn’t been any addition for almost a year! How could a company running a 24/5 business fail to update their website for a year?
That was the first sign of the ForexBull scam. True Forex brokers are always focused on improving their online presence and will constantly add new bits to their website to keep it fresh. Failure to do so indicates that they are not a serious company, hence the suspicion of the scam. Furthermore, the company is based offshore, which is always not advisable. ForexBull is the trade name for ELKTON INC., a company that is hardly mentioned anywhere on the internet. That was a bit suspicious considering the broker started operating in 2016, but they haven’t made any progress since then.
To answer the question, is ForexBull a scam? There is also the matter of the offshore regulation, with ELKTON INC. being based in Saint Vincent and the Grenadines. Even though the company may be registered there, that does not mean they are able to secure your funds. The fact that they are based offshore should be dangerous enough, but the Financial Services Authority (FSA) of SVG does not have any bite. Many of the reputable regulators like the FCA, ASIC and even CySEC have set minimum capital requirements. On one hand, these minimums keep the scammers away who are unwilling to commit huge amounts of money. That is why many scam brokers acquire their licenses from countries like SVG. On the other hand, proper regulation provides refunds for aggrieved clients, but the FSA does not. Therefore, this ForexBull review does not recommend working with ForexBull because your money may not be completely secure in their hands.
What about the ForexBull reviews?
Although there is barely any mention of the company ELTKOIN itself, there are a lot of reviews about ForexBull brokers. Unsurprisingly, nearly all of the reviews were negative as published by the clients. We know these are honest reviews by actual clients because they have provided their account details, transcripts and even contact information for the broker. There is enough evidence gathered in this ForexBull review that should make you wary of trading with ForexBull. From their location in SVG that makes it difficult to pursue a complaint to their already piled up number of negative reviews, there’ really not much left to say other that urging others to stay away from their safety. The verdict here is clear-cut, and you should be able to use the same criteria to judge other Forex brokers in your quest to find the best one.