BullBell is an unusual Forex brokerage firm that offers a standard ECN offering to its traders for the best trading environment. BullBell is an Asian Forex trading company that launched its services during March 2016. The broker is seen to improve its services through constant refinement of its service portfolio, which is one of the most important features of a good-quality FX company. The broker’s Asian presence means that it does not have any regulatory licenses or certifications from international agencies from the US or the EU, but the company boasts an international brokerage service that accepts clients from all over the world. Therefore, you may be able to open a trading account at BullBell without any serious restrictions from the broker, although you may need to ascertain the legality of trading with an overseas broker in your particular jurisdiction.
|Forex, Precious Metals, Equity Indices, Energies|
BullBell Company Regulation & The Exact Location Of The Broker
BullBell is located in Labuan, Malaysia, which is an offshore island territory under the control of the Malaysian Government that is famous for its affinity towards attracting global financial consortiums. Labuan is one of the prime investment destinations for financial companies from around the globe that offers incredible tax advantages and a low-cost business environment. Labuan is also gaining popularity among Forex brokers during the recent past, as more and more international FX brokerages are basing their Asian operations out of the little-known Malaysian Island. The Malaysian Government has created the Labuan Financial Services Authority for regulating and supervising the activities of all financial companies that set up shop on the island. The Labuan FSA is not as efficient or as reliable as the more mainstream regulatory organizations in the world; still, it does provide a sense of security for investors to realize that BullBell is indeed a regulated company. It is always a good idea to invest your money with a regulated entity, rather than taking a risk and investing your money in an offshore broker that cannot guarantee the security of your trading capital.
Are There Any Advantages To Trading FX with a BullBell Account?
One of the primary benefits of a BullBell Forex trading account is the availability of an ECN account option, which straightaway eliminates any conflict of interest between a broker and the trader. Of course, not all accounts from the broker are offered as an ECN account, as the most basic Standard Account uses the market maker protocol. The Standard account is the least expensive option, with traders required to deposit a minimum of $100 at a maximum leverage of 1:100. The broker only offers a maximum of 1:100 across its product portfolio, but the BullBell spread is the highest for the Standard Account. Average spreads for the Standard account are specified at 2.5 pips, which is an expensive proposition in the market where regular market maker accounts are known to quote spreads below the 1 pip mark. There is also a maximum cap on the order size and number of transactions, which are fixed at 20 lots per order and a maximum of 100 orders at any given instant. Due to these reasons, we wouldn’t recommend the Standard account if you are very particular about decreased cost of trading. The Standard account is the only market maker account offering, while there are three more account options that offer real ECN conditions. ECN accounts are categorized into the Professional, the Advantage, and the Rider accounts. The Professional account is the cheapest ECN option that requires an initial capital of $3000. $3000 is in no way a competitive amount since most ECN brokers now offer true ECN accounts for $100 or even lower. The commission is also higher for the Professional account at $5 per 100k, while the spreads begin at 1 pip. You can reduce the commission and spreads by choosing the Advantage account, which reduces the commission to $4 and the raw spreads to 0.8 pips. But beware that the Advantage account requires a whopping $15,000, which is enough to get you an institutional ECN account at other brokers with a lower commission and a 0 pip spread guarantee. Perhaps, the company has reserved its Rider account for VIP trading conditions, which guarantees 0 pips spread and a $0 commission on trading. The commission-free Rider account is an immensely expensive option, as traders will be required to deposit at least $25,000 as the initial trading capital. Aside from the DMA conditions of the ECN account, we do not see any significant benefits or advantages for the BullBell trading accounts when compared to its immediate competitors. As an alternative option, traders may be able to open an ECN account at highly regulated mainstream broker for a fraction of the cost. Hence, take your time while making your decision on whether to trade with BullBell or not.
Other Broker Features
BullBell offers a dedicated 24X7 customer support department, along with dedicated account managers for individual clients, irrespective of their account classification. The customer support team is ready to answer your queries and tend to your concerns in a professional manner. Regardless, don’t expect to receive high levels of sophistication while dealing with the broker as you might have come to expect from brokers in the US and the EU. There is still a lot of room for improvement, which includes the proficiency of the support staff, their overall market knowledge, and most importantly, the language barrier.
A Brief Analysis Of The BullBell Trading Platforms
We weren’t really surprised to find that the broker has adopted the MT4 for both PC and Mac devices, which are used extensively by both amateur and professional traders. The MT4 trading terminal offers the convenience of switching between the market maker and the ECN protocols, which enables the broker to customize its services according to its policy requirements. The broker connects its ECN clients to the liquidity providers through state-of-the-art ECN bridges, which is the case for desktop and mobile trading platforms. BullBell has also made it clear that it supports all the many MT4 versions that are available for smartphones and tablets. The BullBell mobile apps can be instantly downloaded through the iOS and Android stores, which allow a trader to log into their trading account through a single login user and password. BullBell also offers support for the MT4 WebTrader, which ensures that the broker has covered the entire market for platforms across multiple devices.
Final BullBell Broker Review Verdict
The ECN account at BullBell is certainly an excellent account option, which is unfortunately only available for a minimum deposit of $3000. There is also the problem of regulation, as the broker is only regulated in Malaysia, without any support offices in EU or other leading jurisdictions. You may trade the markets using BullBell if you are comfortable with the broker’s Malaysian location and a few account shortcomings, but take some time to compare BullBell with some of our other suggested Forex brokers before making your choice.