Bulls And Bears Forex Review
Bulls And Bears FX, BBFX, has an innovative brand name that is sure to be noticed by both amateur and professional traders. BBFX has been in the industry for more than six years and has had its fair share of both good and bad experiences in the market. In this Bulls and Bears FX broker review, we intend to discover whether the broker delivers on its promises, or whether the broker is one of the numerous Forex trading companies that vanished due to being unable to keep up with the fierce competition.
BBFX Range Of Products & Services
Bulls And Bears FX indulges in a full range of financial products, including Forex, metals, energies, commodities, shares, indices, and CFDs. The company also offers a wealth management account that guarantees anywhere from 5% to 8% monthly returns on investments. As far as Forex and CFD trading is concerned, the broker follows the STP model that offers commission-free trading without the risks of a market maker protocol. Although the broker promises ECN liquidity, the Straight Through Protocol is similar to the ECN model that connect traders directly to a global liquidity pool. BBFX STP accounts do have certain drawbacks when compared to full ECN accounts. The BBFX spreads start from 1.6 pips, which may increase to 3 pips and beyond during regular trading conditions. Of course, traders don’t have to pay a commission, but the 1.6 pips spread may only be considered as strictly average. In fact, we have seen brokers offer very tight spreads of 0.8 pips on regular market maker accounts, which do not have access to the same liquidity as provided by the STP protocol. Nevertheless, 1.6 pips spread isn’t too expensive either; therefore, we would consider the broker to be average regarding the cost of trading.
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Does The Broker Accept Smaller Retail Traders?
Bulls And Bears FX offers a trading account for as low as $5, which puts it into the major league of mainstream Forex brokers. For $5, a BBFX trading account is incredibly attractive, as you don’t have to invest a huge sum of money into your trading account. $5 is also a relatively small amount of risk in the markets, and you don’t have to worry about the overall reliability of the broker unless you plan on making a significant deposit. The broker also offers a maximum leverage of 1:500; thereby allowing you to open significantly larger positions in the market using a small trading capital. However, a high amount leverage can lead to margin calls if the market moves against a trader’s position by even a small margin. There are multiple payment options available to clients, with traders getting an opportunity to fund their accounts via Visa, Mastercard, Skrill, WebMoney, Western Union, Neteller, Perfect Money, PayPal, CashU, and bank wire. Almost all payment processors allow traders to deposit $5, while bank wire transfers have a minimum limit of $100. The broker also states that it will not cover the fees for bank wire all wire transfers that are less than $250. Bank wire transfers may also take up to 7 working days, while other payment options can result in instant payments. The broker also covers the deposit fees associated with all other payment methods.
Are My Deposits Safe & Secure?
BBFX offers conflicting information regarding its regulatory compliance, as the broker claims to be regulated by the Financial Conduct Authority of the UK and the IBC of Seychelles. Elsewhere, the broker also claims that BBFX operates separate divisions for its Forex operations, and several of its independent entities are not regulated by either the FCA or the IBC. The differing and conflicting information only serves to confuse traders regarding the legal validity of the broker’s overall reliability and may prevent traders from trusting the broker in its entirety. If you are looking to trade using the minimum amount of deposit without considering any larger deposits, you may try out the broker’s services to invest in the markets with minimal capital outflow. Bulls And Bears FX is also a good option for amateur and beginner traders for investing in the markets under real trading scenarios, without investing a significant amount of money in the markets. Trading on a real live account is far more effective than trading on demo accounts, as a real account includes all the emotions of trading that are detrimental towards an investor’s trading psychology. Despite the broker’s contradictory claims of regulatory licenses, all client funds are kept in segregated accounts, away from the broker’s core operating capital. Segregated accounts not only help in eliminating financial malpractices, but it also helps the broker to meet its clients’ debt obligations in the event of a bankruptcy or liquidation proceedings. In our opinion, only trade with BBFX if you are willing to forego your initial deposit. If you are unable to find any other Forex brokers that offer a smaller account option, browse through our highly popular list of regulated Forex brokers that allow you to start your Forex trading journey from just $1. Our recommended Forex brokers are regulated by top regulatory organizations, which can offer you the best peace of mind for long-term Forex trading.
Bulls And Bear Forex Bonus On Deposits
BBFX offers attractive bonuses that provide a 30% initial deposit bonus and an incredible 50% bonus on subsequent deposits. Nowadays, most regulated Forex brokers avoid offering any bonuses due to the conflict of interest that may arise due to the bonus terms and conditions. BBFX also has a lot of different terms and conditions for their bonus offering, which will require you to trade the required number of lots before you are allowed to make a withdrawal of your trading capital.
BBFX Customer Support
BBFX has a phone number, an email address, and a web contact form for its clients to communicate with the customer support department for any client concerns. However, the lack of a live chat feature or a dedicated account manager should be a cause for concern for existing clients. Forex market thrives on instantaneous decision making, which may be affected by platform issues, trade errors, and other concerns that need quick resolution. Therefore, traders will have to depend on a lackluster customer support department to get a timely response from the support team, which may take a long time for a qualified response. If you are looking for the best customer service in Forex trading, then BBFX may not be your choice of Forex brokerage.
Give Me Some Information On BBFX Trading Platforms
Bulls And Bears Forex has opted to license the MT4 terminal for its clients, which is a wise move by the company. The BBFX mobile apps for MT4 on the iOS and Android also help the broker to cater to a large percentage of mobile traders, who are looking to trade the markets on the move. Overall, the broker does have some fantastic trading packages, which needs to be supported by other broker criteria such as a fair amount of regulation and a professional customer service department. Unless the broker manages to revamp its services, we seriously doubt about the long-term viability of the broker’s service offerings.