BullTraders is a foreign exchange broker that was founded in 2009 and is located in Saint Vincent and the Grenadines. They provide the ability to trade over 150 different instruments, offer classic trading with low spreads, offer 3 loyalty programs, offer a news feed and an economic calendar as well as other features. We will be using this review to look deeper to see if those things are actually offered and so see how they compare next to the competition.
Should you decide to join up with BullTraders, you will have three different accounts to choose from. We have outlined them along with their requirements as featured below.
Micro Account: This account does not have a deposit requirement and so can be opened without a deposit, the account can be leveraged up to 1:200, it has a fixed spread starting at 2 pips and it uses market execution. There are no added fees or commissions, the account comes with a stop out level of 20% and you are able to have up to 20 orders at any one time, the minimum trade size available for this account is 0.01 lots.
Standard Account: This account requires a minimum deposit of at least $1,000, the account can be leveraged up to 1:100, it has a fixed spread starting at 2 pips and it uses market execution. There are no added fees or commissions, the account comes with a stop out level of 20% and you are able to have up to 20 orders at any one time, the minimum trade size available for this account is 0.1 lots.
Pro Account: This account requires a minimum deposit of at least $2,000, the account can be leveraged up to 1:200, it has a fixed spread starting at 2 pips and it uses market execution. There are no added fees or commissions, the account comes with a stop out level of 20% and you are able to have up to 20 orders at any one time, the minimum trade size available for this account is 1 lot.
BullTrader uses its own trading platform, it is accessible as a desktop download, mobile application and as a web trader to use with your internet browser. The platform seems to take a lot of influence from MetaTrader 4, however not quite offering as much functionality. It has multiple charts and timeframes, there are also multiple indicators available to help with your analysis and trading needs.
The maximum leverage seems to be 1:200, however, there are mentions of 1:1000 on the site for example which is a little strange and could cause some confusion. For clarification, the maximum leverage available is 1:200. This can be selected when opening up the account, we are not sure if it can be changed once an account has been opened, but if you wish to we would suggest contacting the customer service team with a change request.
- Micro Account: 1:100 , 1:200
- Standard Account: 1:100
- Pro Account: 1:50, 1:100, 1:200
The trade sizes that you get depend on the account type that you are using, we have outlined the minimum trade sizes below.
- Micro Account: 0.01 lots minimum / 20 max trades at any one time
- Standard Account: 0.1 lots minimum / 20 max trades at any one time
- Pro Account: 1 lot minimum / 20 max trades at any one time
The maximum trade size for all three accounts is 5 lots.
There are no added fees or commissions when trading as all three accounts use a spread based system that we will look at later in the review. There are also swap charges, these are fees that are charged for holding trades overnight, they can be both positive and negative and can be viewed from within the trading software or from on the BullTraders website.
The assets have been broken down into a number of different categories, we have outlined them below along with the instruments within them.
Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDSGD, AUDUSD, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURSGD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPSGD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDSGD, NZDUSD, USDCAD, USDCHF, USDDKK, USDJPY, USDMXN, USDNOK, USDSEK, USDSGD.
Stocks: Plenty of stocks are available to trade, some of them include the likes of Apple, Amazon, Coca-cola, Cisco, eBay, Intel, Netflix, and Microsoft.
Metals: Just Gold and Silver are available to trade.
Indices / Commodities: Brent Crude Oil, WTI Crude Oil, DE30, DX, F40, JP225, UK100, US30, US500, USTEC, MICEX, RTS, Natural Gas, ZC, ZS, KC, SB, CT.
Crypto: Bitcoin, Bitcoin Cash, Bitcoin Gold, Dogecoin, Dash, EOS, Ethereum Classic, Ethereum, IOTA, Litecoin, Neo, QTUM, Tron, Monero, and Ripple.
The spreads on the account page state that they start from 2 pips fixed, however looking at the actual spreads the lowest available is 3 pips which are on the EURUSD pair. The spreads are fixed so they do not change and will always remain the same no matter what is happening on the markets. Different instruments will also have different spreads, so while EURUSD has a fixed spread of 3 pips, different pairs such as AUDCHF will have higher spreads, in this case, it is a whopping 10 pips.
There is no minimum deposit requirement to open up an account, the minimum deposit will be dependent on the method you use and your own limits imposed by the payment processor. If you wish to use the Standard or Pro account you will need to deposit at least $1,000 or $2,000 respectively.
Deposit Methods & Costs
The only information displayed on the site is that they accept Visa, MasterCard, and Bitcoin, there was no other information that we were able to find. Scouring the internet we were bel to find out what they also accept some eWallets such as OK Pay and WinPay, but we cannot provide a full list. We were also not able to find out if there are any added fees or commissions when depositing.
Withdrawal Methods & Costs
We had just as little information on withdrawals, so we can only say that Visa, MasterCard, and Bitcoin are displayed on the site so we believe they should be available to withdraw with, once again we also did not find any information on withdrawal fees, but when depositing or withdrawing you should check with your own bank or payment provider to see if they will add any outgoing or incoming processing fees.
Withdrawal Processing & Wait Time
As we do not have much information on the withdrawal methods we also don’t have a realistic expectation on how long withdrawals should take, we would hope that withdrawal requests would be fully processed within 7 working days or the request being made.
Bonuses & Promotions
There is a loyalty program available to the clients of BullTrader. The bonus that you get is dependent on the balance of your account.
Minimum Balance of Equity $1000
For all types of accounts Cashback
1$ per full traded lot
0,5% per month (6% per annum)
Up to 50% bonus to every replenishment
Minimum Balance of Equity $5000
For Real Standart and Real Pro only
Cashback 5$ per full traded lot
1% per month (12% per annum)
Up to 100% bonus to every replenishment Protection of trading for 1 month
Minimum Balance of Equity $10000
For Real Pro only
Cashback 10$ per full traded lot
2% per month (24% per annum)
Up to 200% bonus to every replenishment
Educational & Trading Tools
There are a few little tools available to use, the first is an economic calendar, this tells you what news events are coming up and the possible impacts that the news events could have on the markets. There is also a section for investment ideas which gives some very basic information on potential trades, finally, there is a news section giving some news about the markets.
The contact us page offers a few different ways to get in touch with them, you can use the postal address that they have provided, there is also a number of different email addresses and a fax number (not a phone number) available to use.
Address: The Jaycees Building, Stoney Ground, Kingstown, P.O. Box 362, VC 0100, St. Vincent and the Grenadines
Fax: + 6564915202
Demo accounts are available for the WebTrader versions of the platform and it allows you to test out the markets and conditions without any risk to your own capital. The trading conditions mimic those of the real accounts.,
The following statement is present at the bottom of the site: “BT Technologies Ltd does not provide the services to residents of the United States, Japan, Korea, Canadian provinces of British Columbia, Quebec and Saskatchewan, as well as other areas where these services can not be provided in connection with the existing restrictions of the legislation.“
The three accounts do not offer much different in trading conditions apart from the minimum trade size, the spreads are unfortunately incredibly high, with spreads starting from 3 pips and going to over 10 pips on some pairs it can be incredibly expensive to trade here, there are plenty of assets available though which is a big plus. There is not a lot of information on the deposit and withdrawal methods, so we do not know exactly which methods are available or if there are any added fees for transfers. With those high costs and uncertainty with the funding, we currently find it hard to recommend them as a broker to sue.