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The Bull FX Review

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The Bull FX is a foreign exchange broker based in Vanuatu and they are regulated by the Vanuatu Securities and Exchange Commission (BWA). “The BullFx is an established real STP forex broker (the international company act, The dealer in securities act and The AML/CTF Act) serving both individual and corporate clients. We offer all of our customers a comprehensive range of trading options, The BullFx technical support, and consulting services, with the goal of making the trading process efficient, hassle-free, and above all highly profitable for you. From new account registration to money withdrawal, superior customer service is our strategic priority.” That is the statement given by The Bull FX and so we will be using this review to look deeper into the service on offer to see how they compare to the competition in this competitive market.

Account Types

There are three different account types however we will only be looking at two of them as we are not interested in the corporate accounts, so let’s see what the other two have to offer.

Standard Account

This account requires a minimum deposit of at least $300, it has spread starting from 1.6 pips on major forex pairs, the account can be leveraged up to 1:200 and has access to forex, CFDs, and commodities. The minimum trade size for the account is 0.01 lots and the account has access to hedging and MetaTrader 4 as its trading platform. The margin call level is set at 50% with the stop out level set at 30%, bonuses are also available on this account.

ECN Account

This account requires a minimum deposit of at least $1,000, it has spread starting from 1.6 pips on major forex pairs and 2 pips on Gold, the account can be leveraged up to 1:200 and has access to forex and Gold. The minimum trade size for the account is 0.01 lots and the account has access to hedging and MetaTrader 4 as its trading platform. The margin call level is set at 50% with the stop out level set at 30%, bonuses are also available on this account.

Platforms

The sole platform on offer from The Bull FX is MetaTrader 4. The platform is extremely popular and offers an array of analytical tools. A total of nine time frames available for each symbol. These provide a detailed analysis of chart quote dynamics. A built-in library of more than 50 indicators and tools streamline the analysis process, enabling traders to identify trends, define various market shapes, determine entry and exit points. The platform allows orders to be placed in a variety of ways, including trading directly from charts. Embedded tick charts are an extremely useful way to determine accurate entry and exit points. MT4 is also highly accessible, usable as a desktop download, mobile application, and web trader.

Leverage

Both the accounts have a maximum trade size of 1:200, the leverage can be selected when opening up a new account and can be changed by contacting the customer service team.

Trade Sizes

The minimum trade size of both accounts is 0.01 lots, they then go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. The maximum trade size is 100 lots but we would recommend not trading over 50 lots in a single trade. We do not know how many open trades or orders you can have at any one time.

Trading Costs

We did not notice any information surrounding commissions, however, the FAQ does say that they make their money through commissions, but we believe that they are referring to the commission of the added spread rather than direct commissions on trading. There are swap fees which are charged for holding trades overnight, these can be viewed within the MetaTrader 4 trading platform.

Assets

The assets at The Bull FX have been broken down into categories, so let’s see what each one includes.

Forex: AUDUSD, EURCHF, EURGBP, EURJPY, EURUSD, GBPUSD, USDCHF, USDJPY, AUDCAD, AUDCHF, AUDJPY, AUDNOK, AUDNZD, AUDPLN, AUDSEK, CADCHF, CADJPY, CADPLN, CHFJPY, CHFDKK, CHFNOK, CHFPLN, DKKJPY, EURAUD, EURCAD, EURNOK, EURNZD, EURPLN, UERSEK, GBPAUD, GBPCAD, GBPCHF, EGBPEUR, GBPDKK, GBPJPY, GPBNOK, GBPNZD, GBPPLN, GBPSEK, EURHKD, EURHUF, EURMXN, EURSGD, EURTRY, USDCNH, USDCZK, USDHUF, USDMXN, USDRUB, USDSGD, USDTRY, USDZAR.

Metals: Copper, Gold, and Silver are available to trade.

Commodities and Energies: Brent Crude Oil, WTI Crude Oil, and Natural Gas are the three available energies.

Indices: Dow Jones 30, Hong Kong Futures, Nasdaq 100, and Standard & Poor’s 500 Cash Index are available for trading.

Shares: There are a lot of shares available, some of them include Apple, Amazon, Alibaba. Citigroup, FedEx, Facebook, IBM, Netflix, and AT&T.

Cryptocurrencies: Four are available and these are Bitcoin, Ethereum, Litecoin, and Ripple.

Spreads

The spreads start from 1.6 pips on major forex pairs, the spreads are variable which means they will move with the markets, the more volatility that there is in the markets, the higher the spreads will be. The ECN account has spreads starting from 2 pips on Spot Gold.

Minimum Deposit

The minimum deposit required to open up an account is $300, this will allow you to access the Standard account, if you want to use the ECN account then you will need to deposit at least $1,000.

Deposit Methods & Costs

In the FAQ it states that Bank Wire Transfer, Credit / Debit Cards, Moneybookers (Skrill), and transfers from other existing broker accounts are available as deposit methods. However at the bottom of the site, there is also an image of UnionPay and AliPay, but we are not sure if they are actually usable or not.

There is no mention of any additional fees for withdrawals but also no mention that they are free, whichever it is, we would recommend contacting your bank to see if they will charge any transfer fees of their own.

Withdrawal Methods & Costs

You can withdraw using the same methods, for clarification, these are Bank Wire Transfer, Credit/Debit Cards, and Moneybookers (Skrill). Just like the deposits, there is no mention of any fees but you should check with your own bank or processor for any potential incoming processing fees added by them.

Withdrawal Processing & Wait Time

Withdrawal requests are processed within 1 business day, the amount of time that it takes after this will depend on your bank or processors’ own processing times and could take between 1 to 5 days further before the withdrawal request is fully processed.

Bonuses & Promotions

The accounts page states that there will be occasional bonuses, however in the FAQ under the question about if there are bonuses they state “No, and we advise traders to be wary of “free money” and the firms that offer such incentives. The BullFx makes money fairly from commissions, and as such, we do not need to offer financial incentives to sign up potential traders.” So we don’t really know if there are bonuses or not, but there aren’t any active promotions at the time of writing this review.

Educational & Trading Tools

There is an economic calculator available, this details different upcoming news events and also details which markets or currencies may have an effect on. Apart from that one tool, there doesn’t appear to be any other educational tools or trading tools available from The Bull FX.

Customer Service

If you have any questions or queries then you can get in contact with The Bull FX in a number of ways. You can use the online submission form to fill in your question and then get a reply via email. You can also use the postal address provided or the email address.

Address: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent, and the Grenadines

Email: support@thebullfx.com

Demo Account

A demo account is available, they allow you to test out the markets and strategies without any real risk, you can select leverage between 1:10 and 1:500 and a balance between 1,000 and 100,000. The account will last indefinitely as long as it is being used and will be deleted if it is left dormant for 1 month.

Countries Accepted

This information is not available on the site, if you are thinking of signing up, then you should contact the customer service team to get a better understanding of your eligibility.

Conclusion

There are a few small confusions in the fact that The Bull FX state that they are located in Vanuatu, but their address is in Saint Vincent and the Grenadines. The trading conditions on offer seem ok, the spreads starting at 1.6 pips on a non-commission based account are reasonable. There are plenty of available assets and instruments to trade, there is however only a small amount of funding methods and we do not fully know if there are any fees available. The Bull FX may be a decent broker to sue but the decision to use them or not is up to you.

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