ForexBull offers its clients several account types. All accounts are offer floating spreads, high leverage levels and the opportunity to trade micro lots on the MetaTrader 4 platform with no commission fees. Besides, there are Islamic (swap-free) options for traders of Islamic belief on all account types.
Account management (PAMM) services are also available with this broker.
The trading conditions of ForexBull seem attractive: you can start trading with a couple of bucks, use high leverage and the spreads fall within the average range of 1.0 – 1.5 pips for EUR/USD. However, we would not recommend this broker, as it is not regulated and supervised by any authority.
There are a number of licensed companies that have similar or better offerings. CySEC-licensed EverFx, for example, offers spreads averaged 0.2 pips on EUR/USD, with a commission of $8 round-turn, and leverage up to 1:1000. You can open an account with this broker by investing just $25.
The Company. Security of Funds
Established in 2016, ForexBull claims to be a STP/ECN forex and CFD broker that offers wide range of instruments for trade and allows all trading styles and strategies, including hedging, arbitrage, EAs, news trading and high volume scalping. It has offices in Spain, China and United Kingdom and is registered offshore, in Saint Vincent and the Grenadines.
International Business Companies (IBC) like ELKTON INC registered in SVG are not required to face any capital adequacy requirements, to report to any authority or to comply with strict rules. This means that clients of such companies have no protection id the broker disappears with their money or goes bankrupt.
Because trading with an offshore broker is a risky business, we advise traders to invest their money with duly regulated brokerages in reputable jurisdictions, such as UK, Cyprus, or Australia for example.
ForexBull offers its clients the widely used MetaTrader 4 (MT4), desktop, and mobile versions available.
MT4 is globally popular for its innovative, on the go trading capabilities, variety of useful built-in indicators, advanced charting package, automated trade options with Expert Advisor strategies (EA) and extensive back-testing environment. Here is a list of more forex brokers offering MT4 platform.
At the time of writing of this review, ForexBull runs a no-deposit welcome bonus of $50, available to new clients. The profit from the bonus can be withdrawn if 50 standard lots of both buy and sell trades are made (with maximum leverage 1:200).
Methods of Payment
Payment methods with ForexBull are the following: credit/debit cards, bank wire transfer, and e-wallets Skrill, Neteller, WebMoney, FasaPay and K-net Payment Gateway.
Accepted currencies: USD, EUR, JPY.
ForexBull is a STP/ECN broker registered offshore that offers trading in numerous currency pairs and CFDs on commodities, precious metals, indices and shares on the MT4 platform. Although its trading conditions seem attractive, we would not recommend doing business with ForexBull, because it is not licensed and supervised by any regulator.
ForexBull Review Conclusion
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