Bullden – Major Reasons to Avoid this Broker

Bullden

Not everyone is able to achieve success in the financial markets. The space is quite volatile and unpredictable and people can lose, just like they can win. Sure, your skills, knowledge and luck makes a big difference in the outcome, but there are other elements that can also play a major role. One of these is the online broker you choose to assist you in your trading journey. Most people do not pay heed to this decision and then have to live with the consequences. This Bullden review gives you an example of the kind of brokerage that can make you a loser.

Every new and experienced trader needs to remember that not all the companies offering their services in the market are what they seem to be. Just because their website is professional and they are saying the right things doesn’t make them true and genuine. You should bear in mind that no criminal is going to come up to you and tell you that they are about to scam you. It is your job to take the necessary precautions, which means evaluating a brokerage before you decide to open an account with them.

Why? This is simply because the number of shady and scam brokerages has risen tenfold in the last decade or so. Millions of people have had to suffer from losses at their hands and you can be the next if you are not careful. Yes, evaluating a broker may seem like an additional task when you want to start trading right away, but it can pay off when you end up with the perfect platform for your needs, and save you from losses if you are choosing a scam one.

This applies in the case of Bullden as well, which has a rather sleek website that gives it the appearance of a perfectly legitimate platform. There does not seem to be anything wrong with the brokerage at first glance and it ticks all the right boxes. But, a closer look can show you the major reasons that make Bullden a bad option. What are they? Check them out below.

No regulation

When you encounter a new broker, the first thing you should look for is its regulatory status. This can help you ensure that the company in question is licensed because that is how you know it is trustworthy. Getting a license is no simple process because there are a lot of hoops to jump through, depending on the regulatory authority. Therefore, it is understood that only legitimate companies that intend to operate in the market for a long time would make the effort to obtain a license.

Furthermore, when you know that the brokerage is under the oversight of a regulatory authority, you can also enjoy peace of mind because it minimizes the chances of any illegal activity. It also ensures that you are offered quality services, along with transparency and that your interests are protected. Hence, when you come across Bullden, you need to check its regulatory status and this is when you discover that you are dealing with an anonymous broker.

Why? This is because you can scour through its entire presentation and not find the mention of a license or regulation anywhere. As a matter of fact, you will find that Bullden does not really mention any relevant information about itself. There is absolutely no corporate information, or background available. There is no address, so you do not know where the broker is based. In fact, it has not even provided a phone number, or even an email that you can use to get in touch with them.

All Bullden offers is an online contact form that you can fill and wait for their response. It is virtually anonymous and this means that if the company disappears overnight, you will have no way of tracing it because you have no idea who you are dealing with.

Malicious bonus policy

There was a time when trading bonuses were all the rage amongst online brokers and people were eager to receive them because of the perks they could enjoy. However, it soon became evident that these bonuses were more for the benefit of brokerages because they exploited traders by restricting their withdrawals through their policies. This resulted in them being banned in a number of jurisdictions and most brokerages decided to stop offering them altogether.

But, it is a favorite tactic of scam brokerages like Bullden who use bonuses to lure traders to their platform. The problem with the bonuses remain the same; they are undoubtedly attractive, but they come with a malicious policy. The policy that you will find on the Bullden website dictates that a certain trading volume requirement has to be fulfilled before a withdrawal can be made from your account after receiving a bonus.

This does not sound like a lot until you break down the requirement and it becomes evident that the turnover that Bullden wants you to achieve is nearly impossible, which means that your withdrawals are going to be blocked indefinitely and the broker gets to keep your money.

Poor trading platform and conditions

The trading platform that Bullden offers is a basic web trader that has no advanced functionalities and tools that renowned platforms like the MT5 can provide. Similarly, the trading conditions may advertise tight spreads, but you should note that the leverage ratios are as high as 1:100. These ratios can be quite dangerous and regulatory authorities in many countries have capped leverage at much lower values.

No refunds

Last, but not the least, another prominent reason for you to avoid Bullden as your broker is the fact that it only asks for deposits in crypto assets. You should take note that crypto payments are irreversible and there is no chargeback possible with them, as in the case of credit cards. Thus, your money will be lost if you are scammed.

Conclusion

These major reasons show just why you should avoid opening an account with Bullden if you want to move forward in your trading journey.