GulfBulls

Just by the name itself GulfBulls plays a bad trick on itself. Do you expect a legit broker behind such a nomenclature, or a parody news site? We expected the latter or any other variation, and never would we have given a moment's though that this is actually a broker, albeit a scammer one. The following review reveals why GulfBulls is a risk to all, and goes into some detail as to its separate parts.

The main thing we learn, although we had to look hard for it, was that the legal relationship between the broker and user shall be governed by the laws of India.

India's FX status quo is an odd one. Due to religious reasons and cultural restrictions, many products are not available for trading with, and officially, Indians are not allowed to trade with foreign brokers, yet India's sheer complication in size and ethnics circumvents these rules. Officially, the FX regulator in the country is the Foreign Exchange Management Act (FEMA), yet this is just a governmental pact, and not a standalone regulator as we would have liked to see. Yet, most of the “regulating” of trading activities happens through this legislation.
We have to turn to the website of the Securities and Exchange Board of India’s (SEBI) in order to check if the broker GulfBulls is really regulated in India, for this agency keeps a record of all legalized brokerage entities in the nation. We found no evidence of GulfBulls being licensed there. Moreover, the broker so vaguely mentions an India relationship that it is easy to miss, meaning that we should not attach such a high importance to it.

Moreover, we also have a contact address in the UK, which immediately excludes the Indian claim. Such an address translates to us as a suggestion that the broker is regulated in the UK by the FCA. Otherwise, GulfBulls would be illegally operating in the country. Well, the firm is not licensed in the UK, as we found no evidence of this in the FCA's databank.

Therefore, GulfBulls is unregulated and a risk to all!

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The registration process surprised us as it looked somewhat professional, yet soon enough everything came in its old shady place. The user area was nothing special, and even on the more limited side of things.

Moreover, there was a confusing situation with the software that prohibited us from accessing the readily available MT5.

So, we have to rely on the website. Forex currency pairs, metals, energies, cryptocurrencies, indices, and futures are the available trading assets. There are no spread nor leverage values revealed anywhere.

There are many third party charts scattered throughout the website, none of which actually represent any trading conditions offered by the broker.

GULFBULLS LOGIN

The MT5 desktop install file was risky; our PC warn us against installing it.

Moreover, the MT5 web trader used MetaQuotes demo links, meaning that they have nothing to do with the broker's own trading conditions.

And who says that the desktop MT5 wouldn't also include irrelevant servers?

GULFBULLS MINIMUM DEPOSIT

According to the user area, client can invest via the following gateways: wire transfer to a bank in Lithuania, credit cards, debit cards, and a BTC wallet.

The $150 minimum deposit is quite low.

Even though the payment conditions are quite good, we still hold our ground against investing anything here.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

GULFBULLS WITHDRAW TIME AND FEES

The withdrawal area was blocked to us, that to an unverified account. Usually we would move to the untrustworthy source of the website for the withdrawal details, but the website presents no no withdrawal details, leaving us with you completely empty handed.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

GulfBulls is a waste of your money and time. Do not deal with it in any way!