Bulbrokers has two main types of accounts – Standard and ECN/Interbank, which is subdivided into Standard and Premium. The main difference among them is in the spreads. There is also a free demo account.
Bulbrokers does not have a very expansive forex trading portfolio with only major and some minor pairs. But the broker also offers trading in CFDs, spot metals and indices. The company also provides institutional services, asset management and other common financial services.
The Company. Security of Funds
Company Country Regulation
Bulbrokers EAD Bulgaria FSC, BNB, FCA, CNVMR
Bulbrokers is a Bulgarian financial services company that offers a variety of services. It has a license from Bulgaria’s National Bank, the local Financial Services Commission (FSC), which has a set of capital and other requirements, like most reputable European regulator.
The broker is also registered by UK’s FCA and the Romanian National Securities Commission (CNVMR). This makes Bulbrokers a very well regulated and reliable broker, which can work throughout the EU, thanks to the passporting rules of MiFID.
Minimum initial deposit
Bulbrokers requires a deposit of $/€100 for both the standard and the ECN accounts. This is a relatively average sum – neither too high, nor suspiciously low. There are many other forex brokers that have set the minimum deposit at $100 like FxChoice and FxPro, for instance. There are others, like IG, which requires only $1 and XM and FXTM who require $5.
Spreads and commissions
Bulbrokers offers both fixed and floating spreads, depending on the type of account. The fixed spread of 2 pips on EURUSD in the standard account is in the average for the industry, while the tighter floating spread for the ECN Premium account comes with an additional commission.
This is a standard practice for most brokers like FXCM, which also charges a commission on the accounts with tight spreads.
The maximum leverage offered by Bulbrokers is 1:200, which is not too high, compared to other FCA-regulated brokers like XM, which gives 1:888, for example. Perhaps once and if the new FCA leverage cap of 1:50 on some products comes into effect, the brokers supervised by it will have to change their leverage conditions, much like the ones regulated by CySEC who are already complying with a similar leverage cap.
Bulbrokers offers three trading platforms. One is the very popular MetaTrader 4, which has numerous options, functions and tools and has been on the market for over 10 years.
Another is Trader Workstation (TWS) – a proprietary platform of the American broker Interactive Brokers, who is a partner of Bulbrokers. TWS is a multi-asset platform that supports trading in stocks, options, futures, options on futures, ETF, warranties, indices, bonds, funds and currencies. Its pro version provides direct access to the Forex Interbank Market – the actual quotes of the thirteen largest FX dealers worldwide. TWS also has analysis tools, supports algo trading and more than 50 types of orders and API functionality.
Bulbrokers also has its own web-based trading platform, called Bono. It is a simplified trading platform for beginners and supports trading in currencies, oil, gold and indices. It offers a free demo account with €10 000 and in essence provides a simplified version of spread betting.
Methods of payment
Bulbrokers accept deposits through several options. Clients can fund their accounts through a bank wire, credit or debit card or through the PayPal and Skrill online payment systems. It also accepts cash in any of its offices.
Bulbrokers is a well-regulated European broker. It can provide its services across the EU. Its trading conditions are average and it is also the partner of the US forex broker Interactive Brokers.
This partnership has the potential to be rather beneficial for clients, as they gain access to a major US forex broker and its resources, for a much lower deposit, as IB’s requirement is of $10 000.
Bulbrokers’ forex portfolio, however, is somewhat limited, which could be a significant drawback for those who wish to try their hand at trading in more exotic forex pairs. Its trading conditions are in the average for the industry and it also offers spread betting though its platform Bono.
Bulbrokers Review Conclusion
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