BullMFX Review

BullMFX Review by professional Forex trading experts the “” FX trading team, Finding out everything you need to know about the broker is in this BullMFX Review.

BullMFX Review

BullMFX is a forex broker, which offers several account types. As you can see from the table above, spreads improve, with the bigger accounts and there is little difference between the Premium and ECN account types.

The Company. Security of Funds

Company Country Regulation
BullM Global Limited Vanuatu VFSC
BullM Europe Ltd Malta N/A

There are two companies behind BullMFX. One of them, BullM Global Limited is registered in Vanuatu and is regulated by the local Financial Services Commission (VFSC). The second company, BullM Europe Ltd, is based in Malta, but is not regulated. This is probably the operational “marketing” company, which serves the broker. This is a classic business model in the forex industry and does not raise any suspicion. That being said the broker is still registered in an off-shore zone, which carries risks.

Vanuatu attracts a lot of forex brokers, wishing to receive a license relatively easily. VFSC has a capital holding requirement of $2,000. Compare that to the level set by the UK’s Financial Conduct Authority (FCA) – EUR 730,000 and you will realize, why off-shore zones are preferred. The FCA also monitors the activity of brokers registered with it stringently. There are two rulings which are the most important from a trader’s perspective – the segregation of funds and the compensation scheme.

Segregated accounts mean a broker can’t take a client’s deposit and use it for company purposes. In essence, this guarantees your funds will be safe against the basic forms of fraud. On the other hand the Financial Services Compensation Scheme (FSCS) guarantees your investment, with an FCA-regulated company, against it becoming insolvent. Coverage is limited up to GBP 50,000 per account.

BullMFX also offers asset management. This is a practice which most brokers stay away from, as it has a built-in potential for conflict of interest. If the company operates with an ECN/STP model, they have an incentive to trade more often, to generate more commissions. On the other hand if the company is a market maker, the conflict is even more obvious.

Trading Conditions

Minimum Initial Deposit
The minimum deposit at BullMFX is $50. Most companies nowadays, like the FCA-regulated HYCM, require $100.

Do keep in mind, this isn’t a significant component of a broker’s credibility. It is only indicative of the audience they target – a big number of less experienced clients, or a smaller number of seasoned traders.

Average spreads & Commissions
Spreads at BullMFX are not very competitive. Even for the better account types, they start around 2 pips on EUR/USD. Most brokers offer something in the 1.0-1.5 pips range for the most liquid currency pair. Do you want to check the spreads offered by some of the world’s leading brokers? If so, take a look at our real-time comparison page.

If you didn’t know, when commissions are added to the spread, there is an easy way to calculate the effective spread. A dollar worth of commission per lot equals 0.1 in pips (if this is charged on a per trade basis, not per side). As an example, the ECN account at BullMFX has spreads starting from 1 pip + $10 per lot. This is basically 2 pips in spread.

Leverage
BullMFX offers a maximum leverage of 1:500. This may sound absurd to you if you are coming to FX, after trading another asset class, but it is not that uncommon nowadays. Some brokers offer even more, like XM who provide 1:888.

Remember, more leverage does give you the ability to take bigger risks. This may sound lucrative at first, but the potential for bigger losses is also present. Be sure to understand how much you are risking per pip, and where your stop-loss will be, before placing a trade.

Trading Platforms

MetaTrader4 (MT4) is the platform, provided by BullMFX. This is the most popular currency trading platform, which most traders are familiar with. Its charting potential is very solid, especially given the number of technical indicators available. The platform provides an easy to learn programming environment, which has led to the development of multiple new indicators and automated trading systems.

MT4 also has a mobile app version, available for Android and iOS. It packs almost all of the functionality of the desktop platform, with an intuitive interface. The best feature is that you can load multiple accounts, with different MT4 brokers in the same app. Afterwards you can switch back and forth between them, with a few taps. This saves storage space on your mobile device, in case you are diversified with multiple brokerages.

Methods of Payment
Only the traditional Bank Transfer and Credit Card payment options are available at BullMFX. Although they get the job done, some traders prefer e-wallets, such as Skrill.

The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.

BullMFX Review Conclusion

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