Bulls&Bears Trades portrays itself as a legal business providing investors with forex services. But actually it is not entitled to operate on any market because it runs without a license.
Clicking “Contact” information at the top of its homepage, the firm shows its official address is in London, United Kingdom. As per the United Kingdom law, all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised or registered by the UK financial regulator — FCA. What’s more, all British forex brokers must comply with the regulatory rules to offer leverage with no more than 1:30 on forex majors. As the fraud claims to be located in UK, it runs without an FCA license and offer leverage up to 1:1000 instead. What’s unexpected, we found the British supervisor has flagged Bulls&Bears Trades as a clone firm, which is using or giving out some details of an FCA authrised broker named Exinity UK Ltd as part of their tactics to scam people in the UK. The fraudster has no association with the regulated entity.
Besides, we found that Bulls&Bears Trades was warned by two financial regulators.
On 8 November 2021, the Spanish regulator CNMV issued a warning against the unregistered broker. According to CNMV record, CNMV warns that Bulls&Bears Trades is not registered in the corresponding registry of this Commission and, therefore, are not authorised to provide investment services or other activities subject to the CNMV’s supervision.
Another warning comes from the Polish Financial Supervision Authority, locally known as Komisja Nadzoru Finansowego (KNF). The Polish watchdog has added Bulls&Bears Trades to its warning list. To justify its decision, the regulator cited that the ‘entity is not registered in Poland’, thus it cannot offer services to Polish clients. In addition, the warning specified that the broker is providing its services through the domain bullsbearstrades.com.
It means investors' funds in this fraud is unsafe and cannot be protected by any laws. Therefore, Bulls&Bears Trades is a scam.
Bulls&Bears Trades portrays itself as a legal business providing investors with forex services. But actually it is not entitled to operate on any market because it runs without a license.Clicking “Contact” information at the top of its homepage, the firm shows its official address is in London, United Kingdom. As per the United Kingdom law, all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised or registered by the UK financial regulator — FCA. What’s more, all British forex brokers must comply with the regulatory rules to offer leverage with no more than 1:30 on forex majors. As the fraud claims to be located in UK, it runs without an FCA license and offer leverage up to 1:1000 instead. What’s unexpected, we found the British supervisor has flagged Bulls&Bears Trades as a clone firm, which is using or giving out some details of an FCA authrised broker named Exinity UK Ltd as part of their tactics to scam people in the UK. The fraudster has no association with the regulated entity. Besides, we found that Bulls&Bears Trades was warned by two financial regulators.On 8 November 2021, the Spanish regulator CNMV issued a warning against the unregistered broker. According to CNMV record, CNMV warns that Bulls&Bears Trades is not registered in the corresponding registry of this Commission and, therefore, are not authorised to provide investment services or other activities subject to the CNMV’s supervision.Another warning comes from the Polish Financial Supervision Authority, locally known as Komisja Nadzoru Finansowego (KNF). The Polish watchdog has added Bulls&Bears Trades to its warning list. To justify its decision, the regulator cited that the ‘entity is not registered in Poland’, thus it cannot offer services to Polish clients. In addition, the warning specified that the broker is providing its services through the domain bullsbearstrades.com.It means investors' funds in this fraud is unsafe and cannot be protected by any laws. Therefore, Bulls&Bears Trades is a scam.
BrokersView found that the domain "bullsbearstrades.com" is currently inaccessible. This is widely regarded as a significant red flag, as the suspension of a broker's website often points to underlying regulatory or operational issues.
