Fidelity Bull Review
There has never been any doubt about the potential of the financial markets when it comes to generating high returns. But, not everyone manages to exploit this potential and there are several reasons for it. Some people just don’t have the skills or knowledge needed for doing so, others don’t use the right strategies, or invest enough. There are also cases where people don’t succeed because they don’t have a good broker to help them out. Yes, the brokerage you use for your trading activities can and does affect your bottom line. This choice is not one to be taken lightly and this Fidelity Bull review can help you out.
The first thing you discover when you begin searching for a brokerage is that there are numerous options to find. Due to the increase in traffic in the financial markets, the number of companies catering to people has also increased significantly. Every other day, a new company is established, meaning that you have a horde of companies to choose from. Nonetheless, an essential fact to bear in mind is that not all of these brokerages are genuine and trustworthy. The concept of fraudulent and scam brokers is not exactly new, although their numbers have also increased tenfold.
As there is a lot of money involved, it is not surprising that criminals are also drawn to this space and posing as scam brokers is one of the best ways for them to exploit people. In fact, some of these fraudulent platforms are so good that people never realize it until they are too deep. Fidelity Bull is also one of the brokers belonging to this category that appears to be decent on the surface, but really isn’t. How to know that it is not a good one? Let’s take a look:
All regulation claims are false
The regulatory status of a brokerage is its most important aspect because it tells you whether the company is a legitimate one or not. They have to have a license to provide their services and if they don’t, they are not worth trusting. After all, scam brokers are unregulated and don’t have a license either, so it is a major red flag. The problem with Fidelity Bull is that it claims to be regulated and licensed and many people may take it at its word.
But, you have to verify the claims, or else you will end up being scammed. As per Fidelity Bull, it is regulated in Australia, Cyprus, the UK and the USA. This is undoubtedly impressive and it has even provided license numbers. However, you can check the online registers of the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Commodities Futures Trading Commission (CFTC), which are the respective regulatory authorities in these countries, and you will not find the broker listed anywhere.
This is a clear indication that Fidelity Bull is only claiming to be regulated and licensed to mislead people and it is essentially a scam broker. Furthermore, if you check out the US address that the broker has mentioned on its website, you will notice that it is the same as some of the other scam brokers.
The trading platform is no good
After regulatory status and licensing, the most crucial feature of a brokerage is the trading platform they provide you. This is the software that you will use for your trading activities and comes with tools that are used. All you have to do is run a Google search and you will discover that the MetaTrader4 (MT4) and the MetaTrader5 (MT5) are the two most renowned trading platforms in the market.
Any broker worth their salt offers their clients one or both of these trading solutions, but Fidelity Bull for all its claims doesn’t do any such thing. Instead, they have a web-based trading platform that is oversimplified and a common offering of a ton of scam brokers in the market. It lacks in functionality and doesn’t really offer anything worth noting.
The leverage goes against regulators
Leverage is also an important offering of a broker and it can also have a significant impact on your trading experience. In order to attract more people to its platform, Fidelity Bull has offered leverage of 1:200. But, you should note that the broker has claimed to be licensed by regulators in several jurisdictions and these authorities have specifically forbidden brokers to offer such high leverage to retail traders. This means that Fidelity Bull is really contradicting its own statement.
The minimum deposit is double
It is a well-known fact that many brokers ask their clients to make a minimum deposit for opening a trading account. While most of them have reduced this to $10, a minimum deposit of $200 to $250 is considered average. Unfortunately, when you check out Fidelity Bull, you will discover that they are asking for twice as much because their minimum deposit starts at $500. This is certainly a red flag and a tactic used by scam brokers because they know that people may not deposit again, once they find out it is a scam.
Lack of secure payment options
As aforementioned, you have to make a minimum deposit to start trading with a broker, which means you have to know what payment options are provided. You will find that Fidelity Bull only gives you one option and this is cryptocurrencies. Scammers prefer to be paid in digital currencies like Bitcoin and Ethereum because these payments are irreversible and pretty much anonymous. Once you have made the payment, you cannot get it back. In contrast, card payments are safer because there is a possibility of chargeback, but cryptocurrencies don’t give you this luxury due to which they are popular on scam platforms.
Taking into account all the false claims and contradictions you find on Fidelity Bull, it is safe to say that this broker is definitely not a good one for any trader.