If you’re a regular trader or investor, then the likelihood of you hearing about the trading platform Bullexo is high, whether in a good or bad way. However, in recent times, the platform has earned a negative reputation and a number of investors have unfortunately lost money as a result of trading on the platform.
When Bullexo first launched, the website seemed comprehensive and good-looking – which is unusual with a lot of trading and investing sites as they can often appear clunky and dated. But, it quickly became apparent that all was not as it seemed. The broker site has since failed to prove its legitimacy and it is clear that the Bullexo trading platform is just one of many trading scams that are out there.
At WRS, we’ve worked with clients who have lost money through Bullexo scams, with their journey similar to a lot of other trading scams we have experience in recovering funds for. Here, we look at 3 things you should know about the Bullexo trading platform and how we helped clients affected by the scam.
Appearance Isn’t All That It Seems
Bullexo is an example of an ever-growing trend where well-designed and attractive trading and broker websites are operated by scammers. The design of the Bullexo trading platform is one which looks sophisticated, which to someone who is new to trading or investing can provide an aura of trustworthiness. It does a good job of appearing legitimate, but when it comes to the important aspect, which is the broker services that it is meant to provide, it’s here where the broker begins to show signs of illegitimacy.
It’s easy to register your details on the Bullexo trading platform and shortly after, you’re then redirected to your depositing wallet. This ease of registration and almost immediate redirection to deposit are just two of the more common signs of a trading scam. You can then access a web trader which is where you will find the available trading assets, such as ETF, cryptocurrencies and Forex, but there is no mention of the available commissions or the ability to choose an account type as, upon sign up, you are only able to access one type. To an inexperienced trader, this will all seem fairly straightforward, however, these tactics are synonymous with trading scams.
The Bullexo Trading Platform Is Unregulated
On the Bullexo trading platform, there is no indication that it is regulated. Unlike other platforms, where you might see logos of regulatory bodies and links to these, there is nothing. Previous users have noted seeing logos of the Grenadines Financial Services Authority, which doesn’t hold any regulatory power over the FX market, so this information is deceptive. In the T&Cs, it was also found that the broker doesn’t offer services to residents within the Grenadines, which is another red flag in terms of this being a scam.
The FCA notes that the Bullexo trading platform is unauthorised and warns against trading with this broker. Not only is Bullexo untraceable, but most deposits made on the platform are likely to be lost, along with your personal information and details.
Beware Of The Deposit and Withdrawal Methods
The Bullexo trading platform will only accept deposits in the form of bitcoin – this should be a huge indicator that Bullexo is a scam platform. There is no legitimate reason for a broker to urge you to make a deposit in bitcoin or crypto only and it is unclear as to whether the funds will ever appear within the wallet. The reason why scammers prefer this method of deposit is that the transaction is essentially untraceable and irreversible, or so investors may think. Here at WRS, we’ve been able to successfully trace and recover funds lost through Bullexo, so if you have fallen victim to a Bullexo scam, contact us today.
In terms of withdrawal, the only option is through bank transfer, however, this isn’t made clear. When clients go to the withdrawal dashboard, they are then told of bank fees and commissions which will be applicable to their withdrawal, but there is no further information provided anywhere on the site.
How Does The Bullexo Trading Scam Work?
The Bullexo trading scam works similarly to other trading scams. Although there has been an increase in the number of different trading scams that are circulating, there is actually little difference between the complexities of each scam – they all essentially use the same principle.
The broker, in this case Bullexo, will attempt to gain the attention of investors and traders through ads or direct contact. Then, they will be pushed to invest on the platform. The goal for most trading scams is to only get the user to invest once and then after this, not only have they gained their personal information, but a deposit as well. Any further investments are seen as a bonus. Sometimes, the client will see a small profit gain, which only then encourages and motivates them to invest more.
How WRS Have Helped Clients Of The Bullexo Trading Scam
The journey in which our clients have been taken on with Bullexo trading scams is very similar to other trading and investment scams we have worked on. The clients have seen a social media advertisement from “Wixi Crypto Trading” which offers a cryptocurrency-based trading platform and the promise of very high returns.
We’ve investigated the WhatsApp correspondence between the victims and Bullexo trading platform, although the preferred contact is through untraceable telephone calls. These messages show that one client was coerced into sending funds to the scammers via cryptocurrency. As to be expected, the Bullexo representatives appeared to be extremely friendly, sincere and helpful, explaining exactly how to place “trades”, withdraw crypto, and navigate cryptocurrency exchanges & wallets. A lot of the technical stuff that traders may not be familiar with is usually done via screen-sharing software such as Anydesk, as was the case here.
The rest of the scam process was also fairly similar to what we see with scams, with the client’s supposed profits reaching $328,000. Unfortunately, when they decided to try and withdraw funds, they were initially told the funds were stuck in the blockchain (this would never happen), later being told they are also being held in escrow and will be available as soon as more funds are sent to them.
Initially, it might seem as though there is no getting your funds back after a Bullexo scam. But, here at WRS we’ve been successful in recovering funds for clients who have fallen victim to scams on the Bullexo trading platform.
What To Do If You’ve Fallen Victim To A Bullexo Trading Scam
If you’ve fallen victim to a Bullexo trading scam, then the first thing to do is contact your bank as soon as you realise. You should also get in touch with us – we’re here to help clients who have lost money through online trades, such as the Bullexo trading platform and have helped clients before who have lost money this way. Get in touch with the team today and arrange a free consultation.