ANSWER Bulls Bears Trades is an unregulated broker and should be avoided at all events. 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. Besides, 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. What's worse, the Spanish regulator CNMV and Polish regulator PFSA have successively added Bulls Bears Trades to the alert list to warn the public that this firm is not authorised to provide the investment services in their countries. You can check full alert or warning from CNMV and PFSA on Bulls Bears Trades respectively. We would recommend you to stay away from Bulls Bears Trades and any other unregulated brokerages, since they are not subject to necessary laws and principles of operation, resulting in a high risk to trade with them.
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