Webullforex is a Contracts for Difference (CFD) broker officially registered on April 19, 2024. This broker primarily provides users with access to a wide range of trading markets, including forex, stocks, futures, energy, precious metals, cryptocurrencies, and CFDs, through its proprietary trading platform and mobile applications.
Company Registration Information and Regulatory Status:
Public information on the Webullforex official website indicates that its headquarters are located in New York, USA. Furthermore, the broker is registered with and regulated by the U.S. National Futures Association (NFA) and the Financial Crimes Enforcement Network (FinCEN) in the United States, with an NFA ID of 0561418 and an MSB Registration Number of 31000263262302.
Upon verification, it was found that the NFA ID 0561418 is associated with SMART GLOBAL, registered as a non-member entity, and is not regulated by the NFA. The FinCEN's website shows that the MSB Registration Number 31000263262302 also pertains to SMART GLOBAL. However, FinCEN's primary mission is anti-money laundering, and it does not regulate normal financial derivative trading activities. The relationship between Webullforex and SMART GLOBAL remains unclear.
Moreover, the web design and content of this broker's official website are almost identical to those of other brokers' websites such as LeSen Financial Limited, Gold Harbor, GO Markets, X Charter, Profit Pulse Limited, Capital Group.
Account Opening:
To open an account with Webullforex, visit the broker's official website, click "Register" on the homepage or the top right corner of the webpage, fill in your name, email address, set a login password, and submit. Upon submission, the account will be successfully registered.
Trading Account Information:
The Webullforex official website only discloses information such as spreads, trading leverage, margin levels for stop out/call, and contract sizes. Details regarding account types, trading commissions, minimum/maximum trade volumes, maximum positions/orders, and minimum price precision are not disclosed.
- Spreads: Variable spreads
- Trading Leverage: 1:100—1:500
- Margin Level for Stop Out/Call: 100%/50%
- Contract Size: 1 lot = 100,000 currency units
Trading Platform:
Webullforex claims to offer the MT5 trading platform to its users. However, it was discovered that on the MT5 platform this broker can only link to existing accounts and cannot create new ones.
Deposits and Withdrawals:
Webullforex has not clearly disclosed the methods, fees, and minimum amounts for deposits and withdrawals on its official website.
Summary:
Traderknows warns investors that Webullforex is a foreign exchange scam website with opaque registration and regulatory information, and it is suspected of false advertising. The only way to contact this broker is through email, which is extremely limited. The website design and content of its official site use the same template as those of other brokers like XRB-MAX, Ticmill, HANTEC FINANCIAL, LeSen Financial Limited, Gold Harbor, and GO Markets. Traderknows advises investors to choose brokers with transparent information, strong regulation, and good reputation for their investment and trading activities to avoid unnecessary financial losses.
Currently, this broker is marked as "suspected of scam" on Traderknows.
