BullsCapitalMarkets.com Review

Here is an update on my battle with Bulls Capital Markets, BCM, to return my initial investment and profits.
I had 3 Live Accounts with Bulls Capital Markets. These accounts was opened 6 months ago, Invested in those 3 accounts a total amount of 6,188 US$, and I managed to make a profit of more than 2,000 US$. But then BCM came to me with complaints that I make their trade against their instructions, and they stopped my Live Accounts.
After emails exchange of two month I finally received my initial investment from Bull Capital minus a sum of about $200.
This was a long process since I received a message that they cannot do a bank transfer. This is so strange since they returned me in the past a sum of $3000 through my bank account. I had to open an account with Skrill to receive my funds. Last week, I finally received a sum of 2,893 US$.
The biggest problem with BCM is that they withdraw two sums from my life trading accounts: one on Dec. 25, 2015 of $1,602 and an additional sum on Jan. 13, 2016 $ 461.95 claiming them to be the profits of trades that were made under 10 seconds.
Almost all the trades that made profit where over 10 seconds and they cannot just take out all the profits that were made from my life trading account without any prior notice and clear proof.
The main reason for the trades of less than 10 second, is a testing mechanism of the EA to see if the response time of the Bull Capital platform is acceptable for a trade. The real live trade is then made 30 seconds later and is almost all the time over 10 seconds

If they want to remove the profits of trades that were live for less than 10 seconds that’s fine. But for them to decide to take all the profits of all trades, whether they meet their written rules or not, seems to be the very definition of a scam.

It is unacceptable that the broker simply reverses out the profits on Christmas day without any warning. We would avoid this broker like the plague except if he changes his policy and returns the profits.
This is a real scam and we traders have to protest to this. We have to warn potential traders not to trade with them. The 10 seconds statement is just a scam to prevent traders from making profits.
Since there are already several complains from traders using the same EA as I am using, I request that you list Bulls Capital Markets as a scam.
Meanwhile, BCM still owe us thousands of dollars, And I hope to get it back, if I will receive the rest of the money from BCM they owe us me I will report again.

Here is an update on my battle with Bulls Capital to return my profits.

They first said they sent me my original deposit, but never did. Then we found out they could not wire money and my deposit was wired (not make by credit card), which is why I never got it. They asked for my Skrill account, which I gave them, but never got anything there either. The initial deposit in my account was $905 and the profit on trades in for more than 10 seconds was $1628.12.

They finally sent me my initial deposit back by bank wire. The wiring fees were $95, which is ridiculous, but I thanked them for the deposit and asked why they didn’t return my profits. I itemized the profitable trades, including the length of time each was live, for them to make it easy to understand. They replied with this:

“Hi,
Thanks for contacting us.
We have refunded for the trades with minimum opening time above 10seconds, we won't consider such trades for any clients. “

This makes no sense. They did NOT refund any of my trades, only the initial deposit. I sent them another Email explaining this again but they have never responded to that. This is a scam and should be listed as such on your site. This seems like the only mechanism traders have to warn others about brokers like this.

Other guys who posted stuff on your site were trading the same EA as I was and you can see the trouble they are having also. I am requesting that you list Bulls Capital as a scam. The profits disappeared from my account on Christmas day and months later I am still getting nowhere with them even though I made $1628.12, abiding by all the rules in their FAQ section. I sent them proof of this and all I get is mindless responses. They never refunded any of the profit.

2016-01-27 1Star This is a comment to my own previous review for bullscapital.
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I applied on the Bulls site to get my initial deposit returned. They have not returned it and no longer respond to my emails. Their response says they returned it but they did not.

Additionally they are telling me that because I had a few small trades that were in for less than 10 seconds (they refer to this as arbitrage), I was leveraging tainted money and therefore none of the money I subsequently made is mine.

I opened the account with $905 and the account has 500:1 leverage. This means I have WAY more than enough to trade several standard lots on any of the majors. Only twice did I trade more than 1 lot (once for 1.5 and once for 2) and that was not for several months after opening the account. The total cumulative profit I made from trades left in for less than 10 seconds was $105. The total profit from trades left in for more than 10 seconds was $1733. They are saying the $1733 was only possible because of the $105.

Here is an example: I had a few short duration trades (less than 10 seconds), one making $1, another making $14, and another making $7 over a 6 week period. Then I subsequently had a few trades making $343 (traded .5 lot), $109 (traded 1 lot), $163 (traded 1 lot), and $206 (traded 2 lots), all in for a minimum of 22 seconds. They claim these trades don’t count because I made $22 previously with trades that were less than 10 seconds. This is absurd.

I am happy to put the entire account history out here for anyone to see that is considering opening an account with these guys. It looks like they might have resolved the issues with a couple guys evidently trading the same EA as I am, but they refuse to respond to me. Not sure why. Maybe they will respond to this.

2016-01-07 1Star It appears Bulls has gone after all their profitable traders. The same thing happened to me. My profits were reversed out on Christmas day without a single word. I sent them an Email asking why and they sent me an Email accusing me of “high scalping / arbitrage” trading.
I also found on their site a definition of high scalping as any trade left in for less than 10 seconds. Most of mine were in for more than 10 seconds and one was there for 3 hours, but that was evidently not long enough for them.

I am glad to be held to their set of rules. If they want to remove the profits of trades that were live for less than 10 seconds that’s fine. I wasn’t aware of this rule but can easily adapt to it. But for them to decide to take all the profits of all trades, whether they meet their written rules or not, seems to be the very definition of a scam.
It’s hard enough to make any money in the Forex. But to have the broker simply reverse out your small profits on Christmas day without any warning at all is unacceptable. I would avoid this broker like the plague.

Added by Kevin on 2016-01-19
Content: Dear Martin Laliberte,

Yes, as we seen few trades which are less than 10 seconds and the profit was utilized for next trading.Trades on arbitrage which gained cannot be utilized for another profitable or loss trades and your capital was refunded as per your request.

Furthermore, any information required please contact customer care support

Here is the update:
Bulls agreed to give my profit of $1457.28 back and filtered out the trades that were less than 10 sec. No money received
Bulls contacted me to tell me their bank cannot do wires and suggested they could give me my money via Skrill. I gave them my Skrill info a week ago and still no money.
It really appears that their "bank" is unable to give clients their funds in any way. Bulls went to the trouble of negotiating what they owed me, we agreed, and now for weeks they have been making lame excuses about refunding the money.
I funded the account by credit card, and they gave me back my original funds on the card but said they cannot give me any more than I deposited that way.
When a broker tells you that you cannot have your money because their bank is not capable of sending it to you, I think you can be assured you have found a scam, and I hope Forex Peace Army lists them that way.
You can see there have been several posts on here from people experiencing the same problem, and Kevin seems totally unresponsive, which makes sense. How do you defend this? You can't and Kevin isn't.
Bulls initially responded because I triggered an investigation with FPA so thanks for FPA for at least getting Bulls attention. I'm also attaching screenshots of Bulls email to my thread in Scam Alerts.
Last response I received from Bulls was on Feb 3. No money and reply till date.

2016-01-07 1 Star I opened an account at Bulls on 10/8/15 and was trading with an EA I have. I was told EAs are fine. Like Larry, I made a small amount of money with it. But inexplicably on Christmas morning a "Trade Reversal" showed up on my account and poof, the profit was gone. Merry Christmas.

I presume Bulls needed some money to pay for the office Christmas party and took it from their customers.

Here are some questions for Bulls:

1) Are you regulated? If so, by who?
2) Do you trade against your customers?
3) If not, why do you care how long trades are left in?
4) Why do your rules state that trades must be left in for at least 10 seconds, but then not honor ANY of their trades no matter how long they were left in?
5) How do you justify simply taking your customers profits without any prior discussion? Does this seem honest or ethical to you?
6) A “Daily Confirmation” Email went out on Christmas morning advising that I had 24 hours to dispute your taking of all my profits, otherwise I was theoretically in agreement with this robbery. Are these the methods of a reputable broker?
7) What if a trade is placed with a stop loss, and the stop loss is hit 5 seconds after the trade is placed? How does this comport with your 10 second rule and how would this be handled? Do you advise your traders not to use stop losses or take profits?

If Bulls cannot adequately answer these simple questions, I would highly discourage anyone from opening an account here, and from the other posts it doesn’t look like they have any interest whatsoever in explaining themselves.

In all my years of trading I have not personally had a broker behave in such an unprofessional manner.

Comment: Added by Kevin on 2016-01-18
Dear Varun Mediratta


Mt4: 5009884 We are sorry for the inconvenience, I like to highlight many of your trades which are done less than 10 seconds and that cannot be utilized for next profitable or loss trades which shows more than 10 seconds.. We like to bring to your notice use of software or EA’s might use to aid them in trading and conducting market analysis but when it came to exploiting bugs / inefficiencies or against trading norms is strictly prohibited.
However as we already sent you mail to solve the issue please do confirm the query is resolved or not.
still have any not satisfied please be contact bulls capital markets customer support
Regards
Kevin
Customer Support Manager
sales@bullsmarkets.com

This is a followup on my saga. I am still trying to get my profits returned. My initial deposit was returned however Kevin Smith does not agree with the definition of 'less than'. He believes and I quote "Less than 10 seconds means = Equal to 10 and below trades <10." That eliminated one very profitable trade, but no amount of logic would prevail.

I requested a reversal of the remaining trades and BCM actually reversed those trades and placed them into my account. I then submitted a withdrawal request and the funds were shown as withdrawn from the MT4 platform. BCM requested a confirmation of my banking information which I provided. After several days and a couple of 'what's happening' emails from me, Kevin responds:

"I apologize for the inconvenience happening. I'm also trying to resolve this issue as we are facing issues with Bank-Wire. If you could send me Skrill or Neteller ID, we will try to refund after the confirmation of Bank where will stop the Bank-wire payment."

I don't have Skrill or Neteller so I suggested Tansact e-transfer, PayPal or my Credit Card. I haven't heard back after another couple of days. It appears their bank is not capable of sending wires, only accepting them, and they are trying to find another way to pay their customers. That implies they have not paid any customers anything in a long time, . For a financial institution not to be able to send a wire is like a carpenter that can't use a hammer.

So I continue to wait for my reduced refund.

2015-12-27 1Star A few months ago I opened an account at Bulls and did some trading around news times. The fills were decent and I made a little money. I trade relatively lightly. It has been my experience that you don’t really know a broker until you try to withdraw money from them.

So I submitted a withdrawal form in early December of 2015. The next day I noticed that all the profit I had made in my account had been removed with a single “Trade Reversal” entry. There was no notification. This just happened. I Emailed them asking about it and they sent me the following reply:

[All trades are highly scalped or arbitrages which we cannot entertain, as previous trades which in-noticed by bulls capital markets which you made many excess withdrawal. We cannot process the request, as Bulls Capital Markets have rights to change the trading norms on without prior intimation through mail but as we mentioned in terms and conditions please take a note on the link:
https://www.bullscapitalmarkets.com/forex-live-account/forex-trading-account.php

"Trades with high scalping, high frequency trades, news scalping trades and arbitrage are strictly not allowed".]

That was the exact wording of their reply.

What they chose to leave out of this was the next line which says: "Scalpers are allowed only with minimum time duration as 10 seconds", as stated in their FAQs.

It appeared this went out to all their traders and was intended to be used to take the profits of any of their traders who happened to be successful news traders.

I looked closely at their terms and conditions. It says specifically: "Scalpers are allowed only with minimum time duration as 10 seconds". So I went through and weeded out the trades I made that were in for less than 10 seconds, and quantified the trades, including Ticket number, for the ones that were in for 10 seconds or more, and sent them an Email with this list including the profit/loss for each trade (there were only 9) and the total profit.

They have chosen to stop responding entirely. They cannot and will not defend their actions. They go out of their way on the website to say how honest and ethical they are, but nothing is further from the truth. They trade against their traders and desire that all lose. This is proven by the line that says “as Bulls Capital Markets have rights to change the trading norms on without prior intimation through mail”. So in other words, if we find a customer has made a profit, we will simply change the rules to make the profit invalid.

I have emailed at least four times with no response and have now submitted a direct contact on their site and am awaiting a response. I have also learned that several other members trading in the same fashion as myself, have had all their trades reversed, even though no withdrawal request was submitted.

I will escalate my review to a scam if Bulls Capital does not respond.

Definitely conflict of interests
Doubts about licensing and segregation of funds


Opened an account nov 19 at BCM because they said they had no limitation including high frequency scalping. Made decent profit, and dec 15 they emailed that the rules were changed, scalping were not allowed anymore. They told me they would refuse SL and TP within 10 seconds so I decided to withdraw ( most of my trades lasted between 2 seconds on news releases and 10 mn). They refused because it was scalping even though it was at that time accepted, and will keep the profits ( surely won' t give it back to the market or charity). They didn' t even check my statement and see that there were some longer term trades.Hoping I will get my initial deposit back.

Hi NethuChandaran , I too face the same issue with bulls capital it doesn't mean that it will only happen with bulls capital I am trading with forex industry for more than 3 years, i have seen many brokers with spread widening issues in Forex industry, its common thing will happen in forex market during the news time or else choose fixed spread brokers 99% spread widening won't happen but careful while choosing fixed spread brokers, maximum chance of getting re-quotes or dealing desk broker..

Review Moderation Team Note: 3 Star rating removed.

This review came from the same location used by the representative of BullsCapitalMarkets.

Per FPA Policy, the rating on this review has been set to Zero Stars.

Excellent 24/7 service, Instant service on deposit and withdrawal. Transparent, they beleive in customer satisfaction.

I am from madurai a person from bulls capital market approached me for trading in Forex and I got some interest and started with a 1000 USD account 2 months back and I did small trades but I was continuously losing all trades and made my account near to 100 USD from 1000 USD.
Suddenly last week I checked with one of my brother who was a pro trader in Forex, I gave my account to him he started trading suddenly within a night time he made profit trades. Once it's going on suddenly the spreads starts widening hence he to stop the account from further negative mode made it to a hedge trade in crude oil. He didn't place Take Profit for trades as its hedged suddenly the next day evening when the market is in the trend to safe guard the positions when no one is active in my account suddenly the trades were having take profit and the order in the positive side was closed and the negative side was opened by which the account went to loosing side after which my brother noticed an error in the terminal that the chart timing, history timing and system time where differing by 3 hours and which made a screenshot and enquired to the person who is account manager for mine in bulls capital he said will enquire and tell about it the next day with technical team. Then the next day they said it was system time and so and so. But which was also not matching. They spoke only on the take profit placement by me and so as such but ignored talking about timing and other errors. I informed it to my brother he was working in other equity markets and forex brokerages at UK and Austrlia for the past 5 to 6 years and he has experience in forex from 2004. He said from that conversation i spoke with that staff from the bulls capital markets Which denotes that they have dealing desk and they do alter many things and make all to loose as they can provide a log statement from html file which can be easily edited.They don't send daily statements to mail so that they can easily edit the history and we wont be having a proof to show-up with the statement of previous days.
I demanded for my full deposit withdrawal from they didn't responded properly to me and I informed that I will post in Facebook and other social medias and other things but they didn't give my money back.Traders and investors please be aware bulls capital market seems to be pure market maker.
Owner name some-person called ganesh who is been arrested before 1 or 2 years for some scam by fund management in Bangalore Karnataka. And the terminal is a white label of FXEthos. Please be very careful and start exiting from the scam broker. Don't ever invest with bulls capital markets. The cheaters in the Forex market Tamil Nadu. Kindly spread this to all you know in bull capital markets. I have screenshots of that errors found in the terminal and they did all alters.

I have account with bulls capital markets for past 2 months don't have any major issues , as ISSACK said spread widening during the news time i too faced it , i have my EUR/USD position 100% hedging with the lot around 2.00 standard lot with the equity around $48, my account account closed automatically during the news time my account got closed automatically. when i requested a to send me the details why its happen , bulls capital markets one of the sales person explained to me because of spread widening , is it common in forex market during the news time 10 to 15 pip spread fluctuation will be there. I am new to forex market, may i know which forex brokers doesn't have spread winding ? is it common as bulls said ? can someone give me reply for my message.. other than i didn't find any major issues with bulls capital markets.

I choosen this broker 6 months back & taken IB with bulls now, smith one of the sales person told me to give review, I can say all good but spread widining during the news time quite high & come up with Cent account rest all follow the same in future Regards Issac