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Contract reading

What Bulenox legally published, but does not want you to read

Every clause below is published by Bulenox itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Bulenox LLC

sole discretionwithdrawalsforum waiverhidden feemarketing gapno refundsimulated accountaccount holdactivation feeadvertising

Bulenox sells futures evaluation accounts from $94 to $788, and the rules that matter sit on Help Center pages. The contract you accept at checkout is a website Terms of Use from July 2021: no live trading, no refunds, closure for no reason. Passing the test costs another $143 to $498. The agreement that decides your payout arrives only after you have paid.

Back to Bulenox

Contract risk

Money at risk
7.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
7
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
21
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
17
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 21 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical7
Warning11
Notice3

section 33 of 35is where the deepest clause sits, 94% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

4 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical$498Fee you were not shown. Jump to the clause this comes from.A second fee of up to $498 after you passCritical3Withdrawal limit. Jump to the clause this comes from.Three agreements you sign are never publishedCritical3In the contract. Jump to the clause this comes from.Sold as funded trading, contracted as trainingCritical30 daysTime to complain. Jump to the clause this comes from.Liability capped at the fees of the last 30 days

What the documents say

21 clauses worth knowing about, worst first, each quoted from Bulenox's own files

01

Passing the test costs you again. Bulenox charges $143 to $498 to activate the Master Account, and the Accounts & Pricing page shows none of it.

Why this matters

On the $150,000 account you pay $325 to start and $498 more before you can collect anything. You have 7 days from the activation link to pay, or the Master Account you earned is gone.

Exhibit 1CriticalHarder than usual$498

Each Master Account requires a separate one-time activation fee, which includes market data and account maintenance.
Clause Activation Fee in Master Account, Help Center
Read from the broker's site on Open the reference
Our own capture of bulenox.com, taken on Oct 9, 2026The claim, on Accounts & Pricing page, under the main headingVisit this page on the broker's siteDownload the full size image file
Our own capture of bulenox.com, taken on Oct 9, 2026What the contract says, clause Activation FeeThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

What it costsA $150,000 Qualification account costs $325 to buy and $498 to activate as a Master Account. That is $823 before any payout.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must set out all costs and charges to a retail client before that client trades. Bulenox puts this fee in a Help Center panel and leaves it off the page where you choose and pay.

Bulenox is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
You pass the targetBulenox reviews the account and confirms you followed the rules.What Happens After You Pass
Approval emailBulenox sends the Master Account Agreement and activation instructions.What Happens After You Pass
Within 7 daysYou pay $143 to $498 to activate the Master Account.Activation Fee
After the link expiresBulenox stops making the Master Account available to activate.Activation Fee
  • Worse together with Exhibit 2You pay this fee in the same week you first see the agreement that governs the account.
02

You pay for the account before you can read the contract that decides your payouts. Bulenox sends the Master Account Agreement by email only after you pass, and the Funded Account Agreement later still.

Why this matters

Your profit sits under terms you have not seen. Bulenox says the reserve it holds back is released under the Master Account Agreement, and that document is nowhere on the site.

Exhibit 2CriticalRarely seen3

Verification takes a short period of time, after which you receive your certificate, a questionnaire and the agreement by email.
Clause What happens right after I pass? in FAQ
Read from the broker's site on Open the reference
Our own capture of bulenox.com, taken on Oct 9, 2026Three agreements you sign are never published (clause What happens right after I pass?)This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client the agreement and the key cost information before that client is bound. Bulenox binds you at checkout and sends the payout agreement afterwards.

Bulenox is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingThe document that decides whether a payout is made is issued only after payment. That makes it impossible to compare Bulenox's payout terms with another firm's before buying.

03

Bulenox can keep your profit on suspicion alone. The Terms of Use let it refuse your profit where abuse is suspected, and the list of what counts as abuse is left open.

Why this matters

You keep nothing from a profitable account if Bulenox decides your trading was abusive. No test is stated, no notice is promised and no appeal is described.

Exhibit 3CriticalHarder than usual

If abuse is suspected, we reserve the right to refuse to claim any profit.
Clause ALGORITHMS AND AUTO TRADING in Terms of Use
Read from the broker's site on Open the reference

Buried at section 22 of 35 in the Terms of Use, 63% of the way through.

  • Worse together with Exhibit 7If Bulenox refuses your profit, the liability cap limits any claim to the fees you paid it that month.
04

Part of your profit has to stay with Bulenox. On a $50,000 Master Account, $2,600 must remain above the starting balance after every payout.

Why this matters

You need $53,600 in the account before you can ask for the $1,000 minimum. Bulenox says that reserve can be requested when the Master Account Agreement ends, under terms you have not read.

Exhibit 4CriticalHarder than usual$2600

The Safety Threshold Reserve is the minimum amount that must remain above the starting balance after a payout.
Clause Safety Threshold Reserve in Master Account, Help Center
Read from the broker's site on Open the reference
Our own capture of bulenox.com, taken on Oct 9, 2026Profit you must leave behind to be paid (clause Safety Threshold Reserve)This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

What it costsTo take the $1,000 minimum on a $50,000 account, the balance has to reach $53,600: the $50,000 start, the $2,600 reserve and the $1,000 you want out.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC hold retail client money in segregated accounts and return it on request. This reserve is not client money: it is profit on a simulated account that stays with Bulenox until an agreement you have not seen ends.

Bulenox is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Only applies after Exhibit 2Whether the reserve is ever paid out depends on an agreement Bulenox only sends after you have paid.
05

The page selling the accounts offers you Bulenox's capital. The contract you accept at checkout calls the service professional development training and says Bulenox does not provide live trading.

Why this matters

What you buy is a simulated account. A Bulenox funded account exists only after three successful payouts, and Bulenox says that step is at its own discretion.

Exhibit 5CriticalHarder than usual3

Bulenox LLC does not provide live trading.
Clause TRAINING in Terms of Use
Read from the broker's site on Open the reference

Where it sits: section 20 of 35 in the Terms of Use, 57% of the way through.

06

Bulenox can close your account for any reason or for no reason, without warning. The same contract says every sale is final, so the money you paid does not come back.

Why this matters

A closed account cannot be restored. Bulenox tells you to buy a new one, and your balance, your trading days and your record go with the old one.

Exhibit 6CriticalHarder than usual

COMPANY RESERVES THE RIGHT TO, IN COMPANY’S SOLE DISCRETION AND WITHOUT NOTICE OR LIABILITY, DENY ACCESS TO AND USE OF THE SITES AND THE COMPANY SERVICES, TO ANY PERSON FOR ANY REASON OR FOR NO REASON AT ALL
Clause TERM AND TERMINATION in Terms of Use
Read from the broker's site on Open the reference

Buried at section 25 of 35 in the Terms of Use, 71% of the way through.

  • Worse together with Exhibit 11Closure needs no reason and the refund clause admits no exception, so one clause ends the account and the other keeps the fee.

The most Bulenox can owe you is what you paid it last month

30 days of fees caps Bulenox's liability, whatever the cause. Disputes go to arbitration in Kent County, Delaware, one trader at a time, with no jury and no class action. The contract also removes any claim for the loss of your own trading records.

Remedy limits2 clauses flagged

Whatever goes wrong, Bulenox owes you no more than what you paid it in the 30 days before the problem arose. If you paid nothing in that window, the cap is nothing.

Why this matters

A payout of $5,000 that never arrives is worth $325 at most in a claim, and only if you bought an account that month. Bulenox excludes lost profit by name.

Exhibit 7CriticalHarder than usual30 days

NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, COMPANY’S LIABILITY TO YOU FOR ANY CAUSE WHATSOEVER AND REGARDLESS OF THE FORM OF THE ACTION, WILL AT ALL TIMES BE LIMITED TO THE AMOUNT PAID, IF ANY, BY YOU TO COMPANY FOR THE COMPANY SERVICES DURING THE PERIOD OF 30 DAYS PRIOR TO ANY CAUSE OF ACTION ARISING.
Clause LIMITATIONS OF LIABILITY in Terms of Use
Read from the broker's site on Open the reference

Buried at section 33 of 35 in the Terms of Use, 94% of the way through.

What it costsYou paid $325 for a $150,000 account and nothing since. Under this cap, $325 is the most Bulenox can be made to pay, whatever the loss.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC cannot cut a retail client's remedies down to the fees that client paid, and they must give free access to an independent complaints scheme.

Bulenox is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Any dispute with Bulenox goes to arbitration in Kent County, Delaware. You give up a jury trial, you cannot join other traders, and claims die two years after the event.

Why this matters

Chasing a payout means arbitrating alone, in one US county, wherever you live. Bulenox also takes away any claim for losing the record of your own trading.

Exhibit 17WarningStandard wording

YOU UNDERSTAND THAT ABSENT THIS PROVISION, YOU WOULD HAVE THE RIGHT TO SUE IN COURT AND HAVE A JURY TRIAL.
Clause DISPUTES, C. Binding Arbitration in Terms of Use
Read from the broker's site on Open the reference

Buried at section 30 of 35 in the Terms of Use, 86% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give retail clients free access to an independent complaints scheme. This contract sends every dispute to private arbitration in Delaware instead.

Bulenox is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Bulenox sells funded trading its contract says it does not provide

Bulenox markets capital, payouts and funded trading. The contract you accept at checkout calls the service professional development training and says Bulenox does not provide live trading. Its refund rule reads three different ways on three pages, and its Russian storefront serves countries its own list refuses.

Promise against contract2 clauses flagged

The contract refuses refunds outright: all sales are final. Two Bulenox help pages instead tie refunds to whether you used the account, so you cannot tell which rule applies to you.

Why this matters

Your payment does not come back once you have made it. One narrow exception survives: some US states let you cancel by midnight on the third business day.

Exhibit 11WarningHarder than usual3 working days

All sales are final and no refunds shall be issued.
Clause REFUND AND RETURN in Terms of Use
Read from the broker's site on Open the reference
Our own capture of bulenox.com, taken on Oct 9, 2026The claim, on Help Center, Payment section, Return Policy panelThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

Where it sits: section 6 of 35 in the Terms of Use, near the start.

Bulenox sells in Russian, French and Spanish. Its own list of 97 countries and territories it will not do business with includes Russia, Belarus, Kazakhstan and Kyrgyzstan.

Why this matters

You can read the whole site, the prices and the rules in Russian and still not be allowed an account. The list sits inside one FAQ answer, and Bulenox can change it at any time.

Exhibit 13WarningHarder than usual97

Ваш навык. Наш капитал. Ничего между.
Quoted in Счета и цены
Downloaded from the broker's site on Open the reference
Our own capture of bulenox.com, taken on Oct 9, 2026The claim, on Headline of the Russian version of the Accounts & Pricing pageVisit this page on the broker's siteDownload the full size image file
Our own capture of bulenox.com, taken on Oct 9, 2026What the contract says, clause Is my country supported?This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

The price on the card is not the price of a payout

$143 to $498 falls due after you pass, and the Bulenox pricing page shows none of it. A reset costs $78 and buys no extra time. A third-party platform link costs $100 a month, and Bulenox keeps 10% of every payout after the first $10,000. The one fee it publishes well is the commission sheet, which is dated and complete.

Cost disclosure2 clauses flagged

Connecting through a third-party API or composite software costs you $100 a month. The pricing page advertises 20+ platforms and never mentions that fee.

Why this matters

A year on a third-party platform adds $1,200 to a $175 account. Bulenox mentions the charge once, in an FAQ answer about bots.

Exhibit 9WarningStandard wording$100

If a trader chooses to connect to Rithmic through a Third-Party API or Trader Composite Software, a $100 monthly fee applies.
Clause Rules, Trade Copiers & Third-Party Software in Qualification Account, Help Center
Read from the broker's site on Open the reference
Our own capture of bulenox.com, taken on Oct 9, 2026The claim, on Accounts & Pricing page, feature line above the plansThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
Our own capture of bulenox.com, taken on Oct 9, 2026What the contract says, clause Rules, Trade Copiers & Third-Party SoftwareThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

What it costsTwelve months at $100 adds $1,200 to a $175 account purchase.

Breaking the drawdown suspends your account, and a reset costs you $78. Your 30 days of access do not move, and Bulenox sets the Master reset price case by case.

Why this matters

Three resets cost $234 on top of a $145 account, and the clock keeps running. Bulenox does not publish the Master reset fee at all.

Exhibit 10WarningStandard wording$78

A reset costs $78 and returns your balance to its starting value, so you can keep going on the same account.
Clause Reset in Qualification Account, Help Center
Read from the broker's site on Open the reference

What it costsThree resets on a $145 Qualification account cost $234 and add no days to the 30 day access period.

Every payout is a test you take after you have paid

10 trading days, a $1,000 minimum and a reserve of up to $4,600 stand between a Bulenox trader and a payout. The first three payouts are capped between $1,000 and $2,000. The agreement that governs all of it, the Master Account Agreement, arrives by email after you pass.

Exit conditions1 clause flagged

Every payout needs 10 trading days behind it. Your first three payouts are capped between $1,000 and $2,000 by account size, and Master payouts are paid on Wednesdays only.

Why this matters

You cannot clear a large profit quickly. The plan card says no minimum trading days, which is true for passing the test and not for getting paid.

Exhibit 8WarningStandard wording10 working days

For each subsequent payout, another 10 trading days must be completed after the previous payout period has been completed.
Clause Payout Eligibility in Master Account, Help Center
Read from the broker's site on Open the reference

What it costsThree payouts at the $1,500 cap on a $50,000 Master Account take at least 30 trading days and return $4,500.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
10 trading daysYou can only ask for a payout after ten individual trading days.Payout Eligibility
$1,000 minimumBulenox pays nothing below $1,000.Minimum and Maximum Payouts
Best day under 40%Your best day must be 40% or less of the period's profit, or you keep trading.40% Consistency Rule
Friday 11:59 PM CTBulenox pays accepted requests the following Wednesday.Processing Schedule

Bulenox can close your account for no reason and keep the fee

Two clauses in the Bulenox Terms of Use allow closure for any reason or for no reason at all, without notice. A third makes every sale final, and a terminated account cannot be restored. The rules themselves change by being posted on the website, and using the service again counts as your agreement.

Exit at will1 clause flagged

Bulenox can rewrite the agreement whenever it likes, and the new version binds you as soon as it is posted. Anything else it posts on the site becomes part of your contract too.

Why this matters

The payout rules, the reserve and the consistency figure all live on Help Center pages. Bulenox can change them without telling you, and using the service again counts as your agreement.

Exhibit 12WarningHarder than usual

Modifications to this Agreement shall be effective after posting.
Clause MODIFICATIONS in Terms of Use
Read from the broker's site on Open the reference

Buried at section 27 of 35 in the Terms of Use, 77% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client notice before changing the terms that govern an account. This contract takes effect when Bulenox posts it.

Bulenox is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 2The rules outside the signed contract sit on pages Bulenox can rewrite, and the agreements that are signed are not published at all.

Hand-signed forms to get paid, and a forever licence on what you post

A hand-signed W-9 or W-8BEN, an identity document and Bulenox's own withdrawal form come before the first payout. The Terms of Use let Bulenox ask for any further document it wants. Anything you post, including your image and voice, carries a licence it can never lose.

Documents and consent2 clauses flagged

Before your first payout Bulenox wants an identity document, its own withdrawal form and a W-9 or W-8BEN signed by hand. Electronic signatures are refused.

Why this matters

No money reaches you until the paperwork is right, and the contract lets Bulenox ask you for any further document it wants. The pricing page promises no background check.

Exhibit 15WarningStandard wording

The W-9 or W-8BEN form must be signed by hand. Electronic signatures cannot be accepted.
Clause Required Documents in Master Account, Help Center
Read from the broker's site on Open the reference

Anything you post to Bulenox, including your image and voice, carries a licence it can never lose. Bulenox can sell it, resell it, broadcast it and use your name in advertising.

Why this matters

A payout screenshot, a testimonial or a recorded call can run in Bulenox adverts for good, for free. You keep ownership, and the licence stays whatever you do next.

Exhibit 16WarningRarely seen

worldwide right and license to host, use, copy, reproduce, disclose, sell, resell, publish, broadcast, retitle, archive, store, cache, publicly perform, publicly display, reformat, translate, transmit, excerpt (in whole or in part) and distribute such Contributions (including, without limitation, your image and voice) for any purpose, commercial, advertising, or otherwise
Clause CONTRIBUTION LICENSE in Terms of Use
Read from the broker's site on Open the reference

Where it sits: section 12 of 35 in the Terms of Use, 34% of the way through.

Our readingThis licence is drawn from social network terms. In a trading agreement it means a payout testimonial, a photograph or a voice recording can be sold on and advertised with forever, with no payment to you.

A quiet week can put a funded account on hold

One trade a week is the Bulenox Master Account requirement. Go quiet for longer without telling the firm and it can put the account on hold or disable it. The rule appears in a Help Center panel and in none of the documents you sign.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Your Master Account needs at least one trade a week. Bulenox can put it on hold or disable it if you go quiet for longer without telling the firm first.

Why this matters

A holiday or an illness can cost you the account you paid to activate. The rule sits in a Help Center panel and in none of the documents you sign.

Exhibit 14WarningHarder than usual

The Master Account requires executing at least one trade per week and should not be inactive for more than a week.
Clause Inactivity Rule in Master Account, Help Center
Read from the broker's site on Open the reference

Bulenox LLC, Delaware, with no regulator named anywhere

Bulenox LLC in Wilmington, Delaware is the company you contract with. Four published documents name no regulator, no licence, no segregated account and no compensation scheme. The Terms of Use it asks you to accept was last updated in July 2021, before the accounts it now sells existed.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Counterparty2 clauses flagged

Bulenox publishes a privacy policy, a risk disclosure, a commission sheet and a website Terms of Use last updated in July 2021. None of them covers accounts, payouts, resets or complaints.

Why this matters

The document you accept at checkout was written for a training website. Everything that decides your money sits on pages Bulenox can rewrite, or in agreements it sends you later.

Exhibit 21WarningHarder than usual4

Updated July 2021
Quoted in Terms of Use
Read from the broker's site on Open the reference

Where it sits: section 1 of 35 in the Terms of Use, near the start.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must publish a complaints procedure and give clients the terms that govern their money. Bulenox publishes four documents and none of them does either.

Bulenox is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

You contract with Bulenox LLC at 1201 N Orange St, Suite 7149, Wilmington, Delaware. None of its documents names a regulator, a licence, a segregated account or a compensation scheme.

Why this matters

No supervisor stands behind your money and no scheme pays you if Bulenox stops paying. Your only route is the contract, and the contract caps what Bulenox owes you.

Exhibit 20NoticeStandard wording

Bulenox LLC is not liable for any claims of damages or losses that might have appeared from any decision that may happen based upon the use of the content on Bulenox.com.
Quoted in Risk Disclosure
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: CFTC / NFA (US)

Firms that hold customer money for futures trading in the United States answer to the CFTC and the NFA and keep that money with a registered futures commission merchant. Bulenox names no regulator and says it does not provide live trading.

Bulenox is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Delaware law, and a contract Bulenox can transfer without you

Delaware law governs, and the courts of Kent County hear whatever arbitration does not. You waive the argument that the forum is inconvenient. Bulenox may assign its rights and obligations to another company at any time, while your account cannot be assigned at all.

Forum1 clause flagged

Your agreement runs under Delaware law and you accept the courts of Kent County. Bulenox can hand its rights and obligations to another company at any time, and you cannot.

Why this matters

Suing Bulenox means doing it in one US state, and you have already given up the argument that it is an awkward place to go. Your account cannot be passed to anyone else.

Exhibit 18NoticeStandard wording

This Agreement and all aspects of the Sites and Company Services shall be governed by and construed in accordance with the internal laws of the State of Delaware, without regard to conflict of law provisions.
Clause DISPUTES, A. Governing Law; Jurisdiction in Terms of Use
Read from the broker's site on Open the reference

Buried at section 28 of 35 in the Terms of Use, 80% of the way through.

Bulenox earns from fees, and the accounts you buy are simulated

Purchases, resets and activations are the revenue in front of a Bulenox trader. The company says it does not provide live trading, and its own glossary calls the accounts you buy simulated. No document says where payout money comes from or names the brokerage behind a Funded Account.

Who gains1 clause flagged

Fees are the revenue in front of you: the purchase, the reset, the activation. By Bulenox's own description the accounts you buy are simulated, and it earns the same either way.

Why this matters

Bulenox publishes no conflict of interest policy. Nothing in its documents says where payout money comes from, or names the brokerage that holds a Funded Account.

Exhibit 19NoticeStandard wording

The company offers an incentive-based form of compensation that can be paid to traders or investors.
Clause TRAINING in Terms of Use
Read from the broker's site on Open the reference

Where it sits: section 20 of 35 in the Terms of Use, 57% of the way through.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The page where you choose and pay shows one price, while the $143 to $498 you pay after passing appears only in the Help Center.

Said in public, in English

Pick an account, pass the target, trade funded. Everything you need to start is on this page.

Accounts & Pricing page, under the main heading

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of bulenox.com

In the contract · clause Activation Fee

Each Master Account requires a separate one-time activation fee, which includes market data and account maintenance.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of bulenox.com

02

The FAQ permits automated trading; the signed Terms of Use count it among the practices that can cost you your profit.

Said in public, in English

Yes. Bots, algorithms and trade copiers are permitted.

FAQ answer to the question on bots, algos and trade copiers

In the contract · clause ALGORITHMS AND AUTO TRADING

You agree to not abuse the company provided service programs. It includes but is not limited to using “scalping” algorithms, DTC Protocol Bridge API or automated discretional trading in any of the trading environments.

03

The page selling the accounts offers Bulenox's capital; the contract behind it sells training and rules out live trading.

Said in public, in English

Your skill. Our capital. Nothing in between.

Accounts & Pricing page headline

In the contract · clause TRAINING

Bulenox LLC does not provide live trading.

04

Two Bulenox pages make a refund depend on whether you used the account, while the contract you sign refuses refunds outright.

Said in public, in English

Due to the nature of our digital services, refunds are not available once an account has been created and the service has been accessed.

Help Center, Payment section, Return Policy panel

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of bulenox.com

In the contract · clause REFUND AND RETURN

All sales are final and no refunds shall be issued.

05

Bulenox sells in Russian while its own restricted list names Russia, Belarus, Kazakhstan and Kyrgyzstan.

Said in public, in Russian

Ваш навык. Наш капитал. Ничего между.

Word for word in English: Your skill. Our capital. Nothing in between.

Headline of the Russian version of the Accounts & Pricing page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of bulenox.com

In the contract · clause Is my country supported?

We are proud to support traders in over 100 countries worldwide. However, due to regulatory restrictions, we are prohibited from conducting business with residents of certain countries.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of bulenox.com

06

The pricing page counts 20+ platforms and never says that a third-party connection costs $100 a month.

Said in public, in English

No background check · No minimum days · News trading allowed · 20+ platforms

Accounts & Pricing page, feature line above the plans

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of bulenox.com

In the contract · clause Rules, Trade Copiers & Third-Party Software

If a trader chooses to connect to Rithmic through a Third-Party API or Trader Composite Software, a $100 monthly fee applies.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of bulenox.com

The documents this reading is based on

17 files, all published by Bulenox. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Bulenox publishes.

How this reading was done

Every clause above was read out of a document Bulenox publishes itself

This reading was published on .

Documents
15 of 17downloaded from the broker's site, and 15 read in full
Pages opened
22pages walked to find those documents, footer links included
Marketing pages
3public pages set against what the contract says
Languages
EN vs RUthe language it advertises in, against the language it contracts in
Position measured
11clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Bulenox LLC

Bulenox LLC is the company named in the Terms of Use, the Privacy Policy and the Risk Disclosure, at 1201 N Orange St, Suite 7149, Wilmington, DE 19801. Its own documents do not describe it as a broker. The Terms of Use call the service professional development training and say Bulenox does not provide live trading. A Funded Account is described as a real brokerage account funded by Bulenox, and no document names the brokerage that holds it. You also sign a separate user agreement with Rithmic, a third party, for market data and platform access.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Bulenox publishes an all in commission sheet dated 11 August 2026. It gives a per side and a round turn figure for 41 instruments, and says commissions count toward your drawdown. The Help Center explains the trailing drawdown with worked examples and prints every drawdown, daily loss limit and reserve figure in a table. Missing the consistency rule is not treated as a breach and does not close the account. Bulenox charges no transfer fee on payouts and says so. It publishes the full restricted country list in all four site languages, and its signup form does not offer those countries at all.

The Master Account Agreement, the Funded Account Agreement, the Rithmic user agreement and the Bulenox Withdrawal Information Form are not covered, because Bulenox publishes none of them. Bulenox keeps its account rules, payout rules and fees in Help Center pages that open one panel at a time, and every cited panel is quoted directly. No earlier version of these documents is available for comparison. Some characters in the Risk Disclosure PDF do not render, so we quoted only the sentences that read cleanly. The review covers the Russian pricing page and the Russian FAQ in part, and not the French or Spanish versions.

How to check any of this yourself

Every quote above links to the Bulenox file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Bulenox publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Bulenox on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 9, 2026.

If you represent Bulenox and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Bulenox. Whether its licence is real and current is a separate check on the broker profile.

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