Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalThe sole licence is an expired, disavowed MISA offshore registration, and a Japanese regulator has issued a warning-list notice against the entity.
Identity & transparency
5/10 · ModerateThe legal entity, company number, address and owner are disclosed and verifiable on the MISA register, but the site is a thin template and advertises an expired licence as current.
Withdrawals & conduct
8/10 · CriticalMultiple recent, specific reports of deposits taken and withdrawals then refused, including a 20,000 US dollar account, with no visible resolution by the broker.
Reputation
8/10 · CriticalA national regulator warning plus very-high-risk ratings across review sites, alongside a bimodal, apparently manipulated positive-review pattern.
Website claims
7/10 · HighPresents a weak company registrar as a financial regulator and keeps advertising a licence that expired in March 2025.
Operational history
5/10 · ModerateA young operation; both domains and the licence date to 2024, giving under two years of track record.
Who they are
A quick desk file on the company behind the brand.
- Brand: Bullfxo
- Legal entity: Bullfxo Ltd (company number HA00324745)
- Registered: P.B. 1257 Bonovo Road, Fomboni, Mwali (Moh'eli), Comoros
- Operator on record: Muhammed Sait Kilicarslan, Istanbul, Turkey (named on the MISA register as chief executive and ultimate beneficial owner)
- Website: bullfxoltd.com and bullfxo.com
- Only licence: MISA (Comoros) BFX2024046, issued 19 March 2024, term ended 19 March 2025
- Offers: leveraged CFDs on currencies, stocks and commodities
- Not accepted: the EEA, USA, British Columbia and Canada (Japan is not excluded, yet Japan has warned against it)
- Age claim: the site shows a 2024 copyright; both domains were registered in 2024
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Mwali International Services Authority (MISA)
Why we reached this verdict
How the evidence adds up.
We rate Bullfxo a likely scam. The finding rests on primary-source records, not opinion.
- A national regulator warned it. Japan's Kanto Local Finance Bureau (Ministry of Finance) published a formal notice on 19 December 2025 that Bullfxo Ltd was soliciting over-the-counter derivatives from Japanese residents over the internet without the registration Japanese law requires. The notice names the entity, the brand 'Bullfxo' and the Comoros address.
- Its only licence is worth little and has lapsed. MISA is a company registrar on the island of Mwali, not a financial supervisor, and the Central Bank of the Comoros has publicly rejected its licences. The registrar's own verification page shows Bullfxo's licence ran from 19 March 2024 to 19 March 2025, with no renewal.
- It advertises the lapsed licence as current. The footer of bullfxoltd.com still states the company is 'authorised and regulated' by MISA under BFX2024046.
- Clients report losing their money. On an independent review platform, several users describe deposits taken and withdrawals then refused, including a 20,000 US dollar account that could not be withdrawn and a smaller Indian account pleading for a refund. A second review site rates the domain very high risk for the same reason.
- It is new and thinly built. Both domains date to 2024 and the site is a minimal template with no genuine team or company detail.
- On this combination, a regulator warning, an expired licence sold as live, and a pattern of blocked withdrawals, we assess the risk of fraud as high.
Evidence ledger
Every finding, with its source and how strongly it points.
E1Japan's Kanto Local Finance Bureau (Ministry of Finance) published a formal warning on 19 December 2025 that Bullfxo Ltd was soliciting over-the-counter derivatives from Japanese residents over the internet without the required registration. The notice names the entity, the brand Bullfxo and the Comoros address.
E2The Mwali registrar's own verification page for Bullfxo Ltd shows licence BFX2024046 issued 19 March 2024 with a term ending 19 March 2025 and no renewal. The licence has lapsed.
E3The footer of bullfxoltd.com states the company is authorised and regulated by the Mwali International Services Authority under licence BFX2024046, presenting the lapsed offshore registration as current regulation.
E4On Trustpilot, several clients of bullfxo.com report deposits taken and withdrawals then refused, including a 20,000 US dollar balance that could not be withdrawn and a smaller Indian account pleading for a refund. The complaints cluster in August and September 2026.
StrongTrustpilot (bullfxo.com)E5A second review site rates bullfxo.com very high risk and reports withdrawal holds and delays, with no verifiable regulation.
ModerateBroker Watch DogE6Both broker domains were created in 2024 (bullfxo.com on 30 January 2024, bullfxoltd.com on 5 April 2024), indicating a young operation with no long track record.
ModerateVerisign RDAPE7The MISA register lists the chief executive and ultimate beneficial owner of Bullfxo Ltd as Muhammed Sait Kilicarslan of Istanbul, Turkey, and records the broker's own website, confirming the registration belongs to this operation rather than an impersonated firm.
E8Japan's notice records that Bullfxo's Comoros address is the same as, or very similar to, a cluster of other offshore entities it has also warned, including WM Markets Ltd, Trade Tide Ltd and Proxtrend Ltd, though it states the relationship is unknown.
E9Bullfxo discloses its legal entity, company number and registered address, and its licence and domain match its own records, so it is not impersonating a regulated brand.
E10A minority of reviewers report fast, problem-free withdrawals, so fund access has not failed for every client.
The other side
The strongest case in this broker’s favour.
In fairness, some points cut the other way, and we weighed them.
- Bullfxo does not hide behind a stolen identity. It discloses its legal entity, company number and address, and the MISA register lists its real owner and its own website. It is not impersonating a regulated firm, so this is not a clone.
- The MISA licence, while weak, was genuinely issued to this company rather than borrowed from another firm.
- A minority of reviewers report smooth, fast withdrawals, so fund access has not failed for every client.
- MISA does not publish incorporation dates, so the company itself could not be aged beyond its 2024 licence and 2024 domains, and the young-operation finding rests on those dates.
- None of this offsets a national regulator warning, an expired licence presented as current, and specific reports of blocked withdrawals.
What would change this
What we would need to see to revise the verdict.
We would revisit this rating if the facts changed.
- A current, renewed licence from a recognised financial regulator (not a company registrar), verifiable on that regulator's own register.
- Removal or formal retraction of the Japan Kanto Local Finance Bureau warning against Bullfxo Ltd.
- A consistent record of clients confirming they can withdraw funds, with the recent blocked-withdrawal reports resolved.
- The website ceasing to advertise the expired MISA licence as current.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Japan, Kanto Local Finance Bureau warning against Bullfxo Ltd
National regulator notice, dated 19 December 2025, that Bullfxo Ltd solicits without registration.
MISA licence verification for Bullfxo Ltd
The Mwali registrar's own record; shows licence BFX2024046 with a term ending 19 March 2025.
MISA authorised-brokerage list
The full Mwali list; Bullfxo appears at entry 180.
Bullfxo customer reviews
Independent reviews, including reports of blocked withdrawals.
Bullfxo official website
The broker's own site and the footer where it claims MISA regulation.
Frequently asked questions
Quick answers about this broker’s safety.
Is Bullfxo a scam?
We rate it a likely scam. A Japanese regulator has warned it operates without registration, its only licence is an expired offshore registration from a body that is not a real financial regulator, and clients report being unable to withdraw funds.
Is Bullfxo a fraud?
We do not label a company a criminal in our own name, but the signs point one way. Japan's Kanto Local Finance Bureau has formally warned that Bullfxo Ltd solicits investment without registration, clients report deposits taken and withdrawals then refused, and on that record we assess the risk of fraud as high.
Is Bullfxo regulated?
No, not in any meaningful way. It holds only a registration from the Mwali International Services Authority (MISA) in the Comoros, which is a company registrar, not a financial supervisor, and the Central Bank of the Comoros has disavowed its licences. That registration also expired on 19 March 2025.
Can I withdraw my money from Bullfxo?
Several clients report that they could not. One describes a 20,000 US dollar balance that could not be withdrawn while support stopped responding. Some users report smooth withdrawals, but the blocked-withdrawal reports are a serious warning.
Is my money safe with Bullfxo?
There is no client-money protection here. An expired offshore registration offers no compensation scheme and no segregation of client funds, so money sent to Bullfxo is at high risk.
Who owns Bullfxo?
The MISA register names Muhammed Sait Kilicarslan of Istanbul, Turkey, as the chief executive and ultimate beneficial owner of Bullfxo Ltd. The company is registered in Mwali (Moh'eli), Comoros, under number HA00324745.
How old is Bullfxo?
It is new. Both of its domains, bullfxo.com and bullfxoltd.com, were registered in 2024, and its MISA licence was issued in March 2024. That is under two years of history.
What is a MISA licence worth?
Very little. MISA registers companies on a small autonomous island in the Comoros and is not a recognised financial regulator. The Central Bank of the Comoros has publicly rejected its licences, and it offers no real protection to traders.
Is Bullfxo a clone of another broker?
No. Bullfxo uses its own name, its own company registration and its own website, and it is not impersonating a regulated firm. The problem is not a stolen identity; it is a weak, expired licence, a regulator warning and withdrawal complaints.
What is the Japan warning about Bullfxo?
On 19 December 2025, Japan's Kanto Local Finance Bureau (Ministry of Finance) published a notice that Bullfxo Ltd was soliciting over-the-counter derivatives from Japanese residents over the internet without the registration Japanese law requires.
What should I do if I was scammed by Bullfxo?
Stop depositing, request a full withdrawal in writing, and keep records. Report the loss to your local financial regulator and police, and ask your bank or card provider about a chargeback. Be careful of recovery services that charge an upfront fee, as they often target victims again.
What should I check before depositing with any broker like Bullfxo?
Check for a current licence from a recognised regulator on that regulator's own website, search regulator warning lists, read independent withdrawal reviews, and be wary of any request to pay a fee or tax before you can withdraw.
Scan history
How this broker’s safety assessment has changed across scans.
What changed since September 23, 2026
- September 23, 2026CurrentLikely scam74% risk
- September 23, 2026Confirmed scam92% risk
Past scans are archived snapshots kept for transparency and are not indexed by search engines.
What we recommend
The practical takeaway from everything above.
For anyone considering Bullfxo, our advice is direct.
- Do not deposit funds. The mix of an expired offshore licence, a national regulator warning and blocked-withdrawal reports is a serious risk to your money.
- If you already hold an account there, request a full withdrawal now and keep written records of every request and reply.
- Be wary of any demand to pay a tax, fee or commission before a withdrawal is released. That is a common tactic to extract more money.
- If you have lost money, report it to your local financial regulator and police, and ask your bank or card issuer about a chargeback. Avoid recovery services that charge an upfront fee, as they often target victims a second time.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed September 23, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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