BullMarkets Review · 2026

What is BullMarkets?

BullMarkets is a forex and CFD (Contract for Difference) trading brand of ExpertPro Ltd. The footer on every page of www.bullmarkets.com stated that ExpertPro Ltd owns and operates the brand from Gros-Islet, Saint Lucia, and the MISA record gives Saint Lucia company number 2023-00454. FXSharp classifies the execution model as a market maker, where the broker can act as the counterparty to client trades.

ExpertPro Ltd disclosed a Mwali license rather than authorization from a major European, UK, US, Australian, or Japanese regulator. Its risk disclosure covers CFDs on stocks, commodities, cryptocurrencies, indices, and currency pairs, and the site said it did not serve clients in the European Economic Area, the USA, British Columbia (Canada), and some other regions. The Mwali register also names Andreas Mikellidis as chief executive and ultimate beneficial owner.

Is BullMarkets regulated? Verification check

Regulation is the main weakness in the BullMarkets record. ExpertPro Ltd claims authorization from the Mwali International Services Authority (MISA) under license T2023380. The MISA verification page identifies ExpertPro Ltd, company number 2023-00454, and the BullMarkets website, and records a license issue date of October 11, 2023.

The MISA register lists ExpertPro Ltd under license T2023380 with status Active, valid until October 11, 2026 (source: Mwali International Services Authority register, checked September 29, 2026). MISA is an offshore authority in Comoros, so this license does not carry the supervision or investor protection of a Tier-1 or Tier-2 regulator. No Tier-1 or Tier-2 authorization was verified for the broker.

Japan's Financial Services Agency (FSA) also lists ExpertPro Ltd among unregistered overseas operators. The FSA states that the company solicited over-the-counter derivative transactions online under the BullMarkets service name (source: Japan FSA unregistered operators list, June 20, 2024). That warning applies specifically to activity directed at Japan without the required Japanese registration.

Is BullMarkets still online?

ExpertPro Ltd ran BullMarkets on www.bullmarkets.com. Archived copies show the site online until April 2026, with the ExpertPro Ltd company details and MISA license T2023380 in the footer. When FXSharp checked on September 30, 2026, every page of the domain returned a "404 page not found" error, and ExpertPro Ltd's company site, expertproltd.com, also returned an error.

A trading website that stops loading leaves existing clients without the usual route to their account, statements, and withdrawal requests. Anyone with a balance at BullMarkets should keep copies of deposits, account statements, and correspondence, and contact the operator in writing using the details under Customer support below.

Is bullmarkets.pro the official BullMarkets site?

A different website, bullmarkets.pro, uses the BullMarkets name. Its domain was registered on March 10, 2026, and nothing on it mentions ExpertPro Ltd, Saint Lucia, or the MISA license. Instead, its footer names "BBG Limited (trading name: BullMarkets)" with Seychelles company number 857010-1 and Seychelles FSA license SD045, plus a New Zealand company with NZBN 9429049891041 and financial service provider number FSP1002113.

Those registrations belong to BlackBull Markets. BlackBull's own website lists BBG Limited, company number 857010-1 and license SD045 under the BlackBull Markets trading name, and the same NZBN and FSP1002113 for Black Bull Trade Limited (both sites checked September 30, 2026). The licenses shown on bullmarkets.pro therefore do not belong to a company called BullMarkets, and FXSharp found no link between that site and ExpertPro Ltd. Check any license number on the regulator's own register before sending money to a site that shows it. BlackBull Markets is covered in a separate FXSharp review.

Trading platform

BullMarkets used a proprietary WebTrader interface rather than MetaTrader or cTrader. A proprietary platform is software run by the broker itself instead of a widely distributed third-party trading system, so MT4 (MetaTrader 4), MT5 (MetaTrader 5), and cTrader server checks do not apply.

The company described WebTrader as available on desktop and mobile. A separately listed native iOS or Android application was not found, so traders should treat it as browser-based access.

Red flags and warning signs

The main warning signs come from public records and the company's own documents rather than anonymous claims. Japan's FSA issued its ExpertPro Ltd warning on June 20, 2024. The broker's only license is the offshore MISA license T2023380, listed as active until October 11, 2026. The official website no longer loads, and a lookalike site uses the brand with another firm's license numbers.

The company said client money was held in separate trust accounts with investment-grade banks. Its risk disclosure, however, states that a client whose losses exceed the account balance can be called to pay an amount equal to those losses, so FXSharp found no negative balance protection. No FSCS, ICF, SIPC, or comparable major-jurisdiction compensation coverage was verified either.

• Japanese regulator warning concerning unregistered solicitation.
• The only license is an offshore MISA license (Mwali, Comoros) with limited oversight.
• www.bullmarkets.com no longer loads (checked September 30, 2026).
• bullmarkets.pro uses the BullMarkets name with BlackBull Markets' company and license numbers.
• Clients can be asked to cover a negative balance.
• No major-jurisdiction forex license was verified.

Minimum deposit

The Basic account required a minimum deposit of $250. Funding limits were separate: the site stated that bank-wire deposits required at least $500, so a customer paying by card faced different conditions from one paying by wire.

Deposits were accepted by credit or debit card, e-wallets, and bank wire, and the site stated that it charged no deposit fees. The higher tiers required far more capital: $25,000 for Gold, $100,000 for Platinum, and $250,000 for VIP. The company also reserved the right to charge a monthly inactivity fee after one month without deposits, withdrawals, or trades.

Is this broker on any regulator warning lists?

The verified warning comes from Japan's FSA. Its public unregistered-operator list identifies ExpertPro Ltd and states that the service name is BullMarkets. The entry says the company solicited over-the-counter derivatives through the internet while operating from overseas (source: Japan FSA unregistered operators list, June 20, 2024).

An FSA warning does not by itself establish fraud or prove misconduct in every jurisdiction. It establishes a narrower fact: the Japanese regulator identified the firm as conducting the cited activity without the required Japanese financial-services registration. That distinction matters when separating a documented authorization issue from unsupported claims about the broker's broader conduct.

What do user complaints say?

User complaints need an identifiable pattern before they can support factual conclusions. FXSharp did not find a verified user rating or a sufficiently sourced complaint count for BullMarkets, so this review does not describe withdrawal delays, account freezes, sales pressure, or other complaint themes as established patterns.

The absence of a verified complaint count is not evidence that complaints do not exist. Public regulatory findings carry more weight here because the Japan FSA warning identifies the legal entity, service name, activity, and publication date.

How to verify the license claim

License verification requires matching the legal entity, license number, website, and current status. A brand name alone is not sufficient because regulatory records attach to the operating company. The relevant entity here is ExpertPro Ltd rather than the BullMarkets trading name.

1. Search the MISA public register for ExpertPro Ltd.
2. Match license number T2023380 and company number 2023-00454.
3. Confirm that the status shows Active and check the listed October 11, 2026 end date.
4. Search Japan's FSA unregistered-operator list for ExpertPro Ltd and BullMarkets.
5. Check that the website you are using names ExpertPro Ltd; bullmarkets.pro names a different company.

When checked on September 29, 2026, the MISA register showed status Active with validity until October 11, 2026, so the record should be rechecked after that date.

Customer support

BullMarkets' contact page listed info@bullmarkets.com, the phone number +1 939 201 3112, and a live chat. ExpertPro Ltd's company site listed info@expertproltd.com and +1 758 572 0682. Both websites returned errors when checked on September 30, 2026, so these channels may no longer respond.

Account verification required proof of identity and a proof of residence dated within the last three months, such as a utility bill or bank statement. The site was published in 15 languages, including English, Spanish, Arabic, Japanese, and Turkish. Response times were not independently verified.

Where is the broker actually based?

The operating company gave its business address as Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia. ExpertPro Ltd is registered in Saint Lucia and operated the BullMarkets brand from that address. Its claimed regulatory authorization comes from MISA in Mwali, Comoros.

The MISA verification record also lists Andreas Mikellidis in Limassol, Cyprus as chief executive and ultimate beneficial owner. These locations describe different corporate roles: Saint Lucia is the operating company's registration and address, Mwali is the licensing jurisdiction, and Cyprus appears in the MISA ownership record. The New Zealand and Seychelles details on bullmarkets.pro belong to BlackBull Markets, not to ExpertPro Ltd.

Account types and bonus terms

BullMarkets offered Basic, Gold, Platinum, and VIP live accounts plus a demo account. The Basic tier started at $250, Gold at $25,000, Platinum at $100,000, and VIP at $250,000. A demo account uses virtual funds and does not reproduce every live-market execution condition.

All accounts had maximum leverage of 1:400, meaning exposure of up to 400 times the margin deposited. Published EUR/USD spreads were wide: from 3.0 pips on Basic, 2.7 on Gold, 2.1 on Platinum, and 1.6 pips on VIP. A pip is the standard small pricing increment in forex quotes. Withdrawal fees depended on the tier: Basic included one free withdrawal, Gold one free withdrawal a month, Platinum three a month, and VIP no withdrawal fees. The site published bonus terms, but their conditions could not be verified, so none are described here.

Should you avoid BullMarkets?

BullMarkets offered a working CFD product set with an offshore license, and it disclosed its operator, address, and MISA license number. The Basic account also had a clearly stated $250 entry threshold.

The counterweight is heavier. Japan's FSA warned ExpertPro Ltd about unregistered solicitation in 2024, the only license is the offshore MISA license T2023380, the company's own risk disclosure leaves clients liable for a negative balance, and www.bullmarkets.com has stopped loading. A lookalike site, bullmarkets.pro, now shows another firm's licenses under the same name. Readers looking for a broker with verifiable major-jurisdiction supervision will not find it here.

Forex and derivative products carry high leverage; some or all invested capital may be lost. This content is for information only, not investment advice. Verify the broker's current regulation status with the relevant authority's official site before any investment decision.