DegBull

DegBull claims to be the world’s most popular trading platform, boasting over 20 million clients trading financial assets. What’s interesting is that, despite such a vast number of users, there are virtually no online reviews about the company. Furthermore, they don’t specify how long they’ve been in operation. However, they mention having three licenses on their website: one from an unknown regulator, the second from the FCA, and the third from CONSOB. So, what exactly is this broker about? Is it a scam or not? Our task will be to determine whether or not it’s safe to entrust money to this firm.

Overview of DegBull

Before starting to trade with any broker, it’s always crucial to verify them and research their operational history, and trading conditions. It is precisely what we will delve into.

Broker History

DegBull is a CFD broker registered in the UK, but the founding date is not mentioned on the official website. The company boldly claims to have 20 million traders and over 120 partners. Moreover, they reference a regulator named Financial Certification Organization, which is completely unknown. They also mention the British FCA and the Italian CONSOB. All of this seems extremely dubious and suspicious. The figures are unrealistic, operational history is not mentioned, nor is the business model. Let’s dive deeper to understand the details.

Degbull.com Website

The broker has a rather typical and standard official website, which isn’t surprising. The top layout presents standard sections with basic information about the platform, terms, company, and contacts. The site is filled with a banal and sparse list of features and advantages. Any graphic design is absent, as is any quality design. DegBull has produced a templated website filled with clichéd benefits and meaningless phrases.

Legal documents are missing, as are many facts about DegBull’s activities. The main page talks about the trading platform, and asset classes, and there’s also a news feed that occupies more than half of the entire space, and it’s unclear why. In addition to English, Spanish, Greek, French, Italian, and German are supported. In short, it’s a primitive site without uniqueness and distinguishing features.

Registration Process and Personal Account

Creating an account with DegBull takes less than a minute. The company asks for your name, phone number, email address, account currency (USD or EUR), password, and a promo code (if available). You also need to agree to the terms and privacy policy. It’s worth noting immediately that the user agreement and privacy policy documents do not open, and they are also not found on the site. How can you agree to something you don’t even know and can’t review? Another negative point – the firm does not require email and phone number verification, which is a security system issue.

The personal account and trading terminal are the same at DegBull. When an account isn’t separated from the platform, it’s quite inconvenient. It would be much more comfortable to have a separate personal account and a distinct trading platform.

In the dashboard, users can receive messages from the broker’s support, deposit and withdraw funds, change their password, and view the history of transactions, trades, and orders. Two color themes are also available: dark and light. The functionality in DegBull is rudimentary, and we noticed the absence of an option to upload documents for verification.

Based on what can be seen, the company doesn’t require KYC, which means it operates illegally, without a license. It is because any regulator must demand from a firm to know its clients. Any organization dealing with people’s money must require documents for KYC. There isn’t even a KYC policy here that would explain why verification is needed and what documents are required. However, on the DegBull website, the following account opening sequence is stated: registration, verification, and tariff plan selection. How can one upload documents if there’s no such function, and nothing is mentioned about verification?

Trading Platform

The trading terminal at DegBull can also be described as template-based and primitive, just like the official website. The platform features integrated functionality from the Tradingview service, offering options for technical and graphic analysis, the addition of indicators, and other tools. Traders can use not only market orders but also pending ones. Available volumes start from 0.01 lots, with asset lists, including favorites and notifications.

The platform has many shortcomings, or rather, many tools and features are unavailable. For instance, there’s no demonstration account type, so you can only try out the terminal with real money. Moreover, DegBull doesn’t allow the use of auto-trading and advanced tools for price and chart analysis, such as the order book, clusters, open interest, and others. Thus, the possibilities are greatly limited, so the software is hardly suitable for full-fledged trading.

What’s even more interesting is that the broker mentions the name MetaTrader 4, seemingly hinting that their platform comes from the MetaQuotes developers. Icons for downloading the program to PCs and smartphones are even displayed on the website. However, clicking on these icons redirects us to Webtrader, which looks nothing like the MetaTrader software. Why is DegBull misleading users?

Contacts

DegBull has provided only an email address for contact, contact@degbull.com, which turned out to be non-existent. Moreover, there is no phone number, which is also a negative factor. Additionally, there’s no online chat for instant communication, nor are there accounts on social media. The office address is listed as 128 City Road, London, UK, EC1V 2NX. We will check the registration in the UK later.

Analysis of Services Offered by DegBull

We will further examine how to deposit and withdraw funds, what fees the company charges, and what types of accounts are available. We will also find out if DegBull offers any additional services.

Funding and Withdrawal

The broker lacks a separate section dedicated to the deposit and withdrawal process. Balances are replenished through the personal cabinet, and DegBull asks to provide bank details to submit a request to customer support. Thus, it is unclear which methods the firm supports, apart from bank transfers. There’s also no information about fees and processing times for withdrawal requests. The company clearly adheres to a policy of secrecy and lack of transparency.

DegBull Trading Conditions

The broker promises a variety of opportunities, but they depend on which type of account the trader will choose. DegBull has three tariffs:

1. Basic. Minimum deposit €250, tariff includes general investment account, stocks, and shares, and self-invested personal pension.
2. Essential. From €5,000. The client receives advanced stock fundamentals, and sees long-term gains realized in real-time.
3. Professional. For capital over €50,000. The difference between the two previous account types is the presence of automated order types and priority customer service.

Clients can trade currency pairs, stocks, metals, indices, commodities, and cryptocurrencies. The minimum deposit is excessively high. 250 euros is a high bar compared to what more renowned and popular firms offer. Moreover, there’s no demo account, no cent tariff, and no Islamic account. DegBull hides crucial parameters like spreads, their type and size, commissions, leverage, and swaps. Essentially, we know nothing about the trading conditions. Is this normal for a broker? Absolutely not.

Additionally, the supplementary services raise questions. What exactly is a “general investment account”? Does the firm offer an investment service or what? And what does “self-invested personal pension” mean? How can traders create a pension for themselves by opening a tariff plan with a deposit of 250 euros? In short, DegBull has developed strange and unclear services, while hiding vital terms.

Unique Features

Apart from the affiliate program and the news feed, DegBull offers nothing unique. There’s a priority customer service, which is only available to those who can afford to invest 50,000 euros, but it’s unlikely that there are people ready to invest such a substantial amount in a lesser-known organization. By the way, nothing is written about the affiliate program; there is no section dedicated to it in the personal account, but at the time of registration, the company requires a promo code, hinting at the presence of an affiliate program.

Is DegBull Trustworthy and Reliable?

Now it’s time to finally figure out the broker and understand what it really represents.

Assessing Legitimacy

DegBull is misleading and also maintains a policy of secrecy. Why? Firstly, the reference to the MetaTrader 4 platform, which is definitely not present here. Secondly, important terms, such as commissions, spreads, and leverage, are not disclosed. Thirdly, the email, as the only way to contact the company’s managers, turned out to be fake. Fourthly, there is no demo account, and the minimum deposit is excessively high. All of this suggests that we are dealing with a classic scam project that cannot be trusted. However, it is necessary to check the mentioned licenses and registration address to make a verdict.

Let’s start by checking the licenses. On the website, in the FAQ section, the firm boldly claims that it operates under the supervision of the FCA and CONSOB. We checked the registers of both the British and Italian regulators. DegBull was nowhere to be found.

Apart from the FCA and CONSOB, the footer of the website mentions a certain “Financial Certification Organization” that also regulates the company’s activities. A Google search led us to the website of this financial commission, fincertus.org, which is not accessible. In fact, such a regulator as the FCO doesn’t even exist. It’s a fake supervisory body. That is, not only did DegBull falsely indicate that it obtained licenses from the FCA and Consob, but it also invented a non-existent regulator. How can it be positively characterized? No way.

The licenses turned out to be fake. Perhaps the stated office address in London is genuine? Let’s check now. The Companies House registry of legal entities will assist us in this. And unsurprisingly, DegBull is not listed in this registry.

Established Track Record

The operating time of any firm is an important factor that cannot be overlooked. The longer a company has existed, the more reliable it is. However, this cannot be said about DegBull, because the organization only emerged in 2023. The website’s domain was registered in April 2023, and there are too few reviews online, which only confirms its short operating period.

Implications for Traders

Now we can definitively recommend not to collaborate with DegBull, because it’s a scam. Even if we disregard the fake contacts, unfavorable terms, and misleading information, the deception with licenses and registration in the UK clearly reveals the true nature of this pseudo-broker.

Strengths and Weaknesses of DegBull