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SCAM “MarketBull” – how they do it

Watch out for the MarketBull broker

We warn against the MarketBull platform. According to the reports of the victims, the fraudsters use the images of people we know well, for example from Polish politics, offering, inter alia, a service aimed at guiding people who start investing in the stock market through the difficult implementation process. To start learning on the broker’s website, it is enough to buy the so-called A “starter pack” that costs just $ 250. 

After completing the formalities related to opening an account, the aggrieved person is contacted by phone by a consultant claiming to be a “licensed investment advisor”, whose task will be to implement the investor. The consultant informs that it will be necessary to install a program for remote computer operation (e.g. AnyDesk, TeamViewer), with the help of which the alleged investment advisor gains access to e.g. bank accounts or accounts in other portals.

From that day, every day investments brought 8-12% profit, the “broker” invested cautiously, betting 70% of the amount and increasing confidence in his expertise – the victim relates.

Fraudsters additionally require the creation of an account on the Binance.com platform through which the customer purchases cryptocurrencies, which are then transferred to the MarketBull.co.uk platform. Thanks to this path of transferring funds (via a well-known cryptocurrency exchange), they become impossible to recover, e.g. through the chargeback procedure, which the scammers victims use in the first place.

In the meantime, the client receives many “reliable and proven” signals that would affect the duplication of the investor’s profit, but it is a method aimed at extorting further money from the victim.

Program for remote control of the victim’s computer

Fraudsters require clients to install a program for remote computer maintenance. By sharing the screen of his computer, the client unknowingly gives access to any information about his accounts on the binance.com platform through which the money is transferred to the fraudsters.

Withdrawal of funds from the platform

To verify the withdrawal process, the investor tries to withdraw part of the earned sum. Consultants inform that due to a large number of withdrawal requests from other clients, the withdrawal may take up to 45 days from the moment of applying. However, there is another solution to get an instant withdrawal – the customer’s account must be at least $40,000, which will give him VIP status and withdrawals will be processed within 24 hours. Moreover, after obtaining the VIP status, the client will receive a bonus which will further increase his deposit.

The investor interested in such a solution adds the required amount to his account, tries to withdraw the funds again, and is then informed about the need to settle the tax due on the income obtained on the investment platform. This fee was to be just a down payment, the client was to make an additional payment to the broker’s account, and this amount was to be returned to him within 24 hours.

The client orders the withdrawal of a small part of the deposit to be transferred to the binance.com platform, from which he then tries to make the withdrawal to his bank account. Due to the disclosure of their login details to the Binance.com account, via the remote computer support program, the consultant of the dishonest broker logs in to the same account first, and then transfers the transferred amount to his own accounts to prevent the investor withdraw these funds.

“I asked for a transfer from marketbull.co.uk to binace.com in the amount of USD 500 to verify […] despite transferring USD 500 from marketbull.co.uk to binance.com and sending the transfer to my Polish bank, the funds never get there, and from binace.com also disappeared the next day” – the investor said

The explanations regarding the disappearance of funds provided to the client by the Binance.com portal show that the account was most likely hacked, which resulted in the theft of funds.

About the whole situation, the investor informed the bank in which he has got a bank account. He also submitted a notification to the Police and Binance.com, and has sent to the platform of the dishonest broker an application to withdraw funds.

What to do if you are a victim of fraud

The first steps to be taken when you realize that the funds you have paid have been transferred to a dishonest broker are described in the article “What to do if you have been scammed?

How to verify your broker’s licence

Be especially careful when investing in platforms that are new and unverified by other users. Invest in platforms that are already proven and known in the Forex Market.

Check the scam profile

Author: Izabela Kamionka

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  1. Júlio Ricardo Oliveira da SIlva

    Dear Mr Silva,

    Thanks for contacting us, the Financial Conduct Authority (FCA) about a firm called Marketbull. I understand you’d like to get your money back from them, and would like to know if we regulate the firm.

    Marketbull isn’t authorised by us

    I’ve checked the Financial Services Register (the Register), which is a public record, and haven’t been able to locate the firm.

    This means that they’re not authorised or regulated by us and therefore shouldn’t be providing any regulated financial products or services within the UK.

    This also means that their business falls outside our remit and our rules don’t apply to them. If the firm has claimed to be based within the UK and/or regulated by the FCA, this strongly indicates that they could be operating a scam.

    Posted on 11 August 2021

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