WebullForex operates under the brand name Bakkt Market, which claims to be headquartered in the United States. According to its website, Bakkt Market presents itself as a licensed broker regulated by the U.S. National Futures Association (NFA) with ID 0561418 and the U.S. Financial Crimes Enforcement Network (FinCEN) under registration number 31000263262302. It offers a variety of investment products, including Forex, financial derivatives, and other trading instruments for global markets.
However, upon investigation, significant discrepancies and issues were found, raising serious concerns about the platform’s credibility and regulatory status.
Regulatory Claims: Fact vs. Fiction
Bakkt Market asserts its legitimacy through its registration with the U.S. Financial Crimes Enforcement Network (FinCEN) and claims regulation under the NFA. Here’s a closer examination of these claims:
FinCEN Registration
Bakkt Market is registered with FinCEN under number 31000263262302. However, this registration only applies to money services businesses (MSBs) involved in activities like currency exchange or money transfers. Importantly, FinCEN does not license or regulate Forex brokers or entities involved in trading financial derivatives.The company listed under this registration is SMART GLOBAL, not Bakkt Market. This discrepancy indicates that Bakkt Market is misrepresenting its registration to appear legitimate.
NFA Authorization
Bakkt Market claims to hold an NFA ID (0561418). However, a thorough search of the NFA database reveals no such authorization. Without proper regulation by the NFA, Bakkt Market lacks the legal standing to offer Forex or financial trading services in the U.S. This false claim is a red flag, further undermining its credibility.
For confirmation, investors can review the NFA Member Database and verify any broker’s licensing status.
Red Flags and Concerns
Misleading Regulatory Claims
Bakkt Market uses its FinCEN registration to falsely convey legitimacy. However, FinCEN registration does not authorize Forex brokerage or trading activities. Additionally, the claim of NFA regulation is entirely fabricated.Unverifiable Credentials
The broker does not provide transparent details about its ownership or operational team. A lack of accountability is a common trait of fraudulent platforms, as it prevents investors from tracing or holding the company responsible for any wrongdoing.No Legal Protections
Without proper regulation, funds deposited with Bakkt Market are not protected by any U.S. laws. Investors risk losing their money with no recourse for recovering their investments.Potential for Fraud
Unregulated brokers often engage in unethical practices, such as manipulating trades, blocking withdrawals, or imposing hidden fees. Bakkt Market’s misleading claims make it highly likely to engage in such activities.
Conclusion
Bakkt Market, operating under WebullForex, falsely markets itself as a regulated broker while relying on FinCEN registration and fabricated NFA authorization to mislead potential investors. These claims are unsubstantiated, and the platform is not authorized to offer financial services in the U.S.
Why You Should Avoid WebullForex (Bakkt Market):
- False Claims: Misrepresentation of regulatory credentials.
- No Legal Safeguards: Funds are not protected by any financial authority.
- High Risk of Fraud: The platform exhibits multiple red flags typical of scam brokers.
Investors are strongly advised to avoid WebullForex and prioritize working with brokers fully regulated by recognized authorities like the NFA, FCA, or ASIC. Choosing a legitimate broker ensures transparency, legal protections, and peace of mind.
In essence, Bakkt Market is a scam, and entrusting it with your funds is a highly risky decision.
If you have already invested in Bakkt Market and are having trouble withdrawing your funds, it is important to report the platform to your local financial regulatory body or Centered Reviews for a chance of recovery and to warn others..