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If you have found this flashy website, Bullsonwallstreet.com and are considering to opt in because it looks legitimate, we are pleading with you to hold on for a while. Bulls on Wall Street carries a very heavy burden of poor reputation.
The truth is that this site is a day trading educational mill offering worthless education for $3,000 per head. The owner of this company claims that they have been making millions out of trading. But they cannot prove this track record. They do not have any document showing that indeed they are professional, full time traders.
On top of that Bulls on Wall Street are offering an illegal ”hedge fund” which is more or less the same as an unlicensed and unregistered broker.
In fact, this kind of activity make Bulls on Wall Street such a hot target for regulators in this industry. They are a disaster waiting to happen since they have refused to let go of their school of suckers mentality.
So before you go ahead and sign up (which we highly discourage), we need you to read this review and make an informed decision based on facts highlighted here.
The business was established in 2009 by someone called Kunal Desai. There are two main products offered by this company. The first product is a ”boot camp” trading course which is sold for a whooping $2,850.
This product is described as a foundation course for those who want to learn how to day trade stocks. The second product is just a broker-dealer arrangement under the name CliqueFund.
What exactly is CliqueFund? Well, they are a quasi broker dealer business that operate in the same way as TD Ameritrade.
CliqueFund is accepting client funds and channeling those funds into a personal bank account which is associated with Kunal Desai. Depositor funds are then pooled together into a common trading account.
This account is then partitioned and distributed out in portions to a group of aspiring traders. But why is this broker dealer pooling funds? Because there is currently a regulation that is prohibiting traders from opening more than 4 day trades in a week when their account balance is less than $25,000.
But this is not all. The rule also restricts the kind of leverage that these traders can use in these accounts. The most preferred leverage in this case is 2:1. But as you can see, Bulls on Wall Street has been clever enough to device procedures that automatically circumvent laws that have been held in place for some time now.
But how exactly is Bulls on Wall Street achieving this goal? Well, for you to join their ”CliqueFund” program, you must first purchase their boot camp course which will cost you $2,850. Once you get admission into the program, you will be asked to immediately make additional deposit of $2,500. This is the minimum that they will ever ask you to deposit. The figure can go up to $10k.
When you make this deposit, the funds will go to Kunal Desai’s trading account. From there, he can afford to trade it with a margin of between 25K to 200K.
On top of that, there are costs that everyone who joins CliqueFund must meet. To maintain your membership thereafter, you must pay $335 per month. Fees don’t end there yet. You still need to pay commissions, which currently cost 0.0024 per share of stock. When the month comes to an end, you as a client of Bulls on Wall Street must pay Kunal 10% of your day trading earnings.
At no time will funds deposited at Kunal’s CliqueFund account get returned to the person who deposited them. This is to say that if you deposited $2,500, you’d watch your balance getting drained bit by bit, everyday. If you do not trade, that account balance will be $2,165 at the end of one month.
Also, you should note that Kunal of Bulls on Wall Street is not allowing anyone to withdraw money unless the balance is more than the original funds deposited into their system.
But what happens in the event that you end up running your balance to maybe, $500? The account will get closed, and this guy will keep your $500.
What if you gave Kunal $4,000 and one week later, you ran into an emergency and requested to withdraw that money? Again, you will be denied this money. Kunal gets to keep the money because his trading policy does not allow any refunds to be made to customers once money has been deposited into his account.
In short, when you deposit money into his account, that money belongs to him. It does not matter what you do or say thereafter. You will not get it back!
Can you continue to add more deposits into Kunal’s account? The answer is a big Yes. In fact, the owner of Bulls on Wall Street website is describing these additional deposits as ”re-education fee’s”. We do not know why this is so. All we know is that he is always more than willing to accept more money into his trading account but not vice versa.
Bulls on Wall Street refer to CliqueFund as a ”hedge fund”. But according to one of the biggest prop trading firms in the US, Bulls on Wall Street is flagrantly circumventing American securities laws which were put in place to protect investors from outright fraud.
In fact, the industry has since found a name for these shady companies. They are termed as ”fly by night operators” who are doomed to fail no matter what. It is a question of when the SEC will catch up with them and shut them down.
This website makes bold and outrageous claims. In their website, Kunal claims that for the last 10 years, he has been making millions of dollars trading stocks. But when you ask for proof that legitimizes these claims, this guy will take you round and round until you give up on him. We were not expecting any kind of proof (because such people don’t trade but steal money from unsuspecting victims) anyway.
The owner of Bulls on Wall Street loves to publish statements of supposed profits that were earned from his trading activities in any given month.
Most of those figures are borderline ridiculous. In fact, they prove that Bulls on Wall Street is a fraudulent operation. You see, when you produce trading results, you must accompany those results with a disclaimer telling people whether those results are real or simulated.
If you decide that you are going to post trading results anyway, then your actions imply that these results are ‘real’. At this point, you will be committing a crime.
We’ve said a lot of things about Bulls on Wall Street and its owner Kunal. Now it’s time to wrap up this review by saying that lots of people who will fall for their trap will end up feeling betrayed.
There is no doubt that this ‘trading guru’ is running a scam operation. He is collecting millions every month from unsuspecting victims who initially think that this is a good opportunity.
If you don’t want to be a victim, we are advising you to look for legitimate trading alternatives that are affordable and profitable.
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Yes this is all true. Stay away from this scam. You will loose all your money and will not be able to withdrawal any. This is a shame that they are getting away with this?
Absolutely True! Look at where the fund is now. Gone!
Kunal Desai is being investigated by the SEC!! His clique fund has been shut down abruptly and won’t return any traders money. He claims his broker left them in the middle. I don’t care! It’s not my problem!! Return us our money!! I’ve watched him in the chat room, his trading sucks. If you follow his trades to the tee, you will lose money. His trader Szaman is the one who calls out solid trades and Paul’s trades are good. His employees are pretty rude. His star protege Maribeth has quit due to differences with him. His other employee outed him and kunal sued him. There are plenty of other stock trading gurus to choose from. Avoid!!
After college I lost over 5k from this course, and in trading for the BOWS fund. Ask yourself, if a stock trader was actually successful, why would they waste their time teaching? Or showing their trades live? I think they do those things because this is really a stock trading pyramid scheme. Their real business model is getting paid by getting new students, stock trading just happens to be a part of it. Plus the fund gets 10% commissions for every one of their student’s profitable trades, and they charge a fixed weekly fee. If your account goes under $500, they take the rest and you can’t trade anymore or get your money back. More than likely you will lose all your money because the skills/ tools they give you aren’t sufficient. The truth is there is no such thing as easy money my friends. Beware!!!