Thinking of getting into business with BigBitMarket? Here is what you must know about this broker. Carefully read this review to find out if bigbitmarket.com is the trading platform you will want to trade with.
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About BigBitMarket Broker
BigBitMarket is an offshore brokerage company with a lot of promises for traders. Firstly, the broker address cannot be found on the webpage. What we saw was a phone line in Australia. To begin with, this is a red flag that reminds us of similar fraudulent scheme of scam brokers.
There are different account types the broker offers. See below.
To clarify, regardless of the trading instruments BigBitMarket claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
bigbitmarket.com: Reasons to Avoid This Broker
Firstly, bigbitmarket.com is a platform with no financial authority overseeing its financial services. We believe this broker is not worth your money as it does not even have a regulation claim for us to check. At the footer of Ts&Cs, we discovered the broker is governed under the laws of saint Vincent and the grenadines. But here is what we want you to know about St Vincent and the Grenadines. Â
Secondly, we noticed bigbitmarket.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under withdrawal policy, BigBitMarket withdrawal process takes 7-10 working days. The broker minimum withdrawal amount is $100.
As for a dormant account of 60 days, the broker charges $99 per each period.
Minimum Deposit
BigBitMarket minimum deposit is pegged at $250 according to the account type.
As for the payment methods, the broker accepts only cryptocurrency, Credit cards and Bank Transfer. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
BigBitMarket Platform
BigBitMarket offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, the broker discusses 1:400. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
BigBitMarket Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
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BEGINNER FRIENDLY
Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is bigbitmarket.com a Reliable Broker?
No, bigbitmarket.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to find out scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
