Updated on March 18, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding BigOption due to the issues we've identified.
Is BigOption Scam or Legit Broker? ▲
Upon thorough inspection, it's clear that BigOption does not qualify as a legitimate brokerage firm, primarily due to its lack of any substantial regulatory oversight. It's essential to steer clear of offshore and unregulated entities, as investing in such firms often leaves traders without a safety net, making it virtually impossible to recover any invested funds or accrued earnings. Consequently, our advice leans heavily towards opting for regulated entities only.
BigOption, with its registration in the offshore zone of the Marshall Islands, is a textbook example of a firm seeking to bypass stringent regulatory requirements and compliance with international service standards. Historical data and our extensive research over 1,000 brokers underscore a grim reality: the vast majority of unlicensed firms fail to return investors' funds. Thus, we advise against engaging with unregulated or offshore companies to avoid falling victim to potential scams.
BigOption, operated by Wirestech Limited, asserts to be based in the Marshall Islands, presenting itself as a broker offering binary options trading among other derivative investment opportunities. However, the legitimacy of BigOption has been under scrutiny, notably with warning signals from supervisory authorities in Ontario and British Columbia in 2016. These warnings, coupled with alerts from European authorities, effectively blacklist the company across multiple jurisdictions.
The Financial Services and Markets Authority (FSMA) of Belgium issued a stern warning in March 2017, cautioning the public against Wirestech Limited's activities under the BigOption name. The company was criticized for promoting highly risky investment instruments in Belgium without adhering to the country's financial laws. Such warnings are clear indicators of the risks involved in dealing with BigOption.
Our final recommendation is to engage with brokers that are not only trustworthy but also hold stringent regulatory licenses. Therefore, we strongly encourage traders to opt for firms that have secured authorization from leading global regulators. This approach ensures a higher level of security and reliability in your trading endeavors. Remember, investing with regulated brokers safeguards your interests and provides a more secure trading environment. We advise against engaging with BigOption or any broker that exhibits similar red flags, to protect your investments and trading journey.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
BigOption Review 2024
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