BigOption Forex Broker

BigOption Forex Broker - Complete Information Guide

1. Broker Overview

　　BigOption, founded in 2008, is a binary options trading platform that operates under the company Wirestech Limited, which claims to be based in the Marshall Islands. This broker primarily serves retail clients interested in trading binary options and other derivatives. The company has faced scrutiny over its regulatory status, as it operates without a significant license from any reputable financial authority. Over the years, BigOption has attempted to position itself as a leading platform in the binary options market, although it has faced numerous challenges, including negative reviews and regulatory warnings.

　　The development of BigOption has been marked by several key milestones, including its establishment in 2008 and subsequent attempts to expand its market presence. However, the broker's operations have been marred by allegations of fraudulent practices and a lack of transparency, leading to a significant number of complaints from users. The parent company, Wirestech Limited, has been associated with various regulatory issues, particularly in jurisdictions like Canada and Europe, where it has been blacklisted by several authorities.

　　BigOption's business model focuses on providing retail forex services, primarily through binary options trading, which allows clients to speculate on the price movements of various assets without owning the underlying assets directly. This approach attracts a wide range of traders, from novices to more experienced investors looking for high-risk, high-reward opportunities.

2. Regulatory and Compliance Information

　　BigOption operates without a valid license from any recognized regulatory body, which raises significant concerns regarding its legitimacy. The primary regulatory authorities that have issued warnings against BigOption include:

• Ontario Securities Commission (OSC)
• British Columbia Securities Commission (BCSC)
• Financial Services and Markets Authority (FSMA) in Belgium

　　These authorities have highlighted that BigOption is not authorized to provide investment services in their jurisdictions, indicating potential involvement in fraudulent activities. The lack of regulation means that BigOption does not adhere to any standards that protect traders' interests, leaving clients without recourse in the event of disputes.

　　Additionally, BigOption does not provide information regarding client fund segregation or participation in any investor compensation schemes, which are standard practices among regulated brokers. The company's Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures are also unclear, further complicating its regulatory standing.

3. Trading Products and Services

　　BigOption offers a variety of trading products, primarily focusing on binary options. The broker claims to provide access to a wide range of assets, including:

• Currency Pairs: A selection of major and minor forex pairs.
• CFDs: Contracts for difference on indices, commodities, and stocks.
• Special Products: Unique trading instruments that may include one-touch options and ladder options.

　　The number of forex currency pairs available on BigOption is substantial, catering to diverse trading strategies. However, the precise number of available assets and the frequency of product updates are not clearly communicated by the broker.

　　BigOption's retail trading services are designed to appeal to individual investors seeking high-risk trading options. There is limited information available regarding institutional client services or white-label solutions, which may indicate a focus primarily on retail clients.

4. Trading Platforms and Technology

　　BigOption utilizes a proprietary trading platform powered by SpotOption, known for its user-friendly interface and various trading features. The platform allows traders to engage in multiple types of binary options trading, including:

• Classic Binary Options: Where traders speculate whether the asset price will rise or fall.
• Speed Options: With expiry times ranging from 30 seconds to a few minutes.
• One-Touch Options: Where traders predict if the price will reach a specified level.

　　While there is no support for MetaTrader 4 or 5, the platform offers a web-based solution that is accessible on both desktop and mobile devices. BigOption has developed a mobile application for iOS and Android, enabling traders to manage their accounts and execute trades on the go.

　　The execution model of BigOption remains unclear, as there is no detailed information regarding whether it operates under ECN, STP, or market-making models. The broker's server locations and technological infrastructure details are also not disclosed, which can be a concern for potential clients.

5. Account Types and Trading Conditions

　　BigOption provides several account types designed to cater to various trading needs:

• Micro Account: Minimum deposit of $250, suitable for beginners.
• Basic Account: Requires a minimum deposit of $501, offering additional features such as risk-free trades.
• Gold Account: Aimed at semi-professional traders with a minimum deposit of $2,501.
• Platinum Account: For high-volume traders, requiring a minimum deposit of $10,001.
• VIP Account: Tailored for professional traders with specific needs, requiring a minimum deposit of $50,000.

　　Each account type comes with different trading conditions, bonuses, and access to educational resources. However, information regarding leverage ratios and overnight fees is not explicitly stated, which could impact traders' decision-making processes.

6. Fund Management

　　BigOption offers several deposit methods, including:

• Bank Transfers
• Credit/Debit Cards
• E-Wallets

　　The minimum deposit requirements vary by account type, starting from $250 for the micro account. Deposit processing times are typically immediate, but specific fees for deposits and withdrawals are not clearly outlined on the broker's website.

　　Withdrawal methods include bank transfers and credit card withdrawals, but users have reported difficulties in processing withdrawals. The withdrawal processing times and any associated fees remain ambiguous, leading to concerns about the broker's reliability in handling client funds.

7. Customer Support and Educational Resources

　　BigOption provides customer support through various channels, including:

• Email
• Phone
• Live Chat
• Social Media

　　The service operates during standard business hours, but the exact time zone coverage is not specified. The broker claims to support multiple languages, including English, French, Arabic, Turkish, and German.

　　In terms of educational resources, BigOption offers a range of materials, including webinars, tutorials, and e-books. Market analysis services are reportedly available, providing traders with daily insights and research reports to aid their trading decisions.

8. Regional Coverage and Restrictions

　　BigOption primarily serves clients in various global markets, although it has faced restrictions in certain jurisdictions due to its unregulated status. The broker does not accept clients from countries where it has been blacklisted, which may include regions such as the United States and Canada.

　　The absence of clear regional office distribution and specific country restrictions can pose challenges for potential clients considering BigOption for their trading activities. Traders are advised to check their local regulations before engaging with the broker.

　　In summary, while BigOption presents itself as a comprehensive binary options trading platform, potential clients should exercise caution due to its unregulated status and the numerous complaints surrounding its operations. The broker's practices and offerings warrant thorough investigation before any financial commitment is made.