Is Big Option a scam broker?
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It is a mystery regarding who owns BigOption. There are many names popping up. On the internet one can see that it is owned by Wirestech Ltd. located in London. The second address which is circulating is Majuro Marshall Islands. Another possible address is in Edinburgh UK. Recently when Yukom’s CEO Lee Elbaz was arrested by FBI in New York it was found Yukom Communications Ltd. owned and operated BigOption and BinaryBook. According to The Times of Israel, BigOption and BinaryBook have scammed thousands of investors with tens of millions of dollars.
The trading platform is SpotOption and is slightly customized according to the need of BigOption. They have changed colors and front design and added new feature Profollow.
Account types offered are Micro, (minimum deposit $ 1000), Basic ($ 2000), Gold ($5000), Platinum ($ 10000), and VIP ($ 50000). They claim their Gold account is the most popular one. They also have an Islamic account.
The deposit and withdrawal methods are debit and credit cards (Visa, Visa Electron, Master Card, and Maestro UK), wire transfer, and E-wallet Netteller, CashU.
Trading tools and help available are an auto trading robot, classic binary options, one touch trading, speed option, ladder option, profollow, and strategy advisor. They also have a referral program whereby you can refer your friend to join BigOption and get a bonus for referring.
Assets on offer are commodities, currency pairs, indices, and stocks. Communication channels are a telephone, live chat, message on the page, and email.
Bonuses are between 20 – 100 percent depending on your account type and differ in size. You need to trade 60 times trade value which includes bonuses, to withdraw your bonus. The demand for withdrawing bonus is quite ridiculous and totally outrageous.
BigOption is a scam broker and hence is blacklisted or issued a warning from different financial regulators. Like Canada’s BCSC has warned Wirestech Ltd, then OSC has also warned. It is red-listed by USA’s CFTC due to lack of registration with the commission. Anguilla’s FSC has warned BigOption and their former owner Big Market Ltd.
One can read loads of negative comments and scam stories regarding BigOption on different websites like .forexpeacearmy.com, .thatsucks.com, .ripoffreport.com, .binaryoptionsblacklist.com, and .scamadviser.com etc. where authors have shared their experience.
One of the authors in his comment on a reputed site describes how Big Option scammed him. Mr. R invested in BigOption and the trader turned out to be a scam artist. The trader promised him certain trades but executed some other trades. And when Mr. R went in for withdrawals it was ignored and the company traded away his investment which came to virtually zero. When Mr. R tried to prove his complaint regarding retrieval of his funds he was ignored by the customer support department. He is very unhappy the way company treats its customers. He is of the opinion that the traders do not seem to display trust and integrity. He has lost all hope of getting his investments back. Maybe Mr. R is not aware of the online scam going on by different methods used by con artists but there is a method to retrieve scammed funds.
If you are in the similar situation, you can take help of MyChargeBack for retrieval of your funds. MyChargeBack deals with different investment fraud like forex, binary options, cryptocurrency scam, and CFD’s. As more and more private investors are flocking binary options and forex markets, more and more scammers are targeting them and one being BigOption is a scam broker on the prowl on innocent traders and investor’s money.