In stark contrast to automated trading bots, it is actually comparatively rare to come across a binary options broker that is genuinely guilty of scam tactics. There will always be those that perform above and beyond others, but in terms of genuine scams, guilty parties are few and far between. The reason being that the role of the binary options broker is simply to serve as an access point through which traders can access their chosen markets. If they make the right decisions, they win. If they make the wrong decisions, they lose. It really should be as simple as that, but anyone with any experience in online trading will know that it rarely is.
Trusted binary options brokers simply need to provide a user-friendly platform with plenty of features, along with solid returns, excellent customer service, and flawless security. Which begs the question – why do so many get it wrong? In this case, we’ll be taking a look at Big Option, investigating whether or not this is the kind of broker you should be entrusting with your business.
BigOption Broker Review
BigOption is a binary options broker that has strived to achieve a big name for itself. Their helpful and experienced financial experts are ready to assist and educate any new trader – at least this is their motto. There are many reviews that have confirmed BigOption as a dependable broker for trading binary options because of their unique trading platform, high-profit returns, and welcome bonuses. Their popularity especially jumped due to newcomers being offered 20 risk-free trades.
Unfortunately, all the above positive points mentioned do not make up for the mass number of customer complaints. Worldwide traders have reported that their money was mismanaged and it was reinvested without their approval.
100% Guarantees…of What?
Before moving on any further, there was one key element of the primary homepage that had us scratching our heads. Toward the bottom of the page, you will find all the usual badges of honor which mean very little to most. Visa, Reuters, Dow Jones etc. – all decorative enough but of little real value. Next to these, however, are two rather more interesting ‘shields’, which speak of “money-back guaranteed” and “100% satisfaction guaranteed”. There’s even a dedicated page for “service guaranteed,” but the problem in each and every one of these instances is that what is actually guaranteed and how these guarantees are handled is never explained.
There’s no mention of any kind of money back and nor do they indicate how they guarantee anything, or what happens if they fail to deliver. Instead, BigOption simply says that “all client issues shall be resolved in a timely and professional manner.” To be frank, this is a little on the vague side and certainly doesn’t qualify for the badges displayed.
Moving on to available account types, Big Option currently has five different accounts available, ranging from the Micro account with a £250 minimum deposit up to the VIP account for deposits of £50,000 and higher. As with most, Big Option focuses the vast majority of its attention on higher-end account holders and doesn’t provide a great deal for those who choose entry-level accounts. It’s also rather unfortunate to note that Big Option has added its name to a growing list of binary options brokers that refuse to offer demo accounts.
But what’s interesting in the case of Big Option is the way in which they have tried to justify this in their FAQ, stating that they instead offer a ‘Risk-Free Account’ for those looking to trade without losing money. The only problem being that not only does this mean still having to deposit money in the first place, but when you click the link to the so-called Risk-Free Account, you’re simply transported to the promotions page. Very little information is offered with regard to what this account is supposed to be – not that it matters when it seems impossible to access, anyway.
Is BigOption Safe?
BigOption is not regulated at the time of this review and is referred to as a blacklisted broker by other binary broker review sites. And, on top of that, BigOption governmental authorities also have warned the company as a dangerous firm. BigOption is operated by Big Markets MU, and due to it being blacklisted a number of times, their virtual address keeps changing. There have been a number of authorities who have handed out warnings to this company and the complaints from traders are growing. Since their reputation is growing as a scam binary options broker, they have had to change their registered address twice! We’re not ones pointing the finger saying BigOption is a scam, but many other online sites are, so be warned.
In little words, take your money and run the other way. The website, platform, and perks look promising, but BigOption does not have a clean reputation according to research.
BigOption offers a web-based trading platform that provides various options such as One Touch, Double Up, Sell Early and a few more. Their platform includes usual data charts, as well as the capability to apply other traders’ strategies.
We also weren’t sure what to make of the “100% web-based platform guarantee” which stands proudly at the top of the home page. What exactly are they guaranteeing here? Given the fact that there are mobile applications available for both iOS and Apple devices, the claim makes little to no sense? That is unless they are expressing confidence in their web platform but refused to do so for their mobile apps. Once again, another example of missing information and what appears to be an entirely misleading and meaningless claim, simply to add a little more appeal and credibility to the package. Though in reality, it achieves the exact opposite.
BigOption – The Invisible Academy
One definite positive, however, is that all account types provide traders with access to the Big Option Academy. We’d very much like to comment on the quality of the learning materials available if it wasn’t for the fact that we couldn’t access them during our review. This mirrors one of the primary problems we found while working with Big Option – site performance. It all appears to move smoothly enough at first but struck us as a little too buggy and unreliable at times. There are links that need to nowhere, pages that are sorely missing much-needed information and a general feeling that the site is not in fact being as consistently managed and monitored as it should be.
Given the fact that we are talking about trading and financial matters here really isn’t a good thing.
Is BigOption a Scam?
Many investors dream of making money by trading successfully. Due to the high demand for binary options trading, there are brokers who are taking advantage of traders and deceiving them due to all the interaction being done online, rather than in-person. Big scandals have been associated with BigOption regarding clients’ money and trade reinvestments without customer approval. BigOption continues to deny these allegations and say that it was a decision that their financial managers deemed vital for the client. As mentioned before, this broker has been blacklisted and the registered address has changed twice. Despite their denial of such accusations, our team encourages you to do your own investigation prior to opening an account with this broker.
Moreover, we have discovered a huge number of clients are unsatisfied with the company’s explanation about money management and strongly consider BigOption a scam. Although solid proof is not possible right now to deem this company a 100% scam, you should be cautious. We encourage you to seek a more reputable binary options broker to keep your money out of harm’s way.
BigOption claims that its withdrawal process is transparent and clear for its customers. They further state to provide their clients with the option to withdrawal earnings the same day or upon the trader’s request using payment methods such as credit card, wire transfer, and so on. According to the broker, a trader only has to submit a withdrawal request online or ask their account manager to conduct the transaction.
The controversial feedback given by clients regarding the withdrawal process leaves us puzzled. It is difficult to advise fellow traders to sign up with BigOption due to the big number of complaints we are finding. It is also reported that BigOption is constantly changing their rules for withdrawing earnings and does not inform clients appropriately.
The Final Verdict
As we ourselves were not directly scammed by Big Option, we cannot and will not accuse them directly of any kinds of fraudulent activities. However, we would strongly advise anyone considering doing business with Big Option to first check out as many reviews and testimonials from real-life customers as possible.
Overall, there are countless claims about fraudulent activity, customers not being able to get hold of their funds, withdrawals being blocked, promises not being kept, and even accounts being hacked and profits stolen. In addition, it is a company that has been known for using high-pressure tactics to persuade traders to deposit more or increase their trading volumes, with some having noted unusual trades taking place and general account activity without their authorisation.
As such, Big Option has found its way onto a number of blacklists and has been named by numerous professionals as a broker to stay away from. We cannot personally verify or refute any such claims personally, but the patterns and we came across while carrying out our research were a genuine cause for concern.
We may have found a few problems with both the website and the service package on offer in general, but it seems there are many others out there who have had considerably more regrettable experiences with Big Option.
- Educational Materials
- Various Account Levels
- Not Regulated Nor Licensed
- Company Blacklisted
- Withdrawal Complaints
- Odd Guarantees With NO Explanation