Explore our comprehensive BigFxInvest review to know whether the company is safe or a scam. Get detailed information to make an informed decision.
BigFxInvest is a trading platform that specializes in Contracts for Difference (CFDs), urging users to improve their trading experience with its user-friendly interface.
They emphasize the reliability of their platform, suggesting that BigFxInvest is a reliable option for those who want to reach their financial objectives. The broker also claims to enhance user knowledge through various educational resources, including webinars, personalized sessions with experts, e-books, and social trading.
These features are enticing provided the broker lives up to its promises. This BigFxInvest review comprehensively explores all you need to know about the broker, including its regulation and whether you should use the platform.
Overview of BigFxInvest
Regulation
The website falsely claims its headquarters is associated with a non-existent company registered in the UK, as confirmed by the UK Companies House. Also, this financial services provider does not have the necessary permit from the FCA to offer its services legally.
Interestingly, the company admits in the regulatory information section that it currently does not have a license. Despite this, they continue to operate and expand their business. Notably, they assert certification from a fraudulent regulator called the Crypto Conduct Authority.
A check across various reputable regulatory bodies, such as BaFin, CySEC, and NFA, reveals no trace of this company. This raises serious concerns about their legitimacy, and we can confidently label them as fraudsters.
It’s important to note that such websites do not ensure the safety of funds, and trading on them can be likened to putting yourself at significant risk.
Website and Client Platform
Despite some shortcomings, BigFXInvest maintains a satisfactory website. The menu is well-organized, making navigation easy. The text is clear, and overall, the website layout poses no significant issues.
Accessing the client portal presented some challenges as it required a referral code, which we initially lacked. Despite this hurdle, we eventually navigated through the process and gained entry to the client portal.
It’s important to note that BigFxInvest requests a referral code from new clients, a practice typically associated with MLM or Ponzi scheme platforms. In such scenarios, affiliates use unique referral codes to invite new members and receive commissions. It’s uncommon for a Forex and CFDs broker to adopt a similar approach.
The client portal at BigFxInvest is user-friendly. Apart from standard deposit and withdrawal options, it includes a KYC verification center and a section for personal details. Traders can also create their trading accounts and review their statements within the same portal.
While functional, the client portal of BigFxInvest doesn’t offer any particularly unique features.
Trading Platform
The trading platform, often referred to as a web-based trading terminal, is a key component for traders. It’s important to note that BigFxInvest offers a trading platform, different from MetaTrader and TradingView.
It’s worth mentioning that BigFxInvest is not a licensed broker for the MetaTrader platform, which could be a drawback. The trading terminals they provide may not be as versatile as those offered by well-known platforms like MetaTrader and cTrader.
A limitation of BigFxInvest’s trading terminal is that traders are currently unable to use their expert advisors. The broker recommends using their social trading feature for automated trading, but this feature requires an expensive upgrade from the basic account.
We don’t recommend social trading because the profiles and performance of the so-called traders are often unverifiable. Blindly copying trades can significantly increase the risk of depleting your trading account.
In addition, the absence of third-party audits for transparency in the social trading platform creates an opportunity for unscrupulous brokers to defraud investors.
On a positive note, BigFxInvest stands out for not requiring users to download any additional software. This is commendable as some brokers may inadvertently inject malware into users’ computers during software downloads. It appears that BigFxInvest is either conscious of this concern or their white-label provider has made a prudent choice in this regard.
Deceptive Reviews
To deceive unsuspecting individuals, certain platforms have resorted to leveraging networks to sell falsified reviews, as is evident from their purported Trustpilot page.
However, a notable 33% of the reviews about BigFXinvest paint a negative picture. Users openly denounce the firm as a financial scam, accusing it of blocking withdrawals and mistreating clients.
Furthermore, affiliates and promoters associated with BigFXinvest are criticized for the aggressive strategies they use while persuading clients to invest.
Hidden Costs
The brevity and lack of detail in the legal documents make it challenging to discern the conditions governing the trading environment.
Similarly, the website’s presentation is vague and fails to provide clear information regarding associated costs. Fundamental trading terms such as leverage, spreads, commissions, and swaps are intentionally withheld, raising significant concerns regarding transparency.
This lack of transparency is a red flag, suggesting that the operators of the site may have ulterior motives aimed at exploiting clients.
Affiliate Bonus Scheme
Allegedly, upon signing up for the service, individuals are provided with a unique referral link, incentivizing them to enlist others without full awareness of the potential risks. This scheme closely resembles the fundamental principle of a Ponzi scheme, wherein new participants are enticed with various bonuses to rapidly expand the user base.
Despite the enticing promises of substantial passive income, specific details regarding the mechanics of this scheme are conspicuously absent.
Features Behind Paywall
Accessing the services offered by this platform requires the use of a promo code, a privilege limited to only a select few existing customers. This barrier effectively obstructs prospective users from exploring the available tools and options.
Compounding this issue is the lack of concrete information provided by the site regarding these features, leaving them shrouded in uncertainty and appearing virtually non-existent to potential clients.
Unverified Promise of Web Trader
The BigFXinvest WebTrader is purportedly acclaimed as one of the most esteemed and highly rewarded software solutions within the industry.
While web-based trading offers undeniable advantages such as the elimination of download requirements and a simplified layout, concrete evidence supporting these claims is conspicuously absent.
Instead, the presentation primarily consists of unsubstantiated boasts regarding a feature whose existence remains uncertain.
Unclear Asset Groups
While the website elaborates on the basic types of instruments available and their respective coverage, it fails to provide clarity regarding the specific groups available for buying and selling.
Despite the mention of popular asset types such as Forex and CFDs, the specific services remain ambiguous. This lack of transparency breeds uncertainty among potential clients, thereby affecting trust in the platform’s credibility and reliability.
High Account Prices
The pricing structure of the accounts is quite high. To gain access to the trading room, you need to invest a significant amount of money. The packages offered are priced as follows:
- Bronze: $10,000
- Silver: $25,000
- Gold: $50,000
- Platinum: $100,000
- Diamond: $250,000
- Premium: $500,000
- VIP: $1,000,000
Fees, Commission, and Spreads
As per the terms outlined by BigFxInvest, traders won’t incur any charges or commissions in their initial monthly transaction. However, for subsequent deposits and withdrawals, an undisclosed fee will be applicable.
While the website mentions spreads, it does not provide specific figures. It would be beneficial for traders if the broker is transparent to avoid surprises in the future.
Conclusion: Is BigFxInvest Safe or a Scam?
The company’s hesitancy to share information about itself appears to be deliberate, likely because there is very little information available. Initial reviews and reports on this broker have only recently surfaced.
However, our BigFxInvest review has identified a significant concern. By examining the domain registration, we discovered that, aside from potential legal issues, this broker is relatively new, with the website created in July 2023. Consequently, there is a lack of substantial information to rely on.
There are indications that the broker could be a scam, primarily emanating from issues related to how they handle regulatory requirements. The claim of being a member of the Crypto Conduct Authority (CCA) raises suspicions, as CCA is not a recognized financial regulator.
Hence, trusting them to resolve conflicts between traders and brokers may not be reliable.
If you have any information about BigFxInvest, its administrators, or its facilitators, please reach out to us.
