Beware! Bigboss is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Bigboss is an offshore forex and CFD broker, offering several account types, some of which dedicated to crypto coins like Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, NEO and EOS, with a leverage of up to 555:1 and the MetaTrader4 platform. Unfortunately the broker does not hold a license to provide financial services and that is a major setback.
Bigboss regulation & safety of funds
Bigboss is owned and operated by Big Boss Holdings Company Limited, which is registered in Saint Vincent and the Grenadines – an offshore hub in the West Indies.
And although the broker says to be regulated on Saint Vincent and the Grenadines that is a rather misleading statement as on the islands there is no official financial regulator that oversees forex and CFD brokers, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
Have in mind as well that your investment will be secure only with properly regulated brokers, which among other requirements are obliged to keep a strict financial discipline regarding their operational capital, to file regular reports, to allow external audits, to keep all clients funds in a segregated form their own account and in certain cases even to insure the trading capital.
For example FCA regulated brokers do guarantee up to 50 000 GBP of your funds, while the with CySEC regulated brokers the trading capital is insured for up to 20 000 EUR.
Bigboss deposit/withdrawal methods and fees
Bigboss says they accept payments with all major credit cards like VISA and MasterCard, as well as bank wire and even Bitcoins. However, we do not see popular e-wallets like Neteller and Skrill and that is a set back. Besides, recently Skrill adopted a new anti scam policy according which if a broker wishes to use the payment service, it will have to show a legit license.
How does the scam work?
The most notorious scams in the past months happen via the so called robo scam websites like Crypto Revolt and Bitcoin Evolution. They are created with the sole purposes to hook investors with promises of fast, easy and risk free money. And all you have to do is fill the simple registration form, leaving your e-mail and phone. And than you will be transferred to the web page of a scam broker, where you will have to invest something like 250 USD.
And do not be surprised that your first trades will prove so successful. You are with a scam broker after all and your trading platform will most probably be manipulated. Scammers just hope that this way you will be more easily persuaded to invest a large amount.
And you will receive phone calls as well. Your senior account manager will surely try to convince you to invest at least 10 000 USD. And chances are, at this point you will deposit those money as well without realizing you have been scammed until the very moment you request to withdraw some of your funds. Than it will suddenly turn out this is not possible because of a certain minimum trade volume requirement you are bond to after you have so gullibly accepted your welcoming bonus. Of course it could be something else, but the bottom line will be the same, you will not be able to withdraw anything.
What to do if scammed?
In case you have payed with VISA or MasterCard you will have the chance to file for a charge back, which under the new anti- scam rules you will be able to do within 540 days.
Now, if for any reason you have told scammers your credit card number or online banking password, be sure to immediately block your credit card and change your banking password.
Finally, in case you have lost money to scammers do not contact the so called recovery agencies. They will do you no good. Basically you will have to pay some money in advance and in the end you will not get even a single dollar back.