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BigONE Review - is it scam or safe?

BigONE Review - is big.one scam or good crypto-exchange?

RATING: 1.8 / 2 REVIEWS ForexBrokerz BigONE

RECOMMENDED BITCOIN BROKERS


 Trading Accounts & Conditions

 

Account type Min. Deposit Leverage Trading fee* Withdrawal fee
Standard No No - 0.002 BTC/0.01 ETH

 

*Promotion running.

 

BigONE is a coin-to-coin exchange where users can trade in Bitcoin, Ethereum, Litecoin, and other digital assets. Currently the number of supported cryptocurrencies at this exchange is over 30 and it was launched a month ago. As is usually the case with most such venues, BigONE offers a single account type with no option for margin trading and has set no special limitations on the minimum or maximum amount you can send.

 

What makes BigONE stand out among its competitors, is that it charges no transaction fees. This is a promotion that runs for two months after the launch of the exchange (from Nov 1, 2017, to Jan 1, 2018, at 12:00 a.m. EST).


BigONE Advantages

 

No trading and deposit fees

Trading fees on BigONE are zero since it launch and the promotion is valid till the end of 2017. Also deposits are free of charge. This sounds really attractive, as most exchanges charhe at least market “takers” with an average of 0.20% – 0.25% per trade.

 

Wide range of digital assets offered

Apart from Bitcoin, at the BigONE exchange one can trade in ETH, ETC, LTC, EOS, TNB, GXS, QTUM, NEO, OMG and many others. This is quite a lot for an exchange that has been operating for a month.

 

The most popular trading pairs at BigONE are ETH/BTC and EOS/BTC.

 

Nice trading platform with advanced tools

The web-based platform provided by BigONE is really good. Apart from the perfectly functional order book, it offers great charting powered by TradingView and is equipped with a number of technical analysis indicators. There is also a market depth window. Here is a screenshot of the platform:

 

 

BigONE's trading platform. Click for a larger image.

 

BigONE Disadvantages

 

Not regulated, unknown company background crypto-exchanges, most of them

While the lack of regulation is common among crypto-exchanges, most of them provide some information on the company that owns and operates them. This, however is not the case with BigONE : We don’t even know where are the headquarters of BigONE, LLC. Nor does Google.

 

Fiat currencies not accepted

Fiat currencies are not accepted at BigONE you can only deposit in cryptocurrencies, supported by the exchange. This, of course means, that you cannot use your bank account or credit card in order to start trading.

 

>>Where you can buy Bitcoin with a credit card<<

Relatively high withdrawal fees

BigONE does not charge cryptocyrrency deposits, but imposes fees on transfers out of the exchange, which are comparatively high. You can find the details in the screenshot below:

 

 

Click on the image to zoom in.

 

No leverage available

As we have mentioned above, trading with leverage is not available at BigONE. In case you want to gear-up your trading, you may either choose an exchange that offers margin trading from our list, or try out leveraged trading in Bitcoin CFDs with a forex broker.

 

>>Leveraged Bitcoin trading with forex brokers <<

 

We must mention two things here: first, trading on margin involves significant risks; second, there is a significant difference between dealing with a crypto-exchange and a forex brokerage.

 

No anonymous trading option, slow verification process

Unlike other exchanges hwere you can trade by just providing an e-mail or mobile phone number, BigONE requires all its users to undergo identity verification. This defies the initial idea Of Bitcoin and besides, verification with this exchange might take hours to days, according to the information on its website.

 

Conclusion

 

BigONE has left us with mixed feelings. On the one hand, its trading platform is great and you can trade in a lot of coins with no transaction fees. On the other hand, it applies relatively high withdrawal fees, requires verification, and what is worse, provides no information about the company owning and operating it. Such information is important, as most crypto-exchanges are not licensed, nor overseen by any authority and investors have the right to know to whom they are actually sending their coins.

 

Of course, you can check out our list of well-regulated and reliable forex brokers, with whom tyou can also trade in Bitcoin and other cryptocurrencies.

 

>>Trade Bitcoin with a well-regulated forex broker<<

 

It is woth noting that BigONE claims to be in the process of applying for the necessary federal and state licenses to be able to accept customers based in the United States. Also, it says that the vast majority of customer deposits are stored offline in air-gapped cold storage. 

 

Here are the advantages and disadvantages of this exchange:

 

Pros

Cons

No trading fees

No info about the company that owns the exchange

Advanced trading platform

Fiat currencies not accepted

Deposits free of charge

No option for anonymous trading, slow verification process

Decent amount of altcoins offered

High withdrawal fees

 

No margin trading

 

 

 

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Traders` reviews for BigONE

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Stay away

DO not use this exchange.
They can not have a conversation in English when you will have an issue be sure that they are not able to understand and solve it
They are lairs.

Bogdan 01/21/2019

Pretty dodgy

Its possible to get withdraral but you need to be the most beligrant C**t ever takes monthes of emailing and demanding ... finally got approved after numorous fake fails. Dont give up thats what they want and why they do it.

Omar EL Amami 09/14/2018

BS, deposit hasn't been received in 3 days..

I tried to deposit Bitcoin into my account but it hasn't been received in over 3 days.. It has probably been deposited somewhere else as it says I have 0.00 BTC balance. Customer service is also horrible, they can't even respond accordingly to your issue/complaint, refer you to "technical support" even though you addressed the area of issue/complaint creating the ticket, and they don't seem to be well spoken in English. You'd think they would have some well speaking English people as part of their company but I guess this makes it seem more suspicious. ALSO, my verification has been denied for the 3rd time because "The reason for rejection in this case is: ID is not match with your image."... Even if I did receive my Bitcoin I probably wouldn't have gotten to withdrawing it as you need to verify your account before making a withdrawal.. Don't trust BigONE, unkown company background.

Ryan Nielsen 05/19/2018

Scam

I’m like the rest- they let you in, but won’t approve level 3 verification to let you out. I’ve sent my info 3 times to no avail. Writing off my loss and licking wounds. HULKSMASH!!!

HulkSmash 05/18/2018

Very high withdrawal fees

Dont open up an account with them, withdrawal fees are astronomical, not even worth it

jerry charles 01/20/2018

Avoid: Worst ever

I believe they are scammers with unknown backgrounds. I lost 0.15 BTC in this platform. They are not responsive to solve problems. Don't trust them or trade with them.

Kevin Shen 01/17/2018

Waiting for verification to make a withdraw

3 times sent ID , ID with note and myself , Back of ID ... this trading Big.one is scamers !!! Don't give them any penny!!!

Oleksii 01/10/2018

US resident

Curious William Johnson what happened? Same here. Didn’t realize no US and have coins heee and now need to withdraw. Did they give you a hard time when you tried?

Mike Adams 12/16/2017

Can I transfer my free token?

How do I use my free token to trade?
I have $150 in my free token and I don't know how to use it.
Can I transfer it?

Lasisi Adams Gafaru 12/14/2017

Waiting for verification to make a withdraw

I accidentally deposited BTC here thinking I could trade and also recieve Super Bitcoin. I later found out that you have to be verified to withdraw and they do not accept US accounts.... Im in the US.... Im in the process of being verified to withdraw my BTC. So far 5 hours.... Ill keep you posted on the speed of verification.

William Johnson 12/12/2017
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