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BigFX Review - is it scam or safe?

BigFX Review - is bigfx.net scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz BigFX
BigFX is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Elementary  $500 1:100 3.5 pips
Standart  $2 500 1:100 N/A
Investor A  $5 000 1:150 N/A
Trader VS $10 000 1:200 N/A
Premium A+ $50 000 1:300 N/A

  

BigForex or BigFX is an Estonian forex broker that offers trading on a web-based platform and a choice of six account types. Here are our impressions of this broker, after we made a thorough research on the company and tested its platform.

 

Make sure you read this lines prior to investing with BigFX, as we have some serious concerns about this broker. if you are going to skim through the review, be sure to check out at least the first point of the negatives section.

 

 

BigFX Advantages

 

Comprehensive selection of assets

Clients of BigFX are offered wide range of financial instruments for trade, which allows for for portfolio diversification and better risk management. More specifically, the broker offers wide range of currency pairs and CFDs on indies, commodities, precious metals, stocks, cryptocurrencies, as well as ETFs and bonds.

 

 

>> Margin trading in Bitcoin with reliable forex brokers <<

 

 

Leverage of up to 1:300

Furthermore, clients of this broker are extended leverage of up to 1:300 on some account types, which is also viewed as an advantage.  Yet, we feel the need to clarify that leverage multiplies both the profits and the losses in forex, so be careful with high levels and make sure you have a good risk management strategy.

 

 

BigFX Disadvantages

 

No legit license, blacklisted by the Finantsinspektsioon

BigFX is allegedly owned by Estonian company Bigger Investments Limited OÜ. Financial services providers in this country have to be licensed by the Estonian Financial Supervision Authority (EFSA, also known as the Finantsinspektsioon). However, this is not the case with BigFX, which was even blacklisted by the EFSA.

 

 

Dealing with unregulated brokers is a risky venture as they don’t have to follow any specific rules, which means that the interests of their clients are not protected, nor are their funds safe. Needless to say, investing with companies present in a governmental agency’s warning list is even riskier, as most such forex brokerages run investment scams.

 

MetaTrader not supported

It seems that BigFX uses a simple web-based interface, which is easy to use, yet lackling many of the functionalities of the MetaTrade4 (MT4).

 

Click on the image to zoom in.

 

The MT4’s charting is top-notch and there are a number of tools which help traders analyze price dynamics. Apart from the wide range of technical analysis indicators, the platform offers a number of Expert Advisors to those who prefer automated trading. Besides, traders who are handy with code can create their own EAs and indicators.

 

 

>> Choose some of the best MT4 brokers <<

 

 

Spreads not disclosed, high ones on the platform

BigFX hasn’t disclosed any spreads on its website, but as you can see from the image in the previous point, they don’t seem attractive anyway. A spread of 3.5 pips on EUR/USD is significantly higher than the average in the sector.

 

Withdrawal fees and requirements

We also have to highlight that any client of BigFX who has not executed at least 200 in turnover, will be chargesd an additional 10% of the withdrawal amount. Such trading volume requirements expose traders to additional levels of risk, which is not a common practice in the forex industry.

 

 

Besides, the withdrawal fees the broker charges are pretty hefty anyway. Such excessive extra fees and trading volume requirements only further incline us to suspect that BigFX has ill-minded intentions towards its clients.

 

 

Conclusion

 

An unregulated Estonian broker, BigFX is not recommended. Considering EFSA’s warning and the other negatives listed above, this broker is most likely running an investment scam, so you’d better avoid it.  

 

As usual, we urge traders to avoid the risk of being scammed risk by trading only with companies authorized to provide financial services by a trustworthy regulatory body. Prestigious regulatory bodies, such as the UK’s FCA and CySec, require compliance with a number of requirements that provide significant assurance for the safety of the clients’ funds.

 

 

>> Check out some of the best brokers licensed by CYSEC <<

 

 

To sum up the above:

 

Pros Cons
Generous leverage No financial regulation
Wide range of assets Blacklisted in Estonia
  MT4 not available
  High spreads
  Withdrawal fees and requirements

 

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Traders` reviews for BigFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

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Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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