Beware! BigBenPro 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.
BigBenPro is pretending to be internationally regulated, but it’s registered offshore. They claim to offer standard CFD instruments such as Forex, Indices, Commodities, Metals, Shares and Futures, but that’s not actually true. In fact, it’s dangerous for traders, and we’ll thoroughly explain why in the full BigBenPro review.
BigBenPro REGULATION AND SAFETY OF FUNDS
BigBenPro is a Marshall Islands broker, and that’s a problem itself. The island is a non-transparent tax haven, which doesn’t even have financial authority, let alone a regulated financial market. The Marshall Islands incorporated companies are anonymous, do not abide by any laws and can go off the radar from one day to another, leaving traders with losses almost impossible to recover. In fact, the Marshall Islands are bustling with scammers precisely because of the transparency and regulation deficit. So, your funds won’t be safe if you deposit with BigBenPro because it’s an unlicensed offshore broker.
Worse, though, we need to raise a red flag for the false claims the broker makes. BigBenPro pretends to be internationally regulated, while it’s not, and their statement is evidence of a scam.
Avoid it and better consider the high-rated EU brokers and British brokers, which are adequately regulated and, most importantly, covered by deposit insurance funds. Hence, if you trade with a CySEC broker, you can claim up to 20 000 EUR in compensation, while the British protections are of even up to 85 000 GBP per person. Such guarantees ensure an extra layer of protection, so it’s worth opening accounts with European brokers.
BigBenPro TRADING SOFTWARE
BigBenPro offers MetaTrader5, but there are significant problems with their trading software, too. The distribution we installed is dysfunctional, and clients can’t execute a single trade. Also, it’s only possible to create Demo accounts in the Client Area, which is another red flag we have to raise. That’s evidence of a scam because BigBenPro can’t actually offer any Forex services, and you should stay away.
Instead, consider the high-rated MetaTrader4 brokers and MetaTrader5 brokers, which are delivering the best Forex software and excellent trading conditions. The MT platforms are packed with sophisticated features such as Expert Advisors, complex indicators, and first-class charting tools. MetaTrader also comes with a Marketplace where traders can find more than 10 000 apps, which is an unparalleled advantage.
As BigBenPro’s MT5 distribution is faulty, we can’t assess real-time spreads and leverage levels. Nevertheless, the leverage is said to be up to 1:500, a ratio that’s too risky for retail traders. In fact, leverage is so dangerous that many authorities even regulate it to reduce risks by restricting its usage. As a result, EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Overall, most high-leverage FX companies are poorly or not regulated at all, so you need to be careful.
BigBenPro DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $1000, a pretty hefty requirement for a retail broker. In contrast, many reputable companies offer trading accounts starting from as little as $5, so it’s not worth dealing with BigBenPro anyway. The funding methods are said to be Credit/Debit cards, PayTrust, MegaTransfer, Help2Pay and PaymentAsia, but we can’t validate this information. As it’s impossible to create a real account, we can’t verify anything whatsoever.
While on funding, check some Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are adequately regulated, and you won’t face scammers if you choose among the high-rated ones.
As for withdrawals and transaction fees, there isn’t a thing specified in size and scope. The broker only cares about inactivity charges. According to the clause, if the Client does not conduct activities at least for 2 months, there will be a fee of 10% of the funds accumulated on the trading account. That’s a scam clause whatsoever.
BigBenPro claims there are promotions available, but you’ll have to contact them for more information, which we strongly not recommend.
Overall, BigBenPro is unreliable and potentially fraudulent, so you’d better stay away from this suspicious business.
HOW DOES THE SCAM WORK
Today, the Internet is plagued by scammers and their deceitful deals. It all starts when you click on an appealing fraudulent offer and provide your e-mail and contact numbers. Scammers, as seasoned manipulators, would ring you at once, insisting that you should start investing as soon as possible. During the phone call, you’d be presented with bonuses, promotions, risk-free offers, Bitcoin opportunities, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on, trying to make their business appear legit. Those thieves lie big time and would promise you anything to gain your confidence and get a deposit from you.
However, the first deposit is just the beginning. Day by day, scammers would carry on asking for funds. If you lost, they’d persuade you to put more money and recover the losses. If you are profitable, you’d be asked to put more money and increase the gains. The headaches start as soon as you ask to take your money back. The scammers would do whatever it takes to discourage you and would even urge you to deposit again if you want to withdraw. The scammers’ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, that’s a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because fraudulent fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!
Rich Snippet Data