Overview of Big Bit Market
Big Bit Market, an unregulated broker based in Australia, has been operating in the forex and CFD markets for 2-5 years. It offers a range of account types, including Trial, Passive Income, Portfolio Management, Retirement, and Heritage, with a minimum initial deposit of $250. The maximum leverage available is 1:400, but caution is advised due to the lack of regulatory oversight.
The broker provides a web-based trading platform called WebTrader, though its functionality and reliability remain uncertain. Deposits and withdrawals can be made through Bank Wire, VISA, MasterCard, Bitcoin, and Electronic Funds Transfer (EFT). However, customer support details are not clearly provided, raising concerns about the level of assistance available to traders.
Is Big Bit Market legit or a scam？
Big Bit Market currently lacks valid regulation, which raises significant concerns about its legitimacy and credibility as a forex and CFD broker. Regulation is a critical aspect of the financial industry, as it ensures that brokers adhere to specific standards and guidelines to protect the interests of traders.
Regulated brokers are subject to oversight by reputable financial authorities, which helps to maintain transparency, fair practices, and the safety of clients' funds.
The lack of valid regulation for Big Bit Market leaves traders vulnerable to potential risks and uncertainties. Dealing with unregulated brokers like Big Bit Market requires caution, as the absence of proper oversight may lead to increased risks of fraudulent activities, mishandling of funds, and inadequate customer protection. Traders should be aware of the potential pitfalls associated with unregulated brokers and prioritize their safety by choosing regulated and reputable alternatives that offer transparent and secure trading environments.
Pros and Cons
Big Bit Market offers various account types, catering to different trading preferences. Traders can choose from Trial, Passive Income, Portfolio Management, Retirement, and Heritage accounts, accessing diverse market instruments like forex and CFDs. Multiple deposit and withdrawal methods add convenience, including Bank Wire, VISA, MasterCard, Bitcoin, and EFT. High leverage up to 1:400 may attract traders seeking potential profits.
However, caution is necessary as Big Bit Market is unregulated, lacking transparency. Customer support information is limited, and the functionality of the web-based platform, WebTrader, is uncertain. Numerous online complaints raise concerns about potential risks and legitimacy. Traders are advised to consider regulated alternatives for a safer experience.
Market Instruments
Big Bit Market offers a range of market instruments, primarily focused on forex and CFD trading. Clients can access various currency pairs and contracts for difference (CFDs) on indices, commodities, and other financial instruments. While the specific offerings are not detailed, the website claims to provide a diverse selection for traders to choose from.
Forex trading involves the exchange of one currency for another in the foreign exchange market, offering traders opportunities to profit from fluctuations in exchange rates. CFDs, on the other hand, allow traders to speculate on the price movements of underlying assets without owning them.
These instruments can offer both potential profits and significant risks, making it crucial for traders to approach them with caution and proper risk management.
Account Types
Big Bit Market claims to provide six tailored account types to accommodate different trading preferences and experience levels. These account types include:
Trial: The entry-level account for traders looking to explore the platform with limited features and functionalities.
Passive Income: A higher-tier account designed for those seeking potential passive income opportunities through trading.
Portfolio Management: Targeted at traders interested in professional portfolio management services.
Retirement: An account option for traders planning for their retirement goals.
Heritage: An advanced account type, possibly offering exclusive benefits and features.
While these account types may appear appealing, the lack of proper regulatory oversight and transparency raises doubts about the credibility and legitimacy of Big Bit Market. Traders are advised to seek reputable and regulated brokers with transparent account offerings to ensure the safety of their funds and a reliable trading experience.
How to Open an Account？
As there is no accessible official website for Big Bit Market, it is essential to exercise caution and refrain from engaging in any account opening or financial transactions related to Big Bit Market until its legitimacy can be confirmed.
In general, the steps to open an account with a trading platform are as follows:
Step 1: Verify the Official Website
Ensure that you are visiting the official website of the trading platform.
Step 2: Click on “Open Account” and Provide Personal Information
Step 3: Select the Account Type
Choose your preferred account type from the available options provided.
Step 4: Deposit Funds
After selecting the account type, you may be required to deposit the minimum amount specified by the platform or more, depending on their policies.
Step 5: Begin Trading
Once your account is funded, you can access the trading platform and start executing trades.
Leverage
Big Bit Market offers a maximum leverage of 1:400. Leverage in forex trading refers to the ability to control a larger position with a smaller amount of capital. In this case, with a leverage ratio of 1:400, traders can control a position that is 400 times larger than their actual account balance. For example, with $1,000 in their trading account, a trader can control a position of up to $400,000.
Spreads & Commissions
Big Bit Market claims to offer exceptional trading conditions, but specific details about spreads and commissions are not clearly provided.
In general, spreads refer to the difference between the buying and selling prices of an asset and represent a broker's compensation for facilitating trades. Lower spreads are generally preferred by traders as they reduce trading costs. Commissions, on the other hand, are additional fees charged by brokers on certain trading activities.
The lack of clear and transparent information about spreads and commissions on the Big Bit Market website raises further concerns about the company's legitimacy and credibility. Traders are advised to choose regulated brokers with transparent fee structures to avoid unexpected costs and ensure a fair trading environment.
Trading Platform
Big Bit Market's web-based trading platform, WebTrader, offers a user-friendly and visually simplistic interface that may appear to be less sophisticated than some high-end platforms. Despite its simple appearance, the platform provides a range of essential tools and functionalities for traders of all levels. Users can access real-time market data, execute trades with ease, and monitor their portfolios in a straightforward manner.
However, its limited customization options and advanced technical analysis tools might deter seasoned traders seeking in-depth analysis. Additionally, the platform's security features and regulatory compliance measures should be thoroughly examined to ensure the safety of users' assets and personal information.
Deposit & Withdrawal
Big Bit Market offers various deposit methods, including Bank Wire (Bank Transfer/SWIFT), VISA, MasterCard, Bitcoin, and Electronic Funds Transfer (EFT). Bank Wire and SWIFT transfers provide a secure way to transfer funds from a bank account. Credit card options like VISA and MasterCard offer convenient and instant transactions. Bitcoin deposits cater to cryptocurrency enthusiasts. Electronic Funds Transfer (EFT) allows for direct electronic transfers.
For withdrawals, Big Bit Market offers similar methods, such as Bank Wire (Bank Transfer/SWIFT), VISA, MasterCard, Bitcoin, and Electronic Funds Transfer (EFT). Bank Wire and SWIFT transfers provide secure withdrawals to the bank account. VISA and MasterCard allow convenient credit card withdrawals. Bitcoin withdrawals suit cryptocurrency users. Electronic Funds Transfer (EFT) enables smooth electronic transfers to the bank account. Offering multiple withdrawal methods, Big Bit Market ensures efficient access to profits.
Customer Support
Big Bit Market provides customer support through various channels, including phone, email, and online chat. Traders can reach the support team via phone at +611800948050 (Australia) and +448082387550 (United Kingdom) during specified hours on weekdays.
Email support is available at suppport@bigbitmarket.com, allowing users to raise queries or concerns. Additionally, the platform offers live chat support during specific hours on weekdays, enabling real-time assistance. However, it's essential to note that the previous lack of clear customer support details may still raise some concerns about the overall responsiveness and reliability of their support services. Traders should verify the availability and effectiveness of customer support before engaging with the broker.
Conclusion
In conclusion, Big Bit Market does not appear to be a legitimate and trustworthy broker. The lack of transparency, regulatory oversight, and anonymous nature of the website raises significant concerns about its credibility. Traders should be cautious when considering this platform for their trading activities.
Instead of engaging with potentially questionable platforms like Big Bit Market, traders should explore reputable brokers with robust regulation, transparent account offerings, reliable trading platforms, and responsive customer support. Prioritizing safety and security will enable traders to focus on their trading strategies and achieve their financial goals with confidence.
FAQs
Q: Is Big Bit Market a regulated broker？
A: No, Big Bit Market is unregulated.
Q: What are the account types offered by Big Bit Market？
A: Trial, Passive Income, Portfolio Management, Retirement, and Heritage.
Q: What is the minimum initial deposit for Big Bit Market？
A: $250.
Q: What is the maximum leverage offered by Big Bit Market？
A: 1:400.
Q: What trading platform does Big Bit Market offer？
A: WebTrader.
Q: What deposit methods does Big Bit Market accept？
A: Bank Wire, VISA, MasterCard, Bitcoin, and EFT.
