BigBoss Financial Review
BigBoss Financial Review
We could not find information on the broker’s website regarding different account types, so we assume that BigBoss Financial offers a single account with variable spreads and leverage up to 1:555, as well as micro tradeable lots on the renown MetaTrader 4 platform.
Besides, the broker claims to offer MAM/PAMM accounts, which w don’t reccomend as those are often used for some fraudulent ends.
BigBoss Financial Advanatges:
The Metatrader 4 isthe most commonly used forex trading platform. Over the years, it has proved to be reliable and is highly praised for its options for its automated strategies, top-notch charting, and ease of use.
High leverage levels available
When it comes to leverage, we feel obliged to mention that it is a double-edged sword: It can both help traders earn spectacular profits by depositing very little, and cause significant losses. So, be careful with margin trading and do not feel obliged to make use of the msximum leverage a broker provides.
Rich product portfolio
Our experience with Big Boss Financial’s demo MT4 showed that the broker offers wide range of financial instruments for trade: numerous currency pairs, CFDs on stocks, indices, commodities, and even Bitcoin. That being said, if you are into cryptocurrencies, we recommend that you select among well-regulated forex brokerages that offer Bitcoin trading.
Micro lots available for trade
Although almost all forex broker offer such, it is always a good thing to be able to trade in micro lots, especially if you are a newbie – smaller trade sizes allow for better risk management.
BigBoss Financial disdvantages:
Registered offshore (SVG)
Although BigBoss Financial claims to be a member FSCL, we didn’t find it on their websiteNonetheless, the FSCL is just a dispute resolution organization, not a proper regulator. The broker is registered offshore, on Saint Vincent and the Grenadines, whish does not mean itis licensed. That is why BigBoss Financial is not reccomended.
Little information about the company, account types, trading conditions, initial deposit required, payment methods available, etc.
This is often the case with offshore brokers, large part of which are pure scams. When an offshore company does not provide information about its pricing and other important features, things look even shadier.
Spreads above the average
Big Boss Financial’s spreads are floating around 1.5 – 1.6 pips on EUR/USD, which is slightly above tha average. When we tried the demo MT4 platform, there were no commission fees. By comparison, most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair, and some, like IG, even lower – 0.6 pips.
Market Maker model
Although Bigboss claims to be an ECN broker, In its client agreement is clearly written that the broker acts as a principal – sells to its clients when they want to buy and buys from its clients when they want to sell. This practice always creates a potenntial for conflict of interest.
Big Boss Financial is one of the many unregaulated brokers whose offerings seem shady. All the more so, when they make false claims (in terms of ECN execution, licenses, etc), and provide very limited information regarsing the company and the trading conditions it offers. As we have mentioned above, we could not find the broker in the list of financial provides cobered by the New Zealand’s FSCL. By the way, most brokers become members of FSCL in addition to being entered in the New Zealand’s Financial Services Provider register and being regulated by the NZ’s FMA (for example, Circlie Markets).
We are even not sure what is the exact name of the company behind the brand. It is not featured on the website, and the MT4 is provided by Big Boss Holdings Company Limited, while the client agreement mentiones Big Boss Financial Limited. The latter, by the way, was listed in the New Zealand’s Financial Services Providers Register, but got deregistered in 2015.
Currently, Big Boss Financial does not hold a valid forex broker license, and is registered offshore, in SVG, where brokers are not regulated. This is the main reason why we would not recommend it. As we have pointed out multiple times, when investing with an offshore broker, you have no guarantee you will see again the money you have deposited, let alone potential profit. Besides, the offersing of Big Boss Financial are nothing sprecial, and its preads are not among the best ones in the industry.
BigBoss Financial Review Conclusion
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