Big Option sprang up with two fronts to it. The first was the dreadful experience that turned thousands into victims. Further, the second left millions in a mystery, whether it’s a scam or not. Financial Fund Recovery desires to bring awareness among traders with its detailed study on the Big Option scam. As a result, it’s easy for a trader to depend on an expert’s judgment.
If you’re curious about Big Option and its authenticity, then let’s get right to it;
IN THIS ARTICLE
What is a Big Option?
It can be a tedious task for anyone trying to determine Big Option’s ownership or address by themselves. Moreover, the mass of misleading information available out there adds more chaos. For instance, people believed that it was situated in London and owned by Wirestech Ltd. for a very long time. The rumor that it’s located in Majuro Marshalls Island and Edinburgh UK followed right after.
Finally, when Lee Elbaz was arrested, a CEO at Yukom, acting as a parent company to Big Option, many aspects came to light. Everyone eventually learned that Yukom Communications Ltd. held two firms, BinaryBook and Big Option. It was also apparent that the parent company used these two names as a shield.
As a binary options broker, Big Option was established in 2008. The enterprise is owned and managed by Silver Services Ltd. Traders can access more than 180 assets through their platform. Its user’s trade via both web and mobile-friendly sources, powered by SpotOption. The automated system sure did well with its diverse set of features for trading.
The records highlight Fx Empire as one of the big names declaring Big Option as a reliable broker back in 2014. However, it opens the door to a lot of doubts. Further, Financial Fund Recovery has analyzed the firm and shares essential details to make things more lighthearted for the traders. We’re confident that these particulars will clear up these doubts.
Is Big Option A Scam or Legit?
When it comes to Big Option, there’s no need to stress whether it’s a scam or not. The firm is categorized as a scam broker and is already blacklisted. Further, the negative feedback that backs these accusations also approves the same.
Here are some actions that were taken by the authorities to tackle the Big Option scam;
With the misery Big Option has brought upon its clients, plenty of authorities have come forth in support. Let’s take an overview.
- The Anguilla Financial Services Commission declared an alert for investors against Big Option.
- The Ontario Securities Commission published a warning against them.
- The French AMF warns investors about a list of unauthorized forex brokers, and Big Option stars the list.
- USA’s CFTC red-lists Big Option due to inadequate registration with the commission.
Ultimately, the Times of Israel also highlights that Big Option cheated tens of millions of traders.
Let’s understand how Big Option ran its outrageous scam
As a broker, it gives out a whopping deal with 20% to 100% in returns. Withdrawals are limited to users’ capacity to pump more funds into their accounts. It’s a sneaky way for the scammer to steal as much fortune as they can while it lasts. These irrational conditions are uncalled for and make for easily identifiable red flags.
To top it all up, Big Option engages a hoax trading algorithm. It tricks its traders into believing in the market positions that it manipulatively represents. Thus, where the market is bullish, it somehow manages to depict a bearish position to its clients.
Its services also include trading bots that assure 100% accuracy. However, our technicians and testers oppose their claims. These trading bots are manipulated and mislead the traders.
Furthermore, traders can’t test their services. That’s because Big Option does not extend a demo trading account. As a result, it leaves traders with little conscience.
How Big Option Scams Work?
Believe it or not, most online trading scams operate similarly. After all, they strive to achieve the same goal- monetary leverage!
Let’s quickly run through how these schemes work. Gaining such input can help traders spot one of these con businesses readily.
- Their approach- Planned to trap more fishes into their net. Scammers often engage with users through social media pages, calls, fake websites, and more.
- They push you into a decision. These tricky businesses play by your emotions and pressurize you into making quick decisions.
- Lack of legal compliance. While verifying a firm, one of the things to look out for is its legality and paperwork. Ask yourself- “Are they licensed, registered, or regulated?” The answer to it will let you read them like an open book. But, unfortunately, most of these enterprises run without a valid legal document.
- Fascinates traders with worthwhile offers- Fraudulent brokers, exchanges, and online trading platforms develop programs and offers that fetch easy targets. These fascinating bonuses and rewards are irresistible and hard to reject.
- Constantly insists you upgrade your plan & invest more. Such scammers have their ways to keep their pockets flooding. They come up with endless and illogical reasons for you to upgrade and invest more. In some cases, users aren’t qualified to withdraw unless they unlock further plans.
- They cut ties when they get what they’ve been looking for- Traders experience excellent customer support, that is until the scammers have fulfilled their needs. Once they’re through with you, they block, freeze, or suspend your account. The website might even go down. They then stop answering your calls.
Now that you’ve got an extensive view of how online trading scams work, you know what signs to attend.
What To Do If You Have Lost Your Money In Big Option Scam?
If you’re one of the millions who lost money to the Big Option scam, then consider reaching out to the best fund recovery firm.
Financial Fund Recovery is a consultative and investigative body that recovers money lost in the hands of a scammer. With a panel of specialists, crime detectives, and analysts, it serves more than 22 countries. Consult us now for a free session!
We’re thrilled that we can assist those deprived of their investment or consumer rights. Whether you’ve been a victim to the Europefx scam, Fm trader scam, or any other scam, we’ll undoubtedly come to your rescue.