Caution Investors Bigmofx.com – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Overview:
Bigmofx.com is a website that claims to be a leading online trading platform for forex and CFDs. The company says it has over 10 years of experience in the industry and offers various trading tools, educational resources, and customer support. However, there is no evidence that Bigmofx.com is a legitimate or licensed broker. The company has been blacklisted by several financial regulators, such as the FCA in the UK, the ASIC in Australia, and the FMA in New Zealand. These regulators warn that Bigmofx.com is an unauthorized entity that may be involved in scam activities, and advise investors to avoid it.
Regulation and Compliance:
One of the most important factors to consider when choosing a broker is regulation and compliance. A regulated broker is subject to strict rules and standards that ensure the safety and fairness of its services. A regulated broker also has to keep client funds in segregated accounts, provide adequate protection against negative balances, and participate in compensation schemes in case of insolvency. On the other hand, an unregulated broker like Bigmofx.com can operate without any oversight or accountability. An unregulated broker can manipulate prices, execute trades against clients’ interests, refuse to process withdrawals, or even disappear with clients’ money.
Customer Reviews:
Another way to assess the reputation and reliability of a broker is to look at customer reviews. A reputable broker should have positive feedback from satisfied clients who can attest to its performance and service quality. However, when we searched for customer reviews on Bigmofx.com, we found mostly negative and alarming comments. Many clients complained that Bigmofx.com is a scam that does not allow them to withdraw their money, or that it uses aggressive and misleading marketing tactics to lure them into depositing more funds. Some clients even reported that Bigmofx.com threatened them with legal action if they tried to expose their fraud.
Products and Services:
Bigmofx.com claims to offer a wide range of products and services for traders of all levels. The company says it provides access to over 200 instruments, including forex pairs, indices, commodities, stocks, and cryptocurrencies. The company also says it offers competitive spreads, fast execution, leverage up to 1:500, and various account types with different features and benefits. However, these claims are not verified or supported by any evidence. Moreover, the company does not disclose any information about its trading platform, fees, commissions, or other costs that may affect traders’ profitability.
Location:
Bigmofx.com does not provide any clear or accurate information about its location or registration. The company’s website does not have an address or a phone number, only an email address and a contact form. The company’s terms and conditions state that it is governed by the laws of St. Vincent and the Grenadines, a notorious offshore jurisdiction that does not regulate forex brokers. However, the company also claims to have offices in London, Sydney, Dubai, and Hong Kong, which contradicts its legal status. Furthermore, the company does not have any authorization or license to operate in these countries or any other jurisdiction.
Customer Service:
Bigmofx.com claims to have a professional and dedicated customer service team that is available 24/7 via phone, email, live chat, or social media. The company says it strives to provide prompt and effective solutions to any issues or queries that clients may have. However, this claim is contradicted by the numerous complaints from clients who say they cannot reach or communicate with Bigmofx.com’s customer service. Many clients say they are ignored, blocked, or harassed by Bigmofx.com’s representatives when they try to request a withdrawal or ask for help.
Is Your Money Safe in an Unregulated Company?
The answer is no. Your money is not safe in an unregulated company like Bigmofx.com. An unregulated company can do whatever it wants with your money without any legal consequences. It can use your money for its purposes, such as paying other clients’ withdrawals or funding its operations. It can also refuse to return your money when you want to withdraw it or impose unreasonable conditions or fees on your withdrawal requests. It can even disappear with your money without leaving any trace or recourse.
Defensive Measures Against Fraudulent Brokers:
If you are looking for a reliable and trustworthy broker to trade forex or CFDs online, you should avoid unregulated entities like Bigmofx.com at all costs. Instead, you should look for regulated brokers that have valid licenses from reputable authorities such as the FCA in the UK, the ASIC in Australia, or the CySEC in Cyprus. You should also check customer reviews and ratings of brokers on independent websites or forums, and avoid brokers that have negative or suspicious feedback. You should also verify the broker’s contact details, trading platform, fees, and other features before opening an account or making a deposit. Finally, you should never invest more than you can afford to lose and always use caution and common sense when trading online.
Conclusion:
Bigmofx.com is an unregulated entity that claims to offer forex and CFD trading services. However, the company is not a legitimate or licensed broker, but a scam that has been blacklisted by several financial regulators. The company does not provide any evidence or information to support its claims and has numerous negative and alarming customer reviews. The company also does not have any transparency or accountability for its products, services, or operations. Therefore, we strongly advise you to stay away from Bigmofx.com and look for a regulated and reputable broker instead.
