Biguncle Review – Discovering the True Nature of the Broker

Biguncle Review

As the financial markets continue to grow, new brokerages are introduced on a daily basis in order to further revolutionize the process of online trading. But, not all the brands that pop up are legitimate and reliable. Some of them are less than mediocre even, so they do not last for long. The good ones, of course, manage to survive and gain a lot of popularity. There is another category that you will also discover and that is of fraudulent brokerages. These are clear cut scams that are introduced solely for the purpose of exploitation of people and this Biguncle review can help you understand their true nature.

Even the savviest traders have been known to getting entrapped by these scammers because they are able to create such an impressive illusion. Moreover, most people who decide to engage in online trading are so eager to begin that they opt for a company in a hurry and this can be their downfall. You should bear in mind that skimming the website of a brokerage is not enough when you are doing your due diligence. In today’s advanced world, it is not that difficult for anyone to develop an impressive and modern website and these scammers do exactly so.

They do not come with warning signs, or any such alerts that will help you learn their true nature. It is your job to be diligent and check everything the broker is promising you and more in order to eliminate any nasty surprises in the future. After all, it is your investment and you need to do everything possible to protect it. You should do the same in the case of Biguncle, which is presented as a trading platform for all types of traders all over the globe. At first glance, everything seems to be up and up about Biguncle, but its true nature turns out to be the opposite. What is it? You can find out below:

License and Regulation

If there is one sure-fire way to find out the true nature of an online brokerage, it is by checking their licensing and regulatory status. Nearly all authentic and reliable brokers have a license to provide their services in the jurisdiction they are based in, which means they comply with the laws and policies and maintain certain standards like ensuring transparency, when offering their services. Therefore, you need to choose a licensed and regulated broker for your own protection, but Biguncle does not fall in this category.

When you go through the Biguncle website to check the broker’s location, you will come across an office address that shows the company is based in the United Kingdom. However, you should note that in order to operate in the UK, a brokerage needs to have a license from the Financial Conduct Authority (FCA), which is the regulatory authority for the region.

But, when you check the FCA’s online register for Biguncle, you will not find the brokerage listed, which means it is clearly lying about where it is operating from, or it is based in the UK illegally. Moreover, it cannot be offering its services in the UK because it is not complying with all the rules that have been set forth by the FCA. This means that you are dealing with an unlicensed, therefore, untrustworthy brokerage.

Trading Bonuses

As mentioned above, it is not possible for Biguncle to be operating from the UK because it is going against the FCA’s policies. One of these is applicable to trading bonuses that have been banned in the UK by the regulatory authority. As a matter of fact, many other regulatory authorities in different jurisdictions have banned this practice because these bonuses have conditions associated with them that are designed to exploit traders.

But, you will soon discover that things are worse where Biguncle is concerned because not only is the brokerage offering 78% bonuses to its clients, but it does not disclose the bonus policy applicable. There will likely be trading volume requirements, or something similar, but they have not mentioned anything, which means they can exploit you however they want.

Trading Conditions

Another issue that reveals the true nature of Biguncle is the fact that it is offering leverage as high as 1:500. This is yet another indication that the brokerage is not based in the UK because the FCA has imposed a cap on the maximum amount of leverage that can be offered to traders in the jurisdiction and it is not more than 1:30. Leverage ratios of 1:500 might be appealing, but are extremely risky and can lead to hefty losses.

Terms and Conditions

Checking the Terms and Conditions of a broker is a must to know what policies apply and the fees they will charge, but you are in for disappointment when you try to check Biguncle’s Terms and Conditions. This is because there is no legal documentation available on their website at all. Of course they will ask you to accept their T&Cs upon registering with them, but since they do not disclose what they are, you do not know what you will agree to. This lets the broker exploit you in any way they want.

Payment Methods

The only payment method that you will find available at Biguncle is crypto assets. While there is nothing wrong with cryptocurrencies themselves, it should be noted that this payment method has become popular amongst scammers. This is because crypto payments are final and not eligible for chargeback, which means that you will not be able to get a refund in case there is a scam. Furthermore, scammers also prefer crypto payments because they are also anonymous for the most part and this makes it difficult to trace them.

Trading Platform

Last, but not the least, it appears that Biguncle does not seem to be offering a trading platform at all. Sure, it claims to offer you the industry-leading MetaTrader5 (MT5) platform, but all you will find is a demo version of it from the MetaQuotes website.

Bottom Line

Taking into accounts these problems that Biguncle seems to have, it is evident that it is fraudulent by nature and not a genuine platform for you.