The U.S. Commodities Futures Trading Commission, France’s Autorité des marchés financiers (AMF) and the British Columbia Securities Commission (BCSC) in Canada have all issued warnings against BigOption for “selling” services it cannot actually provide as described on its website.
In September 2017, the FBI arrested the CEO of Yukom Communications Ltd., which provided retention services for both the BigOption.com and BinaryBook.com websites. She was later indicted on one count of conspiracy to commit wire fraud and three counts of wire fraud. The sites, however, remain functioning online.
Established in 2008, 2011 or 2012, depending on the source, Big Option claims to be one of the largest binary options brokers in the world. It is headquartered at Wirestech, Office 3.11, 3rd Floor, 31 Southampton Raw, London, England. Its telephone number is +44-20-3026 4486, fax number is +44-20 300068506. This information, however, is not found on the Big Options site. The e-mail address is email@example.com.
No specific details about the platform design are confirmed on the site, but Big Option employs the SpotOption platform, with some added features that allow it to appeal to both beginners and professional traders.
The website is PCI approved and certified to ensure maximum security. It is 100% SSL certified to ensure that data is handled only by company employees. All data also is transmitted using HTTP secure web protocols to minimize the possibility of fraud.
The website is only available in English. Islamic accounts are available.
Big Options offers five different account types:
- Micro account, for beginners in binary options trading depositing between $1,000 and $2,000
- Basic account, for traders with elementary knowledge depositing between $2,001 and $5,000 who feel confident enough to test the waters of financial markets
- Gold account, the most popular, for traders depositing between $5,001 and $10,000 with extensive knowledge of binary options and who wish to take their trading career to the next level with exclusive tools
- Platinum account, for exclusive customers depositing between $10,001 and $50,000 who perform high trade volume and require personalized trading consultation
- VIP account, for professional traders depositing more than $50,000 who require exclusivities to maximize their investment
Big Option offers over 130 assets to choose from. These include commodities, indices, currencies, and stocks.
Note that the Terms & Conditions page states that withdrawals will be charged a transaction fee, and that a levy of 10% will be charged to any withdrawal from an account that has not executed more than 200 in turnover and/or from accounts that have not been verified.
Deposits can be made with Visa, Visa Electron, MasterCard, and Maestro charge cards, wire transfers and the Neteller e-wallet. Funds are kept in segregated accounts.
A demo account, unfortunately, is not available. Naturally, most traders prefer to test their trading strategies and abilities on a demo account before risking real money.
Daily and weekly market reviews, an analyst’s forecast, “Big Option Guide to Trading” e-book, and a blog are all available in the education section. Several other aids that are listed were not available when we visited. A number of tools, a dictionary and an FAQ page also appear.
An “education package” is available for traders who maintain a minimal account of 2,150 dollars, euro or pounds sterling (irrespective of the exchange rate). The package includes a “welcome bonus” of 40%, a beginner’s guide to binary options, fundamental and technical training, basic trading signals for up to two weeks free of charge, one free webinar, and a dedicated expert trader to assist in trading.
Note, however, that the Terms & Conditions page states the following:
To withdraw your bonus, you will be asked to perform a trading volume of at least 60 times for each $1 bonus (1$=60$). The bonus can be withdrawn only when the foregoing stipulation has been fully respected and fulfilled. To withdraw your funds you will need to complete in full all bonus obligation (100%). To withdraw your profits you will need to complete in full all bonus obligation (100%).
In short, what this means is that if you deposited $10,000 in a Gold account and were given a $10,000 bonus, you will have to reach a volume of $600,000 to recover your initial deposit plus the bonus and any profits, which is no easy feat.
Big Option support can be contacted using live chat, the website contact page, email, or over the phone. The hours of operation are not posted.