WikiFX Review: Traders need to be aware of a broker called Big Boss.

About Big Boss

Registered in Saint Vincent and the Grenadines, Big Boss Financial is a hybrid broker - both a-book and b-book broker (market maker). Big Boss Financial offers trading of currencies, indices, CFDs, cryptocurrencies and commodities. In addition, WikiFX has given this broker a low rating of 1.44/10.

Minimum Deposit

Big Boss offers all investors one standard account. Although it sounds acceptable, given the fact that Big Boss is an unregulated broker, traders are not advised to register real trading accounts here.

Micro Trade Size

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.

Leverage

The maximum trading leverage offered by Big Boss is up to 1:555. 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 maximum leverage a broker provides.

Spreads & Commissions

Big Boss Financials 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.

Trading Platform

Big Boss offers MT4 trading platform. The Metatrader 4 is the 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. 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 Zealands Financial Services Providers Register, but got deregistered in 2015.

Regulation: Is Big Boss legit？

Big Boss is not a regulated broker. WikiFX has marked it as “No license”.

Exposure

On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.

This broker from Malaysia complained that Big Boss rejects his withdrawal request.

This trader from Japan claimed that Big Boss is a scam.

This victim from Bangladesh claimed that Big Boss is not an ECN broker and it deletes transactions.

Conclusion

WikiFX advise you to avoid this broker as it may take your assets away fraudulently. Unscrupulous brokers are usually the unregulated broker with extremely low WikIFX score. Please be aware of the risk.

Click on Big Boss' WikiFX page for details