Overview of Bigstone
Founded in Australia in 2019, Bigstone operates without regulatory oversight, raising questions about user protection and adherence to industry standards. The absence of regulatory scrutiny means the company is not subject to compliance requirements or audits by governing authorities, potentially impacting transparency and accountability.
Despite offering varied account types, competitive leverage ratios up to 1:500, multiple payment methods, user-friendly trading platforms (MT4/MT5), and a demo account option, the lack of regulatory supervision poses uncertainties for users, emphasizing the importance of businesses adopting high standards in an unregulated environment.
Is Bigstone legit or a scam？
Bigstone operates without regulatory oversight. The absence of regulatory scrutiny means that the company is not subject to compliance requirements, standards, or audits imposed by governing authorities.
This lack of oversight can lead to potential challenges related to transparency, accountability, and adherence to industry best practices. Without regulatory guidance, there is uncertainties regarding the company's practices, which could impact trust and confidence among stakeholders. It is crucial for businesses to voluntarily uphold high standards and adopt best practices to mitigate the potential risks associated with operating in an unregulated environment.
Pros and Cons
Pros:
Varied Account Types:
2. Leverage up to 1:500:
3. Multiple Payment Methods:
Bigstone supports multiple payment methods, including credit/debit cards, bank transfers, BPay, POLi, and PayPal, offering convenience for users.
4. User-Friendly Trading Platforms (MT4/MT5):
The inclusion of popular trading platforms, MT4 and MT5, enhances the user experience, providing familiar tools for efficient trading.
6. Demo Account Option:
Cons:
Unregulated:
2. Limited Responsiveness in Customer Support:
3. Higher Minimum Deposits for Certain Accounts:
4. User Complaints Regarding Withdrawal Page:
5. Phone Support Challenges Reported:
6. Official Website Inaccessible:
Market Instruments
Bigstone offers a broad range of instruments for traders across various experience levels and risk appetites.
Forex: Major, minor, and exotic currency pairs are accessible with competitive spreads and leverage options. You'll find popular pairs like EUR/USD and USD/JPY alongside more niche offerings like NOK/TRY and MXN/CZK.
Commodities: Trade a various selection of physical commodities, including precious metals like gold and silver, energy resources like crude oil and natural gas, and agricultural products like wheat and cocoa. Contract specifications and margin requirements vary by commodity.
Indices: Access leading global indices like the S&P 500 and FTSE 100, allowing you to speculate on the broader performance of specific markets. Index CFDs offer a cost-effective way to gain exposure without directly owning individual stocks.
Shares: Trade shares of listed companies from various regions and industries. Bigstone provides access to popular markets like the US, UK, and Australia.
Cryptocurrencies: Bitcoin, Ethereum, and other major cryptocurrencies are available for CFD trading. Leverage varies depending on the specific cryptocurrency, and price movements can be highly volatile.
Additional Instruments: Bigstone also offers CFDs on bonds and interest rates, providing traders with further diversification options.
Account Types
Bigstone provides three account types-Standard Account, Edge Account , Prime Account.
Standard Account:
The Standard account offered by Bigstone provides leverage of up to 1:500, with spreads starting from 0.7 pips. Traders using this account type incur a commission of $7 per round turn. The minimum deposit required for a Standard account is $250. Bigstone offers a demo account for users to familiarize themselves with the platform. Standard account users have access to trading tools such as MT4, MT5, and WebTrader.
Edge Account:
Bigstone's Edge account offers traders leverage of up to 1:500, featuring spreads from 0.4 pips. This account type imposes a commission of $3 per round turn. To open an Edge account, a minimum deposit of $1,000 is required. Similar to the Standard account, the Edge account includes a demo account option for users to practice. Trading tools available for Edge account users include MT4, MT5, and WebTrader.
Prime Account:
The Prime account at Bigstone provides leverage of up to 1:500, boasting competitive spreads starting from 0.2 pips. Unlike the other account types, the Prime account operates on a no-commission, spread-based pricing model. Traders need to make a minimum deposit of $5,000 to access the Prime account. A demo account is available for users to test their strategies. Trading tools such as MT4, MT5, and WebTrader are also accessible for Prime account users.
How to Open an Account？
Visit Bigstone's Website:
Go to the official Bigstone website using a secure web browser.
2. Click on 'Open an Account':
Navigate to the 'Account' or section on the website, and click on the 'Open an Account' button.
3. Fill in Personal Information:
Complete the account registration form by providing accurate personal information, including your full name, contact details, and residential address.
4. Choose Account Type:
Select the type of trading account you want to open (e.g., Standard, Edge, or Prime). Review the details of each account type to make an informed decision.
5. Submit Identification Documents:
Upload the necessary identification documents as part of the KYC (Know Your Customer) process. This typically includes a valid government-issued ID and proof of address.
6. Deposit Funds and Verification:
Fund your trading account with the minimum required deposit using one of the available payment methods. After depositing, Bigstone will verify your information and account. Once verified, you'll gain access to the trading platform.
Leverage
Bigstone offers a maximum leverage of up to 1:500, empowering traders with the ability to amplify their positions. This high leverage allows for increased exposure to market movements, potentially enhancing both profit opportunities and risk.
Spreads & Commissions
Bigstone offers distinct spreads and commissions across its account types, as follows:
The Standard account features spreads starting from 0.7 pips, with a $7 per round-turn commission.
The Edge account provides more competitive spreads from 0.4 pips and a $3 per round-turn commission.
The Prime account, with spreads as low as 0.2 pips, follows a commission-free, spread-based pricing model.
Traders with different risk appetites and capital levels will find these account types suitable.
The Standard account, with a lower minimum deposit of $250, might appeal to novice traders or those with limited capital.
The Edge account, requiring a $1,000 deposit, offers tighter spreads and a moderate commission, suitable for intermediate traders.
The Prime account, suitable for seasoned traders, demands a higher $5,000 minimum deposit but provides the advantage of ultra-low spreads without a commission.
Trading Platform
Bigstone provides access to two highly acclaimed trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are widely recognized for their user-friendly interfaces, robust charting tools, and advanced analytical features.
MetaTrader 4 (MT4) is a preferred choice among traders for its intuitive layout and powerful technical analysis tools. Novice traders find it particularly user-friendly, while experienced users appreciate its versatility. The platform supports automated trading through Expert Advisors (EAs), adding an extra layer of convenience.
On the other hand, MetaTrader 5 (MT5) takes trading capabilities to the next level with enhanced features. Traders benefit from an extended list of timeframes, more pending order types, and improved charting tools. The platform accommodates a broader range of financial instruments and trading strategies.
Both platforms are accessible through desktop and mobile devices, ensuring traders can engage with the market whenever and wherever they prefer.
Deposit & Withdrawal
Bigstone offers a range of convenient payment methods to meet the various preferences of its users:
Credit/Debit Cards: Visa, Mastercard, Maestro (minimum deposit varies, subject to the card issuer's terms).
2. Bank Transfer: Direct bank transfers allow for substantial deposits, albeit with longer processing times.
3. BPay: This Australian bank bill payment system provides a locally accessible deposit option.
4. POLi: An Australian payment method enabling instant deposits from major banks.
5. PayPal: A widely accepted e-wallet known for fast and secure transactions.
Minimum Deposits:
Users can choose the payment method that aligns with their preferences and deposit requirements.
Customer Support
Bigstone's customer support has been notably inadequate, marked by a lack of responsiveness and unavailability through alternative contact methods.
Users have reported challenges in reaching customer service via the message center, making it nearly impossible to initiate a chat. The provided phone number is consistently unreachable, exacerbating communication issues. Such shortcomings in customer support raise questions about the platform's commitment to addressing user inquiries and issues.
Additionally, the sole alternative contact method, an email address (bigstonemax@gmail.com), offers limited avenues for assistance, contributing to an overall negative experience with customer support on Bigstone.
Exposure
User exposure on Bigstone appears to be characterized by communication challenges and difficulties in accessing customer support.
One user reported a lack of response through the message center, making attempts to initiate a chat nearly impossible. The frustration extended to phone communication, where the provided number was consistently unreachable. Additionally, issues were encountered during the withdrawal process, with the withdrawal page displaying poorly and redirecting to the login page.
Conclusion
In conclusion, Bigstone presents itself as an online trading platform offering a wide range of market instruments, including Forex, Commodities, Indices, Shares, Cryptocurrencies, and more. The platform provides users with multiple account types. With competitive leverage ratios of up to 1:500 and user-friendly trading platforms such as MT4, MT5, and WebTrader, Bigstone aims to deliver a comprehensive trading experience.
However, the absence of regulatory oversight raises questions about user protection and adherence to industry standards. Users have reported challenges in customer support responsiveness, higher minimum deposits for certain accounts, and dissatisfaction with the withdrawal page.
FAQs
Q: Is Bigstone regulated？
A: No, Bigstone operates without regulatory oversight.
Q: What leverage ratios does Bigstone offer？
A: Bigstone provides competitive leverage ratios of up to 1:500.
Q: Are there multiple payment methods available？
A: Yes, Bigstone supports various methods, including credit/debit cards, bank transfers, BPay, POLi, and PayPal.
Q: Which trading platforms are offered？
A: Bigstone offers user-friendly platforms, including MT4, MT5, and WebTrader.
Q: Is there a demo account option？
A: Yes, Bigstone provides a demo account for users to practice trading.
Q: How can I contact customer support？
A: Customer support can be reached via email at bigstonemax@gmail.com.
2024-01-08 10:38
