A platform claiming to offer the best trading conditions, BigBenPro is the platform in question. Big Ben Pro appears to be an exclusive platform for newbie investors and traders. From the look of things, the platform seems to offer fair trading conditions. However, one of the major upsets with the platform is their residency. Bigbenpro.com is an offshore and unregulated forex investment platform. Here’s more in our clear BIGBENPRO REVIEW.
According to their homepage, the platform claims to have one clear objective. Its mission is to provide investors with easy and safe trading conditions. The platform also promises low-cost access to foreign exchange markets.
When you look at the design aspects of the website, it looks convincing. The people behind it clearly know what they are doing. However, there’s no denying that the platform has an appealing aspect. Its mission is to become a leading Forex investment platform.
Before committing funds to an unregulated platform, you need reliable means of investing. Today’s investor is using Coin Staking, DeFi, and Masternoding as part of their investment strategy. Give tested platforms a chance and see yourself making stable returns.
BigBenPro has a few issues that we must point out. First, it’s best you know and understand what you’re getting into. Second, with an unregulated platform, a lot is at risk, including your banking details. And that’s why we are here to highlight the features of Big Ben Pro.
The platform is completely anonymous and claims to have offices in the UK. If they did, the platform would be recognized by the Financial Conduct Authority. Sadly, this is not the case as the FCA doesn’t record the platform’s existence.
You only get two account types with the platform, and these two include Standard and Pro. In addition, the maximum leverage set is 500:1, which is another factor to consider. Although this seems ideal, the risk outweighs any possible gains.
Here’s a closer look at these two accounts
Standard
The minimum deposit with the standard account is $1,000. You get base currency options such as AED, EUR, GBP, PLN, and USD. The spread is marked as a variable with no commissions on either account.
Execution mode is listed as market, and micro-lots are available. You get to trade CFDs on indices, products, and stocks. A swap charge is also available with the Standard account.
Pro
To start using the Pro account, you must deposit $20,000. However, the platform does not consider the acceptable minimum deposit set by regulators. All regulators have listed $250 as the acceptable minimum deposit.
Spreads are 0.5 pips with Micro lots available and the execution mode set at Market. A swap charge is available. The platform has divided the accounts into corporate and private account types.
All accounts come with a personal account manager. Although this is well and good, there’s still the issue of anonymity. Accountability is key in any investment venture. As an investor, you must know who is handling your funds.
The professional and skill levels of these personal account managers remain unknown. And this is the reason why we doubt their skill levels. For all we know, the platform could be hiring call agents to act as account managers.
Affiliates and Introducing Broker program
The platform offers an affiliate program to interested parties. We don’t know whether the platform releases commissions. The platform does not list the commission, percentage, or rates for affiliate marketing.
Before jumping to such programs, you need to understand the consequences of your action. As an affiliate marketer, you need to know whether the platform is compliant. If not, you will end up losing your credibility.
There are six listed trading instruments on the platform. These include commodities, forex, futures, indices, metals, and shares. Commodities listed include energies with a tick value set at $0.01 per barrel.
Forex involves trading major and minor currency pairs. The spreads are set depending on the currency pair. Lot size for forex trading instruments is set at 100,000. Coffee is the only future available with a tick value of $1 per tonne and $10 per contract.
Indices include FTSE 100, NASDAQ 100, S&P, and more. The spread varies with the lot size set at 10. Gold, platinum, and silver are available metals with varying spreads. The lot size for gold is 100, 50 for platinum, and 5,000 for silver.
There are more than 100 major US and UK shares without commission fees. The lot size for all shares is 1 with varying spreads. You can trade FAANG group shares alongside other international companies such as XIAOMI.
And here’s the main reason why we must put a hold on recommending the platform. BigBenPro is not a licensed platform, meaning they don’t comply with forex regulations. And this is the reason they offer high leverage to investors.
The platform is registered in the Marshall Islands under the Big Ben Pro Ltd. Offshore entities are known for flaunting forex rules. Your funds are far from safe with such entities. It’s best to avoid offshore platforms due to the high risks.
If you want to trade safely, you need to sign up with platforms regulated by reputable institutions. These include ASIC, BaFIN, CONSOB, CySEC, FCA, FINMA, and SEC. Make sure to check whether a platform is regulated before signing up.
Another solid reason to back out of the platform is the bonus and promotions. You might want to rethink about settling for bonuses and promotions. Regulators have warned forex investment platforms from offering such incentives.
You will later pay back the full amount before they process withdrawals. Most members don’t even get the chance to withdraw as the platform sets penalties. Big Ben Pro is offering a welcome bonus which is against forex regulations.
The platform does a great job in offering members a demo account with the MT5 platform. However, we recommend you first test the platform using a Demo account. With a demo account, you get a feel of what to expect in a real account.
You can deposit funds via bank transfer, MasterCard, and Visa. The platform claims to cover fees on their side of transactions. The deposit is instant, with no hiccups expected. The only problem is their withdrawal procedure.
There’s no mention of how the platform processes withdrawals. And this is the reason they delay withdrawals for some clients. So you sign up not knowing when the platform clears your withdrawal request.
Big Ben PRO needs to inform users of their withdrawal procedures.
MT5 Trading Platform
Another positive aspect of the platform is the use of the MT5 trading platform. The platform is a powerful tool that offers an advantage to traders. With a robust security feature, we recommend using MT5 alongside MT4 and SIRIX.
The platform also has its own custom online platform. We don’t know the full features as they remain hidden. MAM and PAMM accounts are available with their custom platform. We believe their custom platform is unstable and unsecured.
Security of funds is out of the question with an offshore and unregulated platform. In addition, the platform does not offer insurance cover for deposits. And this puts your investment at risk.
These are the main reasons why we don’t recommend using Bigbenpro.com
Now you know the risks that come with Big Ben Pro.
The safest way to invest and start earning realistic returns is using proven platforms. It’s your only option for a successful investment.
If you have any queries, feel free to leave a comment or write to us.
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