Bigmofx.com Review

Bigmofx

Warning Investors Bigmofx.com – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements

Introduction:

Forex and crypto trading are popular ways of making money online, but they also come with high risks and challenges. To protect yourself from losing your hard-earned money, you need to choose a reliable and trustworthy broker that is regulated by a reputable authority and follows the best practices of the industry. Unfortunately, not all brokers are honest and some of them are out to scam unsuspecting traders. One such broker is Bigmofx.com, which has been exposed as an unauthorized entity by several regulators around the world.

Regulation and Compliance:

Bigmofx.com claims to be owned and operated by Bigmo FX Ltd, a company registered in St. Vincent and the Grenadines. However, this does not mean that it is regulated or licensed by any authority. In fact, the Financial Services Authority (FSA) of St. Vincent and the Grenadines has issued a warning that it does not regulate or supervise any forex or crypto brokers, and that any such entities operating from its jurisdiction are doing so at their own risk and without any legal protection.

Moreover, Bigmofx.com has been blacklisted by several other regulators, such as the Financial Conduct Authority (FCA) of the UK, the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Autorité des marchés financiers (AMF) of France, and the Comisión Nacional del Mercado de Valores (CNMV) of Spain. These regulators have warned the public that Bigmofx.com is not authorized to provide financial services in their respective jurisdictions and that it may be involved in fraudulent activities.

Customer Support:

Another red flag of Bigmofx.com is its poor customer support. The broker does not provide any phone number or physical address on its website, which makes it difficult to contact or verify its identity. The only way to reach out to them is via email or live chat, but these methods are often unreliable and unresponsive. Many customers have complained that they have been ignored or blocked by Bigmofx.com when they tried to withdraw their funds or request assistance.

Customer Reviews:

The customer reviews of Bigmofx.com are also overwhelmingly negative and alarming. Many customers have reported that they have been scammed by Bigmofx.com and lost their money to this broker. They have accused Bigmofx.com of manipulating their trading platforms, refusing their withdrawal requests, charging hidden fees, closing their accounts without notice, and using aggressive marketing tactics to lure them into depositing more money. Some customers have even claimed that they have been threatened or harassed by Bigmofx.com’s representatives when they tried to expose their scam or seek legal action.

How can crypto transactions be traced?

One of the main attractions of crypto trading is its anonymity and privacy. However, this also makes it easier for scammers to hide their tracks and evade accountability. However, this does not mean that crypto transactions are completely untraceable or irreversible. There are some ways that crypto transactions can be traced, such as:

– Using blockchain analysis tools: Blockchain is a public ledger that records all crypto transactions in a transparent and immutable way. By using blockchain analysis tools, such as Chainalysis or CipherTrace, one can track the flow of funds between different addresses and identify the source and destination of crypto transactions.

– Using exchange data: Exchanges are platforms where people can buy and sell crypto using fiat or other crypto currencies. Exchanges often require users to verify their identity and provide personal information, such as name, email, phone number, bank account details, etc. By using exchange data, one can link crypto addresses to real-world identities and trace the origin and destination of crypto transactions.

– Using law enforcement agencies: Law enforcement agencies have access to various resources and methods to investigate and prosecute crypto-related crimes. They can use subpoenas, warrants, court orders, etc., to obtain information from exchanges, service providers, intermediaries, etc., that are involved in crypto transactions. They can also use forensic techniques, such as digital forensics or network analysis, to recover evidence from devices or networks used for crypto transactions.

Shielding Your Finances: Measures to Avoid Scam Brokerages:

To avoid falling prey to scam brokerages like Bigmofx.com, you need to take some precautionary measures before choosing a broker for your forex or crypto trading needs. Some of these measures are:

Do your research: Before signing up with any broker, you should do your research and check their background, reputation, regulation, and reviews. You should verify their registration and license details with the relevant authorities and avoid brokers that are not regulated or have been blacklisted by regulators. You should also read the customer reviews and feedback of the broker and look for any signs of complaints, disputes, or scams.

Read the terms and conditions: Before agreeing to any contract or agreement with the broker, you should read the terms and conditions carefully and understand the rules, fees, charges, risks, and obligations involved. You should avoid brokers that have vague, unclear, or unfair terms and conditions that may expose you to hidden costs, penalties, or liabilities. You should also avoid brokers that offer unrealistic or exaggerated promises, such as high returns, low risks, or guaranteed profits.

Test the platform: Before depositing any money with the broker, you should test their trading platform and see how it works and performs. You should check the features, functions, tools, and options available on the platform and see if they suit your trading style and preferences. You should also check the security, speed, reliability, and accuracy of the platform and see if it has any glitches, errors, or delays. You should avoid brokers that have faulty, outdated, or manipulated platforms that may affect your trading results or experience.

Start small: When you are ready to start trading with the broker, you should start small and invest only what you can afford to lose. You should not risk more than you are willing to lose and you should not fall for any pressure or temptation to deposit more money than you are comfortable with. You should also diversify your portfolio and trade with different assets, markets, and strategies to reduce your exposure and risk.

Withdraw regularly: When you make profits from your trading activities, you should withdraw them regularly and keep them in a safe place. You should not leave your money with the broker for too long or reinvest them without taking some profits. You should also check the withdrawal process and conditions of the broker and see if they are easy, fast, and secure. You should avoid brokers that have complicated, slow, or restrictive withdrawal procedures that may prevent you from accessing your money.

Conclusion:

Bigmofx.com is a scam broker that you should avoid at all costs. It is not regulated by any authority and has been flagged as an unauthorized entity by several regulators. It has poor customer support and negative customer reviews. It may manipulate your trading platform, refuse your withdrawal requests, charge hidden fees, close your account without notice, and use aggressive marketing tactics to scam you. To protect yourself from such fraudulent schemes, you should do your research, read the terms and conditions, test the platform, start small, and withdraw regularly. You should also use blockchain analysis tools, exchange data, or law enforcement agencies to trace crypto transactions if you suspect any foul play.


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