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The WikiFX Score of this broker is reduced because of too many complaints!

BIG UNCLE

China|2-5 years|
High potential risk|

http://www.biguncle.uk/index111.html

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http://www.biguncle.uk/index111.html
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Company Name

BIG UNCLE LIMITED

Abbreviation

BIG UNCLE

Platform registered country and region

China

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 3
Previous Detection : 2024-11-01
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 8 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

BIG UNCLE · WikiFX Survey

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BIG UNCLE · Company Summary

BASIC INFROMATION

Biguncle does not appear to be a reputable broker even at first glance; nothing, from the absurd name to the unsightly, impenetrable website, smacks of credibility. Things got even more obvious: this is not a broker you can trust when we discovered that the broker is fully unregulated, difficult to reach, does not have a trading platform of its own, and only takes irreversible crypto deposits. To avoid fraud, only invest with reputable, regulated brokers.

Biguncle REGULATION AND SAFETY OF FUNDS

Although Biguncle has provided a UK address, we found it extremely difficult to believe that a broker who has not provided any legal documentation or license information, who could only be reached by email (we were unable to locate a phone number on the website), and who is unable to meet the high standards the UK financial regulator, the FCA, has for brokers that are under its watch, could have managed to do so. The broker was not included in the FCA registry of authorised brokers, proving that we were correct. This indicates that the broker is unregulated, not permitted to provide services in the UK or anywhere else, and is undoubtedly dangerous to investors. You would be able to benefit from various safeguards that are otherwise accessible to customers of unregulated brokers if you used a broker who is really licensed in the UK. Furthermore, you can be confident that these brokers are trustworthy since they must fulfill a number of standards in order to receive a license and must adhere completely to all rules in order to maintain it. Full openness is required in the UK because you must constantly know how your money is being handled.

Biguncle TRADING SOFTWARE

Biguncle promises to provide the industry-standard MetaTrader 5 trading platform, and we were able to download the program from the broker's website. When we installed it, we were unhappy to find that what we had actually received was the general version of MT5, which was also available for free download from the MetaQuotes website.

This means that Biguncle does not have its own MT5 terminal – and that you would not be able to trade with them.

MINIMUM DEPOSIT

The only requirement to create an account with Biguncle is to deposit a minimum of $100. There are no other trading accounts available. This is reasonable in terms of cost and is in line with what most reliable brokers would request these days. Although this broker is reasonably priced, you would have no trouble finding a broker who would create an account for that amount of money, or even for 10 times less. As a result, you should not be seduced by how reasonable it is.

LEVERAGES

We were able to adjust our leverage anywhere between 1:100 and 1:500 thanks to the broker's flexibility. Considering that brokers regulated in the UK are not permitted to offer anything more than 1:30 to retail clients, this confirms beyond a shadow of a doubt that we are not dealing with a UK broker. Leverage limitations are not just in place in the UK; brokers from the EU and Australia are also only allowed to use leverage up to 1:30, while brokers from the US are allowed to use leverage up to 1:50. These restrictions shield traders from the risks associated with excessive leverage, including higher, quicker losses. You should be cautious with your leverage settings even if you are trading with a broker who is registered in a nation with no leverage restrictions (such as South Africa, Canada, Belize, and all popular offshore locations). In theory, they should be able to offer any leverage they want in these countries. Trading at higher rates has the potential to provide larger gains, but you must also be prepared to lose more money. However, because this broker doesn't really provide a trading platform of its own, discussing spreads and leverage is useless.

Biguncle DEPOSIT/WITHDRAWAL METHODS AND FEES

Biguncle only accepts deposits made in crypto – clients can choose between Bitcoin, Ethereum, and Tether

Never send money using this technique unless you are very certain that the person or business you are sending it to is trustworthy. All cryptocurrency transactions are fundamentally irreversible since they are recorded in a ledger that cannot be altered later and are mutually verified. The entire foundation of cryptocurrencies is the idea that this ledger is not under the control of a single entity. While such transactions are highly safe and made possible by the unique technology of cryptocurrencies, they are also anonymous and can only be linked to a wallet address rather than a specific person or organization.

News

WikiFX Review: Is it OK to conduct business with “BIG UNCLE”?

NewsWikiFX Review: Is it OK to conduct business with “BIG UNCLE”?

2022-07-14 17:44

BIG UNCLE is an online forex broker offering a couple of financial instruments to its clients across the globe. But recently we received a lot of complaints related to this broker. And we wonder to know if BIG UNCLE is trustworthy. Therefore, WikiFX made a comprehensive review of this broker to give you a better understanding of the truth.

WikiFX
2022-07-14 17:44
News
WikiFX Review: Is it OK to conduct business with “BIG UNCLE”?
Ten Major factors that affect the exchange rate of a country's currency

NewsTen Major factors that affect the exchange rate of a country's currency

2022-06-13 15:31

Several factors affect the exchange rate of a country's currency ranging from: an interest rate hike, monetary and fiscal policies, unemployment rate, GDP, Consumer Price Index, Inflation, Quantitative Easing, Elections, Balance of trade, and International Debts. Every forex trader must pay great attention to these factors to assist him/her in making decisions on which currency pair to either buy or sell in the forex market daily.

WikiFX
2022-06-13 15:31
News
Ten Major factors that affect the exchange rate of a country's currency
ON THIS DAY LAST YEAR, THE CURRENCY RATE WAS N503/$1, AND IT IS TODAY N610.

NewsON THIS DAY LAST YEAR, THE CURRENCY RATE WAS N503/$1, AND IT IS TODAY N610.

2022-06-10 16:23

The exchange rate of the federal republic of Nigeria as at this time last year was still a headline that the people of the country do say, as at this time 2020, the exchange rate was a bit lower than 503/$, not to talk of the exchange rate in 2019, compared to 2022 exchange rate of 601/$. Things gets worst day by day for the Nigeria exchange rate. It has not been stable for a longer period of time. What is the major cause of this? How does the exchange rate change easily?

WikiFX
2022-06-10 16:23
News
ON THIS DAY LAST YEAR, THE CURRENCY RATE WAS N503/$1, AND IT IS TODAY N610.
South African central bank eyes digital rand to cut cross-border payment costs

NewsSouth African central bank eyes digital rand to cut cross-border payment costs

2022-06-02 13:39

A digital rand in South Africa could cut the high cost of cross-border payments for banks but its introduction is still a few years away, a senior central bank official said.

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2022-06-02 13:39
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South African central bank eyes digital rand to cut cross-border payment costs

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