BIG UNCLE

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.