If you have been attracted by DotBig promises of simple, safe, and profitable trading, you will change your mind after reading this DotBig detailed review.
In our articles, we evaluate brokers and expose scamming traders from – US, Canada, Germany, Czechia – helping you to recognize and avoid fraudsters. In today’s DotBig review, find out all the reasons why you shouldn’t invest with this shady brokerage company.
On top of that, we seriously recommend you not to invest in the fake brokersTopInvestTrader,LTD FX, andCresCapital.Do not trade with these unlicensed brokers if you want to save your money!
|Unlicensed Scam Brokerage
|Blacklisted as a Scam by:
|Web trader, Mobile app
|Yes (Bitcoin, Tether, Dogecoin)
|Types of Assets:
|Forex, stocks, indices, commodities, crypto
|Free Demo Account:
|Accepts US clients:
Does DotBig Broker Have a License?
First and foremost of all grounds for staying away from this phony broker is the fact that it operates unlicensed and unregulated, i.e., illegally. By doing so, there is no protection of your funds.
Further, the DotBig broker claims that its headquarters are in Estonia and Saint Vincent and the Grenadines. But, in the FI registers (Estonian Financial Authority), there is no info about this bogus broker. As for SVG, it is a jurisdiction that doesn’t regulate its forex exchange market; hence, it is one of the preferred locations for offshore-based brokers involved in fraudulent trading activities.
Additionally, every brokerage company must be authorized to provide services legally. Some of the most recognized licenses are those awarded by the British FCA, German BaFin, and Australian ASIC.
Why Is Trading On a Licensed Broker’s Platform Preferable?
There are many benefits of investing with credible brokerage firms, especially with those licensed under top-level financial market regulators such as the above-mentioned.
For sure, most importantly is the safety of funds ensured through many instruments like negative balance protection, segregated accounts, collaboration with premium banks, and coverage against bankruptcy (e.g. ASIC indemnifies up to 100,000 AUD).
On top of this, legitimate brokers are constantly monitored and assessed by supervisory bodies to ensure ethical business, transparency, and compliance with stringent legislation; otherwise, an outlaw broker is charged, penalized, and banned.
How Reliable Is DotBig Broker?
DotBig is an outright scam, operating unlicensed and unregulated. Although not yet on an official warning list, it is just a matter of time before it becomes one. Therefore, it can be regarded as very risky for trading.
What Platform Does DotBig Provide Access To? – Software Functionality
According to the DotBig website, it assures traders that they can access advanced trading platforms. Beginners might find some basic features useful, such as fast execution, several trading terminals, and easy navigation; however, it is not sufficient for successful training.
No matter what this fake broker claims, its web trader is nowhere near as good as modern trading platforms like cTrader, Sirix, MetaTrader 4, and MetaTrader 5. These programs should be your first choice since they are reliable, accessible on different devices, and possess cutting-edge tools (stop loss, copy trading, EAs, etc.).
Speaking of accessibility, DotBig promises an innovative mobile trading app enabling convenient trading on the go. However, that is just one of many unproven statements coming from this scam broker. Although it states you can download its DotBig web on Google Play Store and Apple Store, it can’t be found there. It uses falsehoods to lure traders into trading and rip them off.
DotBig Accounts Overview
Evaluating DotBig trading brings us to its offer of trading accounts. In fact, there are no details about the types of accounts. This unscrupulous broker assures you can trade with over 100,000 tradable assets, including the following ones.
- Forex: EUR/USD, AUD/CAD, GBP/CHF.
- Crypto: Bitcoin, Litecoin, Ripple.
- Indices: DAX30, S&P500, FTSE100.
- Stocks: Apple, Google, Tesla.
- Commodities: gold, silver, sugar.
Regardless of its offer, this fraudulent broker represents a huge risk to your investment and you should give a wide berth to its offering.
Also remember the names of theProgresiveTrade,BulldenandETHProfitstrading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Does The Broker Offer A Demo Version?
Apparently, there is the option of a demo account available at DotBig. It enables you to experience real trading with no risks and costs. Also, you can test your strategies and trading platforms.
However, this doesn’t change the fact that DotBig is a broker scam. For this reason, better open a demo account with credible companies.
What Do Traders Think Of DotBig?
Going through DotBig reviews on the internet, you will find out that either they are fabricated or negative. As for fake reviews, they recommend this brokerage firm because of its favorable trading conditions and constant customer support.
However, they are easily refuted as soon as you access its website and realize that it is yet another unauthorized, untrustworthy, and illicit broker. Anyhow, don’t rely on the web reviews, since scammers framed them to look positive.
What Is Known About DotBig’s Trading Conditions?
When it comes to trading conditions at DotBig, this company manipulates them to entice you into trading. Its leverage is 1:400 despite most jurisdictions limiting it (1:30/UK and 1:50/USA). Also, it sets the minimum required deposit at 100 USD, which is still higher than what legitimate brokers demand. For example, you can open a real trading account for less than 10 USD with a licensed brokerage company.
Other terms of exchange are not revealed, but they can only be as bad as this broker.
DotBig Minimum Deposit, Withdrawal Terms, and Fees
Concerning payment methods, DotBig has put many logos of major companies (e.g., PayPal, Skrill, Zelle, Union Pay, Visa, Master Card) on its web page to rope you into depositing. However, it doesn’t mean that they cooperate with this shady broker.
We are very skeptical about the availability of these safe and reversible means of payment. More likely this financial swindler accepts only anonymous crypto wallets. As for withdrawals, there is not enough information about fees and processing time referencing payoffs.
Crypto Payments With DotBig Card
Apropos of crypto payments, we have already pointed out that they are challenging to annul and track. That is why they are frequently used for trading scams. Hence, this fraudster offers a DotBig card utilizing cryptocurrencies – implying that all funds deposited this way will be misappropriated. In this case, check the following section.
Scammed by DotBig Broker? – Let Us Hear Your Story
So, if wonder what options you have when get scammed by DotBig and similar con artists, you should know that there is a chance to get your money back. But before moving forward, don’t forget to share your negative experience online.
Keep in mind that anyone can fall for a fraudulent project. So, don’t be embarrassed about reporting cyber fraud to the respective authorities.
But What Is A Chargeback?
A chargeback is a process of recovering your lost funds. As previously introduced, stolen funds deposited via credit/debit cards, bank wire transfers, and some digital wallets (e.g., Pay Pal, Skrill, and Neteller) can be retrieved.
On the other hand, crypto payments require specialist knowledge, and you should turn to cyber security experts for help. In reference to this, contact our chargeback professionals.