Home Broker Reviews Big Boss Review

Big Boss Review

93
0

Big Boss Holdings is an ECN broker located in St. Vincent & the Grenadines. This broker offers three different account types, along with a range of investment options with high leverage options. However, their site is somewhat vague when it comes to certain categories. Even so, we did our best to learn as much as possible about this broker so as to provide you with as much information as possible.

Account Types

Big Boss offers three different account types: Standard, Pro Spread, and FOCREX. The first two account types focus on trading Majors, Minors, CFDs, and etc., while the FOCREX account focuses on cryptocurrencies. In addition to the asset offerings, differences also come in the form of commission fees and leverage options. Some of the only similarities the accounts share are the lack of minimum deposit requirements and the same trade sizes. Below, you’ll find a quick overview of each account type.

Standard Account

  • Minimum Deposit: None
  • Leverage: Maximum is 555:1. There are some specifications.
  • Commission: None on Forex and CFDs. Others: 1 Lot one-way 0.2% (0.4% per turn)
  • Trade Pairs: Forex Major,Forex Minor,CFD,etc

Pro Spread Account

  • Minimum Deposit: None
  • Leverage: Fixed at 555:1. CFDs are fixed as 50.
  • Commission: 1 Lot one-way $4.5
  • Trade Pairs: Forex Major,Forex Minor,CFD

FOCREX Account

  • Minimum Deposit: None
  • Leverage: Spot Trade
  • Commission: One-way 0.2%
  • Trade Pairs: BTCUSD,EXCUSD,ETHUSD,ETHBTC,XRPUSD

The lack of deposit requirement is definitely a plus and makes it possible for one to choose any of the account types without funding restrictions. The most flexible leverage options are for the Standard Account, while the Pro Spread account offers a fixed leverage. Commissions are highest for the Pro Spread account, while the commission fees for the other two account types are low. IB and demo accounts are offered in addition to the main account types. You will be able to open an account quickly without providing any personal information, but you’ll still be required to submit documents before you can make a withdrawal. Before depositing, you’ll want to make sure that you have a valid ID and address document so that your funds do not get stuck in limbo.

Platforms

The award-winning MetaTrader 4 platform is available for all traders operating from Standard or Pro Spread accounts. If you’ve chosen the FOCREX account, you’ll be trading from the FOCREX website instead. With MT4, you’ll have access to a variety of tools on a user-friendly interface. This is the most popular and most widely offered trading platform among Forex brokers, due to the fact that MT4 provides everything a professional trader could need. The platform is available for download directly on Big Boss Holding’s website, as well as on the App Store and Google Play. Traders can also access MT4 through the Webtrader, which is the browser based version that does not require download. This would be the best option for Mac users.

Leverage

The leverage on the Standard account starts at 1:25 and goes as high as 555:1, although there are some specifications. The leverage on CFDs is actually set at 1:50, while the following pairs are fixed at 5: BTCUSD, ETHUSD, XRPUSD, BCHUSD, EOSUSD, LTCUSD, and NEOUSD. Fortunately, the volume of funds in your account will not affect the leverage choices you’ll have and you’ll be able to change your leverage if you’d like to do so. If you’ve chosen the Pro Spread account, the leverage will be fixed at 1:555, except for CFDs, which are also set at 50. The leverage for the FOCREX account is spot trade. The options for the Standard account are very flexible, while the Pro Spread account comes fixed with a competitively high leverage.

Trade Sizes

The smallest lot sizes differ based on the asset you’re looking at. The smallest lot size of 0.01 is allowed for Forex options and others on the Standard and Pro Spread Accounts. A lot size of 0.1 is set as the smallest size for CFDs on both account types. On the FOCREX account, the minimum lot size is set as 0.00001 on BTCUSD, ETHUSD, and ETHBTC. The minimum size is 0.01 for EXCUSD and 100 XRP on XRPUSD. The website didn’t offer information about the maximum trade sizes. The margin call and stop out levels for the Standard and Pro Spread accounts is listed below.

Margin Call: 50%

Stop Out: 20%

Note that there is no margin call or stop out level for the FOCREX account type. Reaching the margin call level would mean that you would no longer be able to place a trade, so this would be the point to consider depositing more funds into your account. If you hit the stop loss level, you’re trades would be closed automatically in an attempt to stop your account from going into the negative. This standard is put in place among all Forex brokers.

Trading Costs

The Standard account does not charge commission fees when trading Forex or CFDs, but you will pay commissions, which are set as 1 Lot one-way 0.2% (0.4% per turn) on all other assets. On the Pro Spread account, commissions are set as 1 Lot one-way $4.5. Finally, the listed commission fees for the FOCREX account are One-way 0.2%. You’ll notice that the Pro Spread account comes with the largest commission fees, but one could expect the spreads to be much better in return.

The company offers negative-balance protection for the Standard and Pro Spread accounts. This is not available for the FOCREX account type. Swap fees are applicable and will be reflected every Tuesday for areas below GMT+2 and Wednesday for others. Server rollover time occurs at 10pm, GMT ±0. Finally, the broker will make profits through spreads, which is the difference between the bid and ask prices. You’ll find more information on spreads later.

Assets

The Standard account comes in first place when it comes to asset offerings, offering Forex Majors and Minors, CFDs, and more with flexible leverage options. The portfolio offers a range of currency pairs, in addition to indices and commodities. Close behind comes the Pro Spread account, which offers Majors and Minors in addition to CFDS on a fixed leverage of 555:1.  Finally, the FOCREX account may have less choices, but this account type is meant for crypto trading and does allow for the trading of Bitcoin.

Spreads

The website does not list information about the spread for any of their account types, so we did a bit more research to provide them. Our research found that the spreads for the Standard account average around 1.5 pips, which is average. When coupled with the commission costs of 0.4% per round turn, the options for the Standard account aren’t bad. Unfortunately, it was harder to find information listed on the spreads for the Pro Spread account. It’s safe to assume that they would be much better, but more information would be helpful. The best thing to do would be to open a demo account in order to test the spreads on this account type.

Minimum Deposit

One of the benefits to choosing this broker is the lack of minimum deposit requirement for any of the accounts. With others, you’ll often see minimums starting at $100, but some account types rise into the hundreds of thousands. Fortunately, having the funds to open an account should be no issue with this option, since one could deposit as little as $5. However, we do recommend depositing more, since there just isn’t much that can be done with such a small amount. If you’re worried about the lack of funding information, you could always test your preferred method with a very small deposit.

Deposit Methods

Deposits can be made via credit card, bank transfer (including overseas or from Japan), BitWallet, and Bitcoin. We would have liked to see a few more options on this list, like Neteller or Skrill. Still, this broker is offering a few of the most popular options. Before you’ll be able to deposit by credit card, you’ll need to fully complete the registration process and provide a copy of a past statement from that card. Bitcoin and Bitwallet also require complete registration before those funding methods are allowed. Unfortunately, the website does not list any information on processing times or fees for any of the methods besides bank wire. If you choose to deposit via bank wire, you’ll pay deposit fees charged by your bank. This can vary, so you’ll want to check with your bank specifically. Processing times for this method can take between 2 and 5 business days, unless your deposit is sent from a bank in Japan. In this case, it can take just 1 business day to receive funds.

Withdrawal Methods & Costs

Currently, bank wire is the only withdrawal method available. Big Boss charges $20 for USD accounts, or 2000 yen for JPY accounts per withdrawal, regardless of the withdrawal amount. If you make more than one withdrawal in a day, you would be charged this fee for each withdrawal request. However, you can simply cancel any pending requests if you realize you’ve made a mistake. We will say that having only one withdrawal method is not very efficient for clients. Although most will have access to bank wire, it still may not be a preferred method due to fees and longer wait times.

Withdrawal Processing & Wait Time

It usually takes between 2 and 5 days for withdrawals to be reflected on your account. For bank wire, this is an average time frame, since the bank is responsible for allocating your funds, as well as the broker. However, the website states that withdrawals for more than $5,000 USD may take a bit longer. There is no exact time frame, but feel free to ask support if you’re considering making a withdrawal this large.

Education & Trading Tools

Big Boss’s website is pretty barren when it comes to educational opportunities. We do consider the demo account to be a great educational tool, so beginners could take advantage of the free demo account if looking for experience. However, this would not be enough for a someone that is unfamiliar with Forex in general, so you may need to look for more information on the web. You’ll also be able to find news on the website, but the company does not offer any direct tools from their website. Fortunately, the MT4 platform makes up for this by offering a range of helpful and impressive tools.

Bonuses & Promotions

For every trading lot, Big Boss will provide a $4.00 trading bonus. Note that this is not available for the FOCREX account. There are no tough requirements to meet, but some of the tradable currency pairs are not applicable for the bonus. Bonuses are distributed every Monday, but you’ll want to be careful about making withdrawals because the weekly bonus would be cancelled if you were to make a withdrawal from your account.

Customer Service

On their website, Big Boss claims that they intend to respond to inquiries as quickly as possible and invite clients to reach out to their support team with any questions they may have. You can select ‘Questions Inquiries’ from the drop down list under ‘About Us’ on the website in order to fill out a form for support via email. The form will ask for the type of inquiry, as well as your country and email address. In addition to the email option, you can also hop on LiveChat to speak with support quickly, although this option is only available during operating times. Live support is available Monday-Friday GMT+8 9:00~17:00. The company also has a small following on social media, so you may want to consider following them if you sign up. Unfortunately, there were no direct phone numbers listed on the website.

Facebook: https://www.facebook.com/bigbossholdings/

Demo Accounts

Big Boss provides free demo accounts and encourages their clients to use one of these practice accounts before trading from a live account. If you do decide to open a demo, you’ll be able to choose between the Standard and Pro Spread account types. You’ll also be able to select your leverage, with the lowest option being 1:25 and the largest 1:555. The broker does suggest you practice realistically, so it’s recommended that you choose a realistic leverage. Finally, you’ll be able to enter any amount you’d like as your mock balance. The options here are very flexible, since you’re allowed to choose from different account types, play with your leverage, and choose any deposit amount. The same can’t be said for demo accounts with many other brokers, since they often come with fixed deposit amounts on one generic account type.

Accepted Countries

On their website, Big Boss states that they do provide contracts for those located in the USA, Iran, Malaysia, or Japan. However, we were able to create an account from our U.S. based offices by selecting United States Minor Outlying Islands from the drop down menu on the sign up page. We received our login information via email, so there’s no doubt that the U.S. is in fact accepted, regardless of conflicting information on the website.

Conclusion

Big Boss holdings is an ECN broker that offers three different account types. Some of the biggest disappointments with this broker are related to funding, being that the website is unclear with some information, only offers one withdrawal method, and does charge fees for withdrawals. Also, the website does not offer much in the way of education or trading tools, but users would have access to flexible demo accounts and the award-winning MT4 platform, which comes with a range of built-in tools. There are commission fees for all of the account types, but the Standard and FOCREX accounts have low commission fees. These charges can even be avoided when trading Forex or CFDs on a Standard account.

This broker also offers a realistic and ongoing bonus opportunity, in addition to average spreads. The best advantages to choosing Big Boss Holdings as your broker seem to be the lack of any deposit minimum for all three account types, competitively high leverage choices, a rich product portfolio, and the ability to trade on the MT4 platform. If you can get past the funding drawbacks and deal with the average spread offerings, you could benefit from choosing this broker. On the other hand, if bank wire withdrawal is a deal breaker, you’ll need to look elsewhere.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here