How did I first hear about Big Boss?
I saw a comment on a Facebook post in a forex group regarding the brand name, and I myself found it amusing and had not previously heard any mention elsewhere.
What was my first impression of Big Boss as a broker?
I must admit, the brand name ‘Big Boss’ is not one I felt I could take seriously, and felt as though it came across as a joke and made me wonder how many ‘professional’ trader clients this broker could actually maintain. Something else that struck me as odd was learning they offer leverage of up to 1:555, which is not something I can say I have ever come across in a broker before. I was certainly curious to see if my doubts on the legitimacy of this broker could be confirmed.
How easy is it to navigate the broker website?
The website itself is relatively easy to work your way around, with few tabs and not too much chaos going on, on first look, it’s a breath of fresh air to be able to locate the FAQ page right away and find out answers efficiently. However, once I had opened a few tabs and had a proper look around the website, the whole feel felt very rushed and hastily put together, as though the website had been made by a media student in someone’s back bedroom.
Do they offer a good variety of tradable assets?
This is where my initial doubts started to loom; I could not anywhere on the website or FAQ page, locate a compiled list of all tradable instruments without opening the demo first. Since their live chat was offline, I sent in a ticket to ask about where I could locate the list of tradable instruments. I received a response via email after 36 hours, and was advised to click on a link taken from the website which is in fact the account comparison table, which does not logically set out the tradable instruments as you can see below.
I found the whole layout on this subject to be highly disorganized, and an apparent attempt set out something as simple as a compilation of tradable instruments to be readily available for keen new clients to be very half-hearted and not helpful at all.
ALL tradable instruments are included in the image above. As you can see, this is not the widest range of instruments that a broker could offer. In fact they are rather limiting in comparison to what other brokers have to offer. I was disappointed to see just a handful of Forex and Cryptos offered, especially cryptos; with the digital world progressing at such a rate, I automatically anticipate a large range of cryptos to trade, while their values are still relatively low on the more obscure coins, which would be a good opportunity for clients to trade long term, and thus, maintain clientele for longer.
Do they offer different account types and what are the benefits?
Big Boss offer three account types: Standard, Pro Spread and FOCREX. The Standard and Pro Spread accounts are limited to being held in USD or JPY currency, while the FOCREX account has a choice of: USD, JPY, BTC, ETH, OMG, QASH, EXC and AXE. The FOCREX account is suitable for Spot trading, while the Standard and Pro Spread are for CFD trading, both with a maximum leverage of 1:555. In addition, the Standard and Pro Spread accounts are available through MT4 platform, while the FOCREX account is not- you are only able to use the FOCREX platform. While all 3 accounts do not have minimum deposit requirements, the limitations on each, and ‘benefits’ of each, are so intertwined that it is incredibly difficult to decipher which account is the ‘best’ for one as an individual.
How competitive are their spreads?
To see the spreads, I opted to open a demo account initially to check out the spreads reflecting the live account. When I signed up for the demo account and awaited my demo login credentials via email, I received an email in what appeared to be Japanese (literally) even though I had selected my country of origin as being the UK. This did not make sense, and was incredibly time consuming as I had to contact them via email to chase up some log in details (via email and await at least a business day or two to get an answer). In this case it would have been beneficial to have a live chat available, but each time I have visited their website, their live chat is ALWAYS offline. I did use google to help translate the email which unfortunately did not give me the demo login credentials I had waited now 24 hours to arrive. This wait time is unacceptable and very frustrating to wait around for, especially since this is just a demo and not a live account, therefore does not have to go through any verification process which understandably, can take some time.
I did respond with an email which you see below and did not receive a quick response. This led me to believe that this broker has an agenda to make the client dive straight into signing up to a live account rather than thoroughly peruse the trade conditions offered prior to committing as a client.
I had another thorough peruse on the website and eventually did find the spreads which are variable, and for the Pro Spread account, seem rather low, however if you take into consideration the commission charge, you as the client are spending the same in total that you would on the higher spread account with no commission charge.
What is the maximum leverage they offer?
This is one of the most bizarre and seemingly illogical elements to this broker; on the Standard and Pro Spread account, the client is allowed to trade with a maximum leverage of up to 1:555. I must admit here I have never come across such a leverage being an uneven number. Nevertheless, this leverage offered is more than amicable and can really aid the trader to maximise profits on a grand scale, on winning positions.
There is no information available for the leverage available for cryptocurrency trading so I did send a live chat (even though it was offline) and waited around for an email response in regards to my demo credentials, which took 24 hours to arrive, and simply included a video (pulled from the website) on HOW to open a demo account, but did not actually resolve the fact I did not receive them. The FAQ page was useless in this regard also.
What is their commission charge?
The Spot trading account (FOCREX) comes with a 0.2% commission charge one way, so in total round turn 0.4% would be charged. For the CFD trading account namely, ‘Standard’, does not hold a commission charge, however the spreads on this account are higher than the spreads on the Pro Spread account, which DOES charge commission at $4.5 per side, so $9 round turn. This is an incredibly expensive sacrifice to make for the lower spreads, and does not offer clarity when choosing the best account between the Standard and Pro Spread account; either way, the client is being charged be that through the spread of the commission charge, so the broker wins whichever account you opt for.
Do they offer a deposit bonus?
Yes, Big Boss offer a revolving bonus scheme whereby Standard and Pro Spread account holders are entitled to $4 to be credited to their account for every lot traded, and is credited every Monday. Of course, these bonuses are not withdraw-able, but simply a ploy to encourage clients to continue depositing and making potentially risky trades by increasing the trade size to gain more bonuses, therefore instilling a sense of security whereby one is led to believe that the higher the capital in the account, the greater the chance of profits are to be made.
What do I need to open a verified account?
Big Boss do not offer an FAQ page which would be handy for such questions and for efficient referencing; in this case, you are only made aware of what you need (documentation) the moment you sign up to a live account, when you are presented with the requirements. The requirements are standard: one must submit a document proof of Identification as well as a document to prove residency, dated within the past 3 months.
How long does it take to open a live account?
I did not waste my time opening a live account with this broker as too much doubt had led me to believe that this broker has a distasteful manner of operation. Therefore, I do not know the answer to this question, but with a lack of customer service communication and the live chat team being apparently permanently offline, it would not surprise me that this process would be nothing other than lengthy and frustrating.
Do they have a minimum/ maximum deposit requirement?
It does not appear that this broker has a limit on deposit amounts, nor do they have a specific amount in place for the minimum deposit requirements. The account comparison table states that all 3 accounts offer the freedom to deposit any amount, as little or as much as the trader wishes. However, if you factor in the offer of a bonus, this is natural encouragement to deposit a substantial amount without putting in place a specific requirement.
Are desktop/mobile/web trader versions all available?
If you opt for either of the two CFD trading accounts (Standard/ Pro Spread) then you would be able to trade via MT4. If you opt for the FOCRX account (spot trading) then you are offered Big Boss’ own platform.
It did give me a sense of relief that this broker offers MT4 across Windows, Apple devices and Android as this is the long standing, most trusted platform to trade on.
It is also a nice touch that they do offer short tutorials on how to log on to each device, however it is useless if they are not going to provide you with demo log in credentials to start with, which then automatically encourages many to dive right into a live account straight away.
Which countries are restricted from trading with Big Boss?
Again, the FAQ page did not serve as very helpful here, as there should be available a full list of all residents of those countries restricted from registering with this broker. However the only information relevant that I could find, was at the footer of the website, where it is stated that this broker does not provide CFD trading to clients from the USA, and does not intend to target to onboard clients from Malaysia or Japan. In regards to the USA clients, it does not mention disallowing them to enter into Spot trading with the FOCREX account, so seemingly, this broker can onboard clients for this specific type of trading.
What deposit and withdrawal methods are available?
It does not state ANYWHERE at all on the website or the FAQ page which methods of deposit and withdrawal are available for all three accounts, and the fact the live chat team were offline meant I had to wait around (approx 48 hours) until I received a response to my live chat message, in Japanese, which was not helpful at all. This again reinforces the fact that this broker are keen to get people to sign up to a live account, without any knowledge of what they will be entitled to, and which methods are available for deposit and withdrawal. This is not helpful to anybody as methods available may not be suitable or preferable to particular individuals, which is too late to know once you have already registered and deposited your funds. What guarantee is there that you will be able to get your funds back? Especially when you cannot even communicate with this broker via their permanently offline live chat.
Do they sell additional products/services/managed accounts?
I asked this question via Live Chat which of course, was offline at the time, and received an email response approximately 24 hours later, in Japanese, which I then had to translate, and was incredibly frustrated to see that I had received not a personal response, with an answer to my direct question, but an automated response telling me the hours of operation of the customer support team. By this point, my opinion of this broker was nothing short of a joke.
If assistance is required, how can you get in touch?
God help you if you sign up to this broker and need assistance! According to the reel of automated email responses I had off of the back of my live chat messages, this broker supposedly offers Live chat service between the hours of 10:00 to 18:00, Monday to Friday (Japanese time). I also want to point out here that the website does not even contain a ‘contact us’ section, so to my knowledge, a telephone line is not available, either, or an email address, unless you make an enquiry via live chat, and reply to the email response from that. This is a major red flag, and anyone who signs up to a broker without knowing they can contact their broker easily or even at all, really needs to consider this element.
What is the quality of customer service?
My answer is plain and simple: I did not receive any customer service with any fiber of ‘quality’ to it. I am highly disappointed by this broker and their lack of communication from start to finish in my short experience with them; when their live chat is offline (which appears to be consistently), you do get a response via email after approximately 24 business hours, but the email is in Japanese. In addition to this lack of use to the majority, the email I received on more than a handful of occasions to 90% of my enquiries, was an automated answer, notifying me of the hours the customer service team supposedly operate.
Do they offer an IB affiliate program?
Big Boss offer a vague introduction to their IB affiliate program which you can find on their website. It does not offer informative information such as how the commission structure is set out, but it does state: ‘’it can generate you an income of $1million+ from your clients’ trading activities.’’ which is incredibly inviting, yet simultaneously misleading and not guaranteed anyway. I did not even bother contacting their ‘support team’ in regards to the commission structure as I knew I would only be wasting my time to receive an automated response about the customer support hours of operation.
What is my overall opinion of Big Boss?
Personally I have ranked Big Boss as one of the worst brokers I have come across. The time I wasted researching on them is time I will never get back, and never would I ever recommend this broker to anyone, unless you are looking to purposely throw money away, never to be seen again. This broker could not even give personal customer support responses, do not display basic information such as deposit/withdrawal methods available online, and too many minor factors have resulted in me drawing the conclusion that this broker was set up as a joke; even the brand name cannot truly instill confidence in anyone, and if it does, you really should scour this broker website for yourself before even considering a demo account and wasting your time.