BigONE Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this BigONE Review.
BigONE is a coin-to-coin exchange where users can trade in Bitcoin, Ethereum, Litecoin, and other digital assets. Currently the number of supported cryptocurrencies at this exchange is over 30 and it was launched a month ago. As is usually the case with most such venues, BigONE offers a single account type with no option for margin trading and has set no special limitations on the minimum or maximum amount you can send.
What makes BigONE stand out among its competitors, is that it charges no transaction fees. This is a promotion that runs for two months after the launch of the exchange (from Nov 1, 2017, to Jan 1, 2018, at 12:00 a.m. EST).
No trading and deposit fees
Trading fees on BigONE are zero since it launch and the promotion is valid till the end of 2017. Also deposits are free of charge. This sounds really attractive, as most exchanges charhe at least market “takers” with an average of 0.20% – 0.25% per trade.
Wide range of digital assets offered
Apart from Bitcoin, at the BigONE exchange one can trade in ETH, ETC, LTC, EOS, TNB, GXS, QTUM, NEO, OMG and many others. This is quite a lot for an exchange that has been operating for a month.
The most popular trading pairs at BigONE are ETH/BTC and EOS/BTC.
Nice trading platform with advanced tools
The web-based platform provided by BigONE is really good. Apart from the perfectly functional order book, it offers great charting powered by TradingView and is equipped with a number of technical analysis indicators. There is also a market depth window. Here is a screenshot of the platform:
BigONE’s trading platform. Click for a larger image.
Not regulated, unknown company background crypto-exchanges, most of them
While the lack of regulation is common among crypto-exchanges, most of them provide some information on the company that owns and operates them. This, however is not the case with BigONE : We don’t even know where are the headquarters of BigONE, LLC. Nor does Google.
Fiat currencies not accepted
Fiat currencies are not accepted at BigONE you can only deposit in cryptocurrencies, supported by the exchange. This, of course means, that you cannot use your bank account or credit card in order to start trading.
Relatively high withdrawal fees
BigONE does not charge cryptocyrrency deposits, but imposes fees on transfers out of the exchange, which are comparatively high.
No leverage available
As we have mentioned above, trading with leverage is not available at BigONE. In case you want to gear-up your trading, you may either choose an exchange that offers margin trading from our list, or try out leveraged trading in Bitcoin CFDs with a forex broker.
We must mention two things here: first, trading on margin involves significant risks; second, there is a significant difference between dealing with a crypto-exchange and a forex brokerage.
No anonymous trading option, slow verification process
Unlike other exchanges hwere you can trade by just providing an e-mail or mobile phone number, BigONE requires all its users to undergo identity verification. This defies the initial idea Of Bitcoin and besides, verification with this exchange might take hours to days, according to the information on its website.
BigONE has left us with mixed feelings. On the one hand, its trading platform is great and you can trade in a lot of coins with no transaction fees. On the other hand, it applies relatively high withdrawal fees, requires verification, and what is worse, provides no information about the company owning and operating it. Such information is important, as most crypto-exchanges are not licensed, nor overseen by any authority and investors have the right to know to whom they are actually sending their coins.
Of course, you can check out our list of well-regulated and reliable forex brokers, with whom tyou can also trade in Bitcoin and other cryptocurrencies.
It is woth noting that BigONE claims to be in the process of applying for the necessary federal and state licenses to be able to accept customers based in the United States. Also, it says that the vast majority of customer deposits are stored offline in air-gapped cold storage.
BigONE Review Conclusion
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