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Bigoption Review: Is It a Scam or Legit Forex Broker?

Regulators described BigOption as a binary-options offering, not conventional forex. The FCA warned in 2018 that it was unauthorised in the UK, and the CFTC reported a 2025 court judgment involving Wirestech Limited d/b/a BigOption; the current operator and withdrawal terms remain unverified.
From TheFinanceBase Team7 min to read
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BigOption should not be treated as a legitimate, appropriately authorised UK forex broker. The FCA warned in 2018 that BigOption was unauthorised and targeting UK consumers, and the CFTC announced in 2025 that a federal court found Wirestech Limited d/b/a BigOption liable in a broader retail binary-options fraud case. Regulators describe BigOption as a binary-options offering, not conventional spot forex; this research did not establish the current operator, website, account terms or withdrawal process for every service using the name.

That distinction matters: a binary option may reference a currency pair such as EUR/USD, but that does not make it a forex broker. A binary option generally has a fixed expiry and a payout dependent on whether an asset rises or falls; conventional forex trading involves trading currency pairs under different terms and risks.

What was BigOption?

Regulators described BigOption as an online binary-options service. The CFTC’s 2015 RED List entry identified it as a binary-options offering, and the British Columbia Securities Commission’s 2016 caution described an online binary-options platform operated by Wirestech Limited.

A binary option is not the same product as conventional leveraged forex trading. The BCSC explained that a binary option’s payout depends on whether an underlying asset, including a currency pair, rises or falls. A platform displaying currency pairs or charts therefore does not, by itself, establish that it offers ordinary forex trading.

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Calling BigOption a “forex broker” is imprecise unless the business can demonstrate that it currently offers the relevant regulated product through a named, verifiable legal entity.

What regulators and a court said about BigOption

The official records raise serious concerns, but they are specific to their dates, jurisdictions and proceedings:

  • 2015 — CFTC RED List: The Commodity Futures Trading Commission said Big Option appeared to be acting in a capacity requiring registration but was not registered. The CFTC also cautioned that RED List inclusion alone is not a finding that a legal violation occurred.
  • 2015 — Anguilla FSC: The Anguilla Financial Services Commission said Big Markets Ltd and Big Option were not licensed by it to conduct securities, commodities or financial-derivatives business. This statement concerns that regulator and its jurisdiction.
  • 2016 — Québec AMF: The Autorité des marchés financiers said BigOption was not registered with it and was not authorised to solicit investors in Québec.
  • 2016 — British Columbia Securities Commission: The BCSC said BigOption, operated by Wirestech Limited, was not registered to trade or advise in securities or exchange contracts in British Columbia.
  • 2018 — FCA: The UK Financial Conduct Authority warned that BigOption was not authorised by it and was targeting people in the UK. The FCA warning identified Wirestech Limited and historical contact details; those details are not confirmation of a current office or contact channel.
  • 2025 — CFTC court judgment announcement: The CFTC reported that a federal court entered a default judgment finding Wirestech Limited, doing business as BigOption, and other defendants liable in a global retail binary-options fraud case. The judgment concerned the named defendants and the broader case; it should not be extended beyond the findings described by the CFTC.

The FCA’s 2018 warning said: “This firm is not authorised by us and is targeting people in the UK.” The CFTC’s 2025 announcement is a later court-related finding, distinct from an earlier regulator warning or list entry.

Is BigOption still operating?

The research did not establish a current BigOption operator, website, account terms or withdrawal process. Historical regulator records and promotional material do not establish that a present-day website using the name is the same business, currently authorised or able to return funds.

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If a firm is soliciting deposits today, verify the exact legal entity, domain and product on the current regulator register for your country. Do not assume that a historical brand name, address or licence reference establishes present authorisation.

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Why the regulatory question is decisive

Regulator warnings show what a regulator said about a firm at a particular time and in its jurisdiction. The CFTC’s 2025 announcement reports a court judgment involving named defendants in a broader case. These records are important, but they do not establish the current status or terms of every website that may now use the BigOption name.

Before considering any deposit, identify all four items below:

  1. Legal entity: the full company name, not just “BigOption.”
  2. Licence status: verify the exact firm and licence on the regulator’s own current register.
  3. Permitted activity: confirm authorisation for the specific product being offered and the customer location.
  4. Website and contact details: check that the domain and contact channels match the details on the regulator’s register.

Company registration is not the same as financial authorisation. A corporate record does not prove that a company may accept trading deposits or provide a particular financial service.

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Signs that BigOption should be avoided

Be cautious of any present-day solicitation using the BigOption name, especially if it involves:

  • a legal entity or licence that cannot be verified on the relevant regulator’s current register;
  • pressure to deposit quickly or promises of unusually high or guaranteed returns;
  • requests for extra money before a withdrawal can be processed, such as a supposed tax, insurance payment or release fee;
  • payments requested in cryptocurrency, gift cards or to a personal account; or
  • claims that an upfront recovery fee will retrieve money already lost.

The FCA advises consumers to use its Firm Checker to verify that a firm is authorised for the service it offers. It also warns that people who have already invested may be targeted by follow-up recovery scams. A withdrawal demand or fee should be checked independently; this research did not verify BigOption’s current withdrawal terms.

Does a BigOption account balance prove funds exist?

No. A number displayed in an online dashboard does not establish that cash is held for the customer or that it can be withdrawn.

If you previously used a service using the BigOption name, do not send additional money to release an account balance. Preserve screenshots, transaction records, messages and payment details. Contact your bank or payment provider promptly through its official fraud channel and ask what options may be available. Recovery is not guaranteed.

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How BigOption compares with a verified forex broker

Check What to verify What the BigOption research establishes
Product Whether the service offers forex, CFDs, binary options or another named product Regulators described BigOption as a binary-options offering
Legal identity The company name must match the regulator’s register and the website Historical records name different entities; the current operator was not established
Authorisation Current permission for the exact product and customer jurisdiction The FCA warned in 2018 that BigOption was unauthorised in the UK; current status of any site using the name was not established
Withdrawals and protections Read current written terms and check applicable complaint and compensation protections Current account and withdrawal terms were not verified
Legal findings Read the scope, parties and date of any court record The CFTC reported a 2025 default judgment involving Wirestech Limited d/b/a BigOption and other defendants

What to do if you have already deposited

  1. Stop sending money. Do not pay a supposed tax, release fee, account-upgrade charge or recovery fee without independently verifying the demand.
  2. Contact your bank or payment provider promptly. Ask through its official channel whether a dispute, recall or fraud report is possible.
  3. Preserve evidence. Keep transaction records, emails, messages, screenshots and contact details.
  4. Secure your accounts. Change passwords reused on the trading site and enable multi-factor authentication where available.
  5. Report the matter. Contact the regulator or fraud-reporting authority in your jurisdiction. UK readers can consult the FCA’s guidance for reporting suspected scams.
  6. Beware of recovery scams. The FCA warns that people who have already invested may be targeted by firms claiming they can recover funds for a fee.
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How to check any replacement broker

Use the regulator’s website rather than a link supplied by a salesperson. Search the legal company name, licence number, domain and trading name. Check whether authorisation covers retail customers and the product offered, and read the firm’s current client agreement for fees, withdrawal conditions and complaint procedures.

For UK readers, the FCA says consumers should only deal with firms it authorises and should use its Firm Checker to check permissions. The FCA’s 2018 BigOption warning also states that customers dealing with an unauthorised firm would not be covered by the Financial Ombudsman Service or FSCS if things went wrong; that warning does not resolve an individual’s claim.

FAQ

Is BigOption a legitimate forex broker?

The available official records do not support treating BigOption as an appropriately authorised UK forex broker. The FCA warned in 2018 that BigOption was unauthorised and targeting UK consumers, and regulators described it as a binary-options offering. The current operator and status of any website using the name were not established in this research.

Was BigOption a forex platform?

Regulators described BigOption as a binary-options service. A binary option may reference a currency pair, but it is not the same as conventional spot forex trading.

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Is BigOption regulated?

The FCA warned in 2018 that BigOption was not authorised by it and was targeting people in the UK. Other regulators issued jurisdiction-specific warnings, and the CFTC announced a 2025 court judgment involving Wirestech Limited d/b/a BigOption. Check the current register in your jurisdiction for any present-day firm using the name.

Can I withdraw money from BigOption?

This research did not establish current BigOption withdrawal terms or whether any present-day service using the name can return funds. Do not pay an additional deposit or fee to release a balance. Contact your bank or payment provider promptly if you have paid.

What should I do if BigOption contacted me?

Do not rush into a deposit, click unsolicited links or pay a recovery fee. Verify the firm independently on the relevant regulator’s register, and preserve the messages if you suspect fraud.

The Bottom Line

Bottom line: Do not treat BigOption as a legitimate, appropriately authorised UK forex broker. The FCA issued a warning in 2018, other regulators recorded jurisdiction-specific concerns, and the CFTC reported a 2025 court judgment involving Wirestech Limited d/b/a BigOption in a broader binary-options case. Those records do not establish the current identity or terms of every website using the name, so verify any present-day solicitation independently and do not send money to release an existing balance.

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