- They provide a modern trading platform with adequate security
- Fees and Charges are very competitive
- They provide a wide range of cryptocurrency pairs for trading
- They are anonymous vendors that provide no address and no regulatory info
- You cannot buy cryptocurrencies with cash i.e. fiat currency
BigONE is an online cryptocurrency exchange firm that began operations in 2017. Though they are very new in the business, they have grown very fast and now offer several cryptocurrency pairs for exchange trading on their platform.
Unfortunately, the owners of BigONE are anonymous. There is no mention of their office location, country of origin, evidence of company registration or regulatory details. Their official website is available in English and Chinese.
BigONE believes that they are the most secure and convenient cryptocurrency exchange in the world. But, we shall explore their services in details in order to substantiate or refute their claims.
The BigONE trading platform is powerful, intuitive and yet sophisticated. It is a modern platform with fast execution times. It is also mobile friendly. The platform is web-based and runs on most browsers across multiple devices and operating systems. Only one account type is offered and there is no provision for margin trading. The platform features an easy to use order book and good charting provided by “TradingView”, an independent developer of social networking and technical analysis tools for traders. The platform also has a series of technical indicators and market depth windows. Generally, it’s an advanced and efficient platform for trading the cryptocurrency pairs. Even on social media, users commended the platform, describing it as “nifty” and “reliable.”
BigONE connects to various cryptocurrency networks to move the coins from one address to another. About 114 cryptocurrency pairs are available for exchange trading on the platform. The most popular trading pairs are ETH/BTC and EOS/BTC.
BigONE has its own cryptocurrency which trades on the coin market under the symbol BIG tokens. It has been allotted a maximum supply of 200 million BIG tokens.
Fees and Commissions
BigONE does not charge deposit fees for coins transferred to them from another exchange. At the moment, they do not accept cash deposits from banks, credit cards or e-wallets. The exchange charges only 0.1% as trading fees for any trade placed on the platform.
Withdrawal fees are charged when a client wishes to move crypto coins out of BigONE exchange. The amount charged is dependent on the cryptocurrency to be withdrawn. For instance, BTC withdrawals attract a charge of 0.002 BTC, ETH withdrawals are charged at a rate of 0.01 ETH and LTC withdrawals attract a charge of 0.01 LTC. This amount charged is independent of the amount of token to be withdrawn.
Security and Fairness
Security is very important in the cryptocurrency business and BigONE is taking it very serious. This is because hackers always attack and attempt to steal valuable cryptocurrencies from exchange wallets. To combat this, a number of measures have been taken.
The official website is protected with modern security tools which encrypt user data especially during transmission over the internet. The users undergo series of verifications before they can access the full features of the website. During registration, email verification is done. After that, two-factor authentication (2FA) can be enabled. This sends averification code to the user’s phone anytime a login or any sensitive action is initiated. The code is entered into the website to complete the action. This code changes every 30 seconds. Then, KYC is done with the user holding up a government issued ID card, in a selfie picture, with a note on which is written “BigONE” and the date of verification drawn on a piece of paper and held up by the user in the selfie photo. The next step is to set up the “Asset Pin.” Users have complained so much about the problems associated with these verifications. Most are stuck and therefore cannot make withdrawals.
The website features a Frequently Asked Questions (FAQ) page with full explanations and outlines on how to create account, verifications, trades etc. “Submit a Request” form is available for visitors to fill their names, request description, issues etc. Support is received by email. No phone numbers are provided for support. Also, no email address is available. Social media support is available on facebook, Twitter, LinkedIn and Google+.
‘User reviews’ scored BigONE support very low. This is mainly because users wait for days in order to receive verification confirmations after sending their details. Some clients send the same documents over and over again without response from the BigONE support team.
For a very new company that is still trying to find their feet in the exchange market, BigONE has done well. They already connect to many coin networks and offer hundreds of cryptocurrency pairs for trading. Their platform is loved by the users. It is very fast, easy to use and full of necessary tools to aid the trader. They have their own BIG token which is expected to become popular in the near future. Their charges are moderate and competitive when compared to other exchanges. The security provided on the platform and website is top notch.
However, the various documentations and verifications required are surprising to their clients especially as there is no organized body regulating their operations. Their customer support response time is very slow. It takes them days and sometimes weeks to reply an email. Phone support which is usually very fast is not available.
In addition to their unregulated status, perhaps the worst of all is that they are anonymous. They provide no office address, no phone numbers and no company information. Some users find it ridiculous that BigONE is asking for full documentation and verification from their users while they are unverified, anonymous and unregulated. It is difficult to trust your assets into the hands of an unknown company on the internet. So, BigONE cannot be trusted.
Here are some major questions that customers always asked about BigONE.
Is BigONE regulated?
No, they are not regulated. They are cryptocurrency exchange and not regulated as a broker.
Is BigONE a scam?
No, there are no reports of scam. Though there are spam accusations, but it is coming from frustrated users who have been angered by the very slow customer care support.
Where is BigONE based?
They did not provide an office address. Though speculations suggest that they are either in China or in the UK. We can’t confirm that.