Dotbig: reviews on trading opportunities. Scam or not?

• Categories: CFD-Brokers

It is extremely dangerous to enter into business relationships with brokers who operate offshore schemes. The warnings of the Central Bank of Russia have repeatedly raised this issue, but some traders still disregard the risk and trust that they are an exception to the rule. In reality, in almost 99% of cases, such people fall victim to financial fraud, remain deceived, and are forced to leave negative reviews. Our review is aimed at the company Dotbig. Opinions about it online are extremely contrasting. Some claim that one can earn a fortune, while others complain of fraud and loss of deposit. We need to understand the true nature of this company.

Analysis of the managing company

Dotbig is a broker with offshore registration data. According to statements, the managing company DotBig LTD is registered in Saint Vincent and the Grenadines. This island jurisdiction does not have the noblest reputation, representing a true haven for financial scammers targeting trusting users. Dotbig remains silent about holding a license to provide broker services. Considering the versions of the website in both English and Russian, the company clearly should have received approval from the Central Bank of Russia according to 460-FZ. However, as expected, Dotbig is not found in the register of the country’s main regulator:

Reviews from deceived traders indicate that they have to deal with financial problems alone, since the regulator does not have the legal ability to control the actions of offshore entities legally operating.

Also, in the footer of dotbig.com, it is indicated that Dotwallet OÜ is responsible for conducting transactions, registered at: Harju maakond, Tallinn, Kesklinna linnaosa, Tuukri tn 19-315, 10120, Estonia. However, this is pure lies! There is no such organization in the Estonian regulator’s register:

There is no need to rely on real and honest cooperation with an offshore entity. Just take a look at the Customer Agreement terms, where the broker set extremely unfavorable conditions:

• section 1.9 – the company reserves the right to terminate an agreement with a trader at any time or cancel trading results,
• section 3.11 – the gang may refuse services to a customer and is not even obligated to explain the reasons for its denial,
• section 3.14 – the fraudulent intermediary can suspend, close orders (naturally, scammers will make use of this in case a trading operation is disadvantageous to them),
• section 6.3 – the company absolves itself of responsibility for customer losses.

However, many users emphasize in their reviews that their own carelessness and credulity played a cruel joke on them. They put themselves in a difficult position by agreeing to the provocations of scammers when registering on the Dotbig platform.

Thus, there is no information on the duration of the company’s operation on the website. Different reviews available online present conflicting information. Some mention the year 2003, while others attest to the company’s young status. According to whois verification data, the domain was indeed registered in 2003:

However, all data from the web archive about this website has been deleted.

This behavior is typical in cases when scammers buy an old domain for pennies and use it for their purposes. Pay attention to the website update date – 19.04.2021. Most likely, Dotbig started working from that time. This conclusion is also supported by pages on social media. For instance, the Facebook community was also created in April of the current year.

Evaluation of trading conditions on the Dotbig platform

Dotbig claims to offer access to trading with 100,000+ assets. Among them:

• major currencies,
• stocks,
• indices,
• CFDs,
• commodities,
• digital currencies,
• ETFs.

The platform offers a demo account and copy trading function. However, considering the company’s reputation and numerous negative reviews, it seems like it is just a bait for inexperienced participants.

There is only one real account on the website, and detailed information about trading possibilities is lacking. In the Deposit and Withdrawal section, only the minimum deposit of $100 is listed. Surprisingly, the company only presents methods for depositing funds, withdrawal rules, and commission size. Nevertheless, there is no information on how to withdraw profits. It’s simple: scammers have no intention of paying out. Dissatisfied traders’ reviews only confirm this.

Impressions from reviews?

Fake reviews can be found on the fake broker’s website. Naturally, all of them are approving:

However, they cannot be trusted as elsewhere Dotbig has gained a negative reputation:

Deception methods in Dotbig

The fraudulent central structure of Dotbig actively recruits potential victims on social media and specialized forums. Company employees send messages from fake accounts and lure novice traders into the scam. The conditions seem democratic – a demo account is provided for practice, the opportunity to copy trades of experienced traders, and the entry threshold for real trading is only $100.

However, losses in dealing with the project are not limited to this amount. Scammers aim to extract maximum benefit. And when a trader starts demanding profit withdrawal or refuses to invest additional funds, scammers simply terminate the agreement, refusing to provide services. Not to mention, they will prohibit withdrawal of funds from the account.

Independent investigation

Scammers from Dotbig aim to extract every dollar from you. An offshore company operates without a license, absolving itself of responsibility for customer losses. By entrusting them with your finances, you are highly likely to inevitably lose!

If you have dealt with this broker and are ready to share your opinion, leave a review below this text. It will help others make the right decision and avoid falling into the web of Dotbig’s lies.