In the world of online investing, it is crucial to exercise caution and conduct thorough research before entrusting your hard-earned money to any platform.
One such platform that has recently caught the attention of investors is BigWhale However, upon closer inspection, it becomes clear that BigWhale is nothing more than a scam, preying on unsuspecting individuals looking to earn passive income.
In this investigative article, we will delve into the deceptive practices employed by BigWhale, shedding light on the reasons why it should be avoided at all costs.
Unregulated and Suspicious Operations
One of the glaring red flags associated with BigWhale is its unregulated status. Operating as an offshore broker, BigWhale bypasses the necessary regulations imposed by reputable authorities such as the FSMA, FCA, CySec, and ASIC.
While lack of regulation alone does not automatically classify a broker as a scam, it certainly raises concerns about the safety of investors’ funds. Unfortunately, The company has much more than just regulatory issues working against its credibility.
Fake Staff Members and Lack of Transparency
Upon visiting the BigWhale website, one is greeted with a startling revelation: the broker does not disclose any information about its staff members. Instead, it utilizes stock images as representations of its employees, a clear indication of the lack of authenticity and transparency within the organization. This dubious practice raises serious doubts about the legitimacy of BigWhale and the safety of investors’ funds entrusted to them.
False Claims and Unrealistic Promises
BigWhale entices potential investors by making bold claims about the earning potential and profitability of their investment platform.
These promises are often too good to be true. Scam brokers like BigWhale use such tactics to lure in unsuspecting individuals with the promise of significant returns on their investments.
Unfortunately, once investors decide to withdraw their funds, they are met with a web of illegitimate withdrawal rules and ultimately find themselves unable to access their money.
The lack of regulation or the presence of poor regulation is a huge red flag. It means BigWhale is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of BigWhale, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
When it comes to online investment platforms, the availability of reliable payment methods is essential.
It is important to note that BigWhale’s payment methods may not be as trustworthy as they appear.
Scam brokers often utilize unregulated and untraceable payment methods, making it difficult for investors to recover their funds in case of fraudulent activities.
As such, potential investors should exercise extreme caution when considering depositing funds with BigWhale.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
One crucial aspect of a legitimate investment platform is its ability to handle customer complaints effectively. Sadly, BigWhale fails to meet this criterion.
Numerous reports indicate that the broker neglects customer concerns and exhibits a complete disregard for resolving issues. This lack of responsibility further reinforces the notion that BigWhale is more interested in scamming investors than providing a legitimate investment opportunity.
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
To gain further insight into the experiences of individuals who have interacted with BigWhale, we scoured the internet for customer testimonials. The overwhelming majority of these testimonials highlight negative experiences, ranging from difficulty withdrawing funds to complete loss of investments. These firsthand accounts provide a glimpse into the devastating consequences of falling victim to BigWhale’s scam.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like BigWhale tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust BigWhale reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of BigWhale, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like BigWhale enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “BigWhale reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising them.
You should always look out for consumer complaints. In the case of BigWhale, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about BigWhale? You can share your complaint in the comment section or submit an anonymous tip.
BigWhale is undoubtedly a scam investment platform that should be avoided at all costs. Its lack of regulation, fake staff members, false claims, and numerous negative reviews paint a clear picture of an organization solely focused on defrauding unsuspecting investors. It is crucial to conduct thorough research and choose regulated and reputable brokers to ensure the safety of your investments. Remember, if something seems too good to be true, it probably is.
BigWhale is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind BigWhale can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust BigWhale?
All the evidence suggests that BigWhale is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Is BigWhale a scam?
Can I withdraw money from BigWhale?
Where is BigWhale Located?
How do I get my money back from BigWhale?
Launch a website/app with a generic name
A website or app with a generic name allows scammers to hide behind common Google search results. Marketing such names is easier as well.
Pay influencers & social media pages to promote the scheme
By getting influencers and social media pages to promote their brand, scammers make their shady company seem more legit than it actually is.
Send thousands of emails and make cold calls to potential victims
It’s common for scammers to buy the contact details of people and spam them through email, phone calls, social media messages and other means.
Make victims feel safe through “small wins”
Such small wins usually include a few payments transferred into the victim’s account. This makes them seem more legitimate.
Convince victims into investing large sums of money
Due to the small wins, the victim is now convinced that the company is legit. Now, the scammers try to manipulate the victim into giving them larger sums.
Disable withdrawals & take down the website/app
Once the scammers have recieved a signicant sum, they either stop responding or cite a technical error to freeze their victims’ funds.
Repeat the cycle
After making the money, the scam will shut down and the people running it will launch another and repeat the cycle.