Established in 2014, Boss Capital is a relatively young binary options broker by our standard. The platform seems to be managed by the same people that operate the TradeRush platform, Marblestone Partners Ltd. There seems to be a persistent rumour floating around on the internet that these are also the same people who manage the Redwood Options binary trading platform as well.
Regardless of their connection if any, in this review our focus will be on Boss Capital. Until recently, Boss Capital is one of a handful of binary options brokers that accepts traders from the United States. However as of 15th of June this year, they issued a statement stating that they are no longer accepting traders from the U.S.
Platform Overview and Features
Boss Capital differs from most binary options brokers in the sense that they use the lesser known white labelled TechFinancials binary trading platform. Although the TechFinancials platform is not as popular as the SpotOption powered trading platform, it is no indication of the capability of this platform. As can be seen from the screenshot above, the trading interface is well laid out with the underlying assets on the left of the screen, the trade action buttons in the center and the chart on the right of the screen.
Things are deliberately kept simple. For example, you can only find 4 types of options contracts on their platform, Boundary, Call/Put, Short Term and Touch options. While this might seem inadequate to some, we have to bear in mind that there are more than 200 different types of assets that are available on Boss Capital. So you can always find something to trade with just these 4 options contracts.
In addition to having a user-friendly trading interface, the platform comes with various tools such as “Asset Filter”, “Trading History” and “Traders’ Choice Bar” which are all designed to enhance the trading activities of traders using the platform.
But what makes this platform stand out from the other binary trading platforms in the market today is the advanced charting feature. The advanced charting feature comes with various technical indicators which a trader can really put to good use to maximize his analytical ability. And traders are not limited to trading from the desktop with this platform. Boss Capital has also made available android trading apps which you can download to extend your reach of the financial markets from desktop right to the palm of your hand.
As for the minimum deposit required to open a live trading account at Boss Capital, the amount is pretty standard at $200. However, their minimum trade amount is lower than most brokers at only $10. The minimum deposit amount for a wire transfer is $500. The maximum deposit amount for Credit Cards is $20,000 and unlimited for wire transfers. Daily limit for deposits for credit cards is $10,000, monthly limit – $40,000. You can deposit in USD, EUR, GBP, JPY, AUD, RUB, CAD. The minimum withdrawal amount is 100 USD/100 EUR/100 GBP/10,000JPY. The maximum withdrawal amount via credit card is $20,000.
Reliability and Security
As for regulatory oversight, Boss Capital is currently not regulated by any regulatory agencies with regards to its role as a binary options broker. Nevertheless, they take the security of their clients and their website very seriously. The web traffic from the clients’ computers to their servers are all encrypted with a 128 bit SSL encryption certificate. Their website is regularly checked, tested and upgraded to ensure that the website’s integrity is maintained at all times.
Complaints – 5/10
For a relatively young broker like Boss Capital, we actually found a lot of complaints about the broker on the internet. From what we have gathered in our review and from the fact that they are quite popular among traders, we can only assume that the bulk of these complaints stem from the fact that the complainants did not read and understand the terms and conditions about the services provided by Boss Capital. Regardless, as they are still relatively new, we will continue to monitor and inform readers if the situation changes.
Bonuses – 7 /10
As for the bonuses offered by Boss Capital, they vary according to the type of trading account held by the trader. Although the bonuses are not as high as what most brokers are offering, they are still quite generous with the lower end at 25% and the higher end at 65%. Higher bonuses are still available but have to be negotiated by the VIP traders with their assigned account manager. As for us, these bonuses are not crucial since a trader is actually better off without claiming them.
Customer Care – 10/10
We were quite impressed with the level of dedication that Boss Capital provides through its support. For starters, they have made their website available in French, Italian, German, Chinese Russian and Spanish. Next, the support services are available on a 24/7 basis.
Access to the support services are through the normal channels such as email, live chat and telephone. However for their telephone support, they provide localized support to more than forty different countries! This is by far the most number of countries that is covered by any binary broker that we know off.
We also noticed that Boss Capital is very focused in ensuring that their traders receive a decent level of trading education. The training materials that they provide include free ebooks, video courses and regular webinars. In fact, we find the training coverage is quite comprehensive.
Price Manipulation – 10/10
The price feeds which Boss Capital uses are provided by Thomson Reuters. With the real time price feeds, the calculation of the expiry prices is based on an average of the Bid and Ask prices. From our observation, we found no evidence of deviation in the actual expiry prices from prices calculated with their expiry rules.
Security – 6/10
As stated earlier, these guys take the security of their website and integrity of their clients’ personal details very seriously. The security measure which they have put in place is as claimed. In this area, we can find no deficiency on Boss Capital’s part. However due to the lack of regulatory oversight Boss loses points.
Withdrawals & Deposits 8/10
With Boss Capital, deposits can be done through credit/debit cards, web wallets and wire transfer. Withdrawals can also be achieved through the above mentioned methods. Withdrawal requests are typically processed within 72 hours by Boss Capital for standard accounts.
For gold, platinum and VIP account holders, they get their withdrawal requests processed within the same day. However they have a minimum withdrawal amount requirement of $100 before they start processing your request. Boss capital also imposes a $30 service should you withdraw more than once in a month. Platinum and VIP account holder are however exempted from this service fee.
With a scoring of 46/50, Boss Capital falls under the category of above average brokers. We have to remember that they have only been operational for about year and the fact they can score this high seems to indicate that they have got what it takes to be a boss in the binary brokerage industry. BinaryScamSniffer has no doubt that Boss Capital is definitely a trusted broker.