BossCapital is now owned by Melnic Group Ltd., Sofia, Shar Planina Street 63, Bulgaria. The former owners, Cheshire Capital Ltd does no longer owns/operates Boss Capital. According to the Companies House, the mentioned company will be struck off the register and will be dissolved “unless cause is shown to the contrary” at the expiration of 2 months starting 07/02/2017. Source: Companies House – notice for compulsory strike-off.
Is BossCapital A Scam?
BossCapital does not appear to be a scam yet lately Boss Capital has gained a rather bad reputation due to some complaints related to withdrawal problems and bad investment advice offered by its representatives. Some of these complaints can be viewed in the Comments section below this review and others by simply searching with Google. Also, some regulatory agencies have warned against doing business with this unregulated brokerage, so we recommend caution as well but we must note that we cannot verify or vouch for the authenticity of the complaints posted by readers on our website or online in general.
Update February 2017: Checking web traffic can offer hints about the performance of a brokerage. Spikes of any kind (either up or down) are considered a warning sign and unfortunately bosscapital.com shows such spikes: in August and September 2016 they had 60K and 55K visits respectively, then in October, traffic spiked up to 690K just to drop 2 months later to 230K. The majority of visits come from Canada (almost 20%) and weirdly enough, Canadian regulator Ontario Securities Commission issued a warning about Boss Capital (check “Boss Capital Regulatory Warnings And Announcements” below for more information).
Editor’s Note – Why BossCapital doesn’t Suck in 50 words
BossCapital is based on the Tech Financials platform and has some of the most advanced binary trading around. The asset list is quite extensive and includes more than 2 dozen international stock indices as well as all the major currency pairs (yes Bitcoin too). Banking is available with MoneyBookers and there are attractive features for VIP account holders. One such feature is same day withdrawal for Gold level accounts and above. High Returns. Notice: BossCapital Stopped accepting US based Traders.
Why does BossCapital Suck in 50 Words?
Training. There’s simply not enough trading education for newbies, not to mention advanced traders. If a newbie joins BossCapital without prior knowledge of Binary Options, he/she will surely need our school for more education. So, make sure you go through our school before.
Update February 2017: Unfortunately the lack of education is no longer the suckiest thing about Boss Capital. They are not regulated and their reputation is going downhill lately… and that sucks more than not having a proper binary options school/academy.
Should I Open an Account with BossCapital?
BossCapital is based on leading binary options platform Tech Financials and has a full array of assets and binary trading. The platform supports nearly 200 assets with global focus. All of the major currency pairs are represented, including Bitcoin. 28 international indices are also listed and include countries such as India and Dubai as well as US, EU and major Asian indices. Aside from the standard high/low binary trade, the platform also supports one touch/no touch and inside/outside boundary options. An added feature not found on many other platforms is above/below trading. This is a ladder style option in which the trader chooses if an option will finish above or below a target strike price. Expiry is decent on this platform, better than average but not the best I have seen. The most heavily traded assets will have several intraday and an end of day expiry as well as an end of week, end of month and end of next month. Short term options with expiry ranging from 60 to 300 seconds are also available.
Update July 2016: Technical analysis is provided by Trading Central. They are a leading investment research provider to financial market professionals and are considered among the very elite in the business, so it’s very important to know that Boss Capital traders will benefit from Trading Central’s knowledge.
Update February 2017: I couldn’t find any trace of Trading central’s analysis on Boss Capital’s platform so I must assume that it is either reserved for users with a higher-tier account or gone altogether. However, it must be noted that now users can benefit from advanced charts provided by Advinion. It works like a web-based charting package, with tons of technical indicators, the possibility to change the chart style (candles, bar charts, Heiken Ashi, etc.) and to draw trend lines and S/R lines (this is very good for a binary options broker but the actual chart is clunky and seems “heavy”). The feature to change to the advanced chart can be found at the top right of the normal binary options chart.
Banking with this broker is pretty standard. Credit card, wire transfers and MoneyBookers are accepted. The minimum deposit is $200 with a $10 trade minimum, which makes it a decent choice for newbies. Note that the minimum for wire transfer deposits is $500. Withdrawals for standard accounts will take up to 14 days, the first each month will be free and after that, all withdrawals will cost $30 each. VIP accounts such as Platinum and above will be eligible for same day withdrawals with accounts above Gold level receiving all withdrawals free. Bonuses are available and come on a sliding scale based on your account size. Standard Bronze level accounts can get up to 20% while Gold accounts can get up to 65%, and VIP up to 90%. Terms for withdrawing bonuses include minimums but you will need to discuss that with your account representative.
Update July 2016: Processing time for withdrawals is now 4 working days and additional 5 – 7 days must pass until the funds reach your account, so overall they have lowered the withdrawal time. Also, the account structure has changed a bit. Now they show Mini ($500), Starter ($1,000), Silver ($5,000), Gold ($10,000) and Platinum ($25,000). The bonus starts at 25% and can go as high as 100% for the Platinum account. You will still need to discuss terms of withdrawal with your account representative.
Boss Capital Complaints
For being so new there is actually a lot on the internet about it. The broker seems to be well received and doesn’t even have too many complaints that I would classify as stemming from not reading the terms and conditions. Ofcourse, BOTS team will continue searching the web for BossCaptial complaints and comments. We’ll keep you updated!
Update July 2016: As promised, we’ve kept monitoring this brokerage and we are happy to say that we couldn’t find alarming issues. All brokers have their share or complaints and Boss Capital is no exception but this is somewhat normal.
Update February 2017: Some complaints have surfaced, definitely more than before but… there’s no broker without complaints. I’m not saying that we are treating complaints lightly, I am just saying that complaints in this industry are “normal”. Many of them target bad investment advice offered by the account managers, so please do what we’ve been saying for ages now: don’t follow your account manager’s advice and learn to trade for yourselves.
Boss Capital Regulatory Warnings And Announcements
30.01.2017: Canadian regulator Ontario Securities Commission warned that some binary options platforms and get-rich-quick schemes are using Kevin O’Leary’s (businessman, investor, TV and radio personality) image to promote binary options related products. O’Leary representatives immediately denied any involvement or ties to any type of binary options product. Boss Capital was one of the platforms mentioned by the authorities. Source: OSC Investor Alert. You can read the full Kevin O’Leary Scam Exposed article here.
04.07.2016: The Italian regulator National Commission for Companies and the Stock Exchange (CONSOB) warned that Cheshire Capital Ltd (this company owned Boss Capital at the time) was not authorized to offer investment services or activities. Source: “Consob Informa” no. 26/2016 – 4 July 2016.*Note: Since then the brokerage changed owning companies but the new company is not regulated or authorized either.
Boss Capital Bonuses
Boss Capital offers bonuses and other special offers, and like the rest of the industry requires a trade volume minimum for each. Minimums vary according to your account size, bonus size and other offers so be sure to check with your rep before taking any. On an account basis the Bronze account can get up to 30% bonus while the Gold account is eligible for up to 65%. Accounts with balances above the Gold Level can get additional bonuses, up to 100%, along with additional considerations.
Update February 2017: The bonuses vary depending on account type: Mini – 25%, Starter – 30%, Silver – 50%, Gold – 75%, Platinum – 100%. The required turnover is 30, 40 or 50 times the bonus but they don’t explain when you have to trade 30 times and when 50 times. Clients’ funds cannot be withdrawn before the turnover is reached and this is another reason why you should read the terms and conditions.
Boss Capital Withdrawals
Withdrawals are standard for the industry although I found the terms hard to read. All withdrawals require your written request and may take up to 7 days to process. Following acceptance of the request it will take up to 7 more days for the funds to transfer to your account. This is 2 standard weeks and average across all brokers. Gold level accounts are eligible for same day withdrawals and accounts over that get all withdrawals for free. Bronze, Silver and Gold accounts get one free per month with a $30 fee for each additional withdrawal. Their “Hassle Free Withdrawal Policy” lives up to its name so far.
Update February 2017: Withdrawals now take up to 4 days to process and 5-7 business days to reach your account. Platinum account holders benefit from same-day withdrawal approval.
Boss Capital Extras
Boss Capital, as a Tech Financials based broker, offers some nice features you won’t find anywhere else. Except of course with other TF brokers. The first is the charting. Tech Financials revamped their platform in 2014 to include high quality charts that are user friendly and an actual tool traders can use. One click of a tab located in the trading platform will pull up a full size chart that can be viewed in bars or candlesticks and includes multiple time frames. On top of that the broker also has an early closure feature that allows you to close longer term options before they close. This feature is not available for short term 60 second trading.
User Friendliness 17/20
The platform and website are both very user friendly. The thing I found weird was that you, at least I, couldn’t get to the educational and support material from the trading platform. The website where you log in has tons of information and is about as good as I’ve seen. Once you log in the platform is totally focused on trading with no links to information like you would find at other brokers. This isn’t a game changer, just something I noticed. Other than that both the website and the platform are top notch and easy to use. English Only.
Assets and Expiry 17/20
This platform has a wide range of assets so any trader will be at home. Not only that, each asset class is well represented. There are also several types of options available, not just the standard call/put trading. Expiry is one area that really shines in my view though. This broker services the day trader with short term 60, 120 and 300 second trading but also the longer term day and day to trader like me. There are end of day, end of week, end of month and end of next month on most assets when trading calls and puts.
Updated February 2017: Their Asset Index contains 28 indices, 8 commodities, 24 currency pairs, 44 stocks and 14 pairs.
Commissions, Support and Effective Returns 16/20
There are of course no commissions when trading binary options and this broker is no different. Withdrawal using bank transfer will accompany a processing fee of $30. One withdrawal is free per month, others are charged. Minimum withdrawal is $100. Support is quick and attentive; I had a rep calling me just almost as soon as I signed up. Answers were clear and helped to clarify some questions I had. Returns are above average. Some options pay as low as 70-75% while others, especially the more heavily traded offerings, pay up to 85% or more.
Deposit, Payments and Bonuses 16/20
Depositing is usually easy but Boss Capital makes it a little easier. MoneyBookers is a valid deposit method and available without any hassle directly from your account. Payments are standard taking up to 14 days to complete but there is the added attraction of reaching Platinum Account status for same day withdrawals. Bonuses are available and vary by account size and other promotions.
Broker Extra’s 13/20
There are a few perks of working with this broker, on top of the fact that it is a pretty decent broker to begin with. The platform itself is nice but the bonus is in the charting because you don’t have to use more than one platform to trade. The charts aren’t as complete as a full charting package but are real, usable and effective charts for short term and day traders. They also have a nice early out feature that allows longer term traders to lock in profits or reduce losses before option expiry. No Demo.
BossCapital Overall Ratings = 79/100