Boss Capital Scam Review. Find out the truth about this broker!

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UPDATE (12.02.2020):

We have found out that Boss Capital has shut down their operations.

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Old Review:

Boss Capital is one of the most recently launched binary options brokers on the market. However, it has already established itself among the most elite platforms in the industry. Traders are provided with the latest in online trading technology and are offered a highly secure and profitable trading experience.

In reviewing Boss Capital, we found that it gives excellent choice to its customers, with almost 200 assets available to trade with. We found its customer care services to be particularly noteworthy, offering assistance in ten different languages. This explains Boss Capital’s rapidly growing global customer base, which has been a driving force in its expansion.

We are confident that Boss Capital is well equipped to aid investors in maximizing their full profit potential. We found trading on their website to be highly straightforward and ideal for both beginners and seasoned traders alike.

The platform had also:

  • very accessible design
  • a user-friendly interface
  • simple trading process.
  • Boss Capital’s skilled team always on hand to offer expert advice
  • a vast array of educational resources to help traders get the most out of their account

Not too bad, I would say.

Basic information:

Online since: 2020
Jurisdiction: Gibraltar
Software: SpotOption
Max Returns: 85%
Minimum Deposit: $200
Minimum Investment: $10
Maximum Investment: $7500
Currencies: USD, AUD, CAD, EUR, GBP, Yen, RUB
Mobile: Yes
Countries: All nations excl. USA

– Excellent returns
– Good deposit bonus
– Over 200 tradable assets
– Low minimum investment

– Education center could be better

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7 Binary Options Rating:

Account types

In our review of Boss Capital, we explored what each account package had to offer:

  1. Standard Account – Standard Account holders only need to deposit $200 to start trading and receive access to all of the basic trading features. This account is ideal for those new to binary options trading who wish to benefit from Boss Capital’s free educational resources
  2. Bronze Account – With the Bronze Account traders are granted a 20% welcome bonus and receive greater access to trading webinars and a dedicated account manager. We feel that this account is ideal for beginners who have already gained a firm grounding in binary options trading and have a good knowledge of the market.
  3. Silver Account – The Silver Account offers an even greater welcome bonus of 40%, access to informative webinars, expedited withdrawals and 2 risk-free trades. This account package is aimed towards investors who have a particular interest in refining their trading strategies.
  4. Gold Account – Gold Account members are awarded a significantly larger bonus upon signing up of 65%, access to exclusive online webinars and a personal account manager. Furthermore, Gold Account holders benefit from 5 risk-free trades and up to 80% fixed increased payout. This account is perfect for skilled traders.
  5. VIP Account – The VIP Account is the most exclusive package available, requiring a deposit of $100,000. We were particularly impressed by the host of elite and unrivaled benefits available for exclusive account holders. To learn more about the advantages available to Boss Capital’s elite customers, it is recommended to contact their Corporate Division.

Deposit Methods and Withdrawals

Boss Capital enables traders to deposit their funds securely via the following:

  • Visa,
  • MasterCard
  • wire transfer
  • electronic payments

The minimum deposit is $200 and investors can choose from Standard, Bronze, Silver, Gold and VIP account packages which offer an escalating number of perks and benefits. Account holders receive a generous welcome bonus and access to their own personal analyst and a range of trading webinars.

Screenshot

Customer Service

Boss Capital offers exceptional customer service which is available 24/7 to all of its clients. We found their customer support team to be highly knowledgeable and were particularly impressed to learn that support is offered in 10 different languages.

Traders are able to contact customer support via email, live chat and phone, with the added perk of a range of international toll-free numbers.

Conclusion/Summary

As a broker that is also used by many binary option robots, Boss Capital offers traders unparalleled service, a rich selection of tradable assets, numerous account packages, exceptional customer care and one of the most advanced educational academies in the industry. We are confident that both newcomers and advanced traders alike will greatly benefit from choosing Boss Capital as their binary option trading broker.

Additional information

Customer Service: Live Chat / Email: [email protected]
Languages: English, Russian, German, Portuguese, Greek, Spanish, Japanese, Arabic, Italian, French
Trading Options: High/Low, Touch/No Touch, Boundary, 60 Second Trades
Assets: Currencies, Stocks, Indices, Commodities
Early close: Yes
Expiry Times: daily, hourly, 15 minute, 60 second, weekly, monthly, end of the year
Deposits and Withdrawals: Visa, MasterCard, wire transfer, electronic payment
Withdrawal Time: 2 business days
Demo account: Yes

7 Binary Options review: Boss Capital : 4,5 stars.

Is Your Forex Broker a Scam?

If you do an internet search on forex broker scams, the number of results is staggering. While the forex market is slowly becoming more regulated, there are many unscrupulous brokers who should not be in business.

When you’re looking to trade forex, it’s important to identify brokers who are reliable and viable, and to avoid the ones that are not. In order to sort out the strong brokers from the weak and the reputable ones from those with shady dealings, we must go through a series of steps before depositing a large amount of capital with a broker.

Trading is hard enough in itself, but when a broker implements practices that work against the trader, making a profit can be nearly impossible.

Key Takeaways

  • If your broker does not respond to you, it may be a red flag that he or she is not looking out for your best interests.
  • To make sure you’re not being duped by a shady broker, do your research, make sure there are no complaints, and read through all the fine print on documents.
  • Try opening a mini account with a small balance first, and make trades for a month before attempting a withdrawal.
  • If you see buy and sell trades for securities that don’t fit your objectives, your broker may be churning.
  • If you are stuck with a bad broker, review all your documents and discuss your course of action before taking more drastic measures.

Separating Forex Fact From Fiction

When researching a potential forex broker, traders must learn to separate fact from fiction. For instance, faced with all sorts of forums posts, articles, and disgruntled comments about a broker, we could assume that all traders fail and never make a profit. The traders that fail to make profits then post content online that blames the broker (or some other outside influence) for their own failed strategies.

One common complaint from traders is that a broker was intentionally trying to cause a loss in the form of statements such as, “As soon as I placed the trade, the direction of the market reversed” or “The broker stop hunted my positions,” and “I always had slippage on my orders, and never in my favor.” These types of experiences are common among traders and it is quite possible that the broker is not at fault.

Rookie Traders

It is also entirely possible that new forex traders fail to trade with a tested strategy or trading plan. Instead, they make trades based on psychology (e.g., if a trader feels the market has to move in one direction or the other) and there is essentially a 50% chance they will be correct.

When the rookie trader enters a position, they are often entering when their emotions are waning. Experienced traders are aware of these junior tendencies and step in, taking the trade the other way. This befuddles new traders and leaves them feeling that the market—or their brokers—are out to get them and take their individual profits. Most of the time, this is not the case. It is simply a failure by the trader to understand market dynamics.

Broker Failures

On occasion, losses are the broker’s fault. This can occur when a broker attempts to rack up trading commissions at the client’s expense. There have been reports of brokers arbitrarily moving quoted rates to trigger stop orders when other brokers’ rates have not moved to that price.

Luckily for traders, this type of situation is an outlier and not likely to occur. One must remember that trading is usually not a zero-sum game, and brokers primarily make commissions with increased trading volumes. Overall, it is in the best interest of brokers to have long-term clients who trade regularly and thus, sustain capital or make a profit.

Behavioral Trading

The slippage issue can often be attributed to behavioral economics. It is common practice for inexperienced traders to panic. They fear missing a move, so they hit their buy key, or they fear losing more and they hit the sell key.

In volatile exchange rate environments, the broker cannot ensure an order will be executed at the desired price. This results in sharp movements and slippage. The same is true for stop or limit orders. Some brokers guarantee stop and limit order fills, while others do not.

Even in more transparent markets, slippage happens, markets move, and we don’t always get the price we want.

Communication Is Key

Real problems can begin to develop when communication between a trader and a broker begins to break down. If a trader does not receive responses from their broker or the broker provides vague answers to a trader’s questions, these are common red flags that a broker may not be looking out for the client’s best interest.

Issues of this nature should be resolved and explained to the trader, and the broker should also be helpful and display good customer relations. One of the most detrimental issues that may arise between a broker and a trader is the trader’s inability to withdraw money from an account.

Broker Research Protects You

Protecting yourself from unscrupulous brokers in the first place is ideal. The following steps should help:

  • Do an online search for reviews of the broker. A generic internet search can provide insights into whether negative comments could just be a disgruntled trader or something more serious. A good supplement to this type of search is BrokerCheck from the Financial Industry Regulatory Authority (FINRA), which indicates whether there are outstanding legal actions against the broker. And if appropriate, gain a clearer understanding of the U.S. regulations for forex brokers.
  • Make sure there are no complaints about not being able to withdraw funds. If there are, contact the user if possible and ask them about their experience.
  • Read through all the fine print of the documents when opening an account. Incentives to open an account can often be used against the trader when attempting to withdraw funds. For instance, if a trader deposits $10,000 and gets a $2,000 bonus, and then the trader loses money and attempts to withdraw some remaining funds, the broker may say they cannot withdraw the bonus funds. Reading the fine print will help make sure you understand all contingencies in these types of instances.
  • If you are satisfied with your research on a particular broker, open a mini account or an account with a small amount of capital. Trade it for a month or more, and then attempt to make a withdrawal. If everything has gone well, it should be relatively safe to deposit more funds. If you have problems, attempt to discuss them with the broker. If that fails, move on and post a detailed account of your experience online so others can learn from your experience.

It should be pointed out that a broker’s size cannot be used to determine the level of risk involved. While larger brokers grow by providing a certain standard of service, the 2008-2009 financial crisis taught us that a big or popular firm isn’t always safe.

The Temptation to Churn

Brokers or planners who are paid commissions for buying and selling securities can sometimes succumb to the temptation to effect transactions simply for the purpose of generating a commission. Those who do this excessively can be found guilty of churning—a term coined by the Securities and Exchange Commission (SEC) that denotes when a broker places trades for a purpose other than to benefit the client. Those who are found guilty of this can face fines, reprimands, suspension, dismissal, disbarment, or even criminal sanctions in some cases.

SEC Defines Churning

The SEC defines churning in the following manner:

Churning occurs when a broker engages in excessive buying and selling of securities in a customer’s account chiefly to generate commissions that benefit the broker. For churning to occur, the broker must exercise control over the investment decisions in the customer’s account, such as through a formal written discretionary agreement. Frequent in-and-out purchases and sales of securities that don’t appear necessary to fulfill the customer’s investment goals may be evidence of churning. Churning is illegal and unethical. It can violate SEC Rule 15c1-7 and other securities laws.

The key to remember here is that the trades that are placed are not increasing your account value. If you have given your broker trading authority over your account, then the possibility of churning can only exist if they are trading your account heavily, and your balance either remains the same or decreases in value over time.

Of course, it is possible that your broker may be genuinely attempting to grow your assets, but you need to find out exactly what they are doing and why. If you are calling the shots and the broker is following your instructions, then that cannot be classified as churning.

Evaluate Your Trades

One of the clearest signs of churning can be when you see buy and sell trades for securities that don’t fit your investment objectives. For example, if your objective is to generate a current stable income, then you should not be seeing buy and sell trades on your statements for small-cap equity or technology stocks or funds.

Churning with derivatives such as put and call options can be even harder to spot, as these instruments can be used to accomplish a variety of objectives. But buying and selling puts and calls should, in most cases, only be happening if you have a high-risk tolerance. Selling calls and puts can generate current income as long as it is done prudently.

How Regulators Evaluate Churning

An arbitration panel will consider several factors when they conduct hearings to determine whether a broker has been churning an account. They will examine the trades that were placed in light of the client’s level of education, experience, and sophistication as well as the nature of the client’s relationship with the broker. They will also weigh the number of solicited versus unsolicited trades and the dollar amount of commissions that have been generated as compared to the client’s gains or losses as a result of these trades.

There are times when it may seem like your broker may be churning your account, but this may not necessarily be the case. If you have questions about this and feel uneasy about what your advisor is doing with your money, then don’t hesitate to consult a securities attorney or file a complaint on the SEC’s website.

Already Stuck With a Bad Broker?

Unfortunately, options are very limited at this stage. However, there are a few things you can do. First, read through all documents to make sure your broker is actually in the wrong. If you have missed something or failed to read the documents you signed, you may have to assume the blame.

Next, discuss the course of action you will take if the broker does not adequately answer your questions or provide a withdrawal. Steps may include posting comments online or reporting the broker to FINRA or the appropriate regulatory body in your country.

The Bottom Line

While traders may blame brokers for their losses, there are times when brokers really are at fault. A trader needs to be thorough and conduct research on a broker before opening an account and if the research turns up positive for the broker, then a small deposit should be made, followed by a few trades and then a withdrawal. If this goes well, then a larger deposit can be made.

However, if you are already in a problematic situation, you should verify that the broker is conducting illegal activity (such as churning), attempt to have your questions answered, and if all else fails, and/or report the person to the SEC, FINRA, or another regulatory body that could enforce action against them.

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Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker 2020!
    Free Trading Education!
    Free Demo Account!
    Perfect for Beginners!

  • Binomo
    Binomo

    2 place in the ranking!

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