In the world of binary options brokerage, little speaks volumes about an operator more than experience and pedigree. The reason being that the overwhelming majority of newcomers that burst onto the market one minute disappear in a blaze of not-exactly glory the next. It’s hardly a secret that this particular industry is rife with amateur hour operators, who these days tend to be rumbled rather quickly and forced to beat a hasty retreat.
Which is precisely why brands like Boss Capital that have been in business for a few years now immediately inspire at least a little confidence. Not only this, but Boss Capital has over the years managed to become something of a household name, attracting an impressive client base and implementing numerous improvements along the way. Nevertheless, the question remains as to whether Boss Capital still has what it takes to compete by a 2017 standard. In addition, another key question remains unanswered – why is it that after several years in business, Boss Capital still operates as an unregulated broker?
Platform and Trading
Taking a look at things from the ground up, Boss Capital has always put real emphasis on the overall user experience and trading simplicity. Even after several widespread refurbishment efforts, the Boss Capital website isn’t what you’d call the most visually stunning or advanced on the market. But at the same time, it was never meant to be – functionality and performance taking priority over appearances. As far as our experience with the Boss Capital platform goes, there isn’t a great deal negative to be said about what’s on offer. Navigation is simple and intuitive, there are plenty of useful trading tools within easy reach and the asset library features more than 150 choice stocks, indices, currency pairs and commodities covering European, US, Middle-Eastern and Asian markets
As for the actual trading itself, Boss Capital provides customers with all the usual trading instruments including the classic binary call and put, the one-touch, boundary and short-term options. A wide variety of expiry times are also available, starting out with just 60 seconds and going on to far longer-term trades for those who prefer to play the long game. We found the trading experience to be streamlined and simplified enough for newcomers to get to grips with the action quickly enough, while at the same time powerful enough for even the most advanced traders.
For the most part therefore, everything gets off to a pretty decent start.
Account Types and Bonuses
At the time of our review, Boss Capital was offering a total of five different account types for new customers. These began with the entry level Standard Account PG for a minimum deposit of $200, then escalating as far as the VIP Account for a minimum deposit of $100,000. Additional perks among higher account types include introductory bonuses, risk free trades, advanced account management, helpful webinars and higher maximum payouts. By contrast, those who sign up for the introductory $200 receive little to no perks or privileges whatsoever.
In terms of those bonus offers, depending on how much you choose to deposit in the first instance you may be offered anything from 20% to 65% in the form of a welcome bonus. Which could potentially mean thousands of dollars being kept in your account courtesy of Boss Capital, but we’d advise caution for anyone thinking of taking advantage of this particular deal. The reason being that according to the published terms and conditions: “Withdrawals of funds which have received additional rewards, bonuses, or promotions, require a trading volume fulfillment of 30, 40 or 50 times the bonus or in the event of a refund for a technical issue, 20 times the bonus amount.”
So what this basically means is that if you were to accept a bonus to the tune of $2,000, you can completely forget about accessing your cash until you have traded to a value of perhaps $100,000. While carrying out our research, we found that potentially misleading and bonus offers represented one of the primary points of contention and complaint among dissatisfied customers. To be frank, not only do we personally believe that bonuses like these shouldn’t be offered in the first place, but where they are, they could definitely do with making the terms and conditions a little more prominent.
Transactions and Educational Resources
Boss Capital does a good job catering to the needs of international traders and accounts can also be opened using euros, pounds, rubles, yen, Canadian dollars and Australian dollars. An extensive range of payment types are accepted, with the most popular options being MasterCard, Visa and bank wire transfers. All deposits are processed instantly, but we found withdrawals to be a little on the sluggish side – often taking up to 14 days to process and complete. That is, unless you sign up for one of the higher-level account options – anyone selecting Gold status or higher is promised same-day withdrawal processing.Which shows that Boss Capital definitely has the capacity to process withdrawals within 24 hours, it just only chooses to do so for higher level customers.
On the plus side, we came across no evidence or reports to suggest that transactions handled by Boss Capital are anything other than comprehensively secure – something the company seems to take very seriously, despite being unregulated.
Perhaps the only additional perk that comes with signing up for the lowest level account is that of access to the Trading Academy provided by Boss Capital. While a few bits and pieces are available to anyone without the need to sign up, the academy as a whole only opens up to paying customers. In terms of quality, the educational materials and resources available are decent enough and should prove useful to traders at all levels – newcomers included. That being said, the archive of learning materials is a little on the limited side in terms of quantity – certainly when compared to rival binary options brokers. It would be good to see Boss Capital take things a little further with additional videos, tutorials and so on going forwards.
Mobile App and Customer Service
Another strong point of the whole Boss Capital experience is the firm’s customer service team, which is available on a 24/7 basis and supports a wide variety of languages, including English, French, German, Italian, Spanish, Dutch, Arabic and Russian. All calls are free of charge, emails are responded to relatively promptly and there is also a decent live chat facility available. When put to the test with all manner of challenging questions and unusual queries, we found every team member we dealt with to be knowledgeable, professional and enthusiastic. On the whole, very impressive.
While there’s much to be said for the Boss Capital mobile app, it’s extremely disappointing to see that for some strange reason, they still only offer an app for Android devices. Given the extraordinary saturation of iOS smartphones and tablets, it really is nothing short of bizarre that this gigantic market seems to have been overlooked or ignored. Still, the Boss Capital Android app certainly gets the job done and has received predominantly excellent ratings from its users. We simply cannot explain why a broker as long-standing and successful as this wouldn’t invest the small amount required in providing Apple device users with their own mobile app.
In terms of the primary positives, Boss Capital offers a potentially high payout rates of up to 85%, the platform itself is extremely intuitive and user friendly, we found the customer service team to be excellent across the board and the mobile experience (where available) was also great.
Unfortunately, there are still a few things that are a little on the off-putting side about Boss Capital. For example, it is possible to test things out with a demo account, but only after first signing up and depositing money. In addition, though signing up for the minimum $200 entry-level account affords very few additional privileges. There is currently no iOS app available, the education centre could definitely do with being expanded a little and the fact that Boss Capital operates as an unregulated broker will undoubtedly be a deal-breaker for some.
While there’s absolutely no reason to recommend against checking out Boss Capital, it is definitely a broker to think carefully about before going ahead. If you are happy doing business with an unregulated broker where bonus offers are to be avoided and there’s no iOS app available, you will probably be very satisfied with what’s on offer. However, if regulations matter to you and you’re a beginner looking out for the best possible deal, you might be better off elsewhere