BKTrading Review
Broker | BKTrading |
---|---|
US Traders Accepted | |
Company Name | Actiserver Advertising S.L. |
Headquarters | Barcelona, Spain |
Regulation | No |
Bonus Type | Match bonus |
Bonus Size | 100% |
Max Payout | 85% |
Out-of-Money Reward | 10% |
Trading Platform | SpotOption |
Early Closure | |
Deposit Options | Credit/debit cards and wire transfer |
Deposit Currencies | US dollar, euro |
Minimum Deposit | $10 |
Minimum Trade | $5 |
Maximum Trade | $1,000 |
Online Since | 2015 |
Trading Instruments | Currencies, stocks, commodities, indices |
Number of Trading Instruments | 58 |
Binary Option Types | High/Low, Pairs, Long Term, Short Term, One Touch, Ladder, FX, CFD |
Customer Support Types | Web form, phone, live chat, paper mail |
Education Offered | One-on-one training, videos, eBooks, seminars |
Tools Offered | Double up, rollover, early close, market signals, autotrading, extra 3% ROI, consulting, account management |
Commission | $25 wire transfer fees, no other withdrawal fees. $100 minimum withdrawal threshold |
Languages | English, Spanish, Russian, Portuguese |
Demo Account | No |
BKTrading is a binary options broker based in Barcelona and operated by a company called Actiserver Advertising, S.L. The name BKTrading is short for “Baumann & Kraus.” This broker does not accept USA traders even though they are unregulated. This should not come as a surprise, since the site is powered by SpotOption, which recently has entered into a regulatory agreement with CySEC. BKTrading does not really stand out much from the crowd of binary options brokers, though it does have a few nice features. The site is pretty basic, and some of the services seem like they may still be under development.
Opening Your BKTrading Account
One of the nice features of BKTrading is the low minimum deposit amount of $10 (or the equivalent in Euro). Many sites require you to invest a lot more money. Of course, with just $10, you are not going to be able to do a lot of trading. You need to invest at least $5 to open a 60 Second option, and at least $25 for a basic High/Low option. For that reason, you are going to want to deposit more money anyway.
Here are the account types:
- Basic: $10 minimum deposit
- Standard: $1,000 minimum deposit
- Trader: $10,000 minimum deposit
- VIP: $50,000 minimum deposit
At the Basic level, you only get the most basic features—chat and telephone support. The Standard level throws in faster withdrawals and autotrading tools. The autotrading is a pretty nice feature at such a low account tier. If you open a Trader account, you get one-on-one assistance (it is not clear whether or not this is training), an exclusive account executive, and free market signals. At the VIP level you get all the other features: immediate withdrawals, an additional three percent ROI on all your trades, an exclusive market analyst on your side, and inclusive consulting. There are also match bonuses up to 100% of your deposit amount.
There is an “Education” area on the site, but it is pretty meager. You have an FAQ and a glossary, and then a section that says “Training.” If you click on that section, the site promises to offer you videos, webinars, and eBooks, but there are no links to any of these resources. Either they are available only when you are logged in with a registered account, or BKTrading has yet to actually add these trading resources. My guess is that it’s the latter.
Friendly Withdrawal Terms
There is a minimum withdrawal threshold on BKTrading of $100. While this is not great, the site is at least very fee-friendly. There is a $25 fee if you want to make a wire transfer (this is typical). But there are no fees if you want to make a withdrawal using your credit or debit card. This is awesome!
Trading Binary Options on BKTrading
Strangely enough, there are no mobile apps on this site. In this day and age, that is rather surprisingly, since that is a feature which is now almost ubiquitous. Still, it arguably is only important if you actually plan to trade on the go. Whenever you can, it is best to sit down and trade with a full-size monitor anyway.
As previously mentioned, the platform is SpotOption, which is as simple, streamlined, and easy-to-use as it gets. SpotOption is everywhere these days, so if it looks familiar to you, it is probably because you have used it before trading options on another site.
There are 58 different options you can trade on the site, including currencies, commodities, stocks, and indices. This is not a huge quantity, but it is still going to be plenty for most traders. There are a lot of different types, which is great: High/Low, Pairs, Long Term, Short Term, One Touch, Ladder, FX, and CFD. So no matter what your approach to the market is, you have more than one way you can make money. You also can control trades using rollover, double up, and early close.
Customer Service: Slow, But Okay
You can reach customer service using a web form, or you can phone in or use the live chat feature on the site. I gave live chat a try. I was put on a brief hold, but within about a minute, an agent had answered the desk. I proceeded to ask what I thought was a pretty standard question about bonus amounts.
The customer service agent seemed puzzled by the question. He gave me a vague response which told me nothing substantial at all, and then asked if I had an account. I said no, and he said, “OK.” He then didn’t say another word until I asked him a different question. He ignored the original question and answered the new one. I finally got him to answer the original question when I rephrased it.
This was a really mixed experience. On one hand, the agent was quick to answer the chat line, and did eventually manage to answer my query. On the other hand, I do not understand why he found it so challenging. I also was bothered by his response of “OK.” That didn’t tell me whether he could answer my question or even intended to. He could have been looking up information or watching television. I don’t think he was working on resolving the question at all, but I should not have been left to guess.
Conclusion: A Mediocre Binary Options Broker
BKTrading have a few things going for them. The fee-free withdrawals are excellent, there are many types of trades, and at least in theory, a lot of good features for most of the account tiers. Customer service definitely needs to step up its game, though, and the site needs to fill out its “Training” section with actual resources. This is a broker that could become much more if they are willing to make the effort. In the meantime, I would not necessarily steer traders away from them, but I can only give them a mild recommendation.