Review by BinaryTrading.com
Boss Options is a fairly new binary options broker based in Limassol, Cyprus, and operated by BossOptions Group Ltd. The website opened its doors in 2012. Their website is intuitive and easy to navigate, and you can easily locate most of the information on the company and its offerings in the FAQ and terms and conditions. Nonetheless, there are a lot of features currently missing from the site, including mobile trading, demo trading, and trading resources. This may be a temporary situation, however, and hopefully will be remedied as the company ages and has time to invest more in developing new products.
Registering and Depositing with BossOptions
If you are a USA trader, you cannot trade with BossOptions. The site will allow you to fill in your information and create an account, but you will receive an email which tells you that you cannot trade on the site because of your region. Customers from elsewhere around the globe are welcome. Currently you can only make deposits via wire transfer and credit card, which is a disadvantage if you would prefer to use an electronic payment method. There are a lot of different currency options available, though. Not only can you trade in the standard Euros, US Dollars, or British Pounds Sterling, but also in Canadian Dollars, Australian Dollars, or Japanese Yen.
The initial deposit is $200, while subsequent deposits can be as low as $100. Bonuses of up to $5,000 are available. One issue we do have with this company is that their minimum withdrawal is set to the exact same amount. There are no fees, which is good, but you cannot easily access your money, which is bad. We highly recommend if you trade with BossOptions or any other company with terms like these, that you deposit more than the minimum so you can withdraw your money anytime. If you were to deposit $100 and lose your first trade, you’d be unable to retrieve your money unless you were able to break back up above that amount. So even if you only lost a few dollars, you’d lose it all unless you could get back on top. In general, we consider this a red flag.
BossOptions is not regulated, but neither are most binary options websites. In a press release, they actually referred to this as a strong point. On one hand, this is dubious, because binary options traders are not, as they put it, “struggling with overzealous regulation.” Although, traders on the whole are (ask any Forex trader). All we can say is, at least they’re upfront about it and aren’t pretending to be regulated, or doing their best to avoid talking about the issue altogether like so many websites choose to do.
Trade Features on BossOptions
There are 64 indices, stocks, currencies, and commodities you can trade on BossOptions, and a number of different ways to trade. These include Call/Put, Option Builder, One Touch, and 60 Seconds. Option Builder is always an important feature with any broker since it lets you set your expiry time yourself. We found no reference to Early Close or other trading tools, unfortunately, though daily and weekly market reviews are available to help you plan your trades. Educational resources are also far from comprehensive; all there is currently is a glossary, FAQ, and several basic how-to pages.
The user interface is powered by SpotOption, making it a simple, reliable platform. If you’ve visited other binary options websites, you’ll have seen other SpotOption white label sites with similar interfaces. This makes it easy to learn to use BossOptions. Demo test account with $1,000 virtual balance is available on request.
Customer service for BossOptions includes an email address for inquiries, a web form, a telephone number, and a live chat line. The live chat line was unoccupied when we checked, but it was a weekend so this was more or less expected. We were unable to find the minimum trade amount for investment, so we sent an email with that inquiry. We will update this review when the company responds.
Normally, we would not be all that impressed with a website that is clearly missing so many relevant and helpful features, like a demo account, mobile trading, and extensive trading tools and resources. But we found a press release from the company which was posted in November of last year, stating that the site was brand new as of that time. With only three months to grow, we’d expect there to be some significant gaps in what the website has to offer traders. With some time, we may see BossOptions add more functionality to their site. That being the case, we think they’re off to a good start for the most part. Again, information was easy to find on the site, and that alone is always impressive.
The biggest drawback we found to the company and its services was the issue with the withdrawal minimum. As a customer, you should always be wary when a company sets a minimum withdrawal amount equal to the minimum deposit amount. It implies that the company is hoping you will not notice, and that one simple loss will represent easy money for them. This automatically calls the website’s trustworthiness into question. It is always possible however that this, too, will be adjusted as time goes on and BossOptions adapts to the market and improves its offerings.
At this time, the best recommendation with BossOptions is probably to wait and see. In a few months, they may add more features and resources. If they continue to grow and offer more helpful services to their patrons, they may well be worth a second look. If however they stagnate, then you would probably be better served elsewhere. We always suggest that you talk to the customer service team yourself in person before you choose to trade on any website, but that is especially important in a situation like this where a company is still very new.