BOcapital Review
Broker | BOcapital |
---|---|
US Traders Accepted | |
Company Name | Lexington Investment Capital Inc. |
Headquarters | British Virgin Islands |
Regulation | Financial Services Commission of British Virgin Islands (#1678558) |
Bonus Type | Match bonus |
Bonus Size | 100% |
Max Payout | 75% |
Out-of-Money Reward | 10% |
Trading Platform | SpotOption |
Deposit Options | Credit/debit cards, wire transfer, CashU |
Deposit Currencies | US Dollar, British Pound, Euro |
Minimum Deposit | $200 |
Minimum Trade | $10 |
Maximum Trade | $500 |
Online Since | 2011 |
Trading Instruments | Currencies, commodities, stocks, indices |
Number of Trading Instruments | 81 |
Binary Option Types | Call/Put, Option Builder, One Touch, 60 Seconds |
Customer Support Types | Web form, email, telephone, live chat |
Education Offered | FAQ, glossary, basic how-to pages, video demo |
Tools Offered | Double up, rollover, daily and weekly market review, expired rates, Open Platform |
Commission | $25 fee for wire transfer withdrawals. $100 minimum. |
Languages | English, French, Italian, Arabic, Romanian |
Demo Account | Yes |
Out of Business
The broker is no longer operating in the binary options industry.
BOcapital is a binary options website which is owned by Lexington Investment Capital Inc., based in the British Virgin Islands. The site has been operating since 2011 and used to be operated by another company which was based in Romania (thus Romanian is among the supported languages). The current company is regulated by the British Virgin Islands Financial Services Commission, no. 1678558. It was easy to find this information in the Terms and Conditions, and we had no problem finding out anything else about BOcapital either. The high degree of transparency gives us a higher degree of confidence in the website and its services. There are also plenty of outstanding features which set this site above and beyond the competition.
Opening a New Account
You can start out by opening a new account for free on BOcapital. You’ll notice while you’re signing up that BOcapital accepts traders from the USA. They seem to be among the more interesting and transparent brokers which do, so if you’re a US trader, we highly suggest you check them out. You can deposit in British Pounds, US Dollars, or Euros, and the minimum deposit is $200 or equivalent. Match bonuses between 20% and 40% are offered to new traders. These are based on leverage and you will only be able to claim the cash after you turn over the bonus amount a number of times. So as always, exercise caution when accepting bonus offers.
One cool feature at BOcapital is the $500 demo account. This feature isn’t advertised on the website, but we discovered it on the Twitter feed for the company. When you sign up, get in touch with customer service and ask about this offer. The demo account will let you place some free trades using $500 of virtual currency. There’s no better way to get to know your way around a binary options platform and to test your trading method than to do it with no risk.
BOcapital Trading Platform and Features
BOcapital is powered by SpotOption, which is probably the most common platform out there. If you’ve traded with other brokers, you may already have used it. You’ll find 81 different trading instruments available on this site, and you can trade anywhere from $10 to $500. The upper end is a bit restrictive, so if you have a very large bankroll, this site may not be suitable for your trading purposes. Traders with smaller accounts will be fine with this limit.
You’ll find several different ways to trade on BOcapital. There are the most basic Call/Put trades, but there are also One Touch and 60 Seconds trades. Option Builder is included on the platform, which lets you structure your own binary options trade and even choose an expiry time. The offerings could be improved with Boundary trading, but since the site is still relatively new and already quite good, perhaps this is in the cards for the future.
Another feature which currently is lacking is mobile trading. There are no apps for Android and iPhone yet for this site, but hopefully this too will be remedied as the company gets more experience and has more time to put into bringing their services to mobile customers.
Resources Are Lacking
One of the few complaints we have about BOcapital is that there aren’t many educational resources available to traders. They have the standard minimum fare: a glossary, FAQ, and some basic how-to pages and a video demo of the site. Trading tools include daily and weekly market reviews, double up, rollover, expired rates, and an Open Platform (enhanced charts, but still not all you need to plan good trades). We didn’t find any information on account tiers or additional services available.
Customer service channels include telephone, email, web form, and live chat. When we checked the live chat feature, we got a page load error in Chrome. So they appear to be experiencing some technical difficulties on that front, but judging from the rest of the site, this will be fixed pretty quickly.
While there are things we’d have liked to see from this site which we didn’t, like trade alerts, video tutorials, and other useful features, we can’t complain about the site itself. Binary options websites are pretty much all the same in their basic set-up, and yet some are significantly easier to navigate than others. This one was easy to navigate, and it had all the information we were looking for. When there were gaps (and there weren’t many), we were able to locate the information immediately off site. We like that the company name is listed clearly in bold type in the terms and conditions along with its regulatory license number. Having to figure out who is operating a website is a pain, and seems to point toward dodgy business. It’s more common than you’d think. This company is open about its identity.
Worthy of Consideration
BOcapital is among the more promising sites we’ve seen which cater to customers from the USA. USA traders don’t have as many choices as binary options traders from elsewhere around the world. This means those choices are often subpar since binary options sites know they don’t have to do as much to compete for USA traders’ business. This website is superior to the vast majority we’ve looked at, and we’ll be measuring future sites against it. So if you’re in the USA, have a look. You may be pleasantly surprised by what you see. BOcapital accepts traders from around the globe too, so look into them regardless of where you’re located.
While the transparency of the website and the presentation of the information impressed us, there are a couple of drawbacks which should be mentioned. One of those is that there is a $100 minimum limit for withdrawals. This could make it difficult to get at your funds. The other is again the low maximum trade size. Otherwise, there are a lot of excellent features, including a free demo account for new traders. Talk to customer service via phone or live chat and test them out before you decide to deposit your money with BOcapital or any other website.