Ever misplaced some money or lost your wallet with a significant amount of cash in it? The frustration is almost unbearable. Now picture losing a lot more, thousands or hundreds of thousands to a scam. The worst part is that your hard-earned money ends up in the pockets of the masterminds behind the scam.
As we will see in this Boss Capital review, this is the fate that befell unsuspecting investors who unknowingly put their trust in scammers.
The worst you can do after getting scammed is to give up without a fight. If you have been a victim of forex trading scams, regulated CFD scams, binary options scams, cryptocurrency scams, or any other online scam, we can help you recover your money. Schedule a free consultation with us.
Boss Capital Review: What Is It All About?
Boss Capital is a binary options broker that operates under Cheshire Capital Ltd. It is headquartered in the UK and has been offering its services since 2014. Boss Capital deals in binary options and offers its traders close to 200 assets that they can trade, such as indices, forex, commodities, and stock options.
It provides a Tech Financials platform and comes with a mobile option. Boss Capital offers four trading methods – traditional high/low, Short Term, One Touch, and Boundary option.
Boss Capital offers five account tiers.
- Mini – requires a minimum deposit of $500
- Standard – needs a minimum deposit of $1,000
- Silver – you will need $5,000 to hold one
- Gold – requires a minimum deposit of $10,000
- Platinum – comes with a minimum deposit of $25,000
A minimum of $200 is required to begin trading. There is a demo account that traders can use to sharpen their trading skills before getting a real account.
Users can deposit money using credit cards, debit cards, or bank wire. The minimum traders can withdraw is $100, while the maximum is $20,000 through credit card.
Processing of withdrawals can take up to four days, and an additional seven days is needed to have your funds reflect in your account. Withdrawing to a credit card is free, but withdrawing through wire transfer attracts a $30 fee charge.
A Major Red Flag: No Regulation
One of the main issues to consider when deciding on a binary options trading platform is regulation. Regulation is important in protecting your interests when dealing with online trading platforms.
It offers the assurance that the broker is bound by some set of rules and regulations that prevents it from practicing illegal activities and fraud. The regulation also ensures that the broker is transparent in its operations.
The financial regulatory body in the UK is the Financial Conduct Authority (FCA), and Boss Capital does not appear in its list of entities that it regulates. CySEC also does not regulate it. This is a high risk for investors who commit their money to the platform.
A lack of regulation is enough reason to conclude this Boss Capital review. Still, there is more evidence that paints it as a scam.
Boss Capital’s Incentives
One of the easiest ways to spot a scam is by checking if it offers rewards for signing up and trading.
Boss Capital offers attractive signup bonuses. Traders get 10 risk-free trades on sign-up that can range anywhere from 25% to 100% of the initial funding, depending on the account tier.
Warnings About Boss Capital by Major Regulatory Bodies
In June 2016, ASIC (Australian Securities and Investments Commission) warned Australian investors from dealing with Boss Capital. The entity had been offering its services in Australia despite not being licensed or authorized to do so.
ASIC said that it had enough reason to believe that Australians were at risk of incurring losses as a result of dealing with Boss Capital.
According to ASIC, attempts to contact Boss Capital before giving the warning were unsuccessful.
CONSOB, the Italian watchdog, also issued a warning against Boss Capital for again, offering its services to the Italian market without proper authorization.
Boss Capital Reviews
We checked to see what investors who have dealt with Boss Capital have to say about its services by looking at the reviews on trusted review websites.
Every review on Forex Peace Army has something negative to say about Boss Capital. One of the complaints is about pushy account managers. They give misleading information and pressure you to deposit more money to your account.
The systems are also slow. Given that trading in binary options is time-sensitive, the delays appear to be a manipulative move to ensure traders make losses.
The same kinds of reviews are in Trustpilot, another trusted review website.
Boss Capital is Missing in Action
Boss Capital’s website is currently unavailable. The many scam complaints from customers and the many instances it rubbed major regulatory bodies the wrong way brought Boss Capital down.
But this does not necessarily mark an end to its fraudulent ways. The brains behind Boss Capital are likely to come back into operation with improved tricks to scam investors, and they could work under a different name.
You don’t have to become one of their victims. Always work with a regulated entity and learn how to spot a scam. In this Boss Capital review, we have illustrated the red flags that an investor could have used to discern Boss Capital as fraudulent.
Boss Capital Review Verdict
Boss Capital is currently not in operation, but its existence has brought a lot of financial losses to investors who fell to its unscrupulous ways.
Persistent and deceitful account managers push investors into depositing a lot of money with the promise of making a lot of profit, only to lose it. And its systems slow down and freeze during sessions to ensure that you do not make any profits. That’s unfair manipulation.
If you have lost your money through binary options scams or any other type of scam, you can schedule a free consultation with us. Let us begin the journey towards recovering your funds.