BO360 Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
BO360 Review – is it scam or safe?
BO360 is a Cypriot Binary options broker, offering trading on SpotOption platform under overall standard trading conditions. Its website is available in English, German and Arabic.
Unlike most binary option brokers, BO360 does not offer any educational materials or training to its clients, nor (on-deposit) trading bonuses. What is worse, you are not able to open a free demo account with this broker, in case you want to test its services before investing any money.
Trading Accounts
BO360 offers a couple of different account types, based on the initial deposit, which is a common practice in the sphere of forex and binary options. The more you deposit, the more extras you get.
VIP account holders are also entitled to 5% more payouts on any asset of their choice and to withdrawals in 3 Working Days.
The Company. Security of Funds
BO360 is operated by Itrade Global (Cy) Ltd., which is a Cyprus Investment Firm (CIF), licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) since 2016.
In order to provide a certain level of security and client protection, Cypriot financial watchdog applies a set of rules and requirements to licensed brokers:
– to hold a minimum of €730 000 in order to prove their good financial standing.
– to regularly report transactions.
– to keep clients’ funds separated from the company’s assets.
– abide to all applicable national and EU regulations.
All brokers licensed by a national financial authority in the EU must comply with the Markets in Financial Instruments Directive (MiFID). MiFID provides a harmonized regulatory environment for investment services across the EEA and strives to enhance financial transparency, increase competition, and offer greater consumer protection in investment services.
Moreover, brokers regulated by CySEC are members of the Investor Compensation Fund (set up by the Central Bank of Cyprus) to accept claims of covered clients, for compensation up to a maximum of 20,000 EUR per person in the event that the company is unable to meet its financial obligations.
Trading Conditions
Trading Options: High/Low, One Touch, Ladder, Pairs, Turbo, Long-term
Assets: Stocks, Indices, Currencies, Commodities
Expiry Times: 30 sec. to Long-term
Minimum Initial Deposit
The minimum amount required to open an account with BO360 is $250, which is common for the binary options industry.
Min/Max bet size
The minimum amount a one can invest in a single option with BO360 is $25. Such an amount is on the upper end of average and if you prefer to keep it low-risk, you can check out Grand Capital, with which you can place a trade with just $1.
Payout amount
Each option displays its own payout percentage, and BO360 usually offers returns between 70% – 85% for traditional binary options, which is a competitive pricing. By comparison, payout percentage offered by FinaCom member Grand Capital reaches 86%.
Trading Platform
As we have mentioned above, BO360 uses SpotOption, which is one of the most popular binary options trading platforms. It is entirely web-based and user-friendly, providing several types of products that include Call/Put, Turbo, Long-term, One Touch, Pairs, and Ladder Options, as well as FX/CFD. Users of SpotOption can view all their deposits, withdrawals and portfolio history can be viewed in the My Account section.
Methods of Payment
There are a number of payment methods available to BO360’ clients: Credit/Debit cards (VISA, MASTERCARD, Carte Bleue, or MAESTRO), Bank Wire, Skrill, Neteller, and more.
Keep in mind that the minimum withdrawal amount is $100 and that withdrawals may take up to 10 business days.
BO360 Review – is it scam or safe? Conclusion
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