Booc foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://m.boocfxs.com/#/register, about the company's legal and temporary regulatory information, the company's address 7th Street 40 E 7th St, New York, NY 10003, USA.
Booc Forex Broker
Basic Information
United States
1-2 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Booc Forex Broker - Complete Information Guide
1. Broker Overview
Booc, founded in 2011, is a financial services provider headquartered in New York, USA. The company operates as a private entity, primarily serving individual and institutional clients in the forex market. Over the years, Booc has established itself in the trading landscape, offering a diverse range of financial instruments and services.
The company has a significant presence in the trading community, catering to clients interested in various asset classes, including foreign exchange, commodities, and cryptocurrencies. Despite its relatively recent establishment, Booc has experienced growth and development, marked by its expanding client base and the introduction of new trading products.
Booc operates under the auspices of the National Futures Association (NFA), although concerns about its regulatory status have been raised due to indications of suspicious activities. The broker's business model is primarily focused on retail forex trading, providing clients with access to a wide array of trading instruments.
2. Regulatory and Compliance Information
Booc is registered with the National Futures Association (NFA) in the United States, holding the regulatory number 0561418. However, it is essential to note that the legitimacy of this registration is under scrutiny, as various sources indicate that Booc may not be fully compliant with the necessary regulatory standards.
The broker does not currently participate in any investor compensation schemes, which can pose a risk to clients in the event of financial difficulties. Booc claims to implement Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures, but the effectiveness of these policies remains uncertain, given the reported complaints and issues surrounding the broker.
Client funds are reportedly kept in segregated accounts, a practice that is designed to protect investors' money; however, the lack of transparency regarding these practices raises concerns. As such, potential clients are advised to conduct thorough research before engaging with Booc.
3. Trading Products and Services
Booc offers a diverse range of trading products, including:
- Forex Trading: The broker provides access to a variety of currency pairs, including major pairs like EUR/USD, GBP/USD, and USD/JPY. The platform supports numerous trading strategies, accommodating both beginner and experienced traders.
- CFD Products: Booc includes contracts for difference (CFDs) across various categories, such as:
- Indices: Major stock market indices like the S&P 500 and NASDAQ.
- Commodities: Precious metals like gold and silver, as well as energy products such as crude oil.
- Cryptocurrencies: Trading options for popular cryptocurrencies, including Bitcoin, Ethereum, and Ripple.
The frequency of product updates and the addition of new trading instruments appear to be regular, reflecting Booc's commitment to providing a comprehensive trading experience. Retail trading services are a significant focus, with the broker also catering to institutional clients through tailored solutions.
4. Trading Platforms and Technology
Booc utilizes the ST5 trading platform, which is known for its user-friendly interface and comprehensive features. The platform is designed to cater to both novice and experienced traders, offering powerful charting tools and over 50 technical indicators for market analysis.
While there is no support for MetaTrader 4 or 5, the ST5 platform provides a robust alternative with features that facilitate efficient trading. The platform is accessible via web browsers, and there is a mobile application available for both iOS and Android devices, allowing traders to manage their accounts on the go.
Booc employs a Straight Through Processing (STP) execution model, ensuring that trades are executed swiftly and efficiently. The broker's technical infrastructure is reportedly reliable, although specific details regarding server locations and API access for automated trading are not extensively disclosed.
5. Account Types and Trading Conditions
Booc offers several account types to meet the diverse needs of its clients:
- Comprehensive Account: Ideal for traders seeking an all-encompassing trading experience, this account type provides access to a wide range of assets.
- Finance Account: Tailored for those focused on traditional markets, this account allows for trading in forex, commodities, and cryptocurrencies with high leverage options.
- Financial STP Account: This account prioritizes execution speed and tight spreads, especially for major and minor currency pairs.
While the broker does not provide a demo account, trading conditions include competitive spreads starting as low as 0 pips. Leverage options can reach up to 1:100, allowing traders to maximize their potential returns. The minimum trading lot size and overnight fees are not clearly outlined, which may be a consideration for prospective clients.
6. Fund Management
Booc supports various deposit methods, including:
- Bank Transfers
- Credit/Debit Cards
- Electronic Wallets: Such as PayPal and Skrill.
The minimum deposit requirement varies by account type, but specific figures are not disclosed. Deposits are typically processed quickly, although the exact timeframe is not specified.
Withdrawal methods mirror the deposit options, but clients have reported difficulties in accessing their funds. Withdrawal processing times can vary, and fees associated with withdrawals are not transparently communicated, which may lead to unexpected costs for clients.
7. Customer Support and Educational Resources
Booc provides customer support primarily through email, with the support team available at support@boocfx.com. The service operates during business hours, but specific time zone coverage is not detailed.
The broker claims to support multiple languages, though the exact list of supported languages is not provided. Educational resources are limited, with no substantial offerings such as webinars, tutorials, or market analysis services available on the platform.
Clients seeking trading tools will find basic utilities like calculators and economic calendars, but comprehensive trading resources appear to be lacking.
8. Regional Coverage and Restrictions
Booc primarily serves clients in the United States, but its services may extend to other regions. However, the broker does not accept clients from certain jurisdictions, including North Korea, Israel, and China.
The distribution of regional offices is not specified, and potential clients are encouraged to verify their eligibility based on local regulations before attempting to open an account with Booc.
In summary, while Booc presents a range of trading options and a user-friendly platform, potential clients should exercise caution due to regulatory concerns and the reported difficulties in fund withdrawals. Conducting thorough research and considering the associated risks is essential before engaging with this broker.
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Latest Reviews
Zoya Khan
United Arab Emirates
You will not able to withdraw your money they will ask you handling fees after paying handling fees they will tell you your account is freeze so you have to pay another money for unfreeze your account. They ask more and more money but you will be not able to withdraw your money they ruin many WhatsApp group name of bain capital ventures broker grace taylor they trade on booc platform even booc customer service will not answering you that's means they all are together to ruin this scam. So guys pls be aware of this scammer
Exposure
2024-06-11
FX1875934165
Qatar
I have been lured by this scammers to deposit money and make trade. They deny me withdrawal with excuses any time I want to and now I have accumulated $4,000,000 they asked me to pay them commission of $200,000 using external wallet before I can withdraw else they will donate all the funds to charity I am appealing to public to help me fight for justice and recover my funds from this fraudsters.
Exposure
2024-05-09
Booc
News
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Taiwo, a 31-year-old trader from Nigeria, what started as an investment opportunity with Booc quickly turned into a harrowing experience of loss and frustration.
Exposure "Plz stay away from Booc"~ Victim Said
We're warning you. Be alert and protect your valuable hard money from scammers. They are a large bunch waiting for you to be their target. Most of the Investors fall for these scams and lose a big amount of money. Recently, WiKiFX received a complaint from an Indian against Booc Broker. He clearly said, “Boccfx is a scam broker.”
FX3363214800
Saudi Arabia
All people are scammer in this group group is created by name Martin please guys be aware this group we also can't withdraw amount so all guys help me to solve this problem and fight against these scammer
Exposure
2024-06-17