BOCOM International Forex Broker provides real users with 2 positive reviews, * neutral reviews and * exposure review!
Wide range of trading instruments available, including forex, stocks, and commodities.
User-friendly trading platform with intuitive design and features.
Competitive spreads and low commission fees on trades.
Unregulated status raises concerns about the safety of traders' funds.
Limited customer support options, which may affect timely assistance.
Negative user reviews regarding reliability and execution speed.
I've had such experience with BOCOM. Its pricing structure is somewhat transparent, and it offers some useful calculators.
I have been handling business with the Bank of Communications (Hong Kong) for a while. It was a pleasant surprise to receive cash rewards for completing those simple tasks on the mobile banking app.
BOCOM, an established brokerage founded in 1912 and based in Hong Kong, presents a tempting option for novice and intermediate traders seeking a reputable platform. With a diverse selection of trading products and competitive spreads, it attracts those looking for opportunities in todays dynamic markets. However, potential users must tread carefully, as significant regulatory complexities and concerns regarding fund safety have emerged. With one active license and another revoked, alongside reports of financial losses, BOCOM raises risk signals that should not be overlooked.
Attention Traders:
Before engaging with BOCOM, consider the following risks and take the necessary steps to verify information:
| Dimension | Rating (out of 5) | Justification |
|---|---|---|
| Trustworthiness | 2 | Mixed regulatory status raises concerns. |
| Trading Costs | 3 | Competitive spreads, but high withdrawal fees reported. |
| Platforms & Tools | 3 | Limited to MT4 and MT5; lacks advanced tools. |
| User Experience | 3 | Generally user-friendly but lacks intuitive design. |
| Customer Support | 4 | Good support availability, but response times vary. |
| Account Conditions | 3 | Low minimum deposit but limited leverage for retail. |
Founded in 1912, BOCOM (Bank of Communications) is one of the oldest and largest banks in China, with an extensive history in financial services. BOCOM International, its brokerage arm located in Hong Kong, offers a variety of trading options including stocks, futures, and options. As a subsidiary of a significant Chinese bank, BOCOM enjoys a level of credibility. However, the revoked license poses a substantial risk that could deter more cautious investors.
BOCOM focuses on trading a diverse range of asset classes including forex, commodities, indices, stocks, ETFs, and bonds. Trading is facilitated via popular platforms like MetaTrader 4 and 5, with competitive spreads starting from 0.0 pips. Clients can open accounts under various types: Standard, ECN, and VIP, offering differing advantages in spreads and leverage, with a minimum deposit starting at CNY 700 and leverage up to 1:500.
| Feature | Details |
|---|---|
| Regulation | SFC (1 active, 1 revoked) |
| Minimum Deposit | CNY 700 |
| Maximum Leverage | 1:500 |
| Spread | From 0.0 pips |
| Trading Platforms | MT4, MT5 |
| Available Assets | Forex, Commodities, Indices, Stocks, ETFs, Bonds |
| Customer Support | 24/5 (Live chat, phone, email) |
BOCOM's regulatory landscape is complex. While one license remains in effect, another has been revoked due to undisclosed reasons. This inconsistency raises issues concerning operational integrity and places funds at risk.
User feedback has indicated issues around fund safety. One user noted their experience with withdrawals:
I had to pay $30 every time I withdrew, with no prior notice before signing."
This illustrates a gap in communication that traders should consider.
BOCOM offers a low-cost structure, which is appealing for traders keen on minimizing costs. Spreads are competitive, primarily floating around 0.0 pips, especially for forex trades.
Reports from users highlight hidden costs, notably withdrawal fees. One complaint reinforced concerns:
“Withdrawing my funds came with unexpected charges, totaling $30 every time.”
This duality in costs leads to potentially higher overall expenses for traders.
For different trader types, BOCOM presents both advantages and disadvantages:
Pros:
Low minimum deposit
Competitive trading spreads
Cons:
High withdrawal fees
Limited leverage for retail clients
BOCOM provides access primarily through MetaTrader 4 and 5, the widely recognized platforms essential for many traders. However, these primarily serve beginners with less sophisticated trading demands.
Educational materials are extensive, but complaints about limited advanced tools are prevalent. Users noted that the available analysis and research tools are insufficient for deep market analysis.
User feedback on the platform's usability provides mixed reviews. Many find MT4/MT5 effective for basic trading:
“MT4 is straightforward, but lacks depth for in-depth trading.”
Starting an account with BOCOM is relatively intuitive and straightforward, requiring only basic personal information and identification verification.
Navigating BOCOM's trading platforms, however, can be difficult for new users. Simplistic design may frustrate seasoned traders looking for efficiency.
Feedback regarding the overall user experience has highlighted both strengths and weaknesses:
“The platform is user-friendly but could greatly benefit from more advanced features.”
Customer support is accessible via live chat, email, and phone. Live chat, in particular, is noted for its speed and effectiveness.
While most responses are timely, varying levels of support quality have been reported. Some users faced delays with complex inquiries.
Overall satisfaction levels remain adequate, with a majority of users appreciating the 24/5 availability. Recently, several users have rated this service at around 3 out of 5 due to inconsistency.
BOCOM offers three primary trading account types: Standard, ECN, and VIP to accommodate varying trader preferences and strategies.
Each account type has stipulations, with the Standard account featuring a minimum deposit of CNY 700 and a leverage of up to 1:500, which can appeal to beginners.
Pros:
Low entry barrier
Flexible account types
Cons:
Limited leverage for retail clients
Withdrawal fees applicable
In conclusion, BOCOM stands as a recognized player in the brokerage market, suitable for traders seeking a diverse product offering and a low barrier to entry. However, regulatory complexities present a significant obstacle that may be problematic for risk-averse traders. While educational resources are plentiful, the platform's limited trading tools and mixed user feedback regarding fund safety raise caution.
The balance of opportunity against potential risks suggests that while BOCOM can cater to a certain demographic, those prioritizing regulatory clarity and sophisticated trading options might need to look elsewhere. As the landscape of trading evolves, potential users must remain vigilant and informed to navigate effectively within it.
Q: What is the minimum deposit required to open an account with BOCOM？
A: The minimum deposit needed is CNY 700.
Q: What types of educational resources does BOCOM offer？
A: BOCOM provides various educational resources, including webinars, articles, and video tutorials.
Q: How competitive are the spreads at BOCOM？
A: BOCOM offers competitive spreads across its products and they vary depending on market conditions but tend to remain comparable to other leading forex brokers.
Q: Does BOCOM offer advanced trading tools？
A: Educational resources are available, yet some users feel that the analytical tools and research options are limited.
Q: What platforms does BOCOM provide for trading？
A: BOCOM supports trading on MetaTrader 4 and MetaTrader 5.
Q: Are there loyalty programs or bonuses available at BOCOM？
A: Yes, BOCOM has various loyalty programs and bonuses for its clients, including cashback offers based on trading volume.
Q: Can I reach BOCOM's customer support at any time？
A: Customer support is available 24/7 through live chat and email assistance.
FX Broker Capital Trading Markets Review