Can You Make Healthy Profits With BOL Financial Binary Options?
BOL Financial is a unique product offering by BetOnline, a popular gaming website, which does not make any attempts to hide the fact that they offer binary options trading along with other gambling products. Binary options trading cannot be considered as a dedicated investment product, nor can it be thought of as a gaming product. Binary options have a relatively short history in the financial markets, and the market is trying to determine the relevance of binary options trading in the modern context of financial investments.
BetOnline has several products in its portfolio, with BOL Financial receiving prominence for traders willing to invest in binary options. In our BOL Financial trading review, we provide our readers with some of the best information regarding the company’s financial products and attempt to find out the payouts, platforms, and other trading features that are important for retail investors.
Is BOL Financial Regulated For Binary Options Trading?
Investing in a company, regardless of its products, does require traders to ensure that they are investing in a regulated and authorised company. Regulation is one of the leading indicators of a company’s dedication towards securing their clients’ investments. However, BOL Financial is not a regulated service, as it is offered as a part of an online gambling service that has other products such as live casino, sports betting, online poker, and numerous other gaming products. BOL Financial is a subsidiary of BetOnline, a company that has been a prominent figure in the online gaming arena since 1991.
Traders are unable to determine the authenticity of the company, as BetOnline does not offer any evidence related to their official headquarters, registration, or any other vital company data. The only convincing data that we could find out was that BetOnline has its main office in Panama City, but Panama is not entirely popular for its dedication towards maintaining strict investor protection laws. In fact, Panama is one of the most attractive destinations for large corporations and wealthy individuals, which offers more security for companies, rather than their customers.
BetOnline has assured its traders that the BOL Financial product offers a secure trading experience, where traders’ investments are kept secure from any financial malpractices. With more than two decades of presence in the market, we can’t really find any major faults with the company, but a better regulatory license could have helped in ensuring better peace of mind for existing and new traders. It is also the responsibility of traders to determine the legality of gambling and betting in their jurisdiction, as several Governments have outlawed gaming in their countries. Hence, BetOnline may not be legal in your country, depending on the existing laws and restrictions on gaming products.
BOL Financial Instruments & Products
BOL Financial is highly selective in offering assets that are available for trading. The BOL Financial section of the gaming website offers several instruments that are based on their trade timings and market schedules. For instance, BetOnline only provides access to US stocks and indices during the open and close of the NY session, while Forex, commodities, and CFD instruments are available for trading 24 hours a day and five days a week. Similarly, all other stocks and indices from the European and Asia-Pacific markets are also available according to their trading schedules. While traders can only trade these instruments during their active hours, it is certainly a drawback of not being able to access these assets during off-market hours. Professional traders generally use off-market trading hours to analyse the markets and add indicators and custom-tools to charts for detailed research. Regardless, here is a comprehensive list of instruments that you can expect to trade with BetOnline.
Forex: AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CHF/JPY, EUR/AUD, EUR/CAD, EUR/GBP, EUR/JPY, EUR/USD, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/NOK, USD/RUB, USD/SEK
Cryptocurrencies: Bitcoin, Litecoin, Ethereum, Factom, Namecoin, Peercoin, Ripple, Dash, Augur
Commodities: Gold, Copper, Silver, Oil
The payouts for these assets can reach as high as 80% for classic binary options such as high/low and turbo options, while there is an opportunity to earn higher payouts of up to 120% for touch options. There are primarily six different binary options products such as Digital, Touch, Range, Turbo, One Touch, and 5 Ticks. The returns offered by BOL Financial is lower than what traders would expect from the markets, as 80% is one of the smallest payouts offered in the market. The non-availability of a refund for losing trades also makes the payout less-attractive, as other binary options companies offer a higher payout that can reach up to 95% for classic options and up to 1500% for other high-yield options.
BOL Financial also offers numerous stocks and indices options, which cover the global financial markets through the BOL Financial platform with a minimum wager amount of $1. With an incredible array of assets, BetOnline does indeed provide an all-inclusive binary options product that is capable of meeting traders’ requirements. However, there is a slight disadvantage to trading with BOL Financial, which comes in the form of gambling products offered by the company. Although not a drawback in itself, novice traders may be tempted to move away from the conventional binary options products and gamble in casinos or wager their money on sports betting. Therefore, it is essential for such traders to muster a significant amount of emotional strength to stick to their binary options trading strategies and avoid gambling with their money.
BOL Financial Bonuses & Promotions
BetOnline offers fantastic bonuses and trading credits with their BOL Financial trading accounts. Traders can either choose to opt for the risk-free trading credits that provide anywhere from $25 to $100 as a no-deposit bonus or choose a deposit-based bonus that qualifies for up to 100% in free cash. The bonus amounts are credited directly to a trading account, and can only be withdrawn after satisfying the minimum trading volume. Even the profits made from the bonuses are subject to some limitations. Apart from the bonuses based on deposit, traders can also take part in tournaments or seasonal bonus programs, which provide a guaranteed sum of up to $130,000 as prize money. Of course, these promotions are more oriented towards the casino, poker, and betting products, but binary options traders can also make use of the current promotions by contacting their account managers.
BOL Financial Binary Options Platform
The BOL Financial platform does seem to have all the essential features and functionalities required for trading binary options, but the platform is a part of the gambling interface provided by BetOnline. The platform is developed as a web trading interface, similar to what a majority of brokers have offered to traders in the binary options industry. The web trader offers a scalable platform with numerous options choosing the asset, the binary option type, the wager amount, and the option to make a put or a call.
Traders also have the convenience of accessing their account information through the platform, which gives comprehensive information about live trades, trading history, and trading signals. The platform offers a Trader Insight section, which basically outlines the buy/sell sentiments of the market by showcasing the buy and sell demand on an asset. The chart offers an in-depth look into the history of an asset and traders can choose to retrieve past data, along with the option of choosing between different time frames and the chart type. The basic chart types include line, area, and candlesticks, with the time frames ranging from 60 seconds to daily charts.
We did run into a few issues with the platform, as there are a few platform bugs that may hinder traders from enjoying a seamless trading experience. BetOnline has got most of the platform attributes right, but it certainly needs to work on the reliability aspect. Regardless, most traders should be able to use the platform with relative ease, and it does not require any massive learning curve.
BOL Financial Mobile Apps
Mobile binary options traders won’t be too pleased about BetOnline’s strategy of offering the web trading platform for smartphone and tablet users. Most binary options brokers have dedicated mobile apps for iOS and Android platforms, but recent confusion surrounding the legality of binary options apps may play to BOL Financial’s favour. Companies such as Apple are slowly phasing out the availability of binary options apps due to the large number of complaints, which may help BOL Financial, as they no longer have to design a dedicated mobile trading app for iOS users. However, there aren’t any such limitations for Android users, which may require BOL Financial to dedicate a few resources to developing an Android binary options app.
BOL Financial Account Conditions & Trading Costs
A single BOL Financial account is sufficient to access all the services offered by BetOnline. Traders are advised to deposit a minimum of $10 for an account, which makes it a hugely attractive option for binary options traders. The BOL Financial minimum deposit requirement clearly puts it in the league of the more accomplished companies, where traders have the possibility of investing in binary options with a small initial investment. In stark contrast, other binary options brokers can ask their clients to deposit a minimum of $250 for opening and maintaining a binary options trading account.
Making a deposit at BOL Financial is available through a crypto currency account or other popular payment methods such as Skrill, Neteller, Bank Wire, Credit Cards, and Check. Withdrawals can also be made through these payment processors, apart from credit cards. Withdrawals also have a higher minimum limit of $25, which is quite the opposite in the case of deposits and withdrawal options at other brokers. Regardless, there are no fees or commissions for deposits, but the company may charge additional fees for withdrawals. The exact costs of transactions will depend on the amount of transaction and the payment method, but the company may choose to waive off the fees for some account holders. Traders must be careful while withdrawing their money, as there is a maximum limit of $24,900 per withdrawal transaction. However, there isn’t any such maximum limit for deposits.
BOL Financial Customer Service
All customer service channels are based on email, phone number, and social networks. The website does not feature a live chat function; neither does the company offer any direct access to personal account managers. All existing clients are asked to contact customer support through email for a fast response, but social network accounts such as Facebook and Twitter can also be used for communicating with the broker. However, for messages that contain sensitive information, it is much preferred to contact the broker via email. Traders are bound to miss live chat feature for instant support. Nevertheless, the customer support channels are relatively committed to the traders’ cause and can provide a professional environment for traders to receive expert assistance for their concerns.
BOL Financial Trading Resources
There are a few drawbacks of trading binary options with a gaming website. However, the most important disadvantage is the absence of any trading resources, especially the lack of news or technical/fundamental analysis of the markets. Even more worrying is the fact that the company guarantees of providing high-quality trading signals, but there appear to be no signals on offer through the dedicated signals tab on the platform. Traders must use other third-party services, or even paid subscriptions, in order to get access to a fair amount of trading features and resources.
BOL Financial Verdict
- A gaming portal that clearly outlines the risks involved in binary options trading.
- Easy & convenient trading conditions with $1 minimum trade size and $10 minimum deposit.
- Several bonus incentives, promotions, and trading rewards.
- BOL Financial offers a comprehensive choice of financial assets.
- Low payouts offered for assets and no refunds for losing trades.
- The company is not regulated.
- Traders may have a tendency to try out other gaming products.
Does BOL Financial Offer A Demo?
No, BOL Financial does not provide a dedicated demo account but offers a platform walkthrough and a live platform access. BOL Financial offers the option of trading with a risk-free trading account by offering a no-deposit bonus.
Can You Trade On Dedicated Binary Options Mobile Apps?
BOL Financial supports mobile binary options trading through their web-based interface, but the company does not offer a standalone trading app. The Web Trading platform is compatible with almost all smartphones and tablets that have a compatible web browser.
What Are The Financial Markets Covered By BetOnline?
BOL Financial allows its traders to invest in Stocks, Indices, Commodities, Forex, and Cryptocurrencies.
Is BOL Financial Regulated?
BOL Financial is not a regulated binary options broker, neither is it authorised by any agency to offer gaming products. Regardless, BOL Financial appears to be a genuine company in most regards.