BocaFX Review

Review

Boca Global Financial Group Pty Ltd (“BocaFX”) was founded in 2012. It is headquartered in Sydney, Australia and maintains regional headquarter offices in Shanghai, China.  BocaFx offers traders a variety of asset classes including Forex, Contracts for Difference (CFDs), Spot Metals and Binary Options. It is regulated by ASIC and is a member of FOS (Financial Ombudsman Service).

Accounts

There are two accounts to choose from at BocaFx—the ECN account and the STP account. Initial minimum deposits into either of these accounts is $500. Scalping and hedging are allowed and traders can use Expert Advisors (EAs) to move ahead quickly.

There is also an option to open a demo account for practice purposes.

Features

When it comes to Forex trading, BocaFX offers all the major pairs that represent the most liquid and most widely traded currency pairs in the market. These pairs (EUR/USD, USD/JPY, and GBP/USD) make up the vast majority of all trading in the Forex market and because these pairs usually have the largest volume of buyers and sellers, they typically have the tightest spreads. BocaFx offers the tightest spreads in the market, starting from 0.1 pips and a choice of leverage from 10:1 up to 400:1. In total, there are 63 Forex pairs available that include majors, minors and exotics.

BocaFX Spreads

Trading spot metals with BocaFX allows traders to speculate on the price movements of gold (XAU/USD) or silver (XAG/USD) relative to the U.S. Dollar. Clients can take advantage of small minimum trade sizes with low margin requirements, leverage up to 100:1 and tight spreads for Spot Gold and Spot Silver.

BocaFX offers the possibility to trade oil, specifically the type known as Texas Light Sweet Crude Oil (or WTI — West Texas Intermediate). WTI plays an important role when dealing with risk management within the energy sector, as it has the most trading liquidity, volume and transparency.

They have recently started offering trading in CFD Stock Indices with leverage of up to 50:1. Index-tracking CFDs give traders the capability of trading an entire index on real-time prices whilst enabling them to maximize their exposure with minimal investment from margins as low as 1% and without the exposure to any one particular underlying component of the index (e.g. listed company). BocaFx offers traders a choice of 10 different indices from the top exchanges worldwide with spreads as tight as 3 pips.

Traders can select the liquidity provider and execution method that best meets their needs and personality.

BocaFX offers clients access to the interbank market via the ECN system, the basis of which is the "aggregator" program which coordinates the execution of client bids at the best prices among the many well-known top-tier banks connected to it. Regardless of account size or trading experience, traders have access to the liquidity of the interbank foreign exchange market. All deals executed through the range of trading platforms are completed using the DMA/STP (Straight Through Processing) model to ensure true market conditions are enjoyed by all clients.

How Forex ECN Works

Education

There is a host of interesting instructional tools available to BocaFx traders. The long list of topics include The Basics of Forex, Pip Value, Currency Carry Trades and more. Fundamental analysis is provided in the form of textual explanations and accompanying graphs when appropriate and there are lessons on subjects such as U.S. economic indicators, major fundamental drivers and Forex trading tips.

BocaFX Educational Section

Technical analysis is also covered with charts and indicators that help to enhance the textual explanations.

The financial glossary is one of the longest lists I have seen offered by any Forex broker and contains detailed descriptions of hundreds of different terms.

Among the other educational tools, traders can find an economic calendar of global events and a listing of interest rates used by central banks from all over the world. There is also a listing of interest rates and swaps as well as tips on chart pattern trading.

As far as the news goes, BocaFX offers daily updates and there is a unique explanation on how to select the right news event before trading which could certainly benefit newbie traders as well as experienced ones.

There was no need for a FAQ section as all questions are answered just be scrolling through the pages of the website which is offered in English and Chinese only.

Deposits/Withdrawals

BocaFX provides clients with a variety of options to deposit funds into their trading account. Money can be deposited via electronic bank transfer, China UnionPay, Credit / Debit Card and eWallet.  

A BocaFX trading account is available in USD or AUD as the base currency and an account can be opened with a minimum of USD 500 or AUD 500.

Withdrawals are made using the same methods.

Customer Support

A BocaFX representative can be reached at the New South Wales office by phone or email. They welcome suggestions, feedback and even complaints by its clients. Live Chat is available as well. Messages can also be sent when the site is offline.

Conclusion

BocaFx seems to gear its offerings to the Australian and Asian markets by keeping everything simple and straightforward. There are no special bonuses or promotions and the two trading accounts are simple to use. There are plenty of educational material to read and enjoy and anyone interested can log onto these articles.

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Features

BocaFX offers a host of features to enhance a trader’s trading experience. The MetaTrader 4 platform is user-friendly and has tools and other highlights that are attractive to both new and experienced traders. Although the brokerage is geared towards Asian markets, traders from all over the world should find the long list of educational material interesting and worthwhile. And their partnership options offer opportunities for even an average trader to earn additional income.

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Platforms

MetaTrader 4

MT4 provides vital trading tools to traders in an extremely user friendly environment. BocaFx’s MetaTrader 4 is highly configurable to work for a whole host of Forex trading models. MetaTrader 4 offers the ability to automate trading strategies in the easy to use MQL4 language. Standard platform features include individual risk and order management tools, strategy testing, unlimited technical analysis and charting.

BocaFX MetaTrader 4 Platform

BocaFX MetaTrader 4 Charts

BocaFX MetaTrader 4 MarketWatch

Mobile Trader

BocaFX Mobile Trader offers online traders live access to their MetaTrader (MT) account via iPhone. The application is highly customizable, and fully synchronized with the BocaFX Web Trader and MetaTrader. With BocaFX Mobile Trader, both registered traders and guests may watch live market data, including Forex, Commodities, CFD's, Stocks and Indices, browse interactive real-time and historical chart as well as their closed positions historically and can also display their account balance and details.

Multi Account Manager

Multi Account Manager (MAM) is designed for money managers. It is an essential integrated software tool to quickly execute block orders with one click under a master account arrangement and conveniently automate trade allocations to customer accounts.

BocaFX MetaTrader 4 MAM

Multi Account Manager is designed specifically for Money Managers that utilize the MetaTrader 4 platform and is ideal for traders that manage multiple accounts utilizing Expert Advisors (EAs). MAM broadens the functionality of the MetaTrader 4 Platform by enabling the Money Manager to effectively trade and manage multiple accounts from a single MT4 interface.

All managed accounts can be traded from a single MT4 client terminal application. MAM has been designed with keeping maximum reliability and speed of execution in mind. In brief, MAM is integrated into the MT4 Server.

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User Reviews

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