Overview of BOSSA
Founded in 2020, BOSSA, headquartered in the Czech Republic, presents a comprehensive selection of trading assets, encompassing stocks, bonds, and foreign exchanges. The platform stands out for its variety of trading tools, competitive fee structure, and a wealth of educational resources.
Despite these strengths, users may encounter challenges related to customer service and extended wait times. It's crucial to note that BOSSA operates without regulatory oversight, signaling a potential risk factor for investors who value a regulated trading environment.
Is BOSSA legit or a scam？
BOSSA operates without regulation, lacking oversight from any authoritative body.
The absence of regulatory supervision raises questions about investor protection, financial transparency, and adherence to industry standards. The impact of being unregulated includes heightened risks for traders, as there is no external authority ensuring fair practices, ethical conduct, or the resolution of potential disputes.
Investors should thoroughly assess the potential implications of choosing a trading platform that operates without regulatory oversight.
Pros and Cons
Pros:
Various Assets: BOSSA offers a wide range of trading assets, including stocks, bonds, index and energy and agri-food markets, etc.
2. Multiple Trading Tools: The platform provides various trading tools and applications, enhancing the overall trading experience.
3. Educational Tools: BOSSA offers educational resources, including courses suitable for both beginners and advanced users.
4. Competitive Fees: The platform features competitive fees, potentially reducing the overall cost of trading.
5. Extensive Resources: Traders have access to a wealth of resources, including market analysis, news, and other valuable information.
6. Mobile Trading: BOSSA facilitates trading on the go through mobile applications, offering flexibility to users.
Cons:
Unregulated: BOSSA operates without regulation, posing potential risks for investors.
2. Customer Service Challenges: Users have reported challenges with customer service, including difficulties in reaching support.
3. Prolonged Wait Times: Some users experience extended waiting periods for customer service responses, impacting prompt issue resolution.
4. Issues with Fund Withdrawals: Users encounter problems when attempting to withdraw funds from their accounts.
5. Complex Website Navigation: The platform's website navigation is reported to be complex, potentially causing inconvenience for users.
6. Language Supported Only in Russian: The language support on the platform is limited to Russian, which may pose a barrier for non-Russian speakers.
Market Instruments
BOSSA provides a wide array of trading assets to meet the needs of investors. Stocks and bonds form a foundational component of the offering, allowing users to engage in equity and debt instruments.
The platform facilitates trading in Contracts, enabling users to explore various derivative instruments.
Investors can also access foreign stock exchanges and participate in Individual Retirement Accounts (IKE and IKZE).
The Primary market functionality supports engagement in initial offerings, and the Register of shareholders provides transparency on ownership.
For those interested in specialized markets, BOSSA extends its services to include energy and agri-food markets.
The platform further offers Management and Consulting services to assist investors in making informed decisions. Various Investment tools are available, empowering users with analytical capabilities.
Account Types
BOSSA provides two distinct account types: Standard and Professional.
The Standard account is tailored for a broad user base, featuring predetermined spreads for transparency and simplicity, making it suitable for retail traders.
In contrast, the Professional account serves experienced traders, offering variable spreads that can provide potential cost savings based on market conditions. Eligibility criteria apply to the Professional account, ensuring it meets the needs of traders with a deeper understanding of market dynamics.
Users should choose between these accounts based on their trading preferences, experience level, and desired features.
How to Open an Account？
Opening an account with BOSSA is a straightforward process that can be completed online. Follow these concrete steps to successfully open an account:
Sign the Framework Agreement:
Visit the BOSSA website and complete the registration form.
If you wish to increase payment limits for an IKZE account, submit a registration application as a natural person. The option to declare an increased deposit limit will be available in the IKZE application.
2. Verify Your Email:
Open the email sent by BOSSA to the address provided in the registration form.
Click on the link in the email. Afterward, your ID will be displayed, and you'll receive a temporary password via SMS. Ensure to save this information for future logins.
3. Upload Required Documents for the Framework Agreement:
Log in to your account and click the provided link to upload necessary documents.
Upload both sides of your ID card, a document confirming your address (utility bill or bank statement not older than 3 months), and a legible signature specimen annotated with the current date or document upload date.
4. Activate Framework Agreement and Open Investment Account:
After document verification, BOSSA will activate the Framework Agreement and send you an email with relevant details.
Log in to the trading website using the provided ID and temporary password.
Open your desired investment account. The bank account number for transfers will be available in the Instructions/Transfers tab on the transaction website.
5. Complete the Verification Transfer:
Initiate the first transfer, which is crucial for identity confirmation and cannot be skipped.
With this step, you have successfully completed the account opening process and can start investing through BOSSA.
Spread & Commissions
BOSSA imposes various spreads and commissions on its users, with specific rates depending on the type of transaction. Customers holding online accounts who execute orders over the phone encounter specific commission rates.
For stock market orders, a commission of 0.95% is applied, subject to a minimum fee of PLN 5.
Index contracts attract a fixed commission of PLN 15, while options transactions are charged at 2.5% of the option value, with a minimum of PLN 2 and a maximum of PLN 15.
In addition to the commission details, BOSSA specifies the spread for various currency pairs. The spread represents the difference between the buying and selling prices, and the following are the spread descriptions for selected symbols:
These spread values provide insight into the cost structure associated with trading these currency pairs on the BOSSA platform, allowing users to make informed decisions based on transparent pricing information.
Trading Platform
BOSSA's trading platform offers a range of tools and features designed to facilitate investors in speculation, analysis, and market data retrieval.
The mobile application, bossaMobile, enables users to execute orders and access quotes conveniently on both the Warsaw Stock Exchange (WSE) and foreign stock exchanges. The platform incorporates AT charts and indicators, including candlestick charts and technical analysis indicators with editable parameters. Additionally, users can perform transfers, repayments, and credit line top-ups. Live quotes from WSE and foreign stock exchanges, along with stock exchange session statistics, are available. The wallet feature provides insights into portfolio value, securities, profit and loss, and transaction history.
Investors can access historical quotes with customizable data ranges and chart intervals. Notifications keep users informed about significant account events, including completed transactions. The platform offers news services, delivering market comments, stock exchange updates, and macroeconomic calendar information, along with PAP and ESPI announcements. BOSSA's new login mode enhances security, allowing users to log in using fingerprint or facial biometrics.
Furthermore, BOSSA provides multiple applications for viewing quotes, suitable for users with varying expertise levels, from beginners to advanced. The chart and AT applications, including Charts and Amibroker, offer modern technical analysis tools and real-time analysis capabilities for trading systems.
Deposit & Withdrawal
BOSSA facilitates funding your brokerage account through payments made to the account of Dom Maklerski Bank Ochrony Środowiska, using the client's individual bank account number for payments.
This account number is accessible after logging in to the client's account in the [Instructions -> Transfers] tab. It's important to note that, in the case of concluding an agreement by correspondence, the first transfer to the investment account must be made from a bank account belonging to the same owner or from a joint bank account.
For foreign transfers, providing the SWIFT number EBOSPLPW157 is required, and the funds will be converted into PLN at the exchange rate at Bank BOŚ SA.
An example of the transfer details is as follows:
Bank account number: XX 1540 1157 8129 000000 YYYYYY
Bank: Bank Ochrony Środowiska SA II Branch Warsaw
Account owner: Dom Maklerski BOŚ SA (DM BOŚ)
Address: ul. Marszałkowska 78/80, 00-517 Warszawa
Transfer title: Account top-up
Regarding transfer costs, online transfers above PLN 500 from the investment account at DM BOŚ to the client's bank account in Poland are free of charge. Transfers with lower values cost PLN 1. For foreign transfers, customers bear the transfer costs charged to DM BOŚ SA by the bank making the transfer, and there are no additional fees incurred for DM BOŚ SA.
Customer Support
BOSSA provides customer support through various channels, including a helpline at +48 518 441 563 and the email address sales@bossa.cz. The support team assists users with inquiries, account-related questions, and general assistance.
While these contact options offer direct communication, users may experience longer wait times. Improvement in response efficiency is an area that could enhance the overall customer support experience. As with any service, users may find varying opinions on the quality of support received. It's advisable to reach out through these channels for specific assistance and query resolution.
Educational Resources
BOSSA provides comprehensive educational resources for investors of all levels.
Beginners can access a 10-lesson stock exchange course, offering fundamental knowledge for a confident start in investing. Advanced users can explore technical analysis and derivatives through upcoming training sessions.
The platform also offers valuable insights on stock market tax, guiding investors on settling accounts with the tax office. Additional resources cover the rules of trading, order placement, company valuation, and session timings.
Top-rated articles include information on Individual Retirement Accounts (IKE/IKZE), financial instruments like ETF on WIG20, and investment strategies with a focus on money management.
Exposure
Users' exposure to BOSSA reveals some challenges, notably in customer service. Complaints about extended wait times and difficulties in cashing out funds have surfaced, impacting the overall user experience.
A complaining aspect is the disappearance of brokers and the lack of responsiveness to user messages. This issue, persisting for several months, raises questions about the platform's accountability and communication.
These instances highlight the influence of customer support and communication on users' trading experiences and the importance of addressing such challenges promptly.
Conclusion
In conclusion, BOSSA presents a mixed landscape for traders. On the positive side, the platform offers a wide array of trading assets, encompassing stocks, bonds, and foreign exchanges. Traders benefit from a variety of tools, competitive fees, and extensive educational resources, enhancing their overall trading experience.
However, BOSSA is not without its drawbacks. Customer service challenges and prolonged wait times can pose significant hurdles for users seeking prompt assistance. Moreover, the absence of regulatory oversight raises questions about the platform's commitment to investor protection and transparency.
FAQs
Q: What trading assets are available on BOSSA？
A: BOSSA offers a wide range, including stocks, bonds, and foreign exchanges.
Q: What payment methods are accepted for funding accounts on BOSSA？
A: Payments can be made through individual bank accounts, and online transfers above PLN 500 are free within Poland. Lower value transfers cost PLN 1. For foreign transfers, customers bear the transfer costs charged by the transferring bank.
Q: Is BOSSA regulated？
A: No, BOSSA operates without regulatory oversight.
Q: What challenges exist with BOSSA's customer service？
A: Users may encounter challenges and prolonged wait times when seeking customer support.
