BKTrading (Baumann & Krauss Trading) is a new binary options broker, which started operating in early 2015. They use the spotoption platform commonly used by other established firms. However, BKTrading is not regulated by CySec or any other body, and is not MiFID compliant. As they are not included in the MiFID guidelines, they can offer trading to US-based traders. BKTrading’s main focus is on the trader’s experience, but what now differentiates them from other brokers is the very low minimum deposit, only at £10. Plus 10% refund for the option of settling money (losing trades). Here are some other key details about the BKTrading brand;
- Demo Account – No
- Minimum Deposit – £10
- Minimum trade – £5
- Signal service – No.
- Bonus Details – 100%.
- Mobile App – No.
Platform Features
BKTrading offers a familiar trading platform, based around the Spotoption model. The type of option is the first decision for the trader (there is more detail about each type of option below). Traders can then select the asset category they are interested in. To the right of the asset category are four icons that allow traders to configure the trading area to their own preferences – from a single trading window with full details, to line sets, giving access to many assets at once. Under the asset category is a selection of specific assets, in addition to the expiry time and trade amount (minimum trade with BKTrading is only £5). Both can change as needed. Below the trading parameters is the price graph for the asset. Time frames can be amended so that trends can be better identified. Along the bottom is a bar ‘ trader’s option ‘, which describes the direction the trader’s sentiment is leaning. On the price graph is the ‘Strategy Advisor’ – this overrides some common technical analysis tools against the current price graph, and offers trading advice based on the results. To the right of the price graph is the trade button. The potential payout is displayed directly below the amount and will automatically update if the amount field changes. Below that is the payment and amount ‘covered’ – this will be displayed where it applies. Just to the right of the payment information is the trade button. Just like the others, they clearly identify, Call and Put buttons including related arrows, and the strike price is between them – the color of this change reflects the latest price change, up (green) or down (red). Choosing whether to trade button will bring up the ‘ trade approval ‘ window, which is an opportunity for the trader to check the details of the trade. Confirming the approval will trigger the trade and will then appear in the ‘Open position’ window of the trading area. The ‘Open Positions / Expires’ window sits below the trading window and allows the trader to track all open and closed trades. These are grouped into trade types with all relevant details for each trade listed below.
Trading options
BKTrading offers forex, commodities, stocks and indices. Their list of assets is quite comprehensive. The index is the largest list. Combined with the largest trading selection of any broker, this means traders using BKTrading will never be left out. They offer seven types of options: Binary Options – Basic binary options. Will the asset increase in value, or fall? Pairs – How will the two assets stack up against each other? Generally a pair consists of two related stocks (eg BMW vs Daimler), but can also be assigned to a commodity (Gold vs Silver for example) or an index. Long-term – Similar to traditional binary options, but with a longer-term expiration time, usually weeks or months. Short Term – As the name suggests, very short term binary options with very short expiration time. BKTrading accommodates 60,90,120,180 and 300 second expiration times. One Touch – Does the asset price ‘touch’ a certain value at least once before the time expires? At BKTrading, only the ‘touch’ option is available (there is no ‘no touch’ option). The target price is often far from the strike price – so payouts can be huge – up to 1000% – which some traders may find useful during volatile periods. Ladder – Ladders offer a series of price levels that can be traded in both directions. Because the level rises or falls relative to the strike price, the payout can be larger if a large price movement is required for the trade to be completed in the money. Forex – This is an option that very few brokers offer, so a great addition to BKTrading. It allows traders to trade currency pairs ‘per pip’, setting stop losses and target prices. It is an innovation that brings traders closer to pure Forex trading than simpler forms of binary options.
Mobile
BKTrading has not yet developed a mobile trading application.
Payment
Payments at BKTrading are very competitive. The most traded assets see payouts of around 77 % . As always, payouts will vary depending on the expiration time and asset selected. Higher payouts are also available with different trading options. For example, a ladder or one touch option will offer significant payouts for larger price steps. Forex also works ‘per pip’, so can produce higher payouts if desired.
Withdrawal and deposit options
Deposits to BKTrading can be made via credit card (Visa, Mastercard, Diners and American Express). Wire transfers are possible, but carry a transaction minimum of £500 – plus a £25 fee. Transfers are also subject to delays, which means funds may not be available to trade immediately. The minimum deposit via credit card is only £ 10 – The initial deposit will determine which account the merchant type moves to (see table). £10 entry profit to ‘ Basic ‘ account, £1,000 ‘ Standard ‘ and so on – up to ‘ VIP ‘ account ‘ – which sees traders pay an additional 3% on all trades; Withdrawals are also handled based on account type, with VIP accounts having instant processed withdrawals. Withdrawals are available through the same process as deposits – but there is a minimum of £100. Traders must provide certain documentation before withdrawals can be processed, following are the conditions set by BKTrading; 1. Photo ID: This can be a public document such as a passport or driver’s license. 2. Proof of address, such as receipts within the last 6 months of public utility bills.3. A copy of the credit card used for the investment must be sent. For your own security, please cover your card number on the front of the card, leaving only the last 4 digits visible, and also cover the CVV number on the back of the card, so that the signature is visible. The withdrawal process lags behind other binary options brokers but definitely makes big improvements as the company matures.
Other features
BKTrading offers their customers the following features and benefits:
- TA Wizard – Technical analysis tool, available on price charts.
- Range of Educational Materials – Includes seminars, books, financial reports and one to one training
- 24/7 Support