Overview of BOA
BOA is a Hong Kong-based financial services and products provider that was founded in 2007. Its trading services include bonds, mutual funds, and shares that are listed on the Hong Kong stock exchange. To help customers make wise investment decisions, the organization offers extensive educational materials and strong customer service. Investors may be at danger, nevertheless, as BOA's regulatory status is currently revoked.
Is BOA Legit？
BOA is not regulated effectively. Although it previously held a license (ARU940) with the China Hong Kong SFC, the regulatory status is now abnormal, and the license has been revoked. This lack of regulation poses significant risks to investors, and caution is advised.
Pros and Cons
Investors can benefit greatly from BOA's wide array of financial products and services, extensive instructional materials, and strong customer assistance. Nonetheless, there are substantial dangers to the security and openness of investments due to the unusual regulatory status and revoked license.
Products and Services
BOA offers a range of financial products and services, including:
Hong Kong Listed Shares: Trade HKEx-listed stocks, including blue chips, red chips, H shares, and others via the BOAISL online trading platform. Day trading is allowed, with settlement required on T+2.
Funds: Invest in mutual funds and unit trusts from reputable fund houses, covering various types such as equity, money market, bond, balanced, and sector funds.
Bonds: Access a series of bonds, including government, corporate, and perpetual bonds, which provide predictable interest income and potential capital gains.
How to Open an Account
To open an account with BOA, follow these steps.
- Visit the BOA website. Look for the “ACCOUNT OPENING” button on the homepage and click on it.
2. Input email and receive the one-time password
3. Input personal information and perform the risk disclosure
4. Upload Identity card and address proof
5. Receive the Online Account Opening acknowledgement from BOAISL
6. Submit the W-8BEN to BOAISL
7. BOAISL Staff will have a phone confirmation with client after the receipt of W-8BEN form
8. Transfer HKD$10,000 to BOAISL through the designated client bank account and upload the bank receipt
9. Completed
Fees
Brokerage:
Online Trading: 0.75% of transaction amount.
Phone Trading: 1.0% of transaction amount, minimum HK$100.
Stamp Duty: 0.1% of transaction amount, minimum HK$1.
Transaction Levy: 0.0027% of transaction amount.
Trading Fee: 0.005% of transaction amount.
Stock Settlement Fee: 0.002% of transaction amount, minimum HK$2, maximum HK$100.
Compulsory Share Buy-back by CCASS: 0.5% of securities value, maximum HK$100,000.
EIPO: HK$20 per application.
Settlement-related Services: SI and ISI Delivery Fee: HK$10 per stock.
Nominee Services and Corporate Actions: Various fees (e.g., Scrip Fee: HK$1.5 per lot, Cash Dividend Collection: 0.12% of dividend amount, minimum HK$20, maximum HK$10,000).
Financing and Other Services: Late settlement of purchase orders at HSBC Prime Rate +4% p.a.
Deposit & Withdraw Methods
Fund Deposit:
By Cheque or Bank Transfer: Deposit to BOC (HK), BOA International Securities Limited (Clients' A/C), Account No. 012-704-0-008971-9 (HKD). Include account name, number, and signature on proof of deposit, email to cs@boaisl.com.
By Telegraphic Transfer: Bank of China (Hong Kong) Limited, SWIFT Code: BKCHHKHHXXX, Account No. 012-704-0-008971-9 (HKD). Include account name, number, and signature on proof of deposit, email to cs@boaisl.com or fax to +852 3580 0343.
Fund Withdrawal:
By Form Submission: Download and fill the “Fund Withdrawal Instruction” form, return by post, fax to +852 3580 0343, or email to cs@boaisl.com.
By Phone: Contact Customer Service at +852 3611 8825 to settle withdrawal requests by the next working day.
Trading Platforms
BOA offers mobile trading apps for both iPhone and Android devices:
Android Trading Apps: Available on Google Play, with an APK download option if needed.
iPhone Trading Apps: Available for download for iPhone users.
Software Tokens: Available for both Android and iPhone, with APK downloads if needed.
Customer Support
Contact Address: RM 1703, 17/F Sino Plaza, No. 255 – 257 Gloucester Road, Causeway Bay, Hong Kong
Email: cs@boaisl.com
Telephone: +852 3611 8825
Office Hours: Monday-Friday, 9am-6pm
Educational Resources
BOA offers educational resources through “The Chin Family” initiative, which provides a variety of educational resources aimed at different life stages and financial needs:
Investment: Guidance on making informed investment decisions.
Parenting: Resources to help parents teach their children about money management.
Retirement: Information and tools to plan for a secure retirement.
Young Adults & Money: Financial advice tailored for young adults.
Money Essentials: Basics of managing personal finances.
Blog: Articles on various financial topics to enhance financial literacy.
User reviews
User 1:
“Ive been using BOA for a while now. Their trading platform is pretty solid, and I really appreciate the educational resources they offer. The customer support is also quite responsive. However, the revoked license is a bit concerning and something to keep an eye on.”
User 2:
“I opened an account with BOA mainly for their variety of mutual funds and bonds. The process was straightforward, and their customer service was helpful. The only downside is the regulatory issues theyre facing, which makes me a bit uneasy about the long-term safety of my investments.”
Conclusion
BOA provides a wide range of financial products and services, supported by comprehensive educational resources and strong customer support. However, the lack of effective regulation and the revoked license from China Hong Kong SFC pose substantial risks, necessitating caution for potential investors
FAQs
Is BOA regulated？
BOA is not effectively regulated. Its previous license with the China Hong Kong SFC has been revoked.
What financial products does BOA offer？
BOA offers Hong Kong listed shares, mutual funds, and bonds.
How can I open an account with BOA？
Visit the BOA website, follow the account opening process, complete personal information and risk disclosure, upload identity proof, and transfer the initial deposit.
What are the fees associated with BOA？
Fees include brokerage, stamp duty, transaction levy, trading fee, stock settlement fee, and various service-related charges.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then.
