Item: BOOM
Rating: 5.75

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boom.com

223.197.16.38

Server Location

Hong Kong

ICP registration

--

Most visited countries/areas

--

Domain Effective Date

0001-01-01

Website

WHOIS.NETWORKSOLUTIONS.COM

Company

NETWORK SOLUTIONS, LLC.

Genealogy

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Relevant Enterprises

Monex Boom Securities (H.K.) Limited(Hong Kong)

Active

Hong Kong

Registration No. 0600122

Established 1997-03-21

Related sources Website Announcement

Wiki Q&A

Sanford

Within 1 year

Does BOOM offer a swap-free Islamic account option for its traders?

WikiFX Reply

From my experience as a long-term independent trader, I always prioritize clarity and transparency when selecting a broker, especially regarding account types that align with specific religious or ethical requirements. After thoroughly examining the information available on BOOM, I was unable to find any indication that the broker offers a swap-free or Islamic account option for its traders. BOOM’s main offerings seem to revolve around four primary account types: Individual/Joint, Corporate, Margin, and Cash accounts. None of these, based on the available descriptions, are explicitly designed for traders seeking Sharia-compliant, interest-free conditions. For me, the absence of a swap-free account could be a significant limitation for those whose faith prohibits the payment or receipt of interest (riba). While BOOM offers the advantage of SFC regulation in Hong Kong and access to a broad array of global markets, the lack of an Islamic account stands out. Reliable brokers usually make their swap-free options quite clear since this is an important compliance feature for Muslim traders. In the current context, BOOM does not meet that need, so traders requiring Sharia-compliant trading should exercise caution and consider alternative brokers with clearly stated swap-free or Islamic account options. Making decisions aligned with one’s financial and ethical priorities is essential in forex trading, and in my practice, I never overlook such fundamental account requirements.

Is BOOM overseen by any regulatory bodies, and if so, which financial authorities are responsible for its regulation?

WikiFX Reply

In my experience as a trader, understanding a broker’s regulatory status is an essential step before entrusting them with funds. With BOOM, what stands out is that it is actually regulated. BOOM, officially known as Boom Securities (H.K.) Limited, is authorized by the Securities and Futures Commission (SFC) of Hong Kong. The SFC is considered a reputable authority in Asia, well-known for maintaining strict oversight over financial institutions and enforcing compliance with rigorous standards. According to publicly available information, BOOM holds a license with the SFC specifically for dealing in futures contracts (license number: AEF808). For me, seeing a license from a recognized regulator like the SFC alleviates some concerns. Such oversight generally means there are established protocols for client fund segregation and periodic audits, which I consider important factors for safety. However, I would still remain cautious due to some notes of “high potential risk” and user-reported concerns, and I always advocate for direct verification with the SFC’s official site before making any commitments. Overall, BOOM’s regulated status with the SFC suggests it operates under established Hong Kong financial laws, but I believe a prudent trader should carry out additional due diligence whenever choosing a broker.

Are there any inactivity fees with BOOM, and if they exist, what are the specific terms?

WikiFX Reply

In my direct experience analyzing BOOM as a trading platform, I found that inactivity fees are indeed part of their fee structure. For me, this is a point that deserves careful consideration, particularly if you plan on holding an account with periods of low or no activity. Specifically, BOOM charges an inactivity fee of HKD 200 for individual or joint accounts and HKD 1,000 for corporate accounts if the account is deemed dormant. The rationale behind such fees, in my understanding, is to cover administrative costs associated with maintaining inactive accounts, which is common among many established brokers. I believe it’s crucial for account holders to be aware that, while BOOM does not charge for deposits, withdrawals, or account minimums, inactivity can result in these fees being applied. I strongly advise potential users to read the account terms carefully and consider whether their trading habits might trigger these charges. Personally, I always factor such costs into my assessment since they can affect long-term account value, especially for less active investors. Being proactive in managing account activity can help avoid these fees and contribute to a more predictable trading cost structure overall.

What are the key advantages and disadvantages of trading with BOOM?

WikiFX Reply

In my experience as a trader who prioritizes regulatory oversight, risk management, and transparent pricing, BOOM offers both identifiable strengths and some drawbacks worth careful consideration. One of the main advantages for me is BOOM’s regulation by the Hong Kong Securities and Futures Commission (SFC). Trading with a broker licensed by such a respected authority provides a layer of security and accountability. I also appreciate BOOM’s access to over a dozen global markets, including equities and various futures contracts, which is valuable for diversification. Their commission fees, especially compared to some regional competitors, tend to be quite reasonable, and the absence of deposit or withdrawal fees has made cost management simpler in my personal workflow. However, there are notable disadvantages I have encountered. BOOM does not offer a demo account, making it challenging to test strategies or get accustomed to their unique proprietary platform without risking capital. The platform itself is not MT4 or MT5, which required a learning curve and initially impacted my efficiency. I also noticed they charge inactivity fees, which can add up if you are not consistently active—a point of concern for long-term or less frequent traders like myself. Some users might find their web interface outdated, and in my research, there have been times the website was inaccessible or appeared oddly sized, impacting user experience. While BOOM is not without its issues, the SFC regulation and straightforward fee structure provide a level of trust. I always advise caution and recommend thoroughly evaluating your trading needs and platform familiarity before opening a live account.

User Reviews 5

All (5) Positive (5)

FX6022430072

1-2 years

Positive

Cost-Saving Trades: Navigating from Futu to BOOM for Global Market Access

I am a mainland Chinese working in Hong Kong. I used Futu before and thought the interface was good, but the commission fees were too expensive in the long run. A friend recommended BOOM to me. It has an old-fashioned Hong Kong-style interface, and I wasn't used to it at first. But after getting used to it, it's okay for trading. The main advantage is that the commission fees are cheaper than others. Sometimes I trade Japanese stocks. I heard that they can trade stocks in 16 popular markets.

Hong Kong

BOOM's website looks oddly sized and my browsing experience is poor. And they don't have any regulatory licenses, how did they operate for more than fifteen years?

New Zealand

Inexplicably, the company's website cannot be opened, and I have not seen any regulatory licenses. But I can't see anyone on the Internet saying it is a scam! I guess the website is temporarily down? I'll check it out tomorrow

Singapore

In fact, this company was recommended to me by my friend. After trying it for a few months, I think it is really good. MONEX BOOM has been established for almost 20 years, don't be too reliable! Although their trading platform is not the common MT4 or MT5, it is definitely worth a try and it is very easy to use.

Thailand

I have been trading with this company for a while and am happy with it and will continue to trade. But I read on the wikifx website that it's not regulated and I was a bit intimidated. Can anyone tell me if it is a trustworthy company after all?

2022-11-23

Argentina

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BOOM Review Summary
Founded	1997
Registered Country/Region	Hong Kong
Regulation	SFC
Market Instruments	Multi-market stocks, futures contracts, stock futures, currency futures, interest rates futures, metal futures
Demo Account	❌
Trading Platform	Web, mobile
Minimum Deposit	0
Customer Support	Tel: +852 2255 8888
Customer Support	Email: service@boomhq.com

Pros	Cons
Regulated by Hong Kong SFC	No demo accounts available
Access to 12+ global stock & futures markets	Inactivity fee charged for dormant accounts
No deposit or withdrawal fees

Tradable Instruments	Supported
Currencies	✔
Commodities	✔
Indexes	✔
Stocks	✔
ETFs	✔
Cryptocurrencies	❌
Bonds	❌
Options	❌

Account Type	Feature	Suitable for
Individual/Joint	For individual use or jointly owned by two people	Personal investors
Corporate	Designed for companies to manage trading operations	Businesses or institutions
Margin	Enables flexible trading with the ability to use unsettled funds	Active or day traders in U.S. stocks
Cash	Trades only with settled cash; no margin or unsettled proceeds can be used	Conservative or long-term investors

Market	Commission Fees
U.S. Equities	USD 20 per trade
Hong Kong Stocks	0.18% per trade
Global Markets	0.50% or lower per trade

Non-Trading Fees	Amount
Deposit Fee	0
Withdrawal Fee	0
Inactivity Fee	HKD 200 (Individual/Joint) HKD 1,000 (Corporate)

Trading Platform	Supported	Available Devices
Web Trading Platform	✔	Desktop / Web Browser
Mobile Trading App	✔	iOS & Android devices

Deposit Options	Minimum Deposit	Deposit Fees	Deposit Processing Time
eDDA (Electronic Direct Debit)	HKD 200	0	Within 5 minutes (under normal conditions)
FPS / Internet / Phone Banking / ATM	0		Same day during business hours
Bank Transfer / Telegraphic Transfer			Varies by bank
Cheque / Bank Draft			/

Withdrawal Options	Minimum Withdrawal	Withdrawal Fees	Withdrawal Processing Time
To Designated Bank Account	0	0	Same day if before 12:00 PM HK time
Withdrawal by Cheque			Same day
Transfer to Other Bank Accounts			Processed upon approval of instruction

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Wiki Q&A

Does BOOM offer a swap-free Islamic account option for its traders?

Is BOOM overseen by any regulatory bodies, and if so, which financial authorities are responsible for its regulation?

Are there any inactivity fees with BOOM, and if they exist, what are the specific terms?

What are the key advantages and disadvantages of trading with BOOM?

User Reviews 5

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