The binary options industry has been expanding over the past several years. The simplicity of the instrument made it very popular among traders. This caused the emergence of numerous binary brokers. The unregulated environment allowed startup binary brokers to operate on the market without any barriers. As a result, unregulated binary brokers and their fraudulent actions have negatively affected the image of the industry.
Now binary options is a very hot topic. The industry representatives including regulators and tech providers are trying to unite their efforts in rehabilitating binary options in the eyes of the trading society.
Regulatory compliance of the Platform
As a technical provider, we also made steps towards transparency of the service and introduced the updated version of our Binary Options Platform. We suppose that stricter regulation of binary options is a natural way of its development and is absolutely necessary for preventing unfair practices.
The first step was certification of T4B Binary Platform by Financial Commission . The platform was examined according to the check- list elaborated by Commission. Among the characteristics examined by FinCom were platform security and performance, securities and order types, execution policy, reporting and emergency recovery plan.
Secondly, in order to comply with CySEC requirements – the most popular EU regulator for BO industry – we redesigned our platform in a way that helps brokers to provide transparent Binary Options trading. For example, it provides full information on the underlying asset of binary option ( bid and ask prices, strike price) and displays the flow of the bid/ask prices. The requirement of CySEC to provide clients the ability to cancel transaction was also implemented in the updated version.
Configuration of cancel duration for different types of binary options.
Specifics of T4B platform
Taking into account the aforementioned points, our platform is not only absolutely transparent for brokers and their clients but is also incredibly easy and intuitive to use. Binary Panel as an extension to MetaTrader Platform allows clients to trade Forex and Binary from the same Client Terminal. Full synchronization with MetaTrader infrastructure allows to:
- deposit and withdraw money via MT4 accounts
- receive quotes from MT4 feeder
- trade from the MT4 Terminal with the same account
Moreover, it can be also used as a stand-alone web-platform. This allows brokers to meet the needs of a modern Mobile Trader and provide maximum usability, stimulating trade from any device.
Interface of the T4B Binary Options Platform.
Conclusion :
We consider Binary Options as a very attractive instrument to diversify brokerage business and provide clients an alternative to Forex trading. It can serve as a product that attracts an initial flow of clients with its simplicity and accessibility and then converts them to more sophisticated Forex trading.
The tendency to regulate this industry is a proper way to amend the incorrect perception of Binary Options. So brokers who opt to lead licensed business and to provide better customer experience should choose certified technology.