Binary Options Developers Turn to New Fields as CySEC Gets Tough

ThinkMarkets, LandFX and Trade Interceptor are among the firms mentioned in this week's top stories.

This week some of the biggest stories in the online currency trading industry involved binary options technology providers expanding to new fields. We also saw the Cypriot regulator discussing a possible ban of the product, or at least stricter limitations on who can access it.

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Digital Contracts

On Monday SpotOption announced the launch of its latest product, Digital Contracts. These promise to provide a transparent new way to trade assets with real-time prices such as stocks, commodities, currencies, and indices.

The developers emphasis that Digital Contracts were developed in accordance with the regulatory standards of major financial regulators, as these standards are essential for brokerage sustainability.

OSYSFX

On Tuesday we revealed O-SYSTEMS latest product, OSYSFX.

The developers told Finance Magnates: “Our new trading platform is all about Automation. Our main goal is to help the broker to better understand his client, and cut the overall cost. We have developed a method for getting customers onto the platform with one of the lowest CPA costs in the business. Once on the platform, our funnels and smart segmentation convert customers more efficiently and effectively than what traditional broker-calls-client systems.”

Mobile First

On Wednesday it was reported that ThinkMarkets acquired mobile app developer Trade Interceptor.

So far Trade Interceptor has been actively focused mainly on English, but ThinkMarkets plans to change that. The company will prioritize the application’s Chinese language interface and add more in the coming months.

CySEC to Ban Binary?

On Thursday CySEC Head Demetra Kalogerou dropped a bomb on the binary options industry while speaking at the iFX Expo International 2017.

Among othe comments, she said: “We are considering banning binary options but we’re still consulting about it… It will be more appropriate to suggest binary options only to professional traders.”

LandFX

On Friday we exclusively reported that the UK arm of LandFX has launched a new institutional offering to the market.

The firm shared with Finance Magnates that one of the reasons for the launch of the institutional business arm of the company is the recent changes in the regulatory environment. According to the firm the retail FX market in Europe is becoming relatively unattractive for brokers, which is why the company is looking into new opportunities in the wholesale liquidity and clearing market.

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