Exclusive: IG Group to Can Bitcoin Binary Options

At the iFXEXPO, Forex Magnates had the chance to discuss IG Group’s bitcoin binary options trading product with company representatives at their booth. We learned that they will be discontinuing the product after they expire today.

iFXEXPO Cyprus Pictures (First Batch)

The 2013 Cyprus iFXEXPO winded down last night with the closing party. The event brought together over a thousand attendees from as far as Guatemala and Hong Kong. Forex Magnates was following the event from the inside

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What’s an event without some bitcoin news. At the iFXEXPO, Forex Magnates had the chance to discuss IG Group’s bitcoin binary options trading product with company representatives at their booth.  The firm had become the first broker to launch binary options trading in bitcoins back in April.  Following up with company, we learned that the broker will not be releasing new contracts after their current options expire today, May 31st. Representatives mentioned that the product was welcomed by the sales team as it led to interest in the broker from a new audience. The bitcoin binary launch also brought them additional publicity towards the rest of their products. However, citing simply “management decisions”, the product will cease to exist.

Our opinion is that due to the headline risk of bitcoins, and the often quoted connotation to money laundering, IG’s management preferred to discontinue trading in the digital currency. With their exist, it leaves only Anyoption as the only binary options broker offering bitcoin derivatives. In terms of Anyoption, bitcoin trading is expected to exist until at least the summer, as their product feature expirations as late as July 15th.

IG Group at the iFXEXPO
IG Group at the iFXEXPO
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3 Comments

  1. AndriyAndriy

    I wonder whether it is low demand, technical issues or management’s desire to stay away from Bitcoin?

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  2. Ed

    I can see why IG Markets would be a bit worried about associating itself with Bitcoins after the recent Liberty Reserve fiasco. The brand has a particularly strong reputation and management clearly wouldn’t want to risk tainting this at all. However there are also issues with how a brokerage manages their risk with such products and this must have been somewhat a factor in the decision. With Bitcoin being somewhat of a unique instrument.

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  3. james

    I do not even know why you even bring up news about such a crap thing Bitcoin. It is not even worth mentioning it. Bitcoin is about money laundering. Respected firms will always stay away from it

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