The North America Derivative Exchange (Nadex), the only binary options trading exchange which has legal clearance to operate in the US, is co-sponsoring an aptly named World Championship of Binary Options.
The tournament is currently gathering participants and will run for one month, starting from November 2nd and ending on the 28th with a rather low entry bar of a $500 balance requirement. Participants can join in at any point of its duration. The prize worth however, has not yet been published.
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In throwing this sport-fashioned trading contest, Nadex hopes to attract traders from various backgrounds, trading skills and experience. Among them there will primarily be fans of binary options who are looking to test their mettle against others with experience in this trading variety, along with more seasoned traders who have taken part in a similar “World Trade Championship” for forex.
Trading competitions of this sort are a common way to attract popular attention with brokers who constantly announcing them. Tapping into the competitive nature of many traders, they allow participants to pit their wits against each other on a level playing field that is both public and verifiable. Not to mention the potential money prizes for the winners.
From the brokers’ and providers’ side, these tournaments also serve as a great conversion strategy, as they don’t always require a deposit. The typical binary options championship, however, is designated for traders with real funds finding their way around the interface’s design and placing trades with a more concentrated target in a more vivid picture of trading in general.