Leverate is publicly re-launching its BX8 binary options platform today. A provider of trading technology to brokers, Leverate initially launched BX8 in January 2014, as an attempt to enter the growing binary options markets, as well as to satisfy demand of the product from its clients. However, following technical problems, a decision was made to pull BX8 from the market last year.
Explaining the story behind the evolvement of their BX8 platform, and its “Hollywood ending”, Leverate’s VP of Marketing, Nicc Lewis, discussed the product this past May during the ‘Business Trends’ panel at the iFX EXPO (Editors note: the author of this article was the moderator of the panel).
“This binary thing isn’t going away”
Included in the discussion, panelists were asked to discuss failures that their firms experienced, and what they learned from it. Overwhelmingly, the answers were related to creating new technology development and problems that arose along the way.
In Leverate’s case, Lewis related the firm’s experience with the BX8 platform. Lewis explained that Leverate entered the binary options market after “they were way too late” at realizing “this binary thing isn’t going away.” To catch up, Leverate acquired technology, with the idea that they could then add their own adaptions to it and then go to market with the platform.
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However, as Lewis summed up the process, “it failed”. The result was that Leverate ultimately decided to pull the product from the market and made a decision to rebuild it.
Working with brokers hand in hand
In re-developing BX8, Lewis described that they realized they needed to take a different approach. Lewis explained that they “learned to bring in the broker from the start, and that he would guide the way we would build the platform.” This led to a brand new version of BX8 that the firm believes will be able to cater well to the needs of binary options brokers.
As part of the new version, the new BX8 has a greater emphasis on gamification to motivate traders. As such, according to Leverate, items such as order entry buttons were made to be better displayed while the colors and design were modernized. Leverate is also incorporating the use of various designs to best fit different geographic areas. In this regard, the firm is planning to soon launch a version that is localized for Chinese binary options traders.