Hello Binary, a white label platform provider for binary options brokerages, has announced two enhancements both involving Bitcoin. First, they will start accepting Bitcoin when funding/depositing into an account. Second, the creation of binary options whose underlying asset is Bitcoin.
The addition of Bitcoin as a form of payment will be convenient for traders looking to bypass the difficulties typically experienced when transferring real currency to their accounts, especially if they’re located internationally. It is likely that the funds will arrive in a fraction of the time and they would avoid any fees arising from the transfer.
Conversely, providing for binary options betting on Bitcoin prices will allow traders to take advantage of the frequently wild price movements without having to own bitcoins themselves at any point in time. Traders who are still wary of the technology and don’t want to deal with wallets, blockchains, withdrawal issues from exchanges, etc. will particularly find this route attractive.
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The ability to bet on BTC via a binary option also entails greater magnitudes of opportunity for profit/loss in accordance with its exotic structure. This joins the ranks of Bitcoin derivative houses, such as btc.sx that let you place bets on BTC’s direction without actually getting directly involved with the cryptocurrency, while providing leverage and an exotic formula for your loss/reward such as with a squaring function.
For some, although not many, the platform can help them hedge existing positions in Bitcoin, particularly if they are interested in investing for the mid-term and want some insurance.
The platform can be built, delivered and customized in as little as 3 weeks. Features include compatible modules such as Bloomberg news feeds, market data and analysis, and live-chat.