Binary option platform provider TRADOLOGIC has announced the launch of Bitcoin and Litecoin instruments for its clientele. A form of synthetic trading, the new binary options will offer wagering on the short term direction of Bitcoins and Litecoins. Unlike traditional traded options which have a variable outcome that is derived from the price of the underlying asset, with binary options, potential payouts are fixed at the time of opening the trade. As such, due to the win or lose outcome, binary options are often tied closely with online gambling products, with operators of binary options brokers coming from both the world of finance as wells as gaming.
TRADOLOGIC is one of the largest binary binary option technology providers in the world, catering toward over 60 partners in binary options and gaming. Among its largest clients that use its white label binary options platform product are CedarFinance and OptionBit. The company’s biggest competitor, SpotOption, has been offering Bitcoin binary options since mid-2013.
Announcing the launch, TRADOLOGIC provided an upbeat outlook on the popularity for trading digital currencies, stating:
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“Binary options make trading on Bitcoins simple, convenient and require only a small invest amount. Buying the actual Bitcoins involves a high degree of risk while using TRADOLOGIC’s software, binary option operators offer safety in the rapidly changing financial world.
The currency of the future is gaining increasing popularity in the financial world. Bitcoin binary option trading is widely popular among the company’s white labels as it gives them the chance to attract more traders, thus increase their revenues.”
The advent of binary options for digital currency offers yet another way for investors to take bets without having to actually deal in the digital currency itself. There are also multiple CFD providers such as eToro and Plus500 where all deposits and withdrawals are done purely in fiat. Those wary of holding digital currency itself, fearing for its security amid stories of exchange failures and hackings, may find such options more appealing.