The Swiss-based Forex bank Dukascopy has today announced the launch of a binary options platform offering, initially providing demo account access for clients to trade the increasingly sought binary style contracts.
The firm is the latest to give in to the allure of offering binary options trading, as the expectations to meet the demand of online speculators in search of binary options appears to be optimistic, as seen by the number of firms that have recently launched such offerings.
The unique features of binary options offered by Dukascopy were said to include fixed uniform payouts of up to 90% and an FX price feed directly from Dukascopy, and using the bank’s Swiss Foreign Exchange Market Place -SWFX technology, as described in its official press release.
Initially, the types of binary options included were Up/Down type options and FX instruments, with live account capability to follow along with a demo trading contest that is under development.
Forex Magnates’ reporters spoke today with Alain Broyon, CEO of Dukascopy Bank, who said, “The Binary Options have been launched following our clients’ demands. We hope they will enjoy the new trading facilities as trading with Dukascopy Bank will become more interesting. Furthermore, being known as a broker providing extremely low spreads (the average of 0,19 pip spread on EURUSD was touched on the 12th of February), we will apply the same competitive conditions to binaries.”
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According to Forex Magnates’ sources, the platform appears to be a fully in-house developed solution, including the logic used to define payout and other parameters of the contracts functions.
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In addition, Forex Magnates has confirmed with people familiar with the development that the release date for live account trading on the platform has not yet been announced, as the binary options are the first of the set of asset classes or instruments that started trading (in demo mode so far) in Dukascopy’s new technical infrastructure which will subsequently host Forex and CFD services as well.
Forex Magnates’ research team took a brief look at the demo account offered by Dukascopy for binary options trading, as can be seen in the below screenshot, and which appears to the version 0.05 of the platform: