Online brokerage company 24option is preparing to leave the binary options industry. The company will stop accepting deposits from new traders residing in the European Union from this week. The limitation will include new clients from the rest of the world from next week.
The changes are signaling a major shift for the operations of 24option, which is preparing to focus solely on expanding its forex and CFDs offerings. For the time being, the brokerage will continue accepting new deposits from existing clients keen on trading binary options.
New clients of 24option will only have the option of depositing into a forex and CFDs trading account. The move represents a strategic shift for the company that is entering a competitive market place with a number of well established players in the industry.
24option’s Forex Effort Using Education
Two weeks ago Finance Magnates reported that 24option has highlighted CFDs as its “new strategic focus”. At the time, the firm announced that it is on-boarding Alpesh Patel as brand ambassador.
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24option launched its FX and CFDs trading product several months ago. The company’s marketing effort is now focusing on the new brand ambassador partnership and education efforts.
Mr Patel is a renowned analyst and former columnist at the Financial Times and Bloomberg. After the launch of its forex and CFDs offering several months ago, the company is adding to its customer service team and intends to provide additional education materials.
The company has recently outlined that it is focusing additional resources on compliance and its updated registration process will prevent clients with inadequate knowledge and experience from trading.
24option is offering a standard MT4 solution and a proprietary alternative with a simplified trading interface. It includes a buy and a sell button, the amount of risk per every pip of price movement and stop loss and take profit fields.