Over the past couple of quarters the binary options industry has been undergoing a substantial transformation. The only financial regulator in Europe which accommodates this industry, the Cyprus Securities and Exchange Commission (CySEC), has ramped up its supervision efforts. As a result, many companies have closed their doors and moved into different ventures.
One of the firms that continued operations in this difficult environment is IQ Option. The brokerage has been continuously updating its binary options product to get in line with the latest circulars. The company never used any high-pressure sales tactics and relied largely on self-conversion.
IQ Option committed its resources to creating a great product with reliable execution. A successful marketing machine rivaling that of Plus500, the leader in this department for the FX and CFDs industries, was combined with open access to demo trading that enticed traders to try out the full product with the minimum deposit, opening the door to a lot of new traders.
The company also committed substantial resources to vetting affiliates after CySEC mandated brokers to supervise their partners. Over the past several quarters the company did not experience a decline in activity, unlike the majority of brokers in the binary options industry. Quite the contrary – IQ Option managed to continually grow its revenues.
A Mobile Focused FX and CFDs Offering
In recent months, IQ Option has been working on new products in the FX and CFDs area, but the latest regulatory changes definitely sped up the process. The company has already rolled out a platform on iOS and is shortly launching an Android solution. With some industry leaders reporting mobile trading volumes hitting as much as 74 percent of their total, the focus on mobile seems on point.
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“We have already launched forex and cryptocurrencies, and we are planning to launch share trading soon,” said Dmitriy Zaretskiy, CEO of IQ Option.
The new apps are fully compliant with the rules and regulations of Apple’s App Store. IQ Option has committed its massive team of 250 developers to ensure a smooth launch of the new product and plans to deliver all platforms to market by the end of August.
The brokerage also refitted its affiliates program to fully comply with EU regulations and is aiming to compensate the decline in binary options trading via its new offering.
The company has developed a feature that allows traders to maintain a fixed stop loss on their positions.
Zaretskiy added: “We do now have margin FX positions as regular FX brokers have, which means that the trader cannot lose more thаn the initial investment amount in a particular position. All of our FX and CFD positions are protected from stop loss slippage, if you invest 100 USD in EUR/USD with high leverage the maximum amount that you can lose is the initial 100 USD not more than that.”
The company does not intend to change its minimum deposit or trading requirements, keeping those at quite an affordable level of $10. Clients are offered 1:50 leverage by default as per the latest regulatory requirements highlighted in November by CySEC.