Australian-based GO Markets became the latest retail Forex broker to begin launching binary options trading to its clients. Soft launched to limited clients last month, the product was fully rolled out to their customer base today. The launch of binary options is the first notable product-based news from GO Markets since the brand went under the control of new ownership last year.
Providing technology for the offering is broker solutions firm, TradeToolsFX. The offering uses TradeToolsFX’s cross platform binary options offering which provides trading on both a standalone web or mobile-based platform and via MetaTrader 4. Commenting to Forex Magnates, Tim Brankin, Managing Director at TradeToolsFX said “We are very excited to partner with GO Markets, a true pioneer in the retail Forex world and one of the most respected firms in the industry. The decision to select the TradeToolsFX binary options solution is validation for our product and brand in the competitive world of binary options software providers.”
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VantageFX, which was previously a sister broker brand of GO Markets, was the first major retail Forex broker in Australia to launch binary options trading at the end of 2012. In terms of the product, brokers are split on the correct method to offer binary options, with many firms launching it under a separate brand such as TopOption from Markets.com and PowerOption from AvaTrade. However, some brokers are seeing success marketing both binary options and Forex trading, such as the above mentioned VantageFX.
In terms of Australia, brokers there have been some of the most active over the past two years, introducing new products and trading platforms. In addition to binary options and offering Chinese renminbi trading (which GO Markets also announced today as being offered on the platform) we have been seeing a trend of brokers in the country providing MetaTrader 4 to customers with enhanced features, such as those from FX Blue (formerly MT4i).
Alluding to the new product trend in their public release today, GO Markets stated, “GO Markets official launch follows a growing trend of Australian Forex and CFD providers expanding their product offering.” The firm also attributed the launch to customer demand as GO Markets Head of Sales, Rom Revita noted, “GO’s move to bring binary options on board is also due to strong demand from our existing clientele.”