Israeli binary option provider iTrader, famed for sponsoring soccer club Bietar Jerusalem up until July 2015, has launched a new foreign exchange venture under the same brand, called iTraderFX. Traders can now choose whether to use iTrader’s binary options platform via the company’s existing site or they can trade in forex with the iTraderFX web or mobile platform.
This shift is in contrast to the latest trend in the relatively small Israeli forex industry, where more and more FX brokerages are looking to expand their businesses to binary options. iTrader’s move to the forex industry may be explained by growing pressure on binary option operators from regulators at CySEC, and the common expectation that the Israeli Security Authority (ISA) will leave binary options operations out of the regulation process being constructed these days. iTrader was among the 21 companies that applied for a license from the ISA last May.
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Last summer iTrader announced that it is terminating its sponsorship deal with Beitar Jerusalem, one of the most popular football teams in Israel, only one month after capitalizing on an option to extend the sponsorship for one more year. The termination came after a riot outside Belgian football club Charleroi S.C. stadium lead by Beitar’s fans. The sponsorship was estimated as worth a million NIS a year. However, one month after thecancellation of the Betiar Jerusalem sponsorship agreement, iTrader signed a strategic partnership agreement with Maccabi Tel Aviv basketball club, an agreement valued at 1.2 million NIS for 2015/2015 season.
“iTrader investment house offers a variety of investment opportunities in various trading platforms such as indices, forex and of course binary options,” the company stated. “The expansion of iTrade to the forex sphere is a natural move, due to high growth of clients in recent year and due to the firm’s will to offer them attractive and additional investment opportunities.“