After launching a new mobile platform version of its binary options service at the end of last week, Russian brokerage AMarkets has announced that it will be closing the access to the product for new traders. Existing clients will be able to continue their trading without interruption for the time being.
According to a representative of AMarkets, “Existing forex traders are not expressing any interest in trading binary options, which can not be an alternative to traditional forex trading.”
Existing forex traders are not expressing any interest in trading binary options
This marks less than a year since the launch of the product after the brokerage announced the availability of the product in October 2014. AMarkets has been using a solution provided by BinaryStation where the broker gains access to a set of risk management tools.
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In April this year, the brokerage launched an application for trading on Android devices, whilst only last week it announced the deployment of a mobile solution for Apple’s iOS.
Finance Magnates’ reporters have contacted the firm for some clarifications on the matter and a representative confirmed, “Existing market mechanisms for hedging risks on binary options are still underdeveloped. This has an impact on the trading conditions offered to clients and as an effect on the final result from trading.”
“Consequently, binary options are not fully in sync with our company’s mission statement – to increase client profitability and to provide the best trading conditions,” the AMarkets’ representative explained.
The binary options offering for the company has been deemed an “experiment”, which confirmed that forex traders have not expressed any material interest in trading binaries.