A new dimension of signal providers is set to emerge as social trading makes it way to the binary options space, with ZuluTrade – operator of its proprietary social trading platform under its brand name – bringing its solution to SpotOption – which provides binary options technology and trading solutions to an extensive list of binary options brokerages.
Earlier in April Forex Magnates wrote about the ZuluTrade platform -which connects traders to follow algorithmically ranked traders by their performance – from a vast social network of traders. The company was one of the early pioneers of social trading as it just started emerging nearly a decade ago, and the firm’s CEO is a frequent contributor to Forex Magnates Experts section.
This autotrading service that ZuluTrade provides will be integrated with the SpotOption platform, in an exclusive partnership, and the synergy will allow users to select traders to follow, as well as trading experts to build automated strategies on binary options, by using ZuluTrade’s unique Zulu Scripts feature, according to the press release that was first shared with Forex Magnates.
Trading Signals for SpotOption’s Binary Options Brokers’ Clients
The added value for SpotOptions’s end-users is the ability to diversify their binary options trading and/or automate it to a large degree, while following traders within the social network and to emulate their executions within their own accounts.
As the trend of social trading continues to gain traction, the deal just announced highlights the expected and/or existing demand that binary options traders have with a social trading product if it were available to them.
Commenting in the official press release, Leon Yohai, Founder and CEO of ZuluTrade, shared, “We are very excited to introduce binary options to the ZuluTrade community, by collaborating with the industry’s top platform provider, SpotOption.”
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Mr. Yohai further explained, “This is a great opportunity for all SpotOption white labels, as they can easily integrate with ZuluTrade and take advantage of the various benefits of ZuluTrade’s unique trading technology. There is a tremendous interest by most white labels and the final product will fulfill all expectations.”
SpotOption is a significant channel to deploy a product like this, with some 200 white labels mentioned in the press release, and a self-proclaimed market share of some two-thirds of the binary options space. As the ZuluTrade solution will be integrated into SpotOptions’ main platform offering and thus rolled out to a large number of its brokerages via its technology infrastructure, the mutual benefits of the synergy could be further realized. Nearly a week ago Forex Magnates’ reporters conducted an overview of SpotOption’s trading platform.
Tammy Levy, Director of Marketing at SpotOption, explained in the joint announcement, “ZuluTrade is one of the most advanced and innovative social trading providers world-wide. Having ZuluTrade integrated with our platform is a breakthrough for the market of Binary Options. The unique social trading expertise of ZuluTrade with the simple and easy to understand nature of Binary Options, is a powerful combination that is expected to be extremely beneficial for everyone, especially the traders.”
SpotOption provides what it describes as unique features that give binary options a dynamic twist, such as its One Touch, Simple Forex, SpotWiz algo trading, Ladder and other available tools, including its mobile app. The company offers its solution as a turnkey complete solution or as stand-alone components, or can be integrated via API into a brokers own GUI and back and middle-office systems.
Binary Options Market Evolving
The binary options market continues to evolve with both ups and down, with the most recent regulatory warnings announced just yesterday against unauthorized brokers, in France and parts of Canada. Even more mature markets like Foreign Exchange continue to have its own challenges as well as making progress on various fronts.
For SpotOption, brokerages can receive the technology and platform it offers via SpotOption Ltd., and the Binary Options liquidity from SpotOption Exchange, its CySEC regulated entity.
The trend of technology developers partnering together to create specific offerings whether for the purpose of creating something unique or simply to speed the time to market of a desired solution, appears to be more common-place within the industry as a wider view is taken on expanding the market overall, rather than viewing industry participants merely as competition within the existing size of the current overall market share.