In the News: Binary Options Brokers Going For Cryptocurrency Trading
If you didn’t already know this, cryptocurrency is the next big thing in trading and investment. No, I don’t just mean using binary options to trade movement in the cryptocurrency market. I mean that all things block-chain related are being embraced, and embraced warmly, by the binary options industry. In recent weeks three top broker/tech-providers have announced the implementation of blockchain technology across the vertical from simple trading through the full-blown use of DST (distributed ledger technology) across their ecosystems.
Cryptocurrency, ICO’s and Binary Options
The first to make the move was IQOption. IQOption is one of the largest brokers still in existence and has offered binary options on cryptocurrencies for a long time. They’ve since added CFD and spotforex trading to include cryptocurrency with an intention to increase their offerings to include wallet and exchange services for the top tokens on the market. They’ve also begun to work on a project which will result in an ICO and blockchain based trading, not just trading block-chains. IQOption operates under two arms, one CySEC regulated and the other one not.
Binary.com upped the ante by planning an ICO of its own. The details are a bit sketchy but sources say the company is looking for experienced blockchain talent. The ICO will help power blockchain based solutions for the brokerage including cashier and infrastructure services. Binary.com also operates under two arms, one regulated by the Isle of Manny GSC and the other by Malta’s FCA.
Tradologic may the be the first to complete the transition to cryptocurrency. This tech-provider has built a new platform called Krypton. Krypton is a full-service platform allowing brokers to build cryptocurrency trading businesses. Trading can be as simple as a basic exchange, leveraged spot forex, or options with other services such as lending, portfolio management, and social/signal trading. The platform is already being used by at least 6 brands and boasts connections with major exchanges for liquidity as well as the ability to connect with ICO’s. The firm is expecting to launch its own exchange later this year. Tradologic is a technology provider and does not operate an exchange or brokerage on its own, the tech is however compliant with CySEC, EU MiFID, Belize FSA and Japan FSA.
Crowdwhiz is an independent investment solution offering it’s ICO on the Krypton platform. Crowdwhiz is a crowd-sourced method of investing and trading in cryptocurrencies and is itself a digital token. Owners of the token, built on the Ethereum blockchain, are members of a decentralized investment fund and able to vote on the funds decisions through smart contracts. The fund is intended to invest in other cryptocurrencies, digital tokens and any forthcoming blockchain based assets.
The Bottom Line
The bottom line is easy to see. A wide variety of regulated cryptocurrency exchange solutions are coming to binary options traders. We will be able to deposit and withdraw in cryptocurrencies, exchange them for other currencies and use them to trade binary options, CFD’s and spotforex with the industries leading brokers. To put this into perspective let me say this, blockchain withdrawals will take minutes instead of days or weeks, and your trading will be more secure in the blockchain.