Binary Options: Where it really belongs – Opinion

“We need to completely shake up the binary options industry and position it where it really belongs, that being firmly in the gaming sector” – Barry Davies, Founder, Optiopus

Ever since its establishment, FinanceFeeds has maintained that binary options is not a financial markets product.

It was founded by, and is operated by affiliate lead marketers and gambling site owners, and has absolutely no connection whatsoever to electronic trading.

The litany of fraudulent activity that has emanated from the OTC binary options sector recently, attracting the attention of law enforcement agencies, national governments and financial markets regulators worldwide has mushroomed, casting a very unpleasant shadow over the genuine electronic trading industry to which it bears no resemblance.

Today, Barry Davies, founder at Optiopus, puts forward his opinion on why binary options should be classified as a gaming product, under what he considers to be the “Candy Crush model” , and should never be regarded as a financial markets environment.

Over to you, Barry.

After seeing how the binary market has evolved and most importantly the direction that it has taken, I have come to the conclusion that binary options should be situated in the gaming space as a fun method of entertainment and not as a financial product.

Barry Davies

A few years ago some gaming site and online casino operators tried to introduce binary options which they positioned as a financial product, as a add on feature to there existing casino suite that at the time included casinos, poker sites and sports betting sites. The background of this bears absolutely no relation whatsoever to financial services or investing.

From my discussions with these companies over the last few years, their initial feedback has always been “lets try to cross sell our data”, but their issues were how the product could be positioned next to their gaming products, thus eventually they dropped this from the suite of products and made it into dedicated binary options which purported to be something that it is not.

In conjunction with these gaming companies that introduced this product, the binary options market exploded with bucket shop style brokers entering the market very aggressively and attempting to sell the binary options product as a legitimate financial product, which only served to dupe customers all over the world as we all know the platforms are rigged in favor of the brokers and their associated brands.

Now, here we are in a situation in which the binary market is at tipping point, as it has caused untold damage to many financial markets globally, resulting in the ruined reputation of online trading, advertising bans in many countries and blanket prohibitions of all OTC derivatives on, in some cases, a national basis.

It has created such damage that even if genuine binary options brokerages with very well recognized regulatory standing (such as the exchange traded derivatives in the US), enter the market, the trust is not there anymore.

As person who started his career in the gaming industry and experienced the binary options market in terms of a client and as a marketeer, I decided to build a platform Optiopus.com – for the client and only client in which users can join with no fear of being duped out of their hard earned cash.

Instead, we believe that it is a gaming product and should provide users with a means to interact via a social map, trade binary options, play games, join a community and win prizes.

In conclusion, we need to completely shake up the binary options industry and position it where it really belongs, that being firmly in the gaming sector.

    Read this next

    Podcasts, Women of the Industry

    FF Podcast delves into the rise of prop trading as Brokeree releases Prop Pulse

    In the latest FinanceFeeds Podcast, Tatiana Pilipenko discusses Prop Pulse, Brokeree Solutions’ platform for prop firms and retail brokers aiming to delve into prop trading. Offering a flat fee structure, Prop Pulse emerges as a scalable solution in an era where successful traders increasingly prefer prop firms over traditional retail brokers.

    Inside View

    Scalping or day trading?

    Among the many popular trading styles with both beginners and experienced traders are scalping, which allows you to extract small portions of profit from each price movement, and day trading, which aims to trade over a single day. In this article, you will learn what scalping and day trading are and their differences and peculiarities. Ultimately, you will learn what to look for to understand which trading style is right for you.

    Crypto Insider

    Unveiling Plasma Next: INTMAX’s Solution to Scale Ethereum with Stateless Layer

     INTMAX has launched Plasma Next on the mainnet α, a groundbreaking Layer 2 zkRollup, revealed by co-founder Leona Hioki at ETH Denver. This innovation offers scalability with constant costs per block, merging Plasma’s scalability goals with zkRollups’ security.

    Fintech

    Nuam selects Vermiculus for clearing system in Chile, Colombia, and Peru

    “We are proud to deliver a system that plays an integral role in the core of this historical merger, empowering one of Latin America’s most crucial markets with VeriClear’s state-of-the-art technology, together with our deep market expertise.”

    Retail FX

    Moomoo launches super app in Malaysia

    “As an investment platform connecting 21 million retail investors globally, we envision collaborating with exchanges, regulatory bodies, and partners in the visible future to become the gateway, connecting Malaysia’s investment products to global capital and investors.”

    Executive Moves

    FXPA elects Joe Hoffman as new Chair in its 10th anniversary

    “The opportunity to serve as Chair of the FXPA is truly an honor, and I am committed to upholding the exceptional work of a FXPA. Given the recent market fluctuations due to global tensions, inflationary pressures, shifts in monetary policy, as well as the outcome of the US election and the risk of recession, brings the potential for more FX volatility in 2024. I am dedicated to expanding the FXPA’s membership and I’m excited about collaborating with all members to echo the unified voice of the FX market.”

    Market News

    Eurozone Fights Stagnation Whilst Stock Indices Rally

    European stock markets are defying economic gloom as they continue to soar to all-time highs, showcasing resilience amidst broader economic challenges.

    Web3

    Lisk Partners with Indonesia’s Communications Ministry to Boost Web3 Startup Ecosystem

    Discover the strategic partnership between Lisk and the Indonesian Ministry of Communications and Informatics, aimed at propelling local Web3 startups to new heights through comprehensive support and education.

    Executive Moves

    Admirals appoints founder Alexander Tsikhilov as CEO

    “Striking the right balance between sourcing new talent and developing and harnessing the strength and capabilities of our current workforce, is key to achieving our vision.”

    <