Binary Wars: Attack of the Clones

By Konstantin Rabin from Binary Options Hub – an educative binary portal.

Love it or hate but binary options brokers exist. Even though many people, including myself, think that binaries are toxic financial products, the market is huge.

Despite certain sentiment that the interest towards binary options has just started to decline, it is still quite a profitable market. This is why even traditional FX brokers started offering binary trading. If your brokerage does not offer binaries, another broker will take a slice of your piece of the market’s cake.

Well, if you are a website owner, you get emails just like the one below on a daily basis:

Hello. My name is XYZ and I am the senior affiliate manager at %websitename%.

We work with different brands of binary options, all of them regulated by CySEC. We promote %brand name%, a binary options broker regulated and partner of %some mediocre football club%, one of the biggest soccer teams from Europe. I came across your site and would like to offer you a partnership opportunity in exchange for a unique commission reward plan.

I would be more than happy to run a demonstration and go over our different plans in order to show how your monthly revenues can increase considerably. Let me know if you’re interested in this great opportunity and we can start working together as soon as possible. You are welcome to add me on Skype: %skype name% Click here to Join Now – %affiliate room URL%

Kind Regards,

Now here is a problem. As a website owner I am interested in two things:

1. Generating profits
2. Creating some value for my readers

Hence, I should look for the partners that are reputable and regulated, and in the same time better than the rest of the competition. Having said this, there are now more than a thousand of binary brokers. And are they different? Well, everyone claims that they are award-winning, highly-converting and rock-solid brokerages, while in reality there are almost no easily spotted differences. This is especially true from the trader’s perspective. The chart below clearly shows how binary brokers are different.

The reason why the situation is like this is simple. Opening a binary options broker is cheaper than buying a brand new Renault Kangoo…As a binary broker, you don’t really need to focus on the technology, risk management, marketing and so on. You just have to arrange a boiler room call centre and start converting traders. Or maybe a binary broker can do something extra?

Stealing expertise from the FX industry

Let’s try to make this article useful for binary brokers. There is no need to be creative in order to differentiate your binary brokerage, you can just copycat the best examples from the FX industry and stand out from the competition easily. What are the best way to do so?

Education

If you ever encounter an “Education” tab on the binary website, in 99% you can be sure to see the same course in flash. Well, focusing on the trader’s education is actually one of the best ways to stand out and generate high-quality leads. Next to this, if the brokerage offers FX trading, it could be a good channel for transferring the traders to a more complex market.

High-quality analytics

You cannot really prepare a high-quality analysis for 1-minute binary options trading, but why wouldn’t a broker want to make  forecasts for weekly or monthly rates? Today the whole binary industry is filled with get-rich-quickly robots, and, supplying superior analytics can definitely make your brokerage look better.

Different website design

Visit the websites of 10 different binary brokers and spot 10 differences. I bet you cannot do it. However, it doesn’t mean that all of the binary brokers should adopt the same design. It is certainly cheaper to get a templated design for free from your technology provider, but this is the biggest mistake the broker’s make. Invest a few thousand dollars into hiring an agency and develop a fast and neat site, at least this will allow traders to remember your brokerage.

Just don’t manipulate the prices

Sadly enough for the binary sector, a broker can easily stand out just by offering “normal” services. There is no need to anything special, just don’t steal from your clients. And this will already put you at top 10% of the competitors.

An important thing to take away here is that it is nearly impossible to “sell” products that are the same. Whether your brokerage is promoted via affiliates or your own marketing, you still have to be different. Hence, treat your clients well and make, at least, a little effort to stand out – and your brokerage will certainly be popular amongst both traders and affiliates.