What if you could trade on-exchange binary options directly on MT4? TradeToolsFX Managing Director Tim Brankin reveals all
“We saw all the success that TRADOLOGIC and SpotOption were having with their OTC binary options businesses, and we started to do some work with those companies because they were interested in doing integration into MT4” reminisced Tim Brankin, Managing Director of TradeToolsFX. “We then came to the conclusion that we can do this on […]
“We saw all the success that TRADOLOGIC and SpotOption were having with their OTC binary options businesses, and we started to do some work with those companies because they were interested in doing integration into MT4” reminisced Tim Brankin, Managing Director of TradeToolsFX.
“We then came to the conclusion that we can do this on our own and can go to the 500 or so MT4 brokers that may wish to get into the binary options space but don’t want to get their clients to trade on a different platform” he said.
This was a few years ago now, and for TradeToolsFX, the reality of trading OTC binary options from within the MetaTrader 4 platform is very much a reality with TradeToolsFX solution.
But what if you could trade binary options via an exchange, as is required in the United States, from within the MetaTrader 4 platform?
Mr. Brankin revealed today to FinanceFeeds CEO Andrew Saks-McLeod at the FXIC Forex industry conference in Shanghai, China, that this will very soon be coming to fruition.
“We are in the initial development of that product with Cantor Exchange. Working on an integration where brokers offering MT4 will be able to offer binary options which will be the very first time that this could be done. With this, clicking on a binary symbol and that opens the binary options interface on MT4.” – Tim Brankin, Managing Director, TradeToolsFX
Here in China, Mr. Brankin has experienced a remarkable take up with regard to the existing OTC version of the integrated binary options solution which operates from within MT4.
“The transition to providing a native MT4 binary options solution was an easy one and was a solution to the ergonomic problem that brokers would otherwise face their clients with, that being the elimination of the necessity to operate two platforms. The learning curve for end users was greatly reduced by having all of the instruments on MT4” said Mr. Brankin.
“Three years ago, we released the first version of our binary options MT4 at the first FXIC show in New York. From that, and the release that ensued, we got our first live clients. Developing the product was down to our own development ideas. Nobody said “hey Tim, can you build us this product” instead we decided that they will come if we built it.”
According to Mr. Brankin, it gained momentum on its own. “China is the largest market for our product. We have no office here, but this goes to show the power of the product. We evolved, it went just from MT4 to web trader, and then we released our own native Android and IOS application, developed in-house in America, which is very popular in China, and all of the platforms are available with full Chinese language support.”
“Currently, we onboard 2 to 3 new commercial clients per month, mostly coming from China, and we are currently consulting with a professional services firm about establishing an office in China, for supporting the Chinese market.”
“Indeed, so sophisticated and developed is the Chinese market that many of the features of the front end platform as well as the back office have come from feedback from clients here in China. Because their traders tend to be very active traders, most of the features that we have developed have been on request from feedback from China” concluded Mr. Brankin.
Featured photograph: Andrew Saks-McLeod takes a look at the TradeToolsFX MT4 solution.