Binary options trading is commonly said to be one of the most technologically and technically advanced modes of financial investing, which is really not a surprise. When we consider the dynamic environment, this type of financial trading entails, it is clear how the technological advances are something that is inextricably connected to it.
In spite of that, there is still a large number of traders, both new and experienced, that do not fully grasp the technical properties and performance part of the trading experience.
Besides the obvious part of online trading with binary brokers, such as having a website, the actual platform where all the trading takes place is usually not from the same source as the trading.
Trading platforms are most commonly developed by third parties and are incorporated and customized to fit the broker’s needs and preferences. It is also true that, at times, brokers decide to have their own proprietary platform made so they can fully develop it in a way that it suits the needs of the majority of their traders.
To a novice eye, perhaps all trading platforms look completely the same, but upon closer inspection, it’s actually very clear that they differ in multiple things. This article will explore the features of the most prominent and commonly used binary options platforms.
SpotOption Platform for Binary Option Trading
SpotOption platform is one of the most widely used platforms for binary options trading. Some of the most prominent binary options brokers on the market are opting to use SpotOption and it is definitely not without a reason. This platform provider extends their product to over 250 brands and processes several hundred thousand trades per single day.
There is nothing untrue in saying that the SpotOption platform has set a very high bar when it comes to binary trading platform development and binary industry in general. This platforms responses and processes are quick and reliable, but above all, it is extremely easy to use. Traders ranging from new, inexperienced ones to seasoned traders appreciate its intuitive design while brokers adore its limitless customization capabilities.
SpotOption Features and Tools
Traders of today’s progressive world are not content with simply trading. This is something that SpotOption seems to understand and by creating a myriad of features and tools they are providing the traders with an experience of trading in a very different way than they used to.
It is important to name and explain some of the tools which SpotOption offers for their clients:
- Option Builder – as the name suggests, this tool is designed for creating new options such as expiry time, risk level or asset type.
- RollOver – feature that enables the trader to prolong expiry times.
- DoubleUp – traders can recreate one option in differing conditions.
- Sell – this feature is very helpful for trades that are expected to result in a loss. With this option, it can be possible to get back a partial investment.
- SpotFollow (iFollow) – this feature enables social trading and it allows for copying trades from other traders.
- Trade on – this allows trading even during weekends.
TechFinancials Platform for Binary Options Trading
TechFinancials is arguably one of the oldest platform providers in the binary trading world. Due to the fact that they have managed to provide outstanding service to online brokers consistently during the years, they are still a preferred choice even to this day.
Here are some of the brokers that use or have used a TechFinancial platform:
- 24option
- OptionFair
- BossCapital
- Tradorax
- Exbino
Like we mentioned, this platform provider is the first choice for many brokers and traders alike, since it has proven to be reliable in terms of processing information and speed. It is also reasonably priced which does play a significant role. According to certain claims, TechFinancials processes somewhere around 100,000 trades per day.
TechFinancials Features & Tools
While researching the platform features we discovered that when it comes to market movement representation, traders really like the easy to read graph that has been integrated into the platform. That way traders can track market fluctuations easily and conveniently.
Besides that, it is important to say that this platform provider offers several binary options such as Ladder, Touch/No Touch, High/Low, Fixed price, and Boundary. In addition, traders can access the TechFinancials platform from their smartphones or tablets also.
If you are the type of trader that also want to focus on forex trading, you are in luck because TechFinancials platform has that on offer as well.
Tradologic Platform for Binary Options Trading
Tradologic is also a fairly old platform that has branched out all over the world. It is a place of work for several hundred people and it is continuously upgrading and developing to bring their traders the best possible binary trading experience. OptionBit is just one of the brokers that have opted to use a Tradologic platform.
This platform is also highly customizable which is something that is very important to broker in general. They want to be able to adjust and design the platform in any way that might suit their traders and with Tradologic platform they can. It is a web-based platform, but they also offer a mobile app.
Tradologic Features & Tools
In order to make the platform as adjustable as possible, Tradologic knows that the key lies in various tools and features that offer so much potential to the traders.
On this platform, traders can place trades as Range, Binary 100, Touch Up/Touch Down, High/Low, Turbo, Matrix and Multi. Some of the mentioned options are exclusively found only on Tradologic which speaks about their aspirations and drive.
Traders have a lot of tools at their disposal when choosing a broker with this platform:
- Knock-In – this tool allows for a pending option to convert into a regular option once the price is reached but within the expiry time.
- Close – this tool enables the closing of an option before expiration.
- Extend – trading times are allowed to be extended.
- Leverage – Using this tool allows trading on margin so that the potential payout is higher.
- Double – this tool increases the investment.
- Trade 24/7 – traders can trade during the entire week.
- Auto-trading – auto-trading tool that trades options in a row.
- Insurance – allows traders to protect themselves if unsuccessful trades occurs.
- Re-Strike – this tool allows for the change of a strike rate on an open position.
There is plenty more specific features that Tradologic platform has for their clients, such as advanced charts, signals, challenges and many others.
Apart form the three already mentioned huge platform providers we need to mention others that are similarly good and very used within the trading industry. Those are, among others:
- Tradesmarter
- Panda
- Leverate
- Proprietary Platform
Does The Platform Make The Broker?
It is easy enough to draw the parallel between a great platform and a great binary broker that uses the platform. However, that just might not be the case.
A good platform does not say anything about a broker that is coincidentally using the specific trading interface. Similarly, brokers who have developed their own platforms are not automatically bad brokers.
What it is important to remember is that both the platform and the broker need to rise up to certain standards. This means that a great and adaptable platform can definitely influence the way you trade and help you enjoy the trading process, while a suitable broker can elevate that experience. Since every trader is an individual so it’s impossible to find a single platform that will fit them all, but if the components are adequate, traders will be satisfied with their overall trading experience.
