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Offshore forex brokerage FXCL Markets, trading as FXCL, has expanded its offering with a web-based binary options trading platform, Binarystation, the broker said earlier this week.
The broker has launched live trading on the new platform, as well as demo trading with $10,000. Demo accounts are used for practicing trading. Unlike live accounts, demo accounts do not operate with real money and investors can learn to trade without risking their funds.
FXCL’s clients can choose between four types of binary options:
- call/put options– traders make a prediction whether an instrument’s price would close below or above the open price;
- one-touch options – traders make a prediction whether an instrument’s price would reach a certain boundary above or below the open price;
- spread options – traders make a prediction whether an instrument’s price would close below or above the price provided by the platform at the moment of expiry;
- range options – trades make a prediction whether an instrument’s price would remain in a given price corridor or leave it.
Traders can use USD Mini, ECN Interbank, and ECN Plus, or the same FXCL accounts with which they trade forex, to trade in binary options as well. Once they log into their accounts, they will find a button allowing them to trade binaries.
The broker offers five types of trading accounts – Mini, Micro Cent, ECN Light, ECN Interbank, and ECN Plus (which until recently was known as ECN Scalping). It accepts initial deposits of a minimum $1 for all account types and offers tight spreads starting from 0.6 pips and leverage of up to 500:1. Details about the accounts’ trading conditions follow:
In binary options trading, investors guess whether the price of a certain instrument, in this case currencies, would go upwards or downwards within a pre-determined time frame. Once the time is up, the option is deemed expired and the bet is settled. Depending on the outcome, a trader either collects a profit, or loses money.
Binarystation is also used by other forex brokers, including Alpari and AForex.
FXCL specializes in forex trading and offers its services to clients in more than 50 countries worldwide. In addition to Binarystation, FXCL also supports the industry leading trading platform MetaTrader 4 (MT4).
The broker holds a license by the International Financial Services Commission (IFSC) in Belize, which is known as an offshore destination for forex brokers.
Source: FXCL