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Offshore forex brokerage FXCL Markets, trading as FXCL, said on Thursday it has made available binary options trading for holders of any account trypes it offers. This means that clients with Micro Cent and ECN Light account can now trade in binaries, since when the the broker introduced this type of trading a month ago, it made it accessible via Mini, ECN Interbank, and ECN Plus accounts only.
Micro Cent and ECN Light accounts both operate in US cents and have a minimum contract size of 10 currency units, unlike the other three accoutns where the contract size is a minimum $5.
FXCM started supporting Binarystation, a web-based binary options trading platform, in late March 2016. The platform is also used by other forex brokers, including Alpari, AForex, and StarfishFX. FXCM offers four types 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.
Trading in binary options is available via live and demo accounts, alike. The broker provides a Safe Start Bonus, which insures a return on the net loss for the first 5 trades, but no more than $100 in total.
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.
FXCL specializes in forex trading and offers its services to clients in more than 50 countries worldwide. In addition to Binarystation, the broker also supports the industry leading forex 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