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Offshore binary options brokerage Olymp Trade has launched CryptoIndex, an index for cryptocurrencies that combines binary options trading with the progressive world of electronic money, the Russian version of finance news media Finance Magnates reported, citing a recent notice by the company.
According to data from the broker’s website, CryptoIndex is a derivative product based on the call-options prices of three basic crypto currencies – Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). The index is available for trading seven days of the week.
CryptoIndex was developed by Olymp Trade. It transmits results for the latest trades in the three supported cryptocurrencies directly into the broker’s platform each second, starting at 1,000 points and changing in the range from 0 to 3 points every second. and displays the aggregated quotation. The service allows traders to analyze historic instrument prices and forecast the movement.
Olymp Trade was set up in 2014 and is a trading brand of Seychelles-registered online binary options trading service provider Smartex International Ltd. It is not regulated under any jurisdiction, but is a member of Hong Kong-based external dispute resolution (EDR) organisation Financial Commission (FinaCom).
The broker’s main market of operation is Russia. It has developed its own proprietary web-based trading platform and allows investors to start trading with a minimum deposit requirement of $10 and a minimum 1$ trade available.