One of the biggest retail options brokers in the industry has decided that they want to move away from Binary Options entirely. It is for this reason that 24Option has decided that they will not be taking any more new clients for their Binary platform.
The company made the announcement that they will not be taking new clients from those who are based in the European Union eventually expanding to other regions in the near future. In the end, 24Option will stop offering the service to their existing clients.
If new clients wanted to trade with 24Option they would have to make use of the online retail FX and CFD offering. Indeed, 24Option recently moved away from the Binary Options technology provider Tech Financials to eventually offer their own platform technology.
Many industry experts saw this as the eventual trajectory of 24option as they saw the negative press that Binary Options were getting in the press globally. It also came in the wake of a closure of the Banc De Binary platform in early Jan.
This also comes on the heels of the announcement by 24Option that they will be bringing on Mr Alpesh Patel as a brand ambassador for their CFD and Forex options. Mr Patel, a well-known columnist at the Financial times will no doubt allow the company to bring new CFD and FX traders into the fold.
24Option will be reallocating some of their customer service staff from their Binary Options operations in order to focus on the Forex and CFD business. This is also on top of the additional staff that the broker would like to take on in a compliance function. There is no doubt that broker regulation has indeed become more stringent recently.
In order to tap into the large and established Forex and CFD market, 24Option has also allowed MT4 integration with their latest platform. This will include a seamless trading alternative for those clients who prefer the technology as well as those who would like to code their own trading algorithms.