Breaking news out of the binary options world is that major trading platform provider Spot Option has officially ceased accepting traffic from US traders. The question of whether to accept US traffic is a seemingly endless debate among binary options brokers and platform providers, with many top brokers breaking ties with the United States in recent months.
Spot Option owns one of the largest market shares among all mediums within binary options as an entity, providing its trading platform to more than 65% of the binary options brokers on the market, which is more than 100 active different binary options brokers.
For a platform of this size to drop US traffic, the implications are massive. Many of the top binary options brokers have been providing excellent trading services for years to both US and non-US traders, but will not be shut out from American traffic if they’d like to continue using Spot’s platform. And the question really boils down to just that: will brokers continue with US traffic at the expense of losing Spot Option’s top rated trading platform.
For some, the answer is a simple one – stick with Spot because it means sticking with the more legitimate side of the situation. If Spot Option has decided to stop accepting US traders, it must mean that there is a regulation issue involved and remaining with the platform is certainly the “better safe than sorry” approach. In fact, it’s better than safe, it’s keeping a trusted and respected brand in play, as opposed to venturing into the unknown.
Other brokers are sure to find another means to retain their American traders, and will see a spike in traffic due to the narrowed list of US-accepting brokers. It’s definitely a difficult choice.
Overall, the main question is how this will affect the binary options world as whole as Spot has been one of, if not the, most stable brand in the business.
This move is certainly a smart one for the company is it will undoubtedly retain many of its brokers while it takes the safer and more secure route in the space. How the rest of the platforms react, remains to be seen.