Launch in 2011, First Binary Option Service is a binary option trading platform catering to both the English speaking Russian speaking market. The platform was designed by a group of financial professionals that are familiar with the workings of the Over-the-Counter (OTC) market.
What is different about First Binary Option Service trading platform is that the platform is said to be optimized for mass usages by a large number of clients simultaneously. With the platform, a client can start trading in small denominations contracts without employing the use of margin facilities.
At the first glance, First Binary Option Service trading platform seems to be totally different from most conventional binary options brokers trading platforms. However, once we have looked past the fact that the platform is just labelled differently, it is quite easy to use. All the main functions are labelled clearly and users can easily select any of the options from the drop-down list provided.
Types of Trades
With regards to contract types, First Binary Option Service offers their clients five (5) types of contracts.
With High/Low option contracts, traders place a “CALL” contract if they feel that the expiration price of the traded asset will be higher than the opening price. Conversely, if they feel that the expiration price will end up lower than the opening price; they will need to place an option for a “PUT” contract.
No Touch options contracts can be “UP” or “Down”. By selecting “UP”, a trader is specifying that he wants the expiration price to be above the current price of the asset. With the “Down” selection, the traders want the contract to expire below the current price of the asset. These types of contracts require that the expiration price of the asset do not “touch” the selected price level.
With One Touch options, traders will expire in the money if the strike price of the asset will exceed a predetermined level. However, the trader needs to determine what this price threshold will be.
With “In Range” binary options, the trader need to ensure that the expiration price of an asset does not exceed a predetermined price range.
“Out Range” binary options, being the opposite of In Range options, require that the expiration price remain outside the predetermined price threshold.
One additional feature which the First Binary Option service has over most brokers is the “Closed Contracts” feature. This feature shows traders the closing date and time of any particular assets. There is also a clickable calendar which allows traders to look at the historical trading “close” for that particular asset on that particular day.
Depending on the type of asset traded, First Binary Option Service clients can earn up to 80% returns on their investment for those successful trades. Unsuccessful trades will still return a refund of up to 15%.
Through the First Binary Option trading platform, traders have the ability to trade in over 40 types of asset.
For the conveniences of their clients and to enhance their reliability, First Binary Option offers their clients several methods of depositing and withdrawing funds. These include:
- Skrill Moneybookers
- Liberty Reserve
- OK PAY
- RBK Money
Withdrawals of funds are usually processed within 24 hour.
First Binary Option website comes in two (2) versions, English and Russian. Currently, there is only support on Live Chat and email. Email support is available for technical and finance related questions. Enquires can be made directly to email address.
- Fast efficient execution of trades
- Uncomplicated trading platform
- High Returns on Investment
- High Refund rates
- Demo Account
- No support for credit card withdrawals
- Asset list is still in formulation stage
Although First Binary Option Service can still do with some minor tweaks, the platform does have their strong points and is quite appealing to those who are still new to binary options trading. The way the trading platform is arranged ensure that everything required for the trade lies in front of the trader. The drop-down list is definitely a refreshing change.
Date posted: September 6, 2014