SetOption, a newcomer to the binary options industry that is rapidly making a name for itself, has become the latest broker to offer binary trades on Bitcoin. Bitcoin is the newest addition to the company’s list of tradable assets and the virtual currency is an added feature that really sets it apart from the rest of the field.
An all new section of the site has been dedicated to Bitcoin and while so far information has been a bit thin on the ground it appears that the broker is most likely to be offering its first Bitcoin binary trades on BTC/USD.
Bitcoin has been a contentious issue in the wider trading community, not just in binary options. The reason for this is that Bitcoin values fluctuate wildly, with rises and falls of between 50 and 70% not being unheard of. This makes risk management from a brokers point of view exceedingly difficult to manage and is probably why many brokers have ignored Bitcoin thus far and some that used to offer trades on it have recently dropped the virtual currency from their asset list.
Nevertheless recently Bitcoin price action has been relatively more stable, and has enticed brokers such as SetOption to take the plunge and offer trades on this hot new currency. If the stability of Bitcoin prices continues this could be the first step towards a much wider adoption of Bitcoin trades in the binary options industry. Even some Forex brokers have been offering trades on Bitcoin, Plus500 the chief among them, although as one might expect the leverage available on Bitcoin trades has been capped at 5x.
We applaud SetOption’s effort to differentiate themselves from the pack, even though they run the award winning SpotOption binary options platform that many other companies are currently using, the firm seems intent on distinguishing itself as an innovator in the binary options industry.