Top five binary options broker TradeRush has recently announced that the newest addition to its roster of tradable assets is to be the virtual currency bitcoin. Bitcoin has exploded in popularity this year and the binary broker has rushed to capitalize on this upturn in interest. This will make TradeRush the second binary broker to now offer call/put trades on bitcoin, after IG Markets recently announced it was withdrawing support for bitcoin trades leaving AnyOption as the only bitcoin binary trade provider in the industry.
In a recent press release the company assured its customers that the new bitcoin trades would also be available on both their IPhone and Android mobile trading apps. It also informed any interested traders that bitcoin/USD is proving to be the most popular bitcoin currency pair. TradeRush cites the volatility of the currency as one of the features that is making it particularly attractive to binary traders.
The fact that TradeRush uses the SpotOption’s white label trading platform has led many industry commentators to speculate that we could soon see bitcoin trades being offered by other brokers who also run a version of SpotOption’s binary option trading platform.
The adoption of bitcoin binary options by two of the industry’s top five brokers is certainly a good indication that the virtual currency is gaining legitimacy in the world of online trading. Some have commented on the fact that bitcoin price action updates have not been as fluid or as reliable as the forex feeds from other currencies, but that until this is addressed binary options brokers have the upper hand as this issue does not really affect their traders as much, latency not being a tremendous issue in binary options trading.
With bitcoin also appealing to an entirely different demographic many speculate a new slice of the market opening up for binary traders who offer bitcoin trades.