SpotOption & Tools For Brokers Team up For MT4 Binary Options Add-On
Well-known binary options provider SpotOption has announced the launch of its new plug-in for MetaTrader 4, the widely popular trading platform. In collaboration with Tools For Brokers, a business-to-business technology solutions provider, the company has created the tool as a way to add value for brokers looking to simplify their binary options offerings.
The plug-in is designed for seamless integration, and could create high demand for brokers who are looking to expand their services without having to pay the heavy cost of a completely separate platform for different asset offerings. Traders will be able to handle most transactions and processes directly from MT4, meaning that use will not require any new knowledge or heavy adoption costs.
The launch has been widely lauded by industry analysts, although there is a small hurdle on the horizon in the form of MT5. MetaQuotes, the company that offers the MT4 platform, recently launched the newest version of their trading platform, and has been pushing for higher adoption, even resorting to pushing out its MT4 support to force brokers and traders to join.
A New Solution for Binary Options
SpotOption announced via a press release this week the launch of their new plug-in for MetaTrader 4. The plug-in, which was developed in partnership with Tools For Brokers, is completely compliant with regulations and designed to expand brokers’ offerings. Forex providers and operators who already offer MT4 as their main trading platform will now be able to offer binary option trading with no need for extra software or even a complicated installation. The plug-in is designed to have seamless integration, meaning it requires no extra steps, redirections, or set-ups on the part of traders.
The new plug-in will simplify the process for traders even further by displaying price feeds, instruments, and allowing withdrawals and deposits directly through MT4. MetaQuotes’ platform is already known for its versatility and adaptability, making it the platform of choice for many brokers in the industry. SpotOption’s plug-in will create a shared account with MT4 activities, and allow for shared wallet features with real-time synchronization, meaning that traders will be able to directly place orders on the platform. Additionally, traders who are looking for binary options will be able to use MT4’s expert advisor functionality for binary trades.
On the broker side, the new plug-in is an intriguing opportunity to expand customer retention by enabling firms to provide more services at similar costs while keeping customers that would have otherwise fled to binary options providers. Moreover, it will allow for simplified offerings on the part of operators, creating a more appealing product
Smooth Sailing, For Now
The new plug-in has the potential to disrupt the industry over the short-term considering providers will now be able to provide a wider spectrum of services without having to stretch themselves too far. For Forex providers, it offers a unique opportunity to create an attractive offering for customers who are more interested in binary options trading.
However, there are some potential storm clouds on the horizon. While the new product should give SpotOption an excellent added-value offering, MT4 could soon be on the way out. MetaQuotes recently launched a newer version of their platform, MT5, and have been aggressively pushing for adoption across the board. Over the short-to-medium term, it is unlikely to make a major difference in SpotOption’s plans. MT4 is solidly entrenched as the industry standard for trading platforms, and widespread conversion will take time. However, MetaQuotes has been reportedly engaging in heavy-handed tactics to encourage adoption, potentially creating headwinds for SpotOption’s newest plug-in.
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