إستعراض IG Binary

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IG Group withdraws from binary betting after watchdog clampdown

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Britain’s biggest financial spread betting firm has rowed back on one of its binary options betting products in the wake of the financial watchdog’s clampdown on the industry.

IG Group has said it would no longer offer its ‘Sprints’ product to new clients, less than two months after more than £1bn was wiped off its value as the Financial Conduct Authority unveiled a raft of measures to tighten the rules governing spread betting.

The FTSE 250 company has insisted the decision to withdraw the binary options product is not a result of the FCA’s intervention, instead saying that it no longer fits with its approach, which is being geared more towards sophisticated trading and investing. It added that Sprints, which currently generates around £15m of annualised revenue, is not being withdrawn from the clients who currently use it.

“We felt at this stage that the Sprints product just does not fit with where the business is headed,” said Kieran McKinney, director of corporate affairs. “In reality we are probably getting ahead of the regulation here.

“I think that product will come under regulatory pressure in the future. That does not influence our view – it’s simply a fact.”

Binary options are one of a number of forms of betting under examination by the FCA. It lets punters place bets on whether the price of an index, for example, will be up or down at close of trading.

It has grown increasingly popular in recent years, although Mr McKinney added that it had been “tarnished” by unscrupulous operators.

“It’s never nice to see negative press on a product that you’re proud of,” he said. “It’s frustrating to see poor operators tarnishing it as a product. It’s not just the binary option – we’ve seen this in so many financial products.”

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Analysts from Liberum said they believed the withdrawal of the product to be a “pre-emptive measure to mitigate further regulation”.

It comes as IG Group reported that pre-tax profit for the six months to November 30 had increased by almost 7pc compared to the same period a year ago, while there had been a 59pc jump in new client numbers.

“This has been another good six months for the business, with record revenue, a new high in active client numbers, and ongoing success in attracting and developing the next generation of traders,” said chief executive Peter Hetherington.

The company’s share price was down nearly 4pc following the announcement.

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IG is a UK binary options broker offering trading opportunities in Forex and binary options. The IG Group is a company that was founded in 1974 and, with over 40 years of experience.

It has proven itself as one of the top financial instruments provider by winning many prestigious awards. The broker offers premium tools and trading conditions which are almost sure to bring excitement and profit to all traders.

Basic information:

Online since: 2003
Jurisdiction: FCA (UK), ASIC (Australia), MAS (Singapore), FMA (New Zealand)
Software: proprietary software
Max Returns: 80%
Bonus: 100%
Minimum Deposit: $200
Minimum Investment: $5
Maximum Investment: $3000
Currencies: EUR, USD, GBP, CHF, JPY, CAD
Mobile: Yes
Countries: All nations except USA

– Licensed by many influential authorities
– Helpful educational resources
– Offers a demo account option

– Doesn’t accept the traders from the US

7 Binary Options Rating:

IG Account Types and Features

IG has a very simple and straightforward structure and offer, where traders can choose between just two different account types:

  • Demo account
  • Real trading account

Firstly, the Demo account is very easy to open and use. The account offers 10,000 virtual funds which function like points you can use to place trades. While this is, of course, a limited amount you can use the funds for as long as you’d like to learn the ropes by making your first trades with the broker, practice your skills, and develop a viable strategy before risking your investments.

IG Option offers Corporate Accounts

While we found the points structure very useful, it might take some time to get used to it and later transfer to real money trading.

You can open a Real money trading account by depositing at least $200, which provides a unified account for all the clients, with the same features and traits. The account provides access to the many assets, an educational center, interesting and useful trading tools, and high-quality customer support.

IG does not offer deposit or trading bonuses and, while some consider this a down-side, we found this a sign IG is a place for traders rather than gamblers. The terms and conditions have no withdrawal requirements hidden in fine print and trading opportunities are very transparent, with funds as safe as possible with no chance of getting locked in your account because of bonuses you might have accepted.

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IG Trading Platform

IG uses a proprietary trading software with an innovative and interesting design which delivers good execution times. While you might take some time to get used to the platform, it’s highly intuitive and user-friendly.

The platform is supported on various mobile devices, including phones and tablets. The website looks sharp and professional and we enjoyed the information displayed in tabs and drop-down menus although it can be somewhat confusing for the new traders.

The offer is very diverse when it comes to binary options trading assets and expiry times but there are no expiry times under five minutes so there are probably better spots for traders who look for short-term and fast-paced trading opportunities. The options trading includes high/low, one touch, ladder, target, and tunnel types.

Screenshot

IG Regulation and Customer Support

IG is a broker based in the United Kingdom and offers services to a huge customer base around the world. The broker is authorized and regulated by the Financial Conduct Authority (FCA) under register numbers 195355 and 114059.

IG has offices in more than 15 countries worldwide and it’s authorized and regulated in many other important markets such as Australia (ASIC), Singapore (IG Asia Pte Ltd regulated by MAS) and New Zealand (with a company IG Markets Limited).

IG is thus a global financial services provider and offers site and customer support in many different languages. The customer care is top-notch with the broker, with support channels via e-mail, telephone, and site chat which is available 24/5 and highly responsive.

The Education and FAQ

IG has a great educational center, offering both simple trading elements as well as more advanced tutorials to help make the best out of your investments. The video guides will provide instruction on all features available and there are also educational materials on different trading strategies as well as analysis tools.

FAQ section seems to be still in developing phases where we can see some obvious missing details on banking, trade requirements and more. However, the customer support is very competent and available to answer any questions you might have, while also being able to solve technical and other issues users face.

Banking with IG

Banking is very easy and straightforward with IG, where they allow many different payment methods for both deposit and withdrawal. The traders can use bank wire transfers, cheques, as well as a wide range of credit and debit cards including Visa, MasterCard, Maestro, Electron and much more. While not all payment methods will be available in all countries IG offers the services in, it’s safe to say that this is one of the most diverse offers when it comes to transactions.

The IG broker does not accept 3rd party payments processors for further safety and fund security. To restate this, all traders will have to provide personal info and trading experience as well as confirm their ID through a verification process.

The minimum deposit is $200 and the minimum withdrawal is $100. Traders can also make smaller withdrawals but with certain fees and through a procedure that includes a phone call. There are also fees for different deposit and withdrawal methods so it’s best to check these out before depositing. The customer support is very informative and you will be able to easily get to details on your preferred method. For example, the fee for credit card transactions is 1,5%.

Our only objection here is that we’d have to actually contact the support to get specifics, while the site FAQ on banking is practically non-existent. However, we do expect this to be updated with the new FAQ section.

Final Conclusion

Founded in 1974 and online since 2003, IG is one of the top financial service providers in the United Kingdom. Authorized and regulated by regulatory bodies around the world, the broker provides favorable conditions and overall safety and security.

With a minimum investment of just $5 and great returns, IG becomes a top spot for different types of traders through one account type. The withdrawal times range from three to seven days and largely depend on the payment methods you use. The high-quality service is well-rounded with a competent and friendly customer support there to enable the best user experience.

Additional information

Customer Service: email, phone and live chats
Languages: English, Spanish, German, Italian, Swedish and Norwegian
Trading Options: High/Low, On Demand (60 Sec), One Touch, Range
Assets: Currencies, Stocks, Indices, Commodities
Early close: Yes
Expiry Times: 60 seconds, 5 minutes +
Deposits and Withdrawals: bank wire transfers, cheques, credit and debit cards including Visa, MasterCard, Maestro, Electron and more
Withdrawal Time: 3-5 working days
Demo account: Yes

IG Group Renames Binary Options Product ‘Digital 100s’

Bad publicity around binary options is the most likely reason behind the renaming of the product.

Leading UK brokerage IG has renamed the binary options product on its website. The company is now using a new name for the same type of all-or-nothing binary outcome contracts. The company calls the contracts ‘Digital 100s’, which stands for the outcome of the trade.

Traders are given a certain scenario for a number of assets. The maximum price of a contract is 100, hence the name of the product. Traders have the opportunity to buy or sell the contract at a certain price with the minimum value of the contract being 0.

When the deal expires, the client wins if the given direction up or down has been predicted correctly.

Binary options under increased scrutiny

IG Group has most likely renamed the product to prevent bad publicity around binary options from reaching the company. The swift reaction of the firm comes as several companies from the industry, including one of the biggest brokerages Banc De Binary, have dramatically downsized. Banc De Binary has officially closed doors.

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Several brokers regulated by the Cyprus Securities and Exchange Commission (CySEC) laid off staff last year. The move is a response to the increased scrutiny which regulators are applying when dealing with companies that are offering binary options.

Bad press across the UK market is also spreading a bad name for the product. Hundreds of clients across the EU have been scammed by unregulated companies offering binary options. In the meantime, the French financial regulator, the AMF, claims that a number of CySEC regulated firms have failed to repay deposits to clients participating in a ‘mystery shopper’ survey conducted by the watchdog.

Changes to binary options industry to continue

IG’s move to rename the product is an adequate marketing step and a number of regulated companies could soon follow suit. The binary options industry has caught fire last year as a number of media reports have exposed questionable sales tactics.

In response to the increased number of victims of fraudulent online binary options companies, European regulators including CySEC have dramatically changed the product. As a result technology providers started adapting to a new regulatory framework with Tradologic launching a binary options exchange product named Binarex.

تصنيف وسطاء الفوركس 2020:
  • FinMaxFX
    FinMaxFX

    أفضل وسيط فوركس لعام 2020!
    الخيار الأمثل للمبتدئين!
    تدريب مجاني!
    حساب تجريبي مجاني!
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