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Dukascopy goes it alone with in-house binary platform in demo mode launch
Its official – the latest competitor in the binary options space is Dukascopy with its own in-house developed platform. The product is now available for demo testing and the company is sticking to its traditional competitive offerings with one of the highest payout rates in the industry – 90%. The only type of options that are being offered for now are up/down, at least in the beginning. The company’s CEO Alain Broyon was kind enough to answer a few of LeapRate’s questions related to the launch.
Is it your own in-house developed platform, or did you license from one of SpotOption, Tradologic, MarketsPulse, TechFinancials, etc.? (and if so which one)?
This is a fully in-house solution, created from scratch at Dukascopy. A market research was conducted to find out the platforms and trading conditions currently offered in the market. A number of existing platforms was examined for reference to grasp a picture of solutions provided and available features. However, the approach to all the execution and payout definition logic is totally unique and was elaborated without reference to any particular benchmark.
Do you know when you plan to have it go live, rather than just demo?
This is the next stage of our work to which we’ll devote most of the efforts now. Live release dates cannot be announced yet as Binary options are the 1st product offered within the all-new Dukascopy technical infrastructure, which is meant to host both the new forex platform and the future CFD service. The shift of this infrastructure to Live requires intensive technical development, which is exactly what we are now on.
Any other comments about the launch you’d like us to note?
Binary options have been launched following increased demand from clients. We hope they will enjoy the new trading facilities as trading with Dukascopy Bank will become more interesting. Furthermore, being known as a broker providing extremely low spreads (the average of 0,19 pip spread on EURUSD was touched on 12th of February), we will apply the same competitive conditions to binaries.
We have given a shot to the demo platform and have noticed some rather neat features – first of all customers can select any expiration time from 1 to 60 minutes. Yet the most interesting characteristic of the platform is that it supports entry orders based on specific time or price. So if a customer wants to buy calls or puts at a certain technical level that he/she considers important, all he/she has to do is set the price and the direction.
The price feed seems to be directly coming from Dukascopy’s bid/ask columns. So far there are 12 major forex pairs plus the US dollar to the Russian Ruble. The inclusion of this particular pair spells out that a lot of the company’s customers in the region must be interested in this tool.