We read recently that Optionbit, one of our favorite trading platforms for fixed-return / binary options, has received regulatory approval to market their contracts as regulated financial instruments under CySec – the Cyprus Securities regulating body. This also brings them within compliance with the Eurozone MiFID (derivatives rules).
Government Authorities Who Regulate Binary Options as Financial Instruments
Presently the only governing bodies that recognize and regulate digital contracts are the Eurozone as well as Japan, Singapore, Chile, and Australia. This makes it essentially legal for the approved platforms and companies to market binary options to retail traders as regulated financial instruments.
Other Developments at Optionbit
We recently went back and reviewed again Optionbit’s website and platform and a couple of things really jumped out at us in a favorable manner. First and foremost was the updated legal section – including detailed terms and conditions. Investors have plenty of good information to read about how Optionbit conducts its operations – what trader’s responsibilities are, and what opportunities exist to increase the investor’s performance of the website. One of the little tibits we uncovered was some information about their bonus policy in which traders can receive potentially up to $10,000 in bonus cash to trade with – although you shouldn’t expect that kind of treatment unless you really are an extremely active investor.
Also new to Optionbit is the addition of what they call Turbo Options – which if you have read reviews of some of our other brokers such as TradeRush you’ll be more familiar with the term 60 Second Options.
Other Brokers Operating Under CySec Regulation
To date we have been able to identify at least a few brokers who have differentiated themselves by their compliance with MiFID and CySec regulations. That short list includes platforms from Optionbit, AnyOption, and SpotOption (SpotOption does not market to retail clients, although TradeRush uses the SpotOption platform).