First Binary Option is among the first few names in the binary trading industry and was set up back in 2011. It’s a unique binary options trading platform because it caters to both English and Russian markets. The platform was designed by financial professionals who are familiar with all the workings of OTC (Over the Counter) market. What sets First Binary Option apart is that the trading platform offered by it is optimized for mass usage so that a large number of clients can use it simultaneously. Using the platform, clients can start the trade in small denomination contracts without having to employ any use of margin facilities.
First Binary Option’s trading platform will seem unusual and different from conventional binary options trading platforms that we come across, but the fact is that the platform is just labeled differently. It’s quite easy to use and all the main features and options are clearly labeled so that the users can easily select any of the functions using the drop-down menu provided.
In terms of contract types, the First Binary Option platform offers traders five different types of contracts including High/Low option contracts, No Touch option contracts, One Touch options, In Range and Out Range binary options.
The High/Low option contracts let traders place the Call contract if they have a feeling that the expiration price of the asset traded will be higher than its opening price. Conversely, if the traders have a feeling that the expiration price of the traded asset will end up to be lower than its opening price, they can place an option for Put contract.
No Touch feature means option contracts can be either Up or Down. If a trader selects ‘Up’, they’ll be specifying that they want the expiration price to go above the current value of the asset. If they select ‘Down’, the trader wants the contract to expire below the price of the traded asset. In simple words, these option contracts require that the expiration value of the asset doesn’t touch the set price level.
Using the One Touch options, the trader will expire the money if the strike price of the traded asset exceeds the predetermined level. The trader also needs to determine what the price threshold should be. ‘In Range’ binary options let the trader ensure that the expiration price of the asset doesn’t exceed the predetermined price range of the asset. ‘Out Range’ is the opposite of this and the trader requires that the expiration price remains outside the predetermined price range of the asset.
The website is available in Russian and English, and customer support is only available through email and live chat, which is a letdown. Email support is responsive, however, and it can be used for finance related and technical questions.
Although it does need some minor tweaks, the platform has its strengths and is appealing. The drop-down menu is especially a welcome change.
Office website: https://firstbinaryoption.com/