The latest eye catcher development in the world of online binary options trading is the launching of a new feature by the leading platform provider in the industry, namely SpotOption Ltd. More specifically this new feature, under the apt name SpotFollow allows every trader to follow and replicate the positions of top traders.
SpotOption’s founder Pini Peter says that developing SpotFollow comes within his company’s constant effort to develop “new and innovative ways to give the traders what they want.” Pini underlines his firm’s belief that “bringing the social world to binary options will increase our white labels' turnover and provide a new and exciting tool to attract both existing and new traders to our white labels' sites.”
Indeed, through making use of this enhanced feature by SpotOption , the brokers operating on the SpotOption platform will be able to offer a new form of social trading to their customers via their websites. Being responsive to the new industry trends that have rendered the creation of a social environment a necessity for today’s online brokers, SpotOption’s SpotFollow comes to fill the gap and enable each trader to be able to view the top traders trading via each site and thus be able to mimic their positions, creating in this way a connection between traders. The most successful traders trading on the platform will be charecterised as the “top traders”. The possibility exists to categorise these successful traders as top traders per certain asset, or as cross assets, meaning they are leading the entire trades on that specific website.
SpotFollow provides a summary of these top traders’ winning amounts, the number of transactions they carried out, the percentage of their success rate and the number of traders they have following them at any given point in time. This overview allows all traders to base their decision about which top trader to replicate, on hard facts. An added feature of SpotFollow is that it allows every trader to set the limits they wish to trade under, defining their total limit per position and the amount they wish to invest, enabling them to avoid excess risks and maintain full control of their investment.
In short, SpotFollow is a great new and innovative method through which the existing SpotOption white labels can increase their profits, through turning depositors into more active traders. At the same time it is a refreshing way to serve the needs of customers who are unsure about how to trade and avoid doing so because they lack the confidence to make their own trading decisions. Through SpotFollow locating the expertise of others becomes easy and therefore copying the moves of the best traders around, potentially means a greater chance for success for everyone else as well.
George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.