Interview with EmpireOption
We continue our series of interviews with the reputable binary options brokers. This time, Mr. Martin Merv, a Marketing Analyst at EmpireOption, has answered our questions. EmpireOption is managed by Brighton Digital Services Ltd, a
We have asked some questions related to the trading conditions of this binary options broker and to the online binary options industry as a whole. I hope it will help you to distinguish EmpireOption from its numerous competitors.
Can you briefly tell us about the founder(s) of the company, its headquarters, and geographic concentration of clients?
EmpireOption was founded late in 2010, and it’s an online Binary Options trading platform, which gives the user the possibility to trade without the need to download any program or software.
We are located in London, United Kingdom, and have an active base of 700,000 users.
Our costumers are from all around the world, being Latin America, especially from Brazil the parts were we have the most concentration.
When it comes to trading, which asset contributes to the majority of the 2 million monthly trades done by your clients?
Among the most used assets in the platform, Currencies stand out as the most used, especially the EUR/USD, followed by other that contain either of them, such as the USD/JPY or EUR/AUD to name a couple of them.
Do you think that in the long run binary options will replace traditional options as the most popular hedging tool among large retail and institutional players?
We think long term trading is quite popular amongst all the options we offer, but for now, traditional option trading is the most used type. We do encourage people to use both, as a risk management strategy.
It also depends on the trader’s profile and how much risk he is willing to assume, or on his temporal horizon, meaning how much time he is willing to wait till making profit.
Is social trading facility a boon or bane for a binary broker who has to manage the risk arising from huge quantum of orders placed by the copiers in a single direction (call/put) when an asset is trending?
Social trading has become a trend, and costumers ask for these kind of tools to be available. We look to offer our clients the best possible experience, and we know social trading is part of it. And now a days, it’s really difficult to imagine a platform without it, because the world has become very social.
Do you find any similarity among successful traders in selection of asset or strategy?
Our most successful traders are those that keep up to date with financial markets and news, and tend to trade with those assets they are familiar with. They usually are the ones who make the most of the different tools we offer, such as our training materials and trading tools. Another thing in common is that they are usually the ones that invest the most money to start with, which allows them to better invest and profit with different strategies.
What do you think as the single prominent reason contributing to the failure of binary option traders?
We think that is due to the lack of experience of some of the users that trade. They usually are very anxious to make money in the very short term, and open trades without being knowledgeable on current market news, and without waiting to get help from our professional staff.
In your opinion, what is the best way for newbie to gain knowledge on BO trading and learn the necessary skills?
EmpireOption.com is a platform that cares about trader education, you can access to free webinars to start trading safely from the first time.
Unverified comments in public forums have created a lot of misconceptions about binary option brokers. What are the measures taken by your esteemed firm to build confidence among the audience?
It’s true there are lots of comments around forums and the web in general. We value them a lot, because they have been one of the reason why we’ve been able to improve our services and tools.
It’s very difficult to manage and answer all of them, but we try to do, always trying to answer their concerns and trying to help them overcome them.
What should be the realistic expectations of a beginner entering into binary options trading? What are the pitfalls to avoid?
The realistic expectations of someone just starting should be to know that they can profit, but also that if they have no experience and no knowledge, they should try not to get anxious and get assessment from professionals to guarantee a good experience in the investment world.
Where do you think your future growth will come from (organic or inorganic)?
We think both organic and inorganic will continue to play an important role on growth, since they are complementary and one doesn’t exclude the other.
With Bitcoin continuing to gain prominence in the financial world, do you have plans to offer it as an asset or payment method? In general, can you tell us about new investment products, if any, in the pipeline?
Bitcoin and gaining ground once again, and we do have some plan for it. As for right now, we have asked to have it included as a trading asset in the platform. We are always looking to add new payment methods to offer our costumers the widest range of options possible, to improve on their experience as a whole. Right now we don’t have definite plans on using it as a payment method, but we are evaluating it, and might add in the future.
EmpireOption is a company with significant experience, especially for such a young niche as online binary options. This interview with the broker’s management has shown that their biggest asset is their educational program and coaching staff. In their opinion, it is exactly the thing that is required for the beginning trader to succeed in binary options speculation.