SpotOption
SpotOption is a privately held platform service provider for the binary option industry. Sources disagree on the founding of the company. Bloomberg reports a Cyprus business unit appearing in 2008.[1] The Bureau of Investigative Journalism reports a unit in Israel appearing in 2010.[2] Another Bloomberg report lists "Spot Option" at 7 Jabotinsky, Ramat Gan, Israel, and as founded in 2011.[3] This location is consistent with information from Companies House in the UK.[4]
Two thirds of the binary option dealers around the world use SpotOption. SpotOption claims $5 billion in annual trading volume. In 2015, the company's former CEO, Ran Amiran, said "SpotOption is the industry".[2] SpotOption supplies brokerages including Banc De Binary, SpotOption's biggest client,[2] and smaller brokerages including itrader, BDSwiss,[5] OptionRally, Webitrader, and FXDD.[6]
According to the Daily Mail, "videos posted online by Hong Kong-based SpotOption sales manager Thomas Chang in 2016 and former Middle East sales manager Fakhri Husseini in 2013 tell potential brokers that just 20 per cent of people who invest in binary options ever get any money back."[7]
SpotOption exhibited at the IFX Expo International held in Cyprus in May 2016. Their director of marketing, Tammy Levy, when asked about crackdowns by law enforcement, was quoted as saying “SpotOption is a technology company, okay? Everyone is responsible for checking regulation in the jurisdiction where they want to work. I am here to tell you what options you have technologically.”[8]
References
- ^ "Company Overview of SpotOption Ltd". Bloomberg.com.
- ^ a b c Newman, Melanie (December 14, 2016). "80% losses guaranteed! Inside the murky world of binary options trading". The Bureau of Investigative Journalism. Retrieved December 14, 2016.
- ^ "Bloomberg Private Company Profiles - Spot Option". Retrieved December 14, 2016.
- ^ "Companies House entry for Spot Option UK". Companies House (UK). Retrieved 2016-12-14.
- ^ "BDSwiss Review". www.binarybrokers24.com. Retrieved 25 August 2016.
- ^ Segal, Gerald. "FXDD launches binary options trading with SpotOption platform". LeapRate. Retrieved 25 August 2016.
- ^ Eccles, Louise and Newman, Melanie (2016-12-14). "'I've been naive and stupid': Mother's agony after losing £12.5k through an 'absolute zero-risk' online share trading site to pay for her sons to go to university". Daily Mail.
{{cite news}}: CS1 maint: multiple names: authors list (link) - ^ Stuart, Hunter (2016-06-15). "As victims pile up, the binary option industry parties in Cyprus". Times of Israel.