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SpotOption: Moving the trading industry forward, part 2

ONLINE TRADING has become a significant force in the financial services industry over the past two decades and one company has risen to a point of prominence when it comes to providing technical solutions and cutting-edge software for traders, professional and amateur alike.

That company is SpotOption, founded by Pini Peter in 2008. Since its humble beginning, SpotOption has prided itself on providing specialised, white label trading solutions software for a significant portion of online trading industry leaders. What this means is that SpotOption provides the software engine that powers the trades while the vendor is free to brand the service as its own.

NAVIGATING YOUR SCREEN

Compared to other platforms you might have used, SpotOption’s software should be a breeze. Beginners can set-up a simple interface that helps prevent expensive mistakes whilst learning the trading process. As you gain experience and trading sophistication, it’s a snap to add more bells and whistles as needed, with the modules labeled FastTrader and ProTrader. Whichever level of trading you need, it’s probably in there. The only drawback, in some traders’ minds, would be that the action buttons are larger and brighter than you might be used to.

Upon opening the software, choose from a menu of assets to start trading in whichever is your preference. Accompanying payout percentages are easy to discern at a glance. As mentioned previously, changing from one asset to another is as simple as making another selection from the dropdown menu. Depositing and withdrawing money from your account can be completed from the main screen as well. While no software is perfect, SpotOption hired a bunch of smart engineers who spend their time tweaking the product (even now) until it is as good as it can be. The reason(s) one or another company rises to the the top in an industry is not often complex. With trading, it comes down to solid, easy-to-use software and a trustworthy trading environment.

EFFICIENCY AS THE KEY TO SUCCESS

Many occasional traders are impressed by innovative features like social trading, available in the SpotOption software. Nevertheless most of the pro traders who regularly use the platform, agree by saying that its superb response time, different screen views and efficient filtering of trading products are the main elements that make this software stand out. All this can be translated into a simple truth: knowing exactly what the end user needs is essential to become successful in this market.

THE FUTURE (AND PRESENT) OF ONLINE SECURITY IS BLOCKCHAIN TECHNOLOGY

Without getting into a dissertation on blockchain, think of it as the main technological innovation of the digital currency Bitcoin. The blockchain is a decentralised way to validate and record every Bitcoin transaction ever made. SpotOption intends to take this idea to create an incorruptible trading platform ever devised through the 'magic' of transparency and decentralisation. The decentralisation idea is critical. It means that there is no central node, cloud-based or physical, which can be hacked for account information. Once implemented, with no third-party intervention at all, a blockchain-powered platform harnesses the computer resources of the traders, who all participate in processing, authenticating, and verifying trade transactions in real-time.

From the traders’ perspective, concerns of dealer manipulation should go away. The power of the trading community comes from the participation of everyone. It’s the ultimate return of the power to the people. No longer will they find themselves at the mercy of sometimes capricious actions by power-brokers in an industry that has had its share of bad apples. As Peter points out, “Banks and governments are turning to blockchain technology to solve conflicts, and so shall we.”

ALWAYS SOMETHING NEW

In recent months, SpotOption unveiled its latest trading platform, dubbed Spot5, at the IFX Expo in Cyprus. This platform focuses on increasing dealers’ and traders’ ability to implement an autonomous trading strategy, which seems to be where the future of online trading is headed. Autonomous trading refers to the idea of programming a trading strategy into your platform and letting the computer do the work. A significant downside to trading for a living has always been the necessity of spending so much time watching charts unfold minute-by-minute throughout the trading day. With Spot5, traders can separate themselves from the oftentimes drudgery of trading.

The mobile platform have been beefed up and expanded: new this year is AlgoTrader, an option available with Spot5 that allows traders to create, test, and even share their own trading strategies. This is probably manna from heaven for professional or serious hobby traders with an analytical approach to trading.

The Spot5 launch follows the previous year’s big release of an MT-4 plugin. Forex traders in particular, and the trading world in general recognise MT-4 as one of the other massively adopted trading platforms. It’s only natural that SpotOption would figure out a way to get the two services to play nice together. What’s good for traders, is good for the industry.

FINAL THOUGHTS

Peter touched on another topic in his FinancialMagnate.com interview, one that might sound surprising in a world where Wal-Mart, Amazon, Apple, and behemoths in many industries seem intent on growing their market share eternally. According to Pini Peter, SpotOption no longer seeks to gain an ever-increasing share of the market but rather wants to use its position to solidify, regulate, and strengthen the industry as a whole. This process would include compliance teams that investigate complaints made against brokers who, if found to have taken advantage of the public trust, would be fined or shut down. The company’s founder understands that only a mature industry will be able to continue to attract the business of new traders, and it is to every industry participant’s best interest (except the bad apples, obviously) to pull together to make it happen.

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