SpotOption is First to Offer 60 Second Binary Options
60 Second Binary Options has become extremely popular since it’s inception late last year. SpotOption was the first to introduce 60 Second Binary Options through TradeRush. Soon after, most of the other SpotOption brands began to offer this type of trading. The feature allows for fast trades and executions allowing a trader to open multiple positions within seconds.
In the above screen shot taken from the Banc De Binary platform, three 60 Second positions are open at the same time. In a recent video I made demonstrating the 60 Second Binary Options feature, I had four positions open simultaneously.
This speed is extremely important for seasoned traders who are able to read the charts in an instant allowing them to execute trades as fast as possible.
The one drawback to the 60 Second trading platform is that you cannot view multiple trade screens at the same time. You are given one trade box with chart and need to select different assets from the drop down menu.
Even if I were looking at assets on a separate chart program, I would still have to go to the asset dropdown on the trade platform to select the asset. This takes a few extra precious seconds and could make a difference as to whether one decides to execute the trade or not. Once you select the asset you must click CALL or PUT, select an investment amount and finally click start. It takes several seconds to follow all of these steps. Once you click START a pop up window gives you 2 seconds to approve or cancel the trade. If you click nothing the trade is executed.
TechFinancials 24option Platform 60 Second Binary Options
The TechFinancials Platform which supports 24option and OptionFair was the second entry into the 60 Second Binary Options market. Initially they seemed to have rushed to implement this feature as it was an add on selection on their main binary option trade screen. When I originally tested the 24option 60 Second Options there was a period of about one minute to place the order and the option would begin at a set time. In essence they were more like 1-2 minute options because you couldn’t execute the option at any moment like with the SpotOption system. As I went to test the 24option system for this review I was pleasantly surprised to see that they had updated the feature to more closely replicate the SpotOption model. Now there is a separate tab showing the 60 Second Option selections on a new screen.
The 24option system is actually better than the SpotOption system in that all of the 60 Option Choices are displayed on the screen as opposed to having to select from a drop down menu. Trader can then just click on the High or Low button to bring up the trade screen.
From the trade screen trader enters trade amount and clicks BUY to execute the trade. There is the same 2 second delay before trade is confirmed, but unlike with the SpotOption platform trader is not given the chance to cancel. Trades are then showed together with all of the other open orders. This is also a drawback as compared to SpotOption where the 60 Second open orders are displayed separately from other open orders.
TradoLogic 60 Second Binary Options
Tradologic introduced 60 Second Binary Options in October 2012. XPMarkets was the first of their brands to exhibit the feature with OptionBit following suit soon after. The TradoLogic version of 60 Second Binary Options is a step above the other 2 platforms.
As is apparent from the above OptionBit screen shot, 4 open trade boxes are shown allowing you to monitor 4 different trade possibilities without having to open a new chart each time. As stated previously when trading 60 Second Binary Options speed is a crucial factor. The open trades are displayed with large easy to see countdown boxes which change from red to blue to green depending on whether the trade is currently in the money, flat or out of the money. Clicking on an open trade box will also display a chart an all of the trade details for that order.
Overall the platforms offer a great new trading feature to the the Binary Options lineup which include fast execution and easy to read open trade information. SpotOption has too many steps before you can execute although they do provide a last second cancelation. TechFinancials (24option/OptionFair) has less steps before execution, but doesn’t allow a last second cancelation and mixes all binary options orders on the open trade screen. Although Tradologic does not offer a last second cancelation, they do allow for multiple open trade windows and charts and separate easy to read open order information.