iOption Shuts Down
iOption Shuts DownNovember 24, 2013
If you have been trading binary options chances are you have seen or heard of iOption, up until recently one of the most well-known and respected names in the industry. However, this seemingly rock-solid and established broker has decided to shut down operations and is not taking any deposits from new traders. Furthermore, any trader wanting to withdraw money originating from winning trades is not able to do so.
The reasons for shutting down a binary options operation vary, however at the ends of the day one would have to assume that the expenses out-weighed the income and the owners simply didn’t wish to dig into their pockets and put up the needed money.
This latest development is considered to be no less than a massive shock to an already unstable industry. Brokers are trying to stay afloat these days while having to deal with regulatory requirements and a highly competitive market. One would have to assume that these are the two main factors that caused this operator to cease trading activity. On top of that it comes to this industry veteran the the owners had a quarrel about how to develop their business and it finally exploded when the cash flow situation worsened.
At the end of the day, as a trader the recent entry of new operations into the market is good news since they will be fighting harder for our hard-earned dollars and doing whatever they can to keep us happy. If at one time “deposit-only” AKA scam brokers were common, today it’s starting to become less popular since everyone knows the bad publicity will result in less traders willing to invest.