The Binary Options vertical keeps increasing from year to year. We see more binary brands entering the market, more affiliates adding binary sections to their sites, and more forex operators adding binary options into their trading platforms.
The Income Access Team reached out to one of the industry’s leading affiliates, Taras, the founder and owner of mrbinary.co.uk, to get his take on the rapidly growing vertical and its main advantages when compared to other products in the industry.
What is the main reason you decided to focus on binary?
I have previously worked in the poker industry and I still work in the casino industry as an affiliate, but after the Amsterdam Affiliate Conference in 2013, I decided to jump into forex and binary options.
We first started with forex, then added binary options and we quickly realized that binary is an efficient instrument for affiliates to earn money. The niche is not as popular among affiliates as casino and poker are, therefore there are many opportunities to find new traders. There are still markets where no one knows about binary options, so if you get in first, you have huge advantage!
What is your favorite thing about binary and what helped you to become the leading affiliate in this vertical?
Simplicity. It is a very simple financial instrument, which everyone can use. You don’t need to have an economics degree to understand the trading process behind binary platforms. Because it’s so straight forward, more people tend to try it to earn some money.
To be the leading affiliate you have to understand the concept of the product, then find the way you benefit your client (person who you refer your product to). We did this through reviews of scam programmes, made our own binary options brokers blacklist, etc.
What is the main criteria you are looking for when selecting a brand to work with?
It has to be an established brand or it has to be innovative, offer something new or stand out from the crowd. The brand must also have a licence (CySEC, FCA, FinCom or any other reputable licence in the EU).
Other smaller details, which are very important to the trader, are also considered. We tend to select brokers not by affiliate criteria, but by traders. So far it has worked pretty well.
What are the benefits of being a binary affiliate?
I believe benefits are the same as for every other affiliate. Maybe binaries are not as popular yet, so it is easier to promote, but this generally varies from country to country.
What are the main trends and changes in the binary industry you have observed over the last year?
The main change is that established forex brokers have been introducing binary options to their player offerings.
Some other changes include better trading platforms, nice mobile apps and brokers have started to connect social trading or auto trading robots straight into their platform.
In your opinion, why do you think binary is grouped together and associated with the iGaming industry?
The answer is pretty simple: binary options is betting at the core, so people who work in this industry do associate it more with iGaming rather than Forex.
But a lot of brokers promote binary options as an investment, which I believe is slightly off the mark. It is financial betting, where you make your bets on the assets’ movement. You don’t buy any stocks, you just bet on them.