Forex companies and affiliates are quite familiar with the Traders Compass software provided by trading analytics company, CorrSight. The software has been gaining traction as a means to improve the low trader lifecycle problem in the FX segment over the past year. Building on this success, CorrSight has now made the Traders Compass software available to binary options companies.
The software is now able to be integrated with binary options platforms to provide traders with continually updated information regarding their open positions, economic events and market trends that might affect their positions. The software then sends messages to the traders via a number of notification methods.
Binary options traders have a somewhat different lifetime value profile when compared with FX traders. In the majority of cases a new trader will make a small deposit of $200-800 after which they are rapidly contacted by retention agents. When retention agents are able to convince the traders to increase their exposure, a second similarly sized deposit is made. The problem occurs when the second deposit is lost, in which case the trader rarely continues. Traders Compass is designed to ensure that traders remain active long enough for brokers to cover all of their acquisition costs and turn a profit. This is accomplished by increasing the amount of time the trader remains active with the broker.
The Traders Compass software also benefits affiliates since it was designed to actively encourage the conversion of demo accounts to real money accounts. Once the trader is actively trading with real money it works closely with the trader to encourage success, but at the same time discreetly pushes for deposits and increasingly larger trade values.
CorrSight has spent over a year developing trading rules and strategies specific to the binary options markets. The tool is made to guide a trader through his trades as well as increasing market awareness and trading knowledge. The software notifies traders about market events and will notify traders about incomplete or less than optimal positions and risk management. These notifications and alerts allow a trader to manage positions more effectively and ultimately make the trader more knowledgeable, astute and insightful when making trading decisions.
Speaking regarding the launch of the binary options version of Traders Compass, CorrSight’s CEO Hudi Zack explained: “Over the last couple of years CorrSight has developed Traders Compass – a powerful rule engine and sophisticated interface & messaging mechanisms to help Forex traders in their quest to become more proficient and educated. After witnessing the recent exponential growth of the binary options market, we decided to expand our product and develop a similar service for traders in this market segment.”
“Our goal is, as always, to be the thought leaders and create innovative, gournd-breaking solutions for the benefit of traders and brokers alike. By supplying the trader with real-time, personalized and relevant messages, Traders-Compass improves the traders skill set and helps him manage his transactions more intelligently. At the same time this service helps the broker improve conversion rate and increase trading activity” concluded Mr Zack
Considering the growth of binary options trading and the success of Traders Compass in retail FX, it appears that the combination of binary options and Traders Compass will be useful to traders, affiliates and binary brokers alike.
Therefore binary options are regarded as the best option for short-term investment in market volatility because it offers a higher return and minimal risk exposure.
About the Author
Delphine Fisher is the financial market writer for 24option.com. Expert in the online binary option and forex industries, Delphine is responsible for the daily preparation of the financial reports and European Market’s analysis.