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To reflect the growth of the binary options industry, some of the largest organizations in the market have come together and decided to cooperate. In September 2016, they formed EUBOA – The European Brokers Association. Among its members are the top regulated brokers that are highly ranked by traders all around the world.
EUBOA is an organization that aims to become one of the biggest influencers in the binary options and Forex trading market. But what challenges does it have and how can it influence the current state of affairs? Let’s find out.
European Brokers Association
Comparing to other forms of investment, the binary options industry is still in its development stage. This has led to many changes and challenges for the well-established brokers and the market in general. With the aim of regulating the way the binary options trading is growing, the major participants have created The European Brokers Association.
Brokers that are members of the Association:
As you can see, the members are really some of the major players. In addition, only regulated brokers can request the membership status. This is done to assure the quality of discussion within the Association and secure reputable voice behind any of its decisions and actions.
What are the challenges for the Binary Options Industry?
Despite growing fast and gaining a lot of recognition from traders, the binary options industry also faces some challenges that EUBOA is aiming to solve. Some of these challenges include:
- Misleading marketing. Many unregulated brokers and other players in the market position binary options trading as “easy-to-get-rich” activity. As more experienced traders know, binary options can be profitable and extremely positive, but it also requires some knowledge and effort.
- Regulations leading to negative results. Lately, some European countries imposed regulations on advertising or even banned binary options trading. While it is possible it was done with good intentions, more often than not it makes the situation worse. For instance, the ban on binary options in Israel and Belgium only led to more unregulated brokers coming to the market. So instead of “protecting” traders by making it impossible to trade with a licensed broker, it is important to urge countries to put their efforts into regulating the industry.
Those are just some of the challenges that major figures in the industry are trying to overcome. And EUBOA is aiming to help them do this with its activities.
European Brokers Association Agenda
During its second meeting since the formation, the Association has issued the manifesto of the organization. Its main goal is to decrease the number of malpractices that put traders in danger and encourage positive rather than restrictive regulation of the binary options industry.
One of the main goals of the Association at this point is to establish strong partnership relations with European regulatory bodies and open a constructive dialogue that will benefit both parties. EUBOA believes it will improve the situation on the market and assure positive long-term development for the binary options industry.
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