The company's Director of Sales and Marketing, David Bily, states, "We always used binary options as a no-fuss market that new traders would start learning through and then transition to forex as they grew."
The company reaffirms their commitment to remain transparent and states that binary options was never a good fit for the company, claiming that it's a "synthetic market." The company will transition their entire focus to the MT4 platform, which will allow for commodities, indices and forex trading.
The company wants all of their current binary options traders to move their accounts over to the new platform. Customer service will be available around the clock for four days per week to help clients that need to transition to the new platform.
Vantage FX is recognized as a leading forex broker in Australia and has strived to provide a client-friendly platform that is transparent and focuses on the best interests of their traders.
Vantage FX will use the MetaTrader 4 (MT4) platform, which is a new trading platform that was designed to be more transparent and safer for consumers.
Vantage follows others in the industry that have decided to cut their ties with the binary options industry. 24Option, one of the most recognized names in the industry, also decided to exit the binary options industry.
24Option will also refocus on forex-related trading and expanding the company's CFD platform. Existing clients for 24Option will still be able to trade in binary options for the time being, despite the company phasing out binary options. The company will eventually reach a phase where they will not offer binary options to any client.
Binary options has been heavily criticized in recent months, with Israel deciding to ban the industry along with several other countries, including: USA, Russia, Japan, Canada, Australia and numerous others. The industry's deceptive practices led many investors to lose their life savings and led to outcry from regulators across the world.
Fraud tarnished the reputation of several legitimate companies that were operating transparently and didn't engage in questionable operations. Manipulation in price data also caused customers to lose money with withdrawals made difficult or even refused in many cases. The practice led to an uptick in chargeback gurus, helping investors that lost their money to seek refunds due to the fraudulent activity.
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