Google Bans Apps Trading Binary Options via Google Play

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Google Bans Apps Trading Binary Options via Google Play

By Adam Teen | Tuesday, May 8th, 2020

Google has announced on their website that as of April of 2020 apps allowing users to trade binary options will be banned on Google Play.

The screenshot below shows the new Google rule as defined on their website.

screenshot from Google

The ban comes at a time were other regions and regulators are also beginning to limit access to binary options trading for retail investors (general public). The ban is only relevant to apps which allow users to trade binary options online.

This ban should not affect any other apps in Google Play store which provide general information about binary options and derivative products. However, time will tell whether this ban won’t have any wider implications and include other apps as well.

According to Google the ban is set in place to protect their users from being scammed by ‘deceptive or harmful financial instruments’, as the call it.

Screenshot from Google

One of the biggest issues in binary options industry is the lack of education of the retail investor.

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In simple terms, people are often swayed by cleverly engineered advertising to start trading on impulse. Google Apps made things easier for impulsive traders. Apps offered a very convenient and direct way to buy or sell short-term options.

This is a welcome development from Google as it will undoubtedly save a lot of people from losing their money through sometimes very dodgy binary options apps.

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Apps and Mobile Trading

Mobile trading is increasingly popular and binary options apps are quickly becoming the preferred access point for active investors. Brokers have taken notice and regardless of which mobile OS you prefer – Android or iPhone – brokers are developing top quality mobile trading applications that rival others in the financial space.

Smart brokers have long since realised that when traders log on to their accounts, then more likely than not, it’s via mobile. If you’re among the many people who trade using their smartphone or tablet, it’s worth looking for a platform that’s designed for precisely that – which means focusing your attention on the best mobile trading apps out there. So what should you be looking for in a dedicated mobile binary trading tool?

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Do I Need an App?

It all depends on how you prefer to trade. If your activity is confined to your desktop, then clearly, a mobile app isn’t going to be a priority. If, though, you intend to do most of your trading on the go then ideally you want to be with a broker who can offer a user experience (“UX”) that reflects this. How this UX is delivered is really a matter for an individual brokerage company and its tech guys. And yes, it’s certainly possible for a broker to require you to access its platform via your standard mobile web browser (i.e. without an app). It’s just that the experience you’ll get from this type of setup could be less than ideal. In the worst cases, you could in fact, find that you are accessing little more than a ‘squashed’ version of what you’d be looking at on your laptop, causing your whole experience of using the platform to be needlessly slow, awkward and confusing. So increasingly, the way brokers get around this is by offering its mobile users a dedicated app. From your point of view, this couldn’t be easier; with the very best binary apps, you download a handy little widget and you get instant access to your chosen platform and your account via an icon on your device menu. The whole experience – from accessing trading data through to making transactions should be simple, safe, and “mobile friendly”.

App Reviews

In lots of areas of everyday life, many of us are used to heading straight to the Apple Store or Google Play Store to find the mobile tools we’re looking for. After all, these are the gatekeepers of the iOS and Android worlds, and if a piece of software has earned a decent star-rating on the store, it can be a useful trust indicator. But of course, when it comes to binaries, you’re not just choosing a simple widget to use; you’re deciding on which platform to commit your trading activity to. So really, “How good is this mobile app?” is a secondary issue (albeit an important one). Before you commit any time and money to it, there’s a crucial question to ask before this: “Is this the right trading platform for me?”. To answer this, it’s important to see how the platform measures up according to the benchmarks that really matter:

  • Payouts
  • Asset lists
  • Trade types
  • Regulation
  • Speed and ease of use

In these key areas, it’s vital to be able to assess trading platforms on their own merits and in the context of what else is available in the marketplace. As part of this process, it’s certainly worth looking closely at what sort of mobile trading experience the company offers. But don’t make this the be all and end all of your decision on whether to go with a particular broker.

Comparing Binary Trading Apps

The best binary options apps allow you to access all (or virtually all) of the functions you’d get on your desktop but in a way that’s tailored to the capabilities of your mobile device. Most will have versions specifically written for android, iOS and Windows – exploiting the benefits of each platform. With this in mind, here are some of the specific features worth looking for in a great trading app…

Demo Account

All brokers will tell you that their platforms are designed to be “user friendly” – but it’s hard to tell how well these claims stack up from screenshots alone. A binary trading app with a demo account can be a great way of putting it to the test. At the very least, you ought to be able to access this without providing any bank card details (and ideally, without your email address or other personal info). IQ option provides this functionality with its mobile app.

A Practice App

A decent demo account app also performs another useful role; it doubles as a practice app – essentially allowing you to get to grips with it and execute some dummy trades while on the go.

Free Training Resources

Another useful way for newcomers to familiarise themselves with what’s involved; simply use your phone to access videos and other resources whenever you get a free moment.

Instant Account Access and Usability

You ought to be able to shift seamlessly from desktop to mobile and keep track of your trading activity in its entirety. Making sense of asset graph patterns should be an intuitive process, and you ought to be able to carry out tasks such as entering a position and executing a repeat trade just as easily on mobile as elsewhere. Account management (deposits and withdrawals etc) are sometimes overlooked on the weaker apps. The best applications will offer full account management.

Instant Alerts and News

This is the area where mobile really comes into its own – and is perhaps one of the key reasons why trading is moving away from desktops. The top binary options apps tend to feature news and data alerts functions, so you are instantly informed of changes to market conditions. You can then access your account instantly and tweak your trades accordingly. As an example, Banc De Binary features live graphs and updates from Reuters. So which individual platforms provide the best mobile experience? Take a look at our independent reviews to hone in on the best broker apps for you.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker!
    Perfect Choice For Beginners and Middle-Level Traders!
    Free Demo Account! Free Education!

  • Binomo
    Binomo

    Honest broker!

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