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Since time past, Binary options have been traded by large number of persons. One might be wondering what Binary options are: Binary options is a financial derivatives instrument that challenges traders to foresee the right
direction of the price movement for an underlying asset at a given point in time in the future. Forecasting horizon varies from a few minutes up to several months. Forecast in Binary options can either be a price increase or decrease. The first regulated binary options took place in the US in 2008. In early May 2012, the Cyprus Securities and Exchange Commission (CySEC) included Binary Options to the list of financial instruments recognized by the law of the Republic of Cyprus on Investment Services, Investment Activities and Regulated Markets of 2007. Binary option was massively employed by Thousands of brokers and traders worldwide. This was because of its simplicity of concept and high chances of success. The industry experienced exponential growth until 2014 with an annual turn over of tens of billions of dollars. Since subsequent years, regulators from all over the world have been making rather strong statements, claiming that binary options is a deceit and discouraging traders to get involved and this has brought bad reputation on the Binary option space.
The current Binary options markets have this disadvantages which has made it unfavourable to traders. They include : Traders bet against brokers. So trader‘s loss is broker‘s gain. Hence, the reason for brokers to make sure traders mostly fail. There is a common belief that 90% of traders‘ funds eventually end up in brokers‘ pockets. Also In general, trader‘s reward, in case he was right, stays fixed regardless of other factors, meaning, sometimes you should have had way more than one did. Maximum that‘s ever available varies from 75% to 90% of the rate. Trading process takes place in a broker‘s backend, so it is not transparent. Such system allows manipulating data in a way that makes it difficult for anyone to find out the process was altered. At times, it‘s required to make a deposit to start trading, this deposit, takes time and withdrawal of gains takes even more time. If funds get frozen, users have to order or buy something to be able to make withdrawal. Quotations are often obtained from providers in a corrupt manner. And even then, it does not guarantee accuracy and validity of the given data. Even if brokers treat you right, it is impossible to prove, making trust a critical factor in a decision-making proces.
Betex has seen all this and is proffering solutions to all the numerous disadvantages which Binary options has displayed. These solutions includes: Betting is placedagainst each trader thereby making brokers or Betex team have no active part in monitoring or managing the Bet outcomes. No deposits are required and an instant automatic withdrawal of funds is ensured. It is mainly possible due to the use of smart contracts. Traders who accurately determine future changes are rewarded with 95% of funds. In case of success, trader‘s gain largely depends on the ratio of the correct and incorrect outcomes. Both the platform and brokers can always prove authenticity and accuracy of the results. In the worst case scenario, if a mistake is made, it will be admitted or justified. Hence, it is no longer needed to trust each other to be sure terms are fair.
Trading is realized with ERC-20 tokens of stable value. It is stored and presented in the Ethereum blockchain, making it possible to audit the platform operations in real time, or later. Open access to data prevents intermediaries from altering results. 50% of the platform's profit made from commission is distributed among BETEX token holders. 40% goes to brokers. A composite rate, used in all calculations, is derived from several open sources by an established algorithm, considering the value of each source that is defined by trading volume. Using multiple sources makes entangles possible manipulations with the rate of an underlying asset, since they would have to be done in several places simultaneously. Working out of the composite rate is a completely open and transparent process. It is being logged and presented for public access in real time.
Betex platform is built on own capacity to make profit. This simply means that a players success depends solely on oneself and not determinant on any other factors. With Betex, traders will be placing bets against each other and never against platform providers or any other intermediaries. Built with Blockchain technology, unlike traditional platforms, Betex will provide access to real-time data, thereby, ensuring absolute transparency of its system. So there is no doubt that all users are treated equally and fairly.
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BETEX TOKENS
There are 2 tokens in the system: BETEX and SBT.
Stable Betting Token (SBT)
SBT (Stable Betting Token) is a token with a stable value of $1.00. This token is used for betting in the system, payments to winners and brokers. All operations are fixed in the Ethereum blockchain. The SBT tokens are issued automatically by the smart contract with each exchange request. With the reverse exchange, tokens are burned. Thus, the number of SBT tokens at each point of time reflects the current amount of funds in the system.
Betex Token
BETEX is the main token in the system. 50% of the platform‘s commission income is distributed among BETEX token holders in ETH. BETEX is issued once in the amount of 10,000,000 tokens. After that, its quantity remains constant. The profit received between the launch of the platform and the actual distribution of BETEX tokens, will be accumulated on the public Ethereum address and will be distributed among BETEX token holders during 2 weeks or less, after the distribution event is over. Distribution of BETEX tokens is planned to take place in April of 2018.
For more information
Website : https://betexlab.com/
Whitepaper : https://betexlab.com/betex-wp.pdf
Ann Thread : https://bitcointalk.org/index.php?topic=2518678
Telegram : https://t.me/betex_ico
Medium : https://medium.com/@betex
I can be reached on bitcointalk.org : https://bitcointalk.org/index.php?action=profile;u=1016770