IG Group Renames Binary Options Product; Digital 100s; | Finance Magnates
IG Group Renames Binary Options Product 'Digital 100s' Leading UK brokerage IG has renamed the binary options product on its website. The company is now using a new name for the same type of all-or-nothing binary outcome contracts. The company calls the contracts 'Digital 100s', which stands for the outcome of the trade. Traders are given a certain scenario for a number of assets. The maximum price of a contract is 100, hence the name of the product. Traders have the opportunity to buy or sell the contract at a certain price with the minimum value of the contract being 0. When the deal expires, the client wins if the given direction up or down has been predicted correctly. Binary options under increased scrutiny. IG Group has most likely renamed the product to prevent bad publicity around binary options from reaching the company. The swift reaction of the firm comes as several companies from the industry, including one of the biggest brokerages Banc De Binary, have dr