Paragon Ex Platform – (Used to be the) New Kid on Block
The Paragon Ex options trading platform is one of the less often discussed platform offerings in the binary options industry. The company’s decision to focus on the forex markets as well (in addition to the standard options offering) shows that the company’s focus is on the changing environment of the online trading community. Overall, the platform itself is stripped down and very basic in its design, allowing traders to highlight the essentials and use only what is needed to place actual trades.
There are product offerings in other areas, with educational materials and news feeds (mostly offering Reuters articles) that are included to keep traders informed on the current happenings in the financial markets. There are, however, some negative issues with this aspect of the trading station, and these will be discussed in the sections below. In summary, the platform is a cleanly designed no nonsense. It is acceptable for basic trading and more advanced strategies as well. The platform only has standard high/low binary trading but comes with a wide array of short term expiries. Longer term traders will not find the expiry they need on this platform. You might think the platform is cluttered but it comes with four different ways to view it so you can adjust the screen to fit your style.
Platform functionality(8/10) simple,clean design, trades are very easy to execute.
Platform efficiency(8/10) uncluttered design helps with execution efficiency
Ease of use(8.5/10) Great for placing trades
Additional information(8/10) Educational and news offerings are difficult to find
Expiry times (6/10)– 60 Seconds, 2 min, 5 min, several intra-day, end of day, end of tomorrow
Trading tools available(9/10)– rollover, stop loss, take profit
Trading options available(7/10)– High/low
Prices & Rates(9/10): Highly Accurate
Why Paragon Ex Doesn’t suck?
The Paragon platform is one of the most simple and clearly designed platform that I have seen offered in the binary options industry. They have an extensive asset list, a wide variety of trading choices for short term traders and an option builder feature so you can adjust you risk/reward. There are also useful tools like Buy Me Out and Rollover to help lock in profits and reduce losses. The trading room is set up with a clear and easy to understand interface, and if you don’t agree there are four choices of set up. You see a list of all assets in a category, up to four assets in a category or only one asset in a large and easy to use dedicated trade screen. Trades are executed quickly and come with higher than average payout.
Why Does ParagonEx Suck?
One noticeable area that is lacking can be seen with the limited amount of expiries. The expiries are limited to intra-day and end of tomorrow for most assets with only a very few longer terms. Some commodities have expiry tied to future contract expiry but that is limiting in itself as well as there are no shorter terms for them. There are also no boundary, range or one touch options. Not all traders use these types of binary options but they are a valuable tool in the hands of savvy traders.
In my experience, however, the main weakness of the platform was its lack of market analysis and educational materials that are there to inform traders on how the world of binary options trading works. This is usually a red flag in my book, as there is really no reason for a large trading company to be deficient in these areas.
The platform technology is probably one of the high points of the offering, as the stripped down platform design does help with overall trading execution and efficiency. So, if you have already conducted your market analysis there is nothing wrong with the platform itself for placing simple trades. The platform is completely web based, as are all binary options providers, and requires no downloads to your computer. The website uses high levels of encryption to ensure safety and security so you can trade from any terminal or device you choose. The Paragon Ex platform is not the only platform to be deficient in the area of charting and technical analysis, but I still view this as unacceptable and “two wrongs don’t make a right.”
Overall Trading Impression
Since the platform is clearly geared toward the basics, I found that it was easy to use when placing the actual trade direction, expiration time and strike levels. Order execution is quick with little lag times but of course that will be different from terminal to terminal. After playing around with the different ways to set up the trading room I discovered that the platform is very adaptable. The most striking feature of the platform is the ease with which trades can be placed. The different screen set-ups allow you to watch whichever assets you want and to switch from one to the other with fluid ease. This will be helpful for news based and short term traders, as it is difficult to make a mistake when executing trades on a very fast basis.
There are a couple of special features that set ParagonEX apart from other platforms. First is the ability to switch between the three different trading screens. This is great because you can look at, for example, all the currency pairs at one time. Or choose to look at four of your favorite assets at once in larger trade boxes, or to view a single asset in a more advanced trading screen that allows for some advanced charting. Another is the option builder. This allows traders to choose between different risk reward ratios as their strategies require.
- Extensive list of assets
- Option builder
- 100% web based
- Adaptable trade room, multiple views
- Quick execution
- Limited Expiry
- Limited option types
- No range, touch or boundary options