Just 5 weeks after an announcement that the Russian Ruble will become the second official currency of Crimea (Ukraine), Binary Options and in fact world market option traders should be delighted. The ruble has entered the options jungle and now has a massive hype surrounding its future role in active daily trades.
Formerly, the Ruble was also the currency of the Russian Empire and the Soviet Union before their dissolution. The name “Ruble” is thought to come from the Russian for ‘chop,’ literally referring to the way a section was cut off a silver ingot, which was the very first incarnation of the currency, with each section holding a different value depending on its weight. In a world of data slicing and dicing, a world of high tech, no time, trade until your eyes bleed (well sometimes), this comparison of a value depending on a sliced off section seems to be very fitting indeed.
There is no official symbol for the Ruble although many options have been suggested over the years, it will be interesting to see what symbol is settled on, we all know millions of marketing emails and promotions are coming, awash with currency symbols. Would they favor the classic Hammer or I wonder?
There have been seven different incarnations of the Ruble, due to various drastic changes in the currency’s value, with the most recent being released in 1998. Personally I am reminded of the way Turkish Lira has been redenominated over the years, changing a $100 bill in Turkey back in the day would require several suitcases in order to carry away the change. Robles in general have had perhaps one of the hardest histories of all the currency pairs out there, perhaps that s why now the entire options and more specifically Binary Options market are extremely interested in the short term view on this classic currency. It seems Putin loved or hated has indeed brought Russia once again to the top of all headlines, be that political or financial driven.
In January 1998 the seventh version of the newly denominated and printed Ruble was introduced. It was valued at 1,000 of the previous Rubles in what was simply a psychological step, a clever one at that but unfortunately not clever enough. Later in that same year, the Ruble lost a dramatic and astronomically high 70% of its original value against the US dollar. Binary Options traders will know that a move of just 3-5% the usual amount for let’s say the EUR/USD can mean massive healthy profits for any that follow strong opinions up with turbo or standard binary contract trades.
In short the Russian Ruble entering the Binary Options arena is something that aspiring profiteers should be massively excited about. Albeit only certain platforms will have the right volume in their system to be able to offer this pair, a leader of its class and of the Binary Options field in general GOptions.com looks set to be the first to offer it up with daily binary options contracts. With high percentage daily, and hourly swings expected, along with up to 90% payout on a single short term trade, it’s not just the Wolves of Wall Street licking their lips in preparation for the meal to come. Hammer and Sickles at the ready boys!