An award is a mark of excellence. It is a show of appreciation that is bestowed upon an individual, whether corporate or otherwise, as a show of appreciation and recognition for the good work that an individual has done. In every field, there has to be a body of people who are charged with the duty of recognising exceptional performance among the members and awarding such excellence. It is also given as a form of encouragement to the rest of the ilk to “pull up their socks” and seek to achieve that level of excellence. That is the beauty of awards.
In the field of binary options, there are two levels of award giving that we can look at. On one hand, the best binary options platforms can get awards from their regulatory organisations and such other concerned institutions for the good work that they have been doing. On the other hand, the binary option providers can give awards to their clients for excellent performance or to encourage a certain habit.
With regard to traders
Award giving with regard to traders is often done in the form of bonuses. Traders on the binary options platforms are normally given bonuses for different kinds of things. For instance, most binary option traders usually get loyalty bonuses from the brokers. This kind of award is given to those people who stick with a single binary option broker for a period of time and exceed a number of trades. Such an award is normally designed to encourage loyalty amongst those on the platform. An individual trader may also be given a bonus for making deposits that fall above a certain threshold. To encourage this habit, the broker may offer bonuses to such a trader. Award giving with regard to binary options traders and their brokers are often laced with an underlying need to keep the client happy and motivated, so to speak.
With regard to binary option platforms
The binary option market has taken the financial markets by storm. It has opened up a hitherto locked potential within the financial market. Regulators and concerned institution and parties who recognise the work that the different binary option platforms have done, often give out awards to them. For instance, Banc De Binary was in the year 2012 awarded the title of “Best Binary Options Broker 2012” by the Binary Options Reviews websites. This award was in recognition of the platform ability to sustain trading platforms in over 80 countries in the world while voluntarily subjecting themselves to the stringent US regulatory apparatus, thereby maintain the fidelity of their systems. This is quite an achievement for a platform that was set up in the 2009 and it shows the urge and need for progress within the system. Other binary option platforms such as IkkoTrader, were awarded “The Brokers Award 2011”. This was for excellence as a broker.
In essence, you can now understand the part that awards play in the whole scheme of things, and just why they are important to the industry.