A binary options broker that offers a unique concept in binary options trading, which involves live video chat feature and an incredible number of financial instruments. The only let down is the limited demo account functionality and a questionable regulatory status, but BinaryMate makes up for its shortcomings through an excellent Binary Options product that is designed for all sections of the traders market.
An Introduction To BinaryMate Trading With Binary Options & CFDs
Binary Options trading is an attractive investment opportunity, but it involves a massive amount of risk to an investor’s trading capital. It is imperative for traders to gauge the risks of their broker by understanding the various aspects of their brokerage’s services, and by staying protected from the industry scams and malpractices. Our comprehensive Binary Mate broker review should give useful insights into the performance and reliability aspects of BinaryMate, by offering you information on BinaryMate’s Binary Options trading products, platforms, fees, payouts, customer support, and other trading features. Read until the end of the review to get bonus information, trading assistance, and get your queries answered through the FAQ section.
BinaryMate Broker Information – Regulation & Licensing Facts
Binary Options trading is relatively a new industry, and the industry is witnessing a significant rise in the number of Binary Options brokers that are cropping up from different countries across the world. BinaryMate is also a relatively new broker, having been introduced to the market in 2016. BInaryMate is only a trading brand name that is owned and operated by Suomen Kerran LP, a company registered in Edinburgh, Scotland, under the registration number SL25219. Normally, we recommend trading with regulated and licensed entities, who can offer a fair amount of protection from broker scams of financial discrepancies.
We also found out that BinaryMate used to be based out of Seychelles, but it seems that the company has moved to the European continent for better credibility in the financial market. However, BinaryMate does not offer any regulation information, apart from the fact that it is located in Scotland. There haven’t been any major issues with the broker up until now, and while there is no reason to doubt the company’s authenticity, it is certainly important for all financial companies to be regulated by a genuine agency. Nevertheless, we do find BinaryMate to be a credible company that stands by the safety of its investors through proactive protection of funds.
BinaryMate Financial Instruments & Tradable Assets
BinaryMate excels in providing a comprehensive list of financial instruments that cover the entire financial market from the Americas to the Asian-Pacific. There are more than 100 different instruments to choose from, which does actually present a great option for investors that wish diversify their trading portfolio. The assets are included from a wide category of markets, including stocks, commodities, FX currencies, and indices. Here is a list of all the financial instruments provided by the company:
Forex Currency Pairs –
EUR/USD, GBP/USD, USD/JPY, USD/CAD, EUR/JPY, EUR/GBP, USD/TRY, USD/RUB, USD/ZAR, USD/SGD, NZD/USD, USD/CHF, AUD/USD, GBP/RUB, EUR/RUB, GBP/JPY, GBP/CHF, AUD/CHF, EUR/CAD, AUD/JPY, CAD/JPY, AUD/NZD, EUR/AUD, GBP/CAD, NZD/JPY, AUD/CAD, EUR/NZD, EUR/CHF, BitCoin/USD, BitCoin/CNY, AUD/USD FUTURE, EUR/JPY FUTURE, USD/JPY FUTURE, GBP/USD FUTURE, EUR/USD FUTURE.
IBM, NISSAN MOTOR, TEVA PHARMA, TESCO, TURKCELL (TURKEY), TATA MOTORS (INDIA), HSBC HOLDINGS (LONDON), COCA COLA (US), SBERBANK (RUSSIA), LUKOIL (RUSSIA), BP (BRITISH PETROLEUM), GAZPROM (RUSSIA), NIKE (US), APPLE (US), MICROSOFT (US), CITI (US), ALPHABET Inc C (Google), F BP, S.BANK INDIA, EXXON MOBIL, BAIDU, AMAZON, DISNEY, GOLDMAN SACHS, INTEL, JP MORGAN CHASE, PFIZER, CATERPILLAR, BANCO SANTANDER, TELEFONICA, BANK OF AMERICA, AIG, YAHOO, NETFLIX, McDONALD’S, ANZ BANK, BHP-AU, RIO-AU, LAS VEGAS SANDS, WYNN RESORTS, EBAY, SONY, BOEING, WAL-MART, GENERAL MOTORS, GROUPON, MASTERCARD, SALESFORCE.COM, STARBUCKS, AXIS BANK, TATA STEEL, ROSNEFT’, ROSNEFT’, FACEBOOK, YANDEX N.V, CK HUTCHISON, BLACKBERRY, 3M, TENCENT HOLDINGS, TWITTER, MICRON, SINA, TESLA MOTORS, WEIBO, VTB BANK, ALIBABA, GENERAL ELECTRIC, JOHNSON & JOHNSON, MAZDA MOTOR, TOSHIBA CORP, SUMITOMO , MITSUI, TOYOTA (US), COLGATE-PALMOLIVE, FERRARI, LLOYDS BANK, BARCLAYS, BRITISH AMERICAN T, VODAFONE, RIO TINTO, CARNIVAL CRUZE
SILVER, PLATINUM, OIL (LIGHT SWEET CRUDE), Sugar, Coffee, GOLD/EUR, GOLD, GOLD FUTURE, OIL FUTURE
DOW (US), S&P 500 (US), NASDAQ (US), DAX (GERMANY), CAC (FRANCE), FTSE 100 (UK), ISE 30 (ISTANBUL STOCK EXCHANGE), RTS (RUSSIAN TRADING SYTEM), MSM 30 (OMAN), TADAWUL (SAUDI STOCK EXCHANGE), DUBAI (DUBAI FINANCIAL MARKET GENERAL INDEX), KUWAIT (KUWAIT GENERAL INDEX), BOMBAY SE, HANG SENG (HONG KONG), SSE180 (SHANGHAI STOCK EXCHANGE), KL FUTURE, NIKKEI225（JPN）, TEL AVIV 25, TOPIX, MICEX 10 (MOSCOW INTERBANK EXCHANGE), ASX, IBEX, FTSE F-DEC16, ASX F-DEC16, NIFTY F-SEP16, SMI, FAZ-SHORT BANKS(ETF), IBEX F-OCT16, HANG SENG F-SEP16, CSI 300, TSX 60, SHANGHAI COMPOSITE, DOLLAR INDEX-DEC16, GERMANY 10YR-DEC16, FTSE MIB F-DEC16, RUSSELL 2000, FTSE 250
The sheer number of financial instruments on offer may be taxing on beginner traders, as they may not have the necessary expertise to deal with the market volatility. On the other hand, expert traders may revel in such an environment, where they are not bound by any trading limitations.
BinaryMate Payouts, Cost Of Trading, & Trading Options
BinaryMate allows its traders to invest in binary options for as little as $1, while the maximum investment is pegged at $1500. The minimum and maximum investment sizes are at par with the industry norms, but some brokers offer far greater flexibility in terms of trade sizes and position sizing. There aren’t any additional costs of trading such as spreads and commissions as are common in FX trading, but the payouts and refunds are dependent on the asset, trade duration, and market volatility.
BinaryMate provides a maximum payout of 90% for in the money trades, while out of money trades result in a complete loss of the invested funds. The average payout for different options usually ranges from 60% to 90%, depending on the underlying financial asset. The payouts aren’t as great as some of the other binary options brokers, as the industry leading companies may be able to offer up to 95% and even 100% payout for profitable trades. The absence of refunds should also make it hard for traders to conserve their trading capital, which means that money management is important while trading at BinaryMate.
BinaryMate allows different options for trading the markets, including Turbo, Intraday, and Long Term trading. Options expiry typically starts from 60 seconds and up to 30 minutes for Turbo trading, while Intraday and Long Term Binary Options have expiry times that can be set for days, weeks, and even months in advance. An interesting aspect of a BinaryMate trading account is that the broker also supports weekend trading, especially during off-market hours, when most brokers don’t offer an option to trade the markets. It is not recommended to trade the markets during weekend breaks, mainly due to the decreased volatility, but it grants an additional dimension to trading for traders to enjoy a far greater exposure to the markets.
BinaryMate Trading Platform
BinaryMate has followed the conventional market norm of developing a proprietary web-based Binary Options trading platform and has provided an aesthetically pleasing and feature-rich online trading interface that can be accessed through a web browser. The Web-based browser interface ensures that the trading platform can be accessed on any device, both for desktop and mobile trading. One of the most intriguing aspects of the platform is that it has an embedded live video chat feature, which provides 24×7 customer support through a dedicated account manager. It is certainly a novelty feature, which ensures that there is always an actual human being to interact with while trading the markets on the live platform.
The trading platform does not have any obvious issues, as all the Call and Put options are clearly denoted in the interface, along with unprecedented access to the instruments and the payouts that apply to a particular asset. The platform is pretty easy and convenient to use, but traders may find the charting options to be below average, as they don’t provide the range of features and indicators as provided by other leading trading platforms in the market.
BinaryMate Mobile Trading Platforms
BinaryMate mobile users can either use their smartphone or tablet to access their accounts through the Web Trader interface or download the BinaryMate mobile apps for iOS and Android through the AppStore and Google Play Store. The dedicated trading apps are designed along the same theme of the primary trading platform and include all the trading features and functionalities as one would expect from a standalone desktop trading platform. The BinaryMate mobile trading interfaces are certainly reliable and perform as expected.
The BinaryMate Minimum Deposit, Minimum Withdrawal, & Payment Methods
One of the slight drawbacks of opening an account at BinaryMate is the slightly higher minimum deposit threshold, which requires traders to deposit at least $250 to start trading. There are primarily three different types of trading accounts, the Bronze, the Silver, and Gold accounts. The Bronze is the cheapest offering by the company, which is available for deposits of up to $1000. The main account features include live chat, withdrawals in 1 hour, and a demo account option. The Silver account is the second account category that is available for investments larger than $1000 and up to $3000, which qualifies for additional account benefits such as 3 risk-free trades (for first trades) and a master class session with top experts.
The Silver account is the most popular account option, according to BinaryMate, as the Gold account is a more expensive option. The Gold account requires a minimum deposit of $3000 and can accommodate a maximum deposit of up to $50,000. It is indeed strange that the company has specified a maximum deposit for its account holders, as professional traders often deposit large amounts of money and follow strict money management rules. As far as withdrawal is concerned, BinaryMate specifies a minimum withdrawal limit of $50, but the company also stipulates that their clients have to satisfy 100% rollover in trading volume, in order to initiate a withdrawal.
According to recent estimates, the company hosts around 4,500 accounts, that is responsible for up to $5.5 million in clients’ investments. The company also claims an average withdrawal time of 44 minutes and has processed up to $567,000 in clients’ withdrawals. Deposits and withdrawals can be made through a wide array of online and offline payment methods, including Bank Wire Transfer, Neteller, Skrill, UnionPay, JCB, Perfect Money, WebMoney, QIWI WALLET, Yandex money, Bitcoin, OK Pay, and Alipay. Aside from the Wire Transfer, all forms of deposits ensure instantaneous deposits, while the company has claimed to process withdrawals within one hour (withdrawals will take longer during weekends and holidays).
BinaryMate has a tiered bonus system, which is directly proportional to the deposit amount. The broker offers a 20% bonus for deposit amounts up to $1000, while the bonus increases to 50% for deposits ranging from $1000 to $3000. Deposits larger than $3000 qualify for a 100% bonus, for a maximum of $50,000 in bonus money. Silver and Gold account holders also qualify for 3 risk-free trades for their first trades, which increases the odds in traders’ favour. The BinaryMate bonus does have several trading conditions, as the company has specified a minimum of 300% rollover trades before traders can initiate a withdrawal request. Nevertheless, BinaryMate does offer a fairly sizeable bonus package for its traders.
BinaryMate Trading Demp
BinaryMate only provides a limited period demo account for its users. The demo account is only available upon request, and it is up to the broker’s discretion to either accept or deny a demo trading account. Under normal circumstances, most binary options brokers offer a free demo with no limitations, as it is essential from a trader’s perspective to understand the different aspects of trading the markets using a certain platform. Professional traders do expect a certain amount of freedom while indulging in demo trading, but beginners may find it hard to enjoy complete flexibility while trading with a BinaryMate demo account.
BinaryMate Customer Support & Interaction
BinaryMate has indeed revolutionised the customer interaction concept for binary options traders, as all traders receive live support and assistance through a dedicated live video chat feature within the trading platform. The customer support representative is available on call for 24X7 and even encourages face-to-face meetings to involve a human touch. Other customer support avenues include customer support phone numbers for different regions in local languages, which include support numbers for English Support (USA, Australia), Russian, Chinese, Thai, and Singapore contact numbers. The web contact form can also be used to get in touch with the broker for detailed and comprehensive support.
BinaryMate provides tutorials in the form of videos, but that just seems to be about the maximum offered to traders as far as additional features and products are concerned. Silver and Gold account holders receive further information about the markets through one-on-one master class sessions, which are completely web-based. However, the value for money aspect does not match the higher minimum investments required for opening and maintaining an account, which also includes an account maintenance/inactivity fee if a trader does not open any positions or trade binary options for 30 consecutive days.
BinaryMate Verdict & Review Conclusion
- Excellent and intuitive customer support through live video chat.
- Large number of financial assets and tradable instruments.
- Amazingly easy to use and pleasing trading platform.
- Excellent bonus package for larger traders.
- A large number of payment options for both online and offline payments.
- Guaranteed withdrawals that are processed within an hour.
- Higher investment required for an account, compared to other binary options brokers.
- Absence of a full-feature and unlimited demo account.
- The company does not have a valid regulatory license.
Does BinaryMate Accept US Clients?
BinaryMate does not cater to US traders, and has specifically mentioned this fact in its terms and conditions. However, the company accepts traders from all other parts of the world.
How Quickly Does BinaryMate Process My Withdrawals?
BinaryMate promises to process all withdrawals within an hour, excluding weekends and public holidays. The company has managed to bring down the processing time for withdrawals to 44 minutes in the recent months.
Is BinaryMate A Scam?
BinaryMate is not a scam broker, even though the broker does not appear to have a legitimate regulatory license. The broker operates as a genuine binary options trading company.
Is A BinaryMate Account Expensive?
The minimum deposit of $250 is slightly expensive for smaller traders, and the higher account categories are also significantly more expensive than competing binary options accounts. However, there are no other hidden costs involved in trading.