NOT regulated broker
NOT regulated broker
BinaryMate is one of the newest online trading platforms that were started in June 2016. Its website shows that the owner of this broker is the Affort Projects whose headquarters is located in Mahe, Seychelles. We heard a lot about this platform and that’s why we thought about reviewing it. So is it a scam or not? Please read the review below to get the answer.
Is BinaryMate A Scam?
This online trading platform has gained lots of attention among the people since its launch. Although, BinaryMate claims to be a regulated broker, but we were not able to find any complete details related to this on their website. They haven’t even mentioned their license number that is necessary for becoming a regulated platform. While reviewing the platform, we find out there are many traders who claim that it offers their services in the United States. However, the reality is a bit different and they aren’t allowed to offer their services to the American traders because of not being regulated by the CFTC.
Therefore, we think that you shouldn’t work with the broker that provides unclear information as BinaryMate.
According to the details mentioned on their website, they have created their own proprietary platform for trading. It has dynamic charts feature through which traders can check the movements of the market. However, if you are a newbie, then you could find it very tough to use. The plus point of the BinaryMate trading is that the traders get a separate private window to chat where they can ask questions to the representatives. There is no need to download any separate software for getting access to the platform and it becomes visible from the desktop just after registration.
While reviewing the platform, we found out they have a very complicated platform that can make it difficult even for the professional traders to understand it in an appropriate manner. They claim to offer a great range of trading options, but we find out that they only three choices in the form of standard high/low, one touch and 60 seconds. Along with their website, they also offer mobile apps through which the traders get access to the global market with the help of their Android and iPhone devices. When it comes to underlying assets, the traders will get 100 choices, including indices, stocks, pairs, and commodities. The number of assets is quite low when compared to other brokers in the market who offer a choice of more than 150 assets. One of the unique thing that is available on the BinaryMate is the video chat service offered by the customer care representatives. We will talk about this later in the customer service section.
As mentioned above, they only offer three types of trading options to the traders that include 60 seconds, high/low and one touch. We have discussed them in detail below:
1. High/ Low Option
You can find this trading option on almost all the trading platform. In this type of trading, you have to predict whether the price of an asset will end below or above the certain value. If your prediction becomes true, then you will be eligible for payout up to 90% on the BinaryMate.
2. 60 Seconds Option
60 seconds is one of the fastest options in online trading where you have to predict whether the price of the selected asset will go up or down in the next 60 seconds. There is a greater risk involved in this type of trade and you need to be professional to take such risks.
3. One Touch Options
It is a unique style of trading that has gained lots of popularity in the past some years. In this type of trading, you have to decide if the underlying asset will touch the certain price limit or not. We suggest our readers practice this trading option on the demo account before investing their real money on it.
There are three types of accounts available on the platform from which you have to select one as per your needs and requirements. Have a look at all the accounts in detail below:
1. Bronze Account
The bronze account can be opened by making an initial deposit of $250 on the BinaryMate platform. The maximum limit to deposit in this account is $1,000. Have a look at the main features of the bronze account:
- All the withdrawals will be processed within 1 hour
- Bonus up to 20%
- Access to the demo account and live video chat
Other than live video chat service, you can see that there is nothing special offered in the bronze account. You can get much better options in the starter accounts of well-known brokers by making an initial deposit of under $200.
2. Silver Account
In order to open a silver account, there is a need to make an initial deposit of $1,000 and the maximum deposit limit allowed on this account is $3,000. Along with all the features of the bronze account, you will get access to following features:
- Welcome bonus up to 50%
- Access to Master Class education tool
- Three risk-free trades
The minimum deposit is four times more than the bronze account and all you will get is these three benefits. We aren’t even slightly impressed with their silver account.
3. Gold Account
The most expensive account available on this platform is Gold Account that demands an initial deposit of $3,000. The maximum amount that you can deposit in this account is $50,000. You will get all the benefits of the bronze and silver account with it. Have a look at the benefits that you will get with a gold account:
- Welcome Bonus up to 100%
- Personal Account Manager
- Swiss Prepair Card
If the BinaryMate is looking to stay in the online trading world for a long time, then they have to think about adding some extra features in their accounts. Unless the majority of the traders will opt for the other platforms.
BinaryMate offers a demo account for all the account holders through which the traders can train themselves. However, they have to complete the registration procedure and make an initial deposit to get access to the demo account.
The BinaryMate’s website only shows that they offer a demo account, but there is no additional information provided regarding it. They should provide some details regarding their demo account as it will help the traders in making choice to register with the platform or not.
Every trader wishes to get extra rewards when they invest their hard earned money on any platform. The BinaryMate understand the demands of the customers and that’s why they offer a considerable amount of bonus to their traders as a welcoming bonus. However, the amount of bonus that you will get depends on the type of account that you will open with the BinaryMate.
If you choose to open a bronze account with the platform, then you will get 20% welcoming bonus, whereas the amount of bonuses increases to 50% for the traders who open a silver account. The gold account holders will get 100% bonus on this platform. The platform has also implemented certain restrictions on the bonus. The maximum amount of bonus that can be rewarded to any trader during a year is $100,000. The bonuses are only granted after the confirmation of the trade.
Nowadays, it is very important to have a mobile app if the broker wants to establish themselves as one of the best platforms in the market. It looks like BinaryMate understands it and that’s why they have developed mobile apps for both Android and iOS. The mobile apps have the same interface as their desktop website as there is not much difference between the both.
The traders can enjoy a seamless trading with these mobile apps on the way, whether they are driving and eating in a restaurant. All you need is an internet connection to execute your trades instantly. We are quite impressed with the features of their mobile apps that can be useful for the traders.
There is a weekly contest organized by the platform where all the account holders can register for free. Every week, there are 20 winners who receive prizes. The winners of these tournaments are determined on the basis of the number of trades executed by the traders. A cash prize of $20,000 is given to the first 4 places, whereas the other places get a significant value of bonuses. The contests start every Sunday at 21.00 GMT and finish on Friday 21.00 GMT.
There is a great range of methods available to deposit the funds on the platform, such as Visa, JCB, Neteller, Skrill, Union Pay, Perfect Money, Alipay, Bitcoin, Yandex Money, OkPay, Qiwi Wallet, and WebMoney. However, Yandex Money and Qiwi Wallet are only available for the traders in Eastern Europe, whereas Neteller and Skrill don’t work in North America.
The majority of the deposit methods take up to 1 hour to show funds in the account. The biggest downside of registering with BinaryMate option is a 5% transaction fee charged by them when a deposit is made through Visa MasterCard. It is unbelievable when someone has to pay money just for depositing their funds. In our opinion, it is better to avoid paying through cards and select other methods if you still want to register with them.
All the methods available for deposits on the BinaryMate can be used for withdrawing your funds. Other than JCB and Union Pay, the withdrawal requests can be processed within 1 hour, which is incredibly fast when we compare it to brokers who take up to 10 working days to complete the request. The JCB and UnionPay methods take up to 6 hours for the processing of the withdrawal request.
There is no withdrawal fee charged by the platform on any of the methods, which is a plus point. As per opinion, the Visa Mastercard is the best method to withdraw your funds from the account.
There is no clear information provided by the platform’s website regarding their educational resources. We also research on the internet to check what kind of educational tools they offer, but we were not able to find anything. They also only provided details about the trading basics in their education section where traders can learn about how to trade on the platform. Other than that, we found nothing in that section. As mentioned in the account section, the silver and gold account holders get access to the Master Class, but they haven’t mentioned anywhere about this feature. The gold account holders will be assigned a personal account manager who will help them in trading.
Moreover, the platform’s FAQ section contains inadequate details and don’t even have the answers to basic questions. Overall, BinaryMate’s educational tools are a waste of time.
There are only three ways through which you can contact their customer representative team, such as phone support, contact form, and video chat. The phone support is available in many different languages that include English, Chinese, Thai, and Russian. The traders can fill the contact form and they will reply to your query within three business days, which is quite long.
Now, we are going to talk about a unique service we have ever found on an online trading platform, i.e. video chat. Our experience with their video chat representative was excellent and they understand all our queries. You can either have a group chat or a private chat with them. In order to have a private chat, you have to first register with the platform, while it isn’t mandatory for having a group chat.
Have a look at the main pros of the BinaryMate trading platform:
- Unique video chat service
- $1 minimum trade
- No withdrawal fee
- Fast withdrawals
Along with above pros, you have to deal with the certain cons that are mentioned below:
- Not be regulated
- 5% service charge on depositing funds through MasterCard and Visa
- Inadequate educational section
- Lack of information on the website
- Limited Assets
- Difficult to use website interface
To sum up, we can say that the platform lacks the adequate tools in the majority of the areas. The only advantages of the platform are video chat service and instant withdrawal with no charges. They have a long way to go if they want to see themselves on the list of top online traders.
In addition to that, they are relatively new in this industry and that’s why it is too early to invest your money on their platform. It is also not known that whether they are regulated or not. We suggest you shouldn’t invest your money on this platform and try other brokers that are mentioned on the post of Best binary brokers