An Overview To BinaryMate Trading Accounts
Binary options brokers try different tactics and follow unique promotional strategies to influence traders from the global financial markets into investing in the high-risk binary options product. Binary Options trading, with its unbelievable earning opportunity, not only allows traders to take part in one of the most liquid and volatile investment products in the industry but is also presumed to be a credible alternative to gambling and sports betting. Binary options trading presents an innovative way to invest in the financial markets, which has both supporters and naysayers, leading to a confusing proposition for potential investors.
Binary Mate understands the need to stand out in the binary options market, where most companies follow an established protocol for offering trading services to retail clients.
There is a significant lack of personal interaction, especially since investors started gaining access to online trading platforms. Almost all financial brokers facilitate convenient online trading access that removes the need for dedicated account managers, even though such an option is available for premium customers. BinaryMate, on the other hand, has offered a standard live chat feature with its primary binary options account package, which brings a personal touch to the proceedings.
Does Binary Mate live up to its traders’ expectations? Is the broker a genuine choice for trading binary options in the highly competitive market? Get all the detailed facts about the broker’s products by reading the rest of our expert BinaryMate review for a thorough assessment of the company’s services!
BinaryMate Regulatory Status
The binary options market is witnessing a rapid change in the way investors perceive the product, particularly in light of the numerous regulations and controversies that are being generated by binary options brokers. The market is full of unregulated and fraudulent companies, which makes life difficult for the more established and licensed binary options brokers. Although regulated binary options brokers are still immune from the overall fraudulent practices adopted in the market, the number of broker scams are putting a dent in the reputation of the industry as a whole. BinaryMate, as a binary options broker, was launched in 2016 and is one of the latest companies to take advantage of the lucrative binary options investors market.
BinaryMate has two offices, one in Seychelles, and another in Scotland. BinaryMate is a trading brand name that is registered by Suomen Kerran LP, a company that appears to be based out of Edinburgh, Scotland. BinaryMate is one of the many brand names operated by the company and deals exclusively in binary options trading through an online platform. We have also come across several other binary options brokerages from Suomen Kerran LP, which are operated as sister concerns to the BinaryMate brokerage.
Aside from its official addresses, we couldn’t find any official regulatory information, despite the fact that the company has published a “Regulated” seal on its website.
The company’s official August estimates state that there are around 6,000 live accounts that result in close to $5.8 million in monthly trading volumes. The estimates appear to be the total number of all binary options properties combined, but it is still a healthy number for a new company. If recent rumours are to be believed, it seems that the parent company is moving for an EU license, which will ensure that BinaryMate regulation will provide a better sense of security for clients that are willing to invest in the broker’s services.
BinaryMate has aided access to the most varied collection of financial instruments from the major constituents of the global financial markets, with more than 100 different assets being made available through the BinaryMate platform. BinaryMate is the perfect choice of binary options broker for traders looking for the best collection of assets, particularly considering the fact that a majority of binary options brokers are not really committed to showcasing a large number of tradable assets. For a comprehensive analysis of the complete list Binary Mate instruments, refer to our list below:
Shares: 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
Commodities: SILVER, PLATINUM, OIL (LIGHT SWEET CRUDE), Sugar, Coffee, GOLD/EUR, GOLD, GOLD FUTURE, OIL FUTURE
Indices: DOW (US), S&P 500 (US), NASDAQ (US), DAX (GERMANY), CAC (FRANCE), FTSE 100 (UK), ISE 30 (ISTANBUL STOCK EXCHANGE), RTS (RUSSIAN TRADING SYSTEM), 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
Forex: 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.
An important benefit of BinaryMate binary options trading is the option of trading over the weekends. Weekend trading is typically made available through Futures trading, and it certainly grants investors the increased flexibility of investing the markets according to their preferred schedule. Of course, trading over the weekends has a significant drawback in the form of decreased liquidity. Nevertheless, the larger number of options is certainly one of the key factors that have enabled BinaryMate to surpass its competition and really cater to the exact requirements of the general traders’ mindset.
BinaryMate Options & Returns On Investments
BinaryMate has an amazing choice of binary options assets, but when it comes to the type of binary options, traders can only invest in the classic high/low binary options. There are certain limitations on the profit potential, as the classic options provide a maximum payout of 90% for profitable trades. Even though 90% is certainly higher than the payouts offered by other brokers, the absence of binary options such as range, touch, and ladder do prevent traders from investing in high-risk options that could generate a higher ROI such as 500% or even 1500% in extreme cases. Nevertheless, the regular payouts for all assets are in the region of 60% to 90%, which is indeed higher than what one would expect from a mainstream broker.
Contrary to what the mediocre binary options brokers would have you to believe, traders don’t need to invest a large sum of money per trade to enjoy the maximum profits. In fact, it is essential for traders to conserve their trading capital, and make small investments per trade, in order to extend their trading capital through periods of drawdown. BinaryMate has one of the best trading accounts in this regard, as the minimum investment per position is just $1. Compared to the standard trade position sizes that are specified by other leading brokers, $1 investment per trade does provide a lot of flexibility to traders.
Larger traders may feel a bit restricted by the maximum investment limit that is set at $1,500. If you are concerned by the lower investment threshold, we can indeed recommend other brokers that offer a maximum investment limit of up to $10,000. Regardless, if you wish to employ conservative money management strategies, the investment limits of $1 and $1,500 should offer plenty of opportunities to invest in the markets.
Losing trades or OTM options don’t provide any refunds, which does prevent traders from minimising the risks in the market. It would have been an added advantage for traders to receive refunds for losing positions, but brokers that offer higher payouts usually do not provide a refund for out-of-the-money trades. Regardless, traders can also experiment with weekend trading options, where Futures and other OTC products offer an opportunity to stay active during the weekends.
BinaryMate offers a web-based trading interface, which is developed in-house by using the SpotOption platform as the base platform. The BinaryMate trading platform has many unique features and is not in any way similar to the more established binary options trading platforms in the market. For instance, no other binary options interface other than those provided by BinaryMate’s sister concerns offers a live video chat feature embedded into the software. BinaryMate has ensured that all of its users get access to a 24X7 live support channel, where there is an actual human being at the other end.
As far as actual trading is concerned, the BinaryMate software interface is quite simple, yet functional. The chart of an asset and the trader consensus occupies a significant part of the trading terminal, while all trading related functionalities such as investment amount, expiry time, potential payout information, and buy/sell buttons are offset to the right.
The drop-down menu for changing the chart/asset and the expiry times are given within the chart itself, which helps in maintaining an immaculate trading layout. All other account information such as trading history and account activity is provided in separate tabs, which provides an uncluttered interface for traders to concentrate on the task at hand.
Despite the large area designated for charts, the broker does not offer any tools or indicators for analysing the asset, or even an option to browse historical data. The tick chart uses a line chart and does not offer other options such as candlesticks or graphs. We feel that it is certainly a missed opportunity, as the availability of custom indicators or even some of the most popular analytical tools would have made the BinaryMate binary options platform more relevant to a larger category of traders. There may also be discrepancies in pricing, as the broker aggregates price from different providers. Hence, look out for any spikes in assets, or small variations in prices, which can make the difference between winning and losing.
BinaryMate Mobile Apps
Traders can visit the Apple iTunes store or the Google Play Store to download and install the respective BinaryMate apps for iOS and Android devices. The apps for smartphones and tablets have the same interface as the desktop platform but customised to suit the mobile trading requirements. Alternatively, traders can also access the BinaryMate web-based app on their mobile devices, but it is strongly recommended to use the dedicated apps, as they provide better features and higher security than the minimised WebTrader.
BinaryMate Account Funding Options
The BinaryMate minimum deposit for an account starts from $250, but unlike other brokers, the broker has imposed a maximum deposit of $50,000 for all traders. It is rather surprising to see a broker not willing to increase the maximum deposit limit for its investors, even if the trader puts in a special request. From $250 to $50,000, there are three different account categories, each with a set of certain account benefits that are reserved according to the initial deposit.
The first type of account at BinaryMate is the Bronze account, which is pretty much a basic account offering with no additional benefits. The Bronze account is available for all traders that deposit a minimum of $250 and a maximum of $1000. Deposits worth more than $1,000, but up to $3,000, enable traders to open a Silver account, which has a few account features that justify the premium over the Bronze account. The Silver account comes with a Master Class session, which involves direct trading assistance from leading experts in the industry. The broker is also willing to offer up to three risk-free trades for Silver account holders, which ensure that traders can risk a high amount of money in the market without worrying about the consequence of the trade.
All deposits beyond $3,000 qualify for the Gold account, which is basically a Silver account with a few additional account features such as a Swiss prepaid card and a personal success manager. All accounts offer the promise of instant withdrawals, which will be processed in an hour, regardless of the account category. The broker also boasts of a faster turnaround time for its withdrawal requests, as the company claims to have processed all withdrawals with an average turnaround time of 42 minutes.
In order to ensure fast payments processing, the broker has chosen to incorporate several payment processors to its accounts, including Skrill, Neteller, WebMoney, Qiwi Wallet, credit/debit cards, JDB, UnionPay, Bitcoin, OKPay, Alipay, and Yandex Money. Apart from the delay of 42 minutes for withdrawals, which is one of the quickest withdrawal processing times in the industry, all payment modes ensure instant deposits. Apparently, wire transfers will involve a slightly longer processing time, but the turnaround time for payments is pretty impressive.
BinaryMate Deposit Bonus
Traders won’t be disappointed with the BinaryMate bonus offering, as the broker offers a minimum of 20% bonus for its Bronze account holders, a 50% bonus for Silver account holders, and a 100% bonus for Gold account holders. Therefore, a minimum deposit of $3,000 should help traders to receive up to $3,000 in trading credits, but as always, there are several trading volume requirements to be able to withdraw the bonus or the profits made through such promotions. Additionally, traders can also enjoy three risk-free trades by opting for the Silver or Gold accounts, which reimburse the amount lost per trade as tradable bonuses, which are available with the existing bonus structure. No matter how attractive it may seem, always make sure to read through the terms and conditions before accepting a bonus.
BinaryMate Demo Account
A demo account appears to be one of the most premium options that are available at binary options brokers. Brokers either choose to offer a paid demo option or opt to remove them altogether. Fortunately, BinaryMate does offer a demo account to its customers, but it is only provided to traders after making a deposit. Therefore, if you are not willing to continue with the broker’s services after the demo period, you can request a withdrawal of your invested capital. The risk-free trading bonus is also an additional safety layer against the risks of binary options trading, but once you accept a bonus, you must accumulate a predetermined amount of trade volumes before you are allowed to make a withdrawal.
BinaryMate Customer Service
The live video chat feature is offered as a standard customer interaction channel for all traders and is available 24 hours a day and seven days a week. Traders have to be registered to be able to use the live video chat feature, but registration is free of cost. The website also offers a web contact form, along with phone numbers for multilingual support, which include support in English, Russian, Chinese, and Thai languages. The personalised touch in customer support with face-to-face meetings should help the broker to increase trust among its traders.
BinaryMate Trading Resources
It is not uncommon for companies to reserve several trading resources and advanced trader training for its VIP clients. Consequently, BinaryMate also offers Master Class sessions through the Web for its Silver and Gold traders, while Gold traders also receive personalised support from technical analysts. Gold account holders are also bound to receive a review of their trading activity and in-depth information on how they can succeed in the markets. Bronze account users, on the other hand, only receive access to basic training, which does not really offer any increased assistance to traders over the more conventional tutorials provided by other brokers and third-party service providers.
BinaryMate Review Verdict
- Access to one of the best collection of tradable assets.
- Up to 100% bonus for Gold account holders.
- Instant withdrawals with a fast turnaround time of one hour.
- Excellent support for desktop and mobile trading.
- Live video chat feature for 24X7 customer service.
- BinaryMate fails to provide evidence of regulation.
- No free demo account.
- The absence of advanced training courses.
Is BinaryMate Regulated?
No, BinaryMate is not regulated, even though the broker has its offices in Scotland and Seychelles.
Can I Trade Over The Weekends?
Yes, BinaryMate offers an opportunity to trade Futures over the weekends.
What Is The Maximum Payout?
The maximum payout is 90%, but varies according to the asset. BinaryMate offers full access to Forex, commodities, shares, and indices market.
Does BinaryMate Offer A Mobile Trading Platform?
Yes, BinaryMate provides a dedicated BinaryMate app for both iOS and Android devices.