In this BinaryMate review, we dig into one of the most interesting brokers to hit the market. A relatively new entrant to the broker scene, BinaryMate has pioneered one of the most innovative trading features in live video chat. What this allows is for you to speak to a member of their customer services team at any time (24 hours a day).
This was a wise move by Binarymate as it ensures that all investors are able to get information on their accounts and potential positions in real time from a skilled agent at the broker. This is not unlike the live poker rooms that are quite prevalent these days.
Binarymate is also one of the few brokers that accepts US clients. This was weird to the FXaxe team as they appear to have no formal regulatory oversight. They claim that they are UK based but that does not mean that they are formally regulated there.
Visa, Mastercard, Bank Wire, PayPal, WebMoney, Neteller
EUR, USD, RUB, GBP
English, Russian, French and Spanish
High / Low, Long Term, Pair Options, 60 Seconds, One Touch, Ladder Options
Option Expiry Times
30 seconds to 1 year
BinaryMate offers a number of different trading options. For starters, you can trade many markets including stocks, Forex and commodities. In terms of expiry times, they offer a the exciting 30 second expiry all the way up to the equally brave 1 year option. However, even if you get into a trade that you do not see yourself letting expire, they have the option for early termination of a trade.
In terms of trade sizes, BinaryMate allows you to place trades for as little as $1 all the way up to $10,000. In order to open an account with BinaryMate, you are required to make a minimum deposit of $250. Once complete, there are three tiers of trading accounts.
Bronze. This is the entry level account that requires the $250 minimum deposit. You will also get a 20% welcome bonus as well as access to all training materials.
Silver. The next tier off account is the Silver account which requires a deposit of $1,000. They will also give you a 50% bonus with this package as well as access to a master class web session on professional trading. It also has an interesting trade option where you can invest in trades which are known to be risk free. If the trade does not result in a profit then BinaryMate will reimburse you in the form of a trading bonus.
Gold. This is the top tier account level which requires a minimum deposit of $3,000. BinaryMate will match you with a 100% bonus on this deposit. Apart from this, you also have access to a dedicated personal success manager at hand any time
Unfortunately, we BinaryMate does not offer a demo account. This means that traders can not get a good idea about how the platform works and whether it will fit with their trading style. When our FXaxe review team asked for a demo we were denied.
This is sometimes a tactic that is used by brokers in order to get the client to deposit the minimum amount. We think it is unnecessary as most brokers these days have impressive demos available as they would like to showcase their products.
This is where the FXaxe reviewers were quite perplexed. Although Binarymate accepts US clients officially, they claim that they do not on the website. In small and hidden text at the bottom, we see “Binarymate nor its agents or partners are not registered and do not provide any services on the US territory”.
Why this is the case is not entirely clear but it does indeed lead to some ambiguity. Binarymate.com is run and operated by Suomen Kerran LP which has registration number SL25219 located at 58A Broughton Street, Edinburgh, EH1 3SA, Scotland. However, it is a subsidiary of FGC which is regulated in Vanuatu.
Our FXaxe team do not know the in depth regulatory oversight of the Vanautu but are pretty certain that it cannot be as strict as those of the FCA, CySec or the SEC. You can read more about Binary Option Regulations to give yourself a better understanding.
Based on this discovery, we would advise traders to tread carefully on the topic of regulation and confirm that with the customers support team at BinaryMate.
Deposits & Withdrawals
You can deposit funds into the account in GBP, RUB, EUR and USD. Payments are accepted from most of the major credit cards as well as wire transfer and PayPal. What is quite impressive about BinaryMate however, is that they claim to offer an industry beating 1 hour withdrawal timeline. We unfortunately were not able to confirm this personally on the platform.
Reading the terms and conditions, the BinaryMate makes it clear that these withdrawals are only allowed on a minimum amount of $50. Therefore, if you are considering withdrawing less than $50 you may be slightly disappointed.
BinaryMate Trading Platform
Given that the FXaxe team were not given any access to a demo account, we could not give our complete opinion. On the face of it though, the BinaryMate platform really does look impressive. They have SSL activated which means that all client data is encrypted and cannot be compromised.
It also appears as if the BinaryMate trading platform looks incredibly user friendly with relatively little clutter. However, this may not be the best solution for experienced traders who would like additional tools such as charting and technical studies. They also have trade suggestions for a number of different forex pairs that are fed directly onto the platform.
There did, however, seem to be a relatively limited range of assets that the trader could make use of which could be slightly disappointing for those traders who were looking for more diverse options. Yet, the range of expiry times was quite generous so that could make up for the limited asset selection.
Something that we did indeed find interesting about BinaryMate’s platform is that they allow 3rd party access to the system in the form of trading robots and Expert Advisors. This is usually something that is practiced in the Forex industry where traders have access to the broker’s API system to place the trades externally.
Of course, one of the standout points about BinaryMate that we mentioned in the beginning is the fact that you have access to the live video assistance. Not only can you reach BinaryMate agents 24/7 but you can also partake in public chat rooms and share your views with fellow traders. Of course, the fact that they are pretty women could be an added benefit for some traders.
BinaryMate seems to be a fine example of a highly functional Binary Options platform with an interesting take on customer services. We are sure that some traders will no doubt enjoy the attention of the agents who provide trading advice.
The powerful and clean user interface makes trading easier and faster. Combined with the live video support function, this makes trading with BinaryMate a pleasant experience. Moreover, this is not restricted to the most experienced investors as the minimum deposit is only $250 and trades of as little as $1 can be placed.
The record breaking 1 hour withdrawal time at BinaryMate stands out for us. No longer will investors have to worry about periods of uncertainty when withdrawing funds. Despite all of this though, the FXAxe review team was uncertain of the regulatory oversight of BinaryMate. We were also not completely convinced that they can legally accept US clients.
We were also slightly disheartened by the lack of access to a demo account. This means not only that the FXaxe team could not give their full opinion on the trading platform but also that BinaryMate wont allow traders to test their platform.
In conclusion, if traders would like a clean and exciting trading platform that has as a one hour withdrawal time, then BinaryMate is indeed for you. However, if you would like a broker that is completely transparent about their operations as well as their regulations then we would suggest another broker.