Contents
- 1 Advantages
- 2 Disadvantages
- 3 Company Overview
- 4 Trading Platform
- 5 Trading Instruments
- 6 Account Types and Bonuses
- 7 Deposits and Withdrawals
- 8 Customer Support
- 9 Trading Tools
- 10 Frequently Asked Questions about BinaryMate
- 10.1 What is BinaryMate?
- 10.2 Is BinaryMate regulated?
- 10.3 What is the maximum bonus?
- 10.4 What deposit options are available?
- 10.5 What is the minimum deposit?
- 10.6 How does the trading platform work?
- 10.7 What types of trading instruments are available?
- 10.8 Are there any withdrawal fees?
- 10.9 Can I open a demo account?
- 10.10 What customer support options are available?
| Broker | BinaryMate |
| Company Name | NORSKE INTER LP. |
| Headquarters | Scotland |
| Regulation | No |
| US Traders Accepted | No |
| Max Payout | 95% |
| Bonus | 100% match bonus |
| Trading Platform | BinaryMate proprietary platform |
| Trading app | No |
| Demo Account | Yes, no limits |
| Early Closure | No |
| Deposit Options | Credit/debit cards, bank transfer, WebMoney, Neteller, Perfect Money, Bitcoin, Litecoin, Ethereum, Skrill |
| Deposit Currencies | US dollar, euro, Bitcoin, Litecoin, Ethereum |
| Minimum Deposit | $250 |
| Minimum Trade | $1 |
| Maximum Trade | $1,500 |
| Online Since | 2016 |
| Trading Instruments | Currencies, stocks, commodities, cryptocurrencies |
| Number of Trading Instruments | 47 |
| Binary Option Types | High/Low |
| Customer Support Types | Phone/call-back, live video chat, email |
| Tools Offered | Live chat, 3 risk-free trades, Swiss prepaid card, personal success manager, advanced platform with indicators and trade ideas |
| Awards | None |
| Languages | English |
BinaryMate is an online trading platform that specializes in binary options and various financial trading instruments. Established in 2016, it operates under the company name of NORSKE INTER LP. and is headquartered in Scotland. Unlike many binary options brokers that rely on a shared trading platform, BinaryMate utilizes its own proprietary system, designed to offer users a distinct trading experience.
One notable feature of BinaryMate is the availability of account managers who provide customer support through a live video feed. This interactive element aims to create an engaging trading environment, similar to the experience found in live casinos. However, while this feature may enhance the user experience, it is essential to evaluate its overall benefit against the platform’s operational efficiency and regulatory status.
BinaryMate offers various trading instruments, including currencies, stocks, commodities, and cryptocurrencies. With a total of 47 trading instruments, traders have a diverse selection at their disposal. The platform supports multiple deposit options, including credit/debit cards, bank transfers, and various cryptocurrencies, allowing users flexibility in funding their accounts.
In terms of bonuses, BinaryMate provides a 100% match bonus on deposits, giving traders an initial advantage in their trading journey. However, it is essential to be aware of the fee structure related to withdrawals and bonuses, which can be relatively high compared to industry standards.
Advantages
- Unique Live Video Interaction: Allows traders to engage with account managers through live video.
- High Bonus Potential: Offers up to 100% match bonuses.
- Diverse Payment Options: Supports multiple payment methods, including cryptocurrencies.
- Trial Account Available: Provides a demo account with no limitations.
- Advanced Trading Tools: Features indicators and trade ideas for strategy development.
Disadvantages
- High Withdrawal Fees: Significant fees associated with withdrawals.
- Lack of Regulation: Not regulated by a financial authority, posing potential trust issues.
- Limited Trade Types: Only offers High/Low options, lacking variety in trading strategies.
- Complex Fee Structure: Complicated turnover requirements tied to bonuses and withdrawals.
- Customer Support Limitations: Account managers may lack in-depth trading knowledge.
BinaryMate is an online trading platform that offers a variety of trading options such as currencies, stocks, commodities, and cryptocurrencies. Founded in 2016, BinaryMate differentiates itself from many other brokers by providing a unique trading experience, featuring a live video chat with account managers while trading. This review delves into the various features, benefits, and drawbacks of BinaryMate, ultimately providing a comprehensive look at what traders can expect when using this platform.
Company Overview
BinaryMate operates under the company name of NORSKE INTER LP. and is based in Scotland. As of now, the broker is not regulated by any major financial authority, which raises concerns for potential users. Despite having launched in 2016, the company has garnered a mixed reputation in the trading community.
Trading Platform
The most striking aspect of BinaryMate is its proprietary trading platform, which is distinctly different from the white-label SpotOption brokers that dominate the binary options market. This unique platform includes an innovative feature that allows traders to interact with live account managers via video feed. The manager can provide immediate assistance, although their trading knowledge may be limited.
The platform provides an intuitive interface, and users can access various trading instruments directly. However, it should be noted that BinaryMate primarily offers the High/Low binary options trade type. Unfortunately, more advanced trading features like Early Close are not available, limiting traders’ control over their positions.
User Interface and Experience
The overall design and layout of the trading platform are user-friendly. Traders can navigate easily between different sections while enjoying a visually appealing appearance. The integration of a video feed allows for a more engaging trading experience, providing a sense of human interaction that some traders may appreciate.
Trading Instruments
BinaryMate offers a limited selection of trading instruments compared to many other brokers. Currently, traders have access to 47 different instruments that include various currencies, stocks, commodities, and cryptocurrencies (namely Bitcoin, Ethereum, and Litecoin). The absence of other commonly traded instruments, such as indices or ETFs, could deter experienced traders looking for more diversity in their trading portfolio.
Available Markets
The markets available on BinaryMate cover the essentials, providing the opportunity to diversify a trading strategy across different asset classes. While traders may find value in the currency pairs and cryptocurrency offerings, those looking for extensive options may find the selection limiting.
Account Types and Bonuses
BinaryMate provides different account types: Bronze, Silver, and Gold. Each respective account requires a minimum deposit of $250, $1,000, and $3,000 to open. Each account type offers similar features, including the ability to trade with a demo account. What sets them apart mostly stems from the deposit amounts and potential bonuses associated with them.
The broker provides a generous match bonus of up to 100%. This bonus is contingent upon the amount deposited and may significantly boost a trader’s capital. However, traders can also choose to reject the bonus if they prefer fewer restrictions upon withdrawal.
Deposits and Withdrawals
BinaryMate accepts a range of deposit options for users, including credit/debit cards, bank transfers, and e-wallets like Neteller, Perfect Money, WebMoney, and various cryptocurrencies such as Bitcoin and Litecoin. The minimum deposit requirement is set at $250, which is standard among many brokers.
However, while the deposit methods are varied and convenient, the withdrawal process can lead to frustration due to high fees and withdrawal thresholds. The broker imposes a minimum withdrawal threshold of $50, along with additional fees based on whether a bonus was accepted. Traders must meet a 100% or 300% turnover requirement depending on their bonus acceptance, and any withdrawals will incur a percentage fee or a fixed fee, further complicating the experience.
Fees and Charges
The withdrawal fees at BinaryMate are relatively high and can be off-putting. If you accept the bonus, you will need to reach a turnover of 300%, incurring a fee of 3.5% or $20 (whichever is greater) for any withdrawal. For those who do not accept a bonus, a turnover of only 100% is required, with a fee of 1% or $20 applicable. Bank transfer withdrawals come with a flat fee of $50.
Customer Support
BinaryMate offers various customer support channels, including a live chat feature within the platform, telephone support, and a callback request system. The effectiveness of the customer support services has garnered mixed reviews; while the response time is generally fast, the account managers may not fully understand complex trading inquiries. This could be a potential drawback for traders in need of expert advice.
Educational Resources
Investors looking to enhance their trading knowledge will find that BinaryMate provides limited educational resources. Traders can partake in webinars, though users seeking comprehensive training or tutorials may find the offerings lacking. While the industry has numerous brokers that prioritize education, BinaryMate seems to fall short in this aspect.
Trading Tools
BinaryMate supplies a set of useful tools to traders, despite its limited offerings. The platform includes live chat features within the trading interface, access to a personal success manager, and a system providing trade suggestions and ideas based on market analysis. Traders can also utilize various indicators on their charts to enhance their trading strategies.
One of the standout features is the live video connection with account managers, which is not often found among competing platforms. While this does add a unique flair to the trading experience, traders should remain cautious, as the account managers may not possess extensive trading expertise.
BinaryMate presents a blend of notable features and considerable drawbacks that traders should carefully evaluate. The lack of regulation, comparatively high fees, and limited trading instruments may raise concerns for some users. However, the unique aspects, such as the live video chat with account managers and a generous bonus structure, may appeal to those looking for a more interactive trading experience.
BinaryMate presents itself as a unique binary options trading platform, offering a proprietary trading experience distinct from many white label brokers. Users can engage with account managers through a live video feature, adding a personalized touch to the trading process. The platform provides various account types, each accompanied by a demo account for practice. BinaryMate boasts a generous 100% bonus on deposits, but potential traders should be aware of the associated high withdrawal fees and turnover requirements. While it offers some innovative trading tools, including charting indicators and trade suggestions, it has a limited selection of trading instruments and features only a single trade type: High/Low. Customer service options are available but may lack deep trading expertise. Overall, BinaryMate has a blend of appealing and concerning aspects that traders should carefully evaluate.
Frequently Asked Questions about BinaryMate
What is BinaryMate?
BinaryMate is a trading platform that offers binary options trading. It provides a proprietary platform distinct from standard brokers.
Is BinaryMate regulated?
No, BinaryMate operates without regulation, which may raise concerns for potential traders.
What is the maximum bonus?
The platform offers a 100% match bonus on deposits, enhancing your trading potential.
What deposit options are available?
You can deposit using credit/debit cards, bank transfer, or various cryptocurrencies like Bitcoin and Ethereum.
What is the minimum deposit?
The minimum deposit required to start trading is $250.
How does the trading platform work?
The platform features a unique live video chat with account managers while you trade, creating an interactive experience.
What types of trading instruments are available?
BinaryMate offers various instruments including currencies, stocks, commodities, and cryptocurrencies.
Are there any withdrawal fees?
Yes, withdrawal fees apply and vary based on the type of bonus accepted, as well as the method of withdrawal.
Can I open a demo account?
Yes, BinaryMate offers a demo account without limits to help traders practice.
What customer support options are available?
Customer support is accessible via phone, email, and live chat through the platform for immediate assistance.