BinaryMate Trading Account Overview
Traders are always looking to invest in an innovative service that promises to offer new and remarkable products for their binary options trading needs. A majority of binary options brokers follow a standard brokerage template for their services, but BinaryMate aims to be a bit different from a regular binary options broker. Binary Mate has a lot going for its service, and traders have reported being pretty confident in the company’s ability to cater to traders’ requirements. However, new clients will certainly look to gain more information about the broker before depositing their hard-earned money, and this expert BinaryMate broker review can offer all the relevant information such as the binary options platform, payouts, customer service, and minimum investments required for trading.
BinaryMate Regulatory Details
BinaryMate has a relatively lower exposure to the binary options market when compared to the more established companies operating in the industry. BinaryMate counts on its ability to cater to retail traders through an innovative platform, which ensures that traders can count on the company’s professional approach while investing in binary options. All said BinaryMate regulation is not really on par with what traders would consider being a reliable binary options broker. For instance, BinaryMate is not very keen on advertising its broker location, which does not impart much confidence among traders. Any company that seeks investment from traders should be transparent about their operations and should make it a priority to be regulated by a relevant regulatory authority.
Upon performing a deeper research into the origins of the company, we have found out several other binary options brokers that have similar characteristics to the BinaryMate platform. It was hardly surprising, as the parent group Suomen Kerran LP has launched several binary options properties through different brand names. Almost all of these brokerages have largely similar broker characteristics and trading products, but with a few subtle differences. Overall, BinaryMate has a rather delectable product, marred only by a lack of regulatory license.
Suomen kerran LP is a Scottish firm with a registered office in Edinburgh, Scotland. Regardless, the company does not have a UK regulatory license from the UK, nor is it EU authorised to provide binary options services in the European Economic Area. The broker specifies that it caters to traders from all over the world, except the US territory, but the actual legality of trading with BinaryMate will differ according to the country and their local laws.
BinaryMate serves around 3000 customers from all over the world, and have a monthly transaction figure of around $3.8 million per month. The broker has consistently paid out around $500,000 to its clients on a monthly basis, which really does mean that traders can be assured of the reliability of the company. A regulatory license could have improved the broker’s standing among other brokers, but they have indeed lived up to their traders’ expectations by offering a regulated service.
BinaryMate Binary Options Assets
BinaryMate shares its services with other brokerage platforms, which allows the parent company to provide a large number of underlying financial instruments without any compromises. A significant number of brokers strive to offer a large number of assets, but there are cases where the actual number of instruments may be far less than advertised. However, BinaryMate does not make any attempt to limit the number of assets to its traders, and provide the following instruments to all traders:
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
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
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
Commodities: SILVER, PLATINUM, OIL (LIGHT SWEET CRUDE), Sugar, Coffee, GOLD/EUR, GOLD, GOLD FUTURE, OIL FUTURE
There are around 100 different financial assets, all offered with the same set of trading condition across the BinaryMate web properties. Traders are free to choose any asset, and some assets even offer the opportunity to trade over the weekends. Weekend trading is not usually advisable, as it involves low liquidity, but such an option may suit traders who are busy with their normal schedule during the normal trading hours.
BinaryMate Trading Conditions & Payouts
BinaryMate offers only the basic binary options products for its users, such as the turbo and long-term options. There seems to be a limitation to the actual number of binary options types, unlike other leading brokers where traders get to trade high-risk options such as touch, range, and ladder options. The minimum time of expiry for a binary options contract is 60 seconds, while the higher time frames can range from 5 minutes to an hour or more, depending on the asset.
BinaryMate has pretty easy trading conditions for smaller traders, where the binary options contract sizes start from $1. $1 is highly convenient from a professional trader’s perspective, as it grants more freedom to experiment with different money management strategies to get consistent profits in the long run. The broker has also limited the maximum investment per position to $1,500, but traders are free to open as many simultaneous positions as they wish. There may be a maximum capital exposure limit, but such limits are determined on an account-to-account basis. The smaller position sizes are also convenient for novice traders, which allow traders to reduce their risks in the market until they can find a winning formula.
The average BinaryMate payout is higher than the market average, with several binary options offering as high as 90% returns for in-the-money (ITM) trades. The lowest payout is 60%, but the payouts are higher than the average returns offered by mainstream binary options. Professional traders would have preferred to invest in high-yield options with a more potentially higher payout, but for those who are only concerned about the classic binary options, Binary Mate is a pretty decent binary options service.
BinaryMate Binary Options Platform
The BinaryMate platform offers a relaxed trading experience, where professional traders will find it easy to find their feet in no time. Even novice traders will be impressed by the overall efficiency of the platform, and how quickly they can get up to speed with binary options trading with minimal assistance. The whole interface is designed to be accessed through a web browser, and the layout offers numerous trading options such as the choice of assets, graph option, time of expiry, contract features, and the call/put buttons. Even though the chart possesses an advanced graphical interface, the charting options are severely limited. The Binary Mate trading platform is akin to most of the other web trading interfaces in the market, as online platforms rarely offer any option to install advanced indicators or custom trading tools.
Traders are also bound to notice a human touch in the platform, where a dedicated live chat specialist is available through a single-side video chat interface within the platform. The dedicated customer representative works with traders to address any concerns, or for a better customer-centric trading environment. The BinaryMate app is a proprietary trading platform, which is the only binary options terminal available for all brokers under the Suomen Kerran LP brand. The video chat functionality is indeed a unique and advanced feature of the platform, which should find several takers among the retail trading market.
BinaryMate Mobile Platform
BinaryMate has numerous sister concerns, which has given the incentive to the broker’s parent company to develop a dedicated binary options app for mobile devices. There are dedicated BinaryMate apps for iOS and Android devices, and the broker has indeed provided one of the most advanced trading platforms for smartphones and tablets. The broker has also offered the convenience of accessing the browser-based platform for its users, which can be used to trade via the web browser.
BinaryMate Account Options
A BinaryMate trading account is not all that attractive, as they have a minimum deposit requirement of $250. Of course, $250 is obviously the lowest deposit for most binary options brokerages, but they do offer several account benefits. BinaryMate customers have only three options for choosing an account, the Bronze, the Silver, and the Gold account. The Bronze account is the entry-level account that is reserved for a minimum investment of $250. The list of account features is quite minimal, which really does not justify the slightly higher cost of an account. Other competing brokers have several account benefits that are offered for significantly lower deposits.
The Silver and Gold accounts are also not that actually beneficial, as the Silver account requires a higher deposit of $1000 and the Gold account requires $3000. The company claims that its Silver account is the more popular option, but it only provides a few trivial account benefits such as three risk-free trades and a master class sessions through the web. The Gold account only provides a personal success manager on top of the Silver account features and is certainly the most expensive option.
Transferring funds to the broker for an account deposit can be made through Bank Wire Transfer, Neteller, Skrill, UnionPay, JCB, Perfect Money, WebMoney, QIWI WALLET, Yandex money, Bitcoin, OK Pay, and Alipay. The broker also processes its clients’ withdrawals through these payment methods, and there is a minimum transaction amount of $50 for all withdrawal requests. The broker is proud to have processed all clients’ withdrawals in a timely manner, with an average withdrawal time of 44 minutes. There is indeed a higher deposit limit for accounts, which specify a maximum funding amount of $50,000.
Traders are eligible for a BinaryMate bonus for their deposit. The minimum bonus of 20% is available for Bronze account holders, which increases to 50% for Silver and 100% for Gold accounts. The company assures bonuses of up to $50,000, but such a staggering amount of bonus also comes with a few conditions. Traders will have to transact 300% of the volume of their entire deposit before they can request for withdrawal. In essence, traders will have to accumulate three times the volume of their investment, which can be quite massive for larger account holders. Nevertheless, the company also provides additional trading benefits such as risk-free trades, which allow traders to invest heavily in the markets without worrying about the outcome of the trade.
BinaryMate Demo Accounts
The process of opening and trading with a BinaryMate practice account is a bit cumbersome, as traders will have to put in special requests with their account managers to be able to trade on a demo platform. The demo account is only available for traders with a live trading account, and it is the broker’s discretion to offer or deny the demo account to its traders. We would consider the availability of a demo account to be beneficial, as there are brokers that do not offer a virtual practice account of any sort to its users.
BinaryMate Customer Service
BinaryMate appears to be a broker that is developed around the concept of offering a dedicated customer service channel through a live video chat feature. The video chat feature is a one-sided affair, where all interactions happen through a text chat. However, the advantage is that traders can see an actual customer service representative at the other side, which increases the human involvement factor. Having an actual person at the other end does help in increasing trust among traders, which is why BinaryMate has been able to generate a massive amount of interest among traders. The broker also offers its customer service through email, phone, and a web contact form.
BinaryMate Trading Resources
BinaryMate does not have the vast amount of resources that are usually offered by other leading companies, but there are a few educational videos and master class sessions available for Silver and Gold account holders. Gold traders can also use the services of their personal success manager, who can guide them to improving trading performance and the results. Other than these account features, BinaryMate does not have any other trading resources that are usually offered by leading companies.
- A web-based platform that concentrates on enhancing the customer service experience.
- Access to leading assets from FX, commodities, shares, and indices market.
- Healthy payouts when compared to the average returns in the industry.
- Traders can start trading from $1 with a minimum deposit of $250.
- Up to 100% bonus.
- Varied funding methods.
- Accounts don’t have as many features as one would prefer for a $250 deposit.
- BinaryMate is not a regulated company.
What Is The Minimum Deposit For An Account?
The minimum deposit for a Binary Mate account is $250.
Is BinaryMate Regulated?
No, BinaryMate is not regulated, but its parent company, Suomen Kerran LP is registered in Scotland.
What Is The Minimum Time For Withdrawal?
The broker promises to process withdrawals in an hour, with its average time pretty impressive at 44 minutes.