BinaryMate is a new binary broker in the ownership of Lerona Impex SA. During BinaryMate review, FBO team explored various aspects of trading with this broker. Traders will have a deeper insight into trading features, bonuses, trading software, customer support and banking methods.
Read BinaryMate review below.
Account Features
BinaryMate is a broker that takes into consideration that there are different types of traders present on the binary market. For this reason, they created three different account types for their users, and every one of them has a specific set of benefits available.
Bronze account
- $250 deposit
- Live video chat
- Withdrawals in 1 hour
- Bonus +20%
- Demo account
Silver account
- $1000 deposit
- Live video chat
- Withdrawals in 1 hour
- Bonus +50%
- Demo account
- Master class (web session)
- First 3 risk-free trades
Gold account
- $3000 deposit
- Live video chat
- Withdrawals in 1 hour
- Bonus +100%
- Demo account
- Master class (web session)
- First 3 risk-free trades
- Trading protection
- Swiss prepaid card
- Personal success manager
BinaryMate review showed that the risk-free trades are compensated in the form of a trading bonus, in case the trades have been unsuccessful. This doesn’t seem like a true risk-free trade, as traders will be obligated to accept the bonus and respect bonus terms. Also, the broker claims that there are additional conditions attached to trading protection feature offered with the most expensive account type – Gold account. However, these conditions are never explained and are impossible to find under bonus terms and conditions, or Users agreement. This can be considered unethical, as traders don’t know what trading protection is, how to use it and what are his obligations towards the broker.
The maximum bonus with this broker is $100,000 and required turnover is x20. Also, in case the trader accepts the bonus, it immediately affects the withdrawal possibilities. Traders who accept the bonus must reach x3 turnover before requesting a withdrawal. Also, all additional deposits must be turned over, regardless of previously achieved turnover. In terms and conditions, BinaryMate claims that all bonuses are explained in special Bonus terms, but it was impossible to find any additional information on bonuses on the website.
BinaryMate review showed that this broker offers a demo account as well, but there is no additional information about it and it seems that it is expected for a trader to register and make a deposit in order to find out more. It is not unusual that brokers require a registration or a deposit in order to give a demo account, but BinaryMate should at least offer some information on it.
Only after reaching out to customer support via group chat BinaryMate operators explained that the demo offers only $250 virtual funds. This amount should be higher as it is really only imaginative money.
BinaryMate also offers some sort of binary competitions, but once again, failed to deliver any details about it.
Trading Software & Assets
It seems that BinaryMate created their own proprietary platform that is also available for mobile trading. The platform provides a dynamic chart that shows market movements, but beginners could find it somewhat difficult to use. Good thing is that traders have a special private chat window where traders can ask questions.
The customer support comes in handy, as a trading platform doesn’t provide a good insight into what broker offers, but still, fails to deliver the right answers. During BinaryMate review, it was found out that they offer only high/low, 60 seconds and long term trading, even though they claim to offer much more. However, due to a complicated platform, it was hard to discover if that is really true. The customer support failed to understand our questions.
The BinaryMate platform doesn’t require any downloads and it is visible from the desktop, once the trader is registered.
During BinaryMate review, it was discovered that this broker has a limited number of assets, only stocks, commodities, and currencies. A Wider range of assets, with indices included, would be amazing.
Support Information
As mentioned above, customer support lacks to deliver what it is supposed to. Even though they reached back at us really quickly on both group chat and private chat, they failed to give us all the required answers.
Group chat is available to all traders, while users have to register for a private chat. This means that all unregistered visitors have to display the questions publicly which is not something we prefer. Trading is a personal matter, and traders’ concerns and worries should remain private, and not displayed for everyone to see.
Even on private chat, the agent stopped chatting after several questions asked. After 30 minutes of waiting, we never received info on how to get a demo account. This can be considered unprofessional, especially as they have a ‘streaming’ of their live chat of the agent. It just doesn’t give a good impression at all. Besides the chat, traders can use email, an online phone, and several phone numbers.
There is also a vague FAQ section, that really explains only basic things, and there is no education section, which is not something to be supported.
Banking & Company Information
Minimum deposit with this broker is $250, while minimum withdrawal is $50. Even though BinaryMate claims to have 1-day withdrawals, careful research of terms and conditions showed that this broker allows up to 10 working days in order to transfer the funds requested. This can be considered longer than the average, but it also makes users’ wonder does 1-day withdrawal really exists.
Traders can use Visa, PayPal, Qiwi, WebMoney, Okpay, PerfectMoney, bank transfer, Neteller, and bitcoin.
BinaryMate review showed that different fees apply when it comes to withdrawal. For every withdrawal, they charge 3.5% or $20 (whichever is higher) fee, except in the case of a wire transfer that carries $50 fee. These fees can be considered very high in the binary world, especially since e-wallet withdrawals usually carry no fees at all.
Before getting a withdrawal permission, traders have to verify the account by providing all necessary documents.
All traders who haven’t executed a trade within a month are charged a $5 fee.
On the homepage of the BinaryMate broker, it is stated that this broker is regulated. Unfortunately, it was impossible to find out in which country, and there is a reasonable doubt that this broker has any license at all.
BinaryMate claims to accept customers from all over the world, but this is not possible. For example, the EU regulated brokers aren’t allowed to operate with US clients, and US regulator CFTC only regulates few brokers. BinaryMate is not one of them. Such approach can be considered a fraud and we can only hope that this broker will remove this data from their website.