- Trading platform based on SpotOne Software
- Strong range of tradable markets
- Video-chat support available in-trade
- 1-hour withdrawals processing
- Not regulated
- Deposited cash in trading account must reach 100% turnover before withdrawals are accepted
BinaryMate, a binary options broker worth a second look!
A nice deposit match bonus is scaled between 20% and 100% depending upon original deposit size and three risk free initial trades provide a nice welcome for new traders to BinaryMate. Bonuses do, however, mean that a certain trade volume has to be met before winnings can be withdrawn. The trading platform is run on white labelled SpotOne software, a popular choice with many binary options brokers and of a high standard.
Customer supper is very good with account managers always available via video chat and traders also have a very nice range of tradable markets that will meet the needs of almost all binary options traders and encompasses forex, commodities, indices and equities.
Choosing a first binary options broker, or assessing options when considering a switch, can be a time-consuming process. There is plenty of choice available to traders in almost every global geography and knowing which brokers to put onto a shortlist to try out can be time consuming. We’ve tried to take away much of that legwork for you and have reviewed as many of the binary options trading platforms and brokers currently on the market as possible. We hope it’s a valuable resource to help cut down effort required in knowing where to begin!
Today we are looking at BinaryMate, a relatively new binary options broker established in 2016 and based in the Seychelles.
As mentioned, BinaryMate is a fresh entrant into the binary options market having launched as recently as early 2016. The brand’s parent company is Lerona Impex, registered in the Seychelles. While the broker’s Seychelles domicile means that it is not regulated, which may be considered a drawback for some traders, client feedback over the year and something since BinaryMate began operating has been positive.
Innovative in-trade customer support via live video chats with the support team and several different binary option variations available to traders has been proving to be a winning formula.
BinaryMate’s trading platform is built on SpotOne’s white labelled binary options software, one of the most popular on the market. It’s a nicely designed, easy to use interface and while it doesn’t come with a huge suite of add-ons such as in-trade charting tools, these can be easily found elsewhere online so not a major issue.
The most innovative feature of BinaryMate’s trading software is its incorporation of live video support from an account manager. Whether it’s a technical issue or consultation on a particular trade that the trader would like, they can always open a video chat onscreen with an account manager.
The trading platform also supports several different binary options variations including classic binary options as well as 60-second binary options and long-term options with expiry times of between a few weeks and months. One touch binary options are another format, where the instrument only has to ‘touch’ a particular price level before expiry, regardless of where the price ultimately ends up. A social trading option called ‘spot follow’ also allows trader to replicate the trades of other traders.
The desktop version of the trading platform is browser-based rather than relying on the download of software so can be accessed from any device so long as the trader has their account log-in details to hand.
Available in both Android and iOS for free from Google Play and iTunes, the BinaryMate apps provide all of the functionality of the desktop browser-based trading platform on the go. Response times are good and high quality usability design mean that users will find trading from the app on a smartphone or tablet just as convenient as on a laptop or desktop device. Live charts, trade history, open trades portfolio, deposits and withdrawals are all supported by the app.
BinaryMate offers a very healthy range of tradeable markets with equity pairs, indices, individual stocks and commodities all available. 80 different individual stocks are available and the options include big companies from India, Turkey, Russia, Australia and other international stock exchanges. With most binary options equities markets being very USA and London-centric, this makes for a refreshing change and can be considered a real plus for the broker.
35 different currency pairs are also offered, included cryptocurrencies and future pairs, 9 commodities and a very diverse 37 indices.
Trading Features, Fees and Payouts
The main trading features available on BinaryMate are five different binary options formats and the in-trade video consultation always available to traders. Regular trading contests are another aspect that users will enjoy.
There are no fees applied to opening an account or trading with BinaryMate and payouts are healthy and around industry averages. For the majority of trades payouts will fall between 75% and 85% with the lower range around 70% and upper at 90%.
BinaryMate offers a bonus based on the level of initial deposit made which ranges from 20% added to a minimum $250 deposit to 50% for $1000+ and 100% above $3000. Terms and conditions do however apply and a certain trading volume has to be reached before withdrawals can be made if a deposit match bonus is taken advantage of. The bonus is added automatically so traders who don’t want to be tied to trading value turnover before being able to make a withdrawal should raise this when opening an account and let customer service know they wish to decline the bonus.
New traders also have any losses on their first three trades refunded as a welcome bonus.
Deposits and withdrawals
The minimum deposit required to open a new account with BinaryMate is $250 and deposits can be made via Visa, Mastercard, Neteller, Skrill, Perfect Money and even Bitcoin. The broker doesn’t charge any deposit or withdrawal fees, though bank transfers cannot be facilitated at this point.
Withdrawals can be made via all of the same payment processing options as deposits and other than during weekends and public holidays BinaryMate commits to a 1-hour processing time. With many binary options brokers and online businesses more generally taking a few days to process payments, this can be considered as a major plus in BinaryMate’s favour.
Payments processing on deposits and withdrawals is SSL certified and 256 bit Secure Processing is used.
As already mentioned, customer support is a notable strength of BinaryMate with account managers always available via video chat for either trading questions or advice or general account administration queries. As well as video chat, support is also available over the phone or via email. Languages supported are English, Spanish, French, Russian and Thai.
Extra Features and Resources
Video-chat consultation is the main added-value feature provided by BinaryMate. Online ‘masterclass’ webinars and one-on-one tutorial sessions with an expert are also made available to traders.
BinaryMate can be considered a good all-round binary options broker. The SpotOne trading platform and apps are of a high standard and a very good range of tradable markets across forex, indices, commodities and stocks is open to traders as well as five different binary option formats to keep things interesting and allow different strategies to be employed. The video chat support feature is very helpful and a 1-hour processing of withdrawals credit-worthy.
The fact that the broker is not regulated is something that can be considered a drawback for traders who insist upon strong regulatory oversight, but not something that there is so far any evidence of encouraging anything other than strong client-facing ethics from BinaryMate.
Does BinaryMate have a minimum withdrawal amount?
Yes, the minimum withdrawal that can be made from an account is $50.
Are there any restrictions placed on withdrawals?
Yes, there are restrictions based on trade value turnover. Account balances that haven’t benefitted from a bonus need to have had 100% turnover on the value of the deposit before withdrawals can be processed. Accounts that have had a bonus added need to have had 300% turnover before withdrawals can be processed.
Is there a minimum and/or maximum deposit amount?
Yes, the minimum deposit that can be made in a BinaryMate account is $250 and the maximum sum permissible is $50,000.