BinaryMate review 2024: is it worth it?

BinaryMate review 2024: is it worth it? title=

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BinaryMate seems dubious, using gimmicks like live video chat with attractive women to lure in new customers. Despite the promises made by these appealing representatives, the fine print of the bonus rules makes withdrawing funds difficult. Withdrawal times might be slower than claimed, and even a tiny withdrawal requires trading an equal amount first. The oddest requirement of all is that verifying your account requires a notary certification, which is unusual among brokers. It's essential to read their terms and conditions carefully before depositing.

Min. deposit
$250
Website address
https://binarymate.com/
Demo account
No
Currency
EURGBPUSD
Supported languages
EngEspRusTha
Active
Yes
Payment Methods
AltcoinsBank WireBitcoinCredit/Debit cardsEthereumPerfect Money
Pros
  • Over 10,000 Binarymate users and traders use it.
  • Regulated by CySEC.
Cons
  • It doesn't allow scalping
  • Not FCA Regulated
Awards
Not available
Bonus
Up to 100% on initial deposit
Instruments
CommoditiesCryptoForexIndicesStocks
Min. trade price
$1
Regulated By
Not regulated by any major authority
MetaTrader 4
No
MetaTrader 5
No
cTrader
No
OmniTrader
No
AlgoTrader
No
TradingView
No
Trading Central
No
Autochartist
No
eSignal
No
STP Account
No
ECN Account
No
DMA Account
No
MAM Account
No
PAMM Account
No
LAMM Account
No
Demat Account
No
Mobile Apps
Yes
Margin Trading
No
Volatility Index
No
Spot Trading
No
Perpetual Swaps
No
ELWs
No
REITs
No
AI / Machine Learning
No
Robo Advisor
No
P2P Trading
No
Negative Balance Protection
No
VPS Hosting
No
Tournaments
No
Demo Competitions
No
Managed Accounts
No
Market Maker
No
Auto Trading
No
Social Trading
No
Copy Trading
No
Trade Signals
No
Islamic Account
Yes
Inactivity Fee
Yes
Guaranteed Stop Loss
No
Stock Exchanges
Not available
Commodities
Gold, Silver, Oil, others
Forex Trading
Yes
Forex GBPUSD Spread
Not available
Forex EURUSD Spread
Not available
Forex EURGBP Spread
Not available
Forex Assets
Not available
Crypto Spread
Not available
Crypto Lending
No
Crypto Staking
No
Crypto Mining
No
Crypto Auto Market Maker
No
Crypto Coins
BTC, ETH, LTC, others
Binary Options
Yes
Payout Percent
Up to 90%
Expiry Times
From 1 minute to 1 hour
Ladder Options
No
Boundary Options
No
Show all >>

* The amount that will be credited to the account in the case of a successful deal

* General Risk Warning: Your capital might be at risk

Content

BinaryMate entered the brokerage industry in 2016.  Did you know the company has Scottish roots?  In this review, I’ve outlined some of BinaryMate’s essential features. So the article will help to determine whether BinaryMate is a good fit for you.

BinaryMate review 2023: is it worth it?

How does BinaryMate stand out?

Trade manually or automatically: With BinaryMate, traders execute automated trades using incredible tools. Traders can even perform all of the analysis necessary to trade manually.

Access from any device: Trading binary options with BinaryMate is possible from any device.

Various deposits and withdrawals: Another advantage of BinaryMate is the various deposit and withdrawal methods. You can use the website to deposit and withdraw money at any time.

Multiple choices: The broker provides a wide range of trading platforms. Traders may select from various assets to get the best one for them.

Video tutorials & web sessions: The firm provides video courses to help new traders. It helps them understand the fundamentals of binary options trading.

What is BinaryMate?

First, let’s talk about what the broker is all about. When opening an account with any broker, you need to know what the broker is all about.

So, I’m going to start this review by telling you what BinaryMate is. Let’s dive in!

BinaryMate is a newcomer to the sector, having launched in 2016. Suomen Kerran LP, located in Scotland, owns the corporation.  According to the broker’s website, they are regulated, presumably under UK legislation.

However, Binarymate does not appear to be certified by any government agency or impartial third-party group. Binarymate is unregulated. This means that there is no government institution to hold the broker accountable or conduct audits.

There is no institution to assist you if you have a concern with the website and wish to make a complaint. Not having a license by regulatory authorities isn’t common to all binary options brokers, 365Binary Options and RingoTrade are legally backed.

binarymate-homepage

BinaryMate homepage

To get started trading with BinaryMate, go to its website and register. After completing the registration process, you must provide a $250 deposit. You can also choose a demo account (more on that later).

BinaryMate allows a maximum deposit of $50,000. After you have paid the required minimum deposit, you may begin trading by selecting any assets. You may also create a trading strategy to better understand market volatility.

How to make money with BinaryMate

BinaryMate has some major red flags, as I noticed while using the platform. For instance, the broker isn’t regulated.

This is a major red flag, as I don’t have any funds protection. On their website, BinaryMate mentions that they aren’t responsible for any funds losses.

risk-disclaimer

Risk Disclaimer

As you can see, there are no regulations. So, I tried the demo account and walked away, as no regulation was a big concern for me.

How does BinaryMate work?

BinaryMate allows you to trade hundreds of different assets. How? Because this trading platform collaborates with other broker systems.

Let’s see how the broker works. BinaryMate works like any other broker. It allows you to trade various assets on its web-based and mobile platforms. Here’s a list of them:

Stocks

  • TATA MOTORS (INDIA)
  • NISSAN
  • TESCO
  • HSBC HOLDINGS (LONDON)
  • PHARMA
  • VODAFONE
  • NETFLIX, and more.

The following forex pairs are available through the broker:

Forex

  • EUR/USD
  • USD/CAD
  • AUD/USD FUTURE
  • EUR/AUD
  • USD/CHF

Cryptos

  • Bitcoin/CNY
  • Bitcoin/USD

Indices

  • DOW (US),
  • DAX (GERMANY)
  • RUSSELL 2000
  • CAC (FRANCE)
  • ISE 30 (ISTANBUL STOCK EXCHANGE)

Commodities are the final asset available with BinaryMate.

Commodities

  • Silver
  • Platinum
  • Sugar
  • Oil
  • Gold and others.

Each of these asset classes has advantages and disadvantages. As a result, it is preferable to select a well-known item, because you can readily grasp the price trend of an item. Furthermore, the chance of losing money is reduced while trading a known asset.

How does the BinaryMate platform work?

BinaryMate has web and mobile platforms. But does it work differently on each device? For this, I have to take out my glasses.

Let me tell you this in detail. BinaryMate has two platforms: web and mobile.

Web platform

The platforms areintended to look the same on any device. So the online version appears and performs just like the smartphone version. It’s great for traders who switch between these two platforms.

The site and trading area are clean and straightforward. All the options available to traders are easily accessible and straightforward. The expiry period is shown as a visual line on the price chart. The dashed line indicates when a transaction is placed.

binarymate-web-platform

BinaryMate web platform

You can open an unlimited number of transactions on the same chart. The trading options are located at the screen’s top and right. The expiry date is selected from simple drop-down choices.

The transaction size is chosen in the upper right corner of the trading area. The payment for the specific item is presented on the right.

The site also includes some extra features, such as charting options. This helps in showing the direction traders are presently anticipating. The trading area is simple to use and attractive. It combines everything a trader requires in a neat and usable manner.

Mobile Platform

BinaryMate offers its traders a unique mobile trading experience, as one would expect from a reputable broker. The mobile trading platform was designed for professionals.

You can trade the financial markets on the move using the mobile app. You can acquire trade information and execute round-the-clock trading evaluations. The platform is accessible as a downloaded app for Android and iOS devices.

The trading apps are designed in the same style as the web trader interface. The interface is slick and works as expected.

binarymate-mobile-platform

BinaryMate mobile platform

The web trader system’s trading capabilities and functions are built-in. You may still trade on your mobile device if you do not wish to download the app. The mobile webpage has been designed with mobile trading in mind.

The mobile app allows quick trade execution and comprehensive charting capabilities. On the smartphone, traders may also display their whole trading history. RingoTrade offers a similar experience to the BinaryMate mobile app.

What trading indicators are available?

Trading Indicators have always been important for traders, especially for those who know how and when to use them. Knowing which indicators can help prepare the best trading strategies is important. The following are the trading indicators that can be used in BinaryMate:

  • Average true range
  • Stochastics
  • Relative Strength Index (RSI)
  • Bollinger Bands
  • Moving Average (MA), and many more.
Further reading

What are BinaryMate trading accounts?

The wonderful thing about BinaryMate is its different trading accounts. Traders can choose the trading accounts as per their choices, not all brokers have an account type, only a few do, like RingoTrade.

Each trading account has its own benefits. Let’s take a deep look at all of the BinaryMate trading accounts.

There are three types of accounts:

Bronze 

A $250 minimum deposit is required, with a 20% welcome bonus. In addition, you will get unrestricted access to all video lessons.

Silver

Requires a significant commitment of at least $1,000. It also offers a 50% welcome bonus.

You may also take advantage of three risk-free transactions. It will refund your money if you do not earn a profit on your investment.

Gold

The top-level account demands a $3,000 deposit, which is matched by BinaryMate. It also includes a professional manager and the option of risk-free transactions.

binarymate-trading-accounts

BinaryMate trading accounts

Does BinaryMate offer a demo account?

BinaryMate provides a free demo account for smaller traders. Traders must first register and arrange a demo with an account manager. There may be temporary limits on how long the demo account is available.

Further reading

How safe is BinaryMate?

When we talk about safety, it means regulations and overall security. So, you get to know if the broker is the real deal. But what about BinaryMate? Let’s find out!

BinaryMate isn’t regulated – whoops! Even though the company does mention they are based in Scotland, they don’t have any regulations.

I would suggest trading with a regulated broker as they provide security.However, BinaryMate offers the option of two-factor authentication. You’ll receive a confirmation code through SMS. To access your accounts, you will need to input this code.

Further reading

Where is BinaryMate located?

In the previous section, I mentioned that the broker isn’t regulated. But do they have a physical location? Or are they working from nowhere? Let’s investigate!

On the website, you can find BinaryMate’s location. It’s in the Marshall Islands.

binarymate-location

BinaryMate location

Who owns BinaryMate?

We have the location of the broker, but what about the ownership? Does the broker operate separately? Or is it owned by some company? Let’s find out!

INVOLVA CORP, a business registered in the Marshall Islands, runs BinaryMate. This information is uploaded on their website.

It’s important to note that this business is unregulated. It also owns and runs the broker VideForex.

Further reading

How to deposit/withdraw funds in a BinaryMate account?

BinaryMate has many deposit/withdrawal methods. Having a lot of deposit or withdrawal methods is always helpful.

This is because some methods may not work in specific countries. So, here are the channels by which you can deposit.

how-to-deposit-funds-in-a-binarymate-account

Traders may fund through

  • MasterCard
  • VISA
  • JCB

BinaryMate also allows traders to utilize digital wallets, such as

  • Alipay
  • UnionPay
  • Skrill
  • Neteller
  • Perfect Money
  • Qiwi Wallet
  • Yandex
  • OKPAY, and Bitcoins for added convenience.

Clients of BinaryMate who like to do things the old-fashioned way can wire funds to domiciliary accounts.

Further reading

How to contact BinaryMate

BinaryMate does offer good contact services. You can reach them in multiple ways in various languages.

But what are some ways to get in touch with the broker? Let’s find out!

Here are the following ways you can contact the BinaryMate team.

Live video chat

This broker is the first to provide an intriguing new market feature: live video chat. It allows you to view and communicate with a customer support staff member.

Direct telephone line

Before deciding on a broker, it is critical to understand their policies. Fortunately, BinaryMate provides a direct phone line. You must provide your phone number, and a CSR will contact you.

binarymate-contact-page

BinaryMate contact page

This way, you won’t have to pay for international calls. These are critical aspects that will assist you in making the best decision.

Live Chat Support

You may also utilize the live chat option if you have a query. The team will get back to you within an hour. After you leave your message, you will receive a response quickly.

Further reading

Does BinaryMate offer promo codes?

To attract users, many brokers offer promo codes. They are a lead-generation thing. But does BinaryMate offer them? Let’s find out!

BinaryMate does offer promo codes. You just have to be careful in searching for discounts and promo codes. These coupons and promo codes do expire after a specific time.

Does BinaryMate offer bonuses?

Bonuses are the other coolest way of generating extra bucks! Along with many other benefits, BinaryMate gives bonuses to its traders.

BinaryMate gives bonuses based on the account type you choose. Let’s find out which account gives the most bonuses.

  • Bronze accounts receive a 20% bonus
  • Silver accounts receive a 50% bonus
  • Gold accounts receive a 100% bonus.
Further reading

Does BinaryMate charge taxes on profit?

Anyone trading with bonds, stocks, or any type of investment can’t avoid tax. It’s important to grasp the tax info when you open an account with any broker. So how does BinaryMate score in this department?

Binarymate does not deduct any taxes. However, you must comply with your area’s tax laws as a user.

Further reading

FAQs

  1. What is Double Up in BinaryMate?

You can double your investment in your preferred option. When you double up on a trade, you will obtain a duplicate position with the same asset, direction, amount, and expiration time but a different open price. The current market price will open new positions.

  1. How quickly will my withdrawal request be processed?

All withdrawal requests are processed within one hour by BinaryMate. However, verification may take longer if the customer does not provide all the needed papers on time.

  1. How can I close my BinaryMate account?

To close an account, you need to contact the support team. The whole process can take a couple of days to one week.

  1. Do I need to download any trading software?

You do not need to download anything to begin trading with BinaryMate. All you have to do to begin trading is sign up and deposit dollars into your account.

Final thoughts

So, this brings us to a close. BinaryMate isn’t a regulated broker, so there are always questions.

I would recommend trading with a regulated broker. You can check the list of all reputable binary options brokers here.

It is one of the best international brokers. Different types of assets, convenient and reliable platform, favorable trading conditions. Want to know more? Click here.
Further reading
General Risk Warning: Your capital might be at risk

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