BinaryMate Review

BinaryMate popped up on the scene just this year, with a new approach to the binary trading market. The company are targeting a specific demographic (young, male, novice traders) through their application of a Live Video Chat stream, featuring young women to act as account managers and general support service. The concept is unique and exciting, changing the user experience to meet with the desire for in-service entertainment.

The company is owned and operated by Algobit Ltd. (IBC No: 198028), with a registered address at 309 & 310 Office, Albert Street Victoria, Mahe, in the Seychelles. BinaryMate is presently unlicensed and does not adhere to any singular regulatory figure. However, the business is bound by the jurisdictional laws of the Seyshelles, and benefit from soliciting as an offshore company.
 

Trading Platform and Features

BinaryMate run the online brokerage through their own proprietary platform. Just like their website, the trading room has a rather ‘adult chatroom’ feel to it, with a LiveChat Video box featured prominently on the right hand side and a continual stream of dance music in the background. This live video stream displays a ‘beautiful Manager’, who is ready to assist with all your trading queries through group or private chat. For whatever reason, you can even switch managers if the current one isn’t to living up to expectations. This fundamental aspect of BinaryMate’s business model is unique, but might not be to everyone’s liking – skimming the line between gimmick and pioneering idea. In fact, we found our main issue was the varied quality of responses and support given by these managers. That being said, we have established that the feed and the women are real, replying to your queries quickly and in real-time, whilst providing a sense of accompaniment that you don’t find anywhere else in the industry.

With all focus on the assistance of your managers, there is little else to distract you on the platform. BinaryMate have ensured that the overall user experience is friendly, with bold graphics and a simple drop down asset menu to accompany your chart. For further simplification, the featured tools are limited to just Hyper, Intraday and Long Term, where you may place a Put or Call option based on the current trend line of your asset, and make adjustments to the expiry and investment amount accordingly. The Hyper feature should appeal to those wishing to invest in high risk, high reward trades with expiries from as low as 60 seconds. For those wishing to trade more cautiously, a large proportion of the assets continue to offer return rates of 75% for long term investments of up to one month.

A couple of highly positive points to make here. Firstly, trade investments can be placed as anywhere between $1 – $1,500 on all assets. This offers novice traders the perfect opportunity to invest using very small sums in the beginning and can be well paired with the Hyper feature for lowered risk. Secondly, weekend trading is an option through BinaryMate. As we know, the markets aren’t open on weekends, however BinaryMate offer you the chance to set your own return rates and perform inter-client trades on the platform (ask your account manager for information regarding this).

The BinaryMate platform is accessible online, from any computer and doesn’t require a download to run. Although the Live Video support is only available in English, the platform itself may be viewed in Russian, French, Spanish and Indonesian as well. The live video stream is likely to glitch without a strong internet connection, so we do suggest running a diagnostic test to ensure the best experience. We tested the present mobile view of BinaryMate and found it to be somewhat unrefined, offering a user very little to benefit from logging in on the go. As of yet, there are no apps available for the broker.
 

Trading Accounts & Payouts

BinaryMate’s live accounts are setup in a tiered a benefits package system, with all new clients given access to a bonus, 1 hour withdrawals and a Demo Account after a minimum deposit of just $250. Their unique live chat video feature is also offered to all traders after free registration.

Payouts are in the region of 75 – 85% for all expiries and vary according to the asset selected for trade. BinaryMate also allow for weekend trade, during which their maximum payout is raised to 95%.
 
Trading Account Types:

• BRONZE – A deposit of $250 – $999 will give you access to the Bronze Account package, designed for novice traders with little experience. With this account you will be granted a welcome bonus of up to 20% to go towards your first experience on the live platform, be eligible for 1 hour withdrawals and have the continued support of the live chat team. The Demo Account will also be available to you following your initial deposit and we highly recommend utilising your access to this.

• SILVER – A deposit of $1,000 – $2,999 will provide you with all the benefits of the Silver Account. In addition to the perks of the Bronze Account, this will include an increased welcome bonus of up to 50%, a web session masterclass and 3 risk free trades (where bonus funds to replace any you lose for those investments).

• GOLD – BinaryMate’s most prestigious accounts package. For deposits of $3,000 +, you will be entitled to a welcome bonus of up to 100%, trading protection, a Swiss pre-paid card and a dedicated Personal Success Manager. Paired with 1 hour withdrawals, this account allows VIP clients to get the most out of their experience with the platform, as quickly as possible.

The bonus offered when depositing provides a certain degree of support for traders hoping to increase their portfolio without risk to their account balance. However, as always these bonuses come with contractual responsibilities that if not adhered to, inhibit the withdrawal of profits at a later date. In this case, BinaryMate requires a turnover of 100% of the bonus amount originally accepted, before it will allow you to remove the profits made through its use from your account.
 

Banking Options

Banking is made user friendly with an extensive range of providers available to fund your account through. BinaryMate gives you a variety of popular credit cards to choose from. The broker promises no processing fees on Cryptocurrency wallet transactions (credit cards will incur a 5% charge) and guarantees transfer times of up to 1 hour (providing you have given the correct documents in advance to the finance department for validation). Aside from the interactive element of the broker’s services, their withdrawal speeds present the brand’s biggest pulling power.

Deposits
Accounts can be opened using deposits in USD, EUR, GBP, RUB, Bitcoin, Dash, Ethereum or Litecoin. A minimum deposit of $250 (or equivalent)  is necessary to begin live trading. Along with Visa / Mastercard credit card solutions, customers can also use accompanying altcoin wallets for completing transactions in any cryptocurrency listed.

Withdrawals
The same banking options are available for cashing out from a BinaryMate account. 1 hour withdrawals are a primary benefit with this broker. The only condition is that the finance department receives copies of your identification and proof of address prior to every withdrawal request – all of which can be submitted quickly online through BinaryMate’s Support portal. There is a minimum withdrawal baseline of $50 per transaction. Fees of 5% will apply to credit cards.

Bonus stipulations apply when considering withdrawal and so we advise you refer to your terms and conditions for more details.
 

Support

BinaryMate’s support begins with their Livechat video service, which runs 24/7 from within their platform. Clients can participate in either private or group chats as soon as the quick registration process has been completed. This video feature runs within the trading room so that you can keep a watchful overview on your investments, leaping into the chat whenever you have a query. The constant visual presence of the managers provides a unique sense of accompaniment, giving you the chance to almost speak face to face with a representative. On the other hand, when testing this feature we found that the answers given were not always as clear as we might like them to be and our discussions sometimes took a swing toward a sales pitch. Therefore, it is wise to note that there is always the option to switch managers if the current one isn’t giving you the responses you need, or if the chat rooms are particularly busy.

Alternative support options include a call back service (number listed at the top of the website at all times).
 

Educational Material

A couple of video tutorials can be triggered from the BinaryMate website, or from within the chat box with an account manager. Aside from this, the site features a very brief FAQs page, and on the platform customers can find that their traderoom is fed with market updates and some Fundamental Analysis tips. Overall, there is little to support a complete novice into the world of binary options or CFD trading, let alone any guidance for the use of the platform without referring to customer services.
 

Why Choose BinaryMate?

BinaryMate is a broker unlike any other we have seen out there so far and we genuinely feel that their approach is designed to entice beginners and a younger demographic (clubland music sets the atmosphere). Their Live Video Chat approach to support, although not as finessed as it could be, is on track to setting a new trend for other binary / CFD brokers to follow. Their beautiful ‘account managers’ certainly help to liven up the trade experience, and somehow manage to provide a more human approach to the online customer service experience.

With high return rates promised and an uncomplicated platform – streamlined with key tools and features – the younger, mobile-friendly binary / CFD trader will likely enjoy what BinaryMate has to offer. However, when it comes to substance, the jury is out. We still feel that there is a gimmicky element to BinaryMate’s format, and that’s always a bit of a red flag for the team at TradersAsset.

2 out of 5 stars until this company gets its foot firmly in the door and manages to prove us wrong.