BinaryMate Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this BinaryMate Review.
BinaryMate Review
BinaryMate is a binary options broker, offering trading in different financial assets on its in-house web-based platform.
Trading Accounts
Based on the client’s initial deposit, BinaryMate offers several account types:
Account type Min. initial deposit Welcome bonus Risk-Free Trades
Bronze $250 20% –
Silver $1 000 50% 3
Gold $3 000 100% 3
However, BinaryMate offers demo trading solely to live account holders. That means, if there are any problems, you’ll learn about them when it is already too late.
Launched in 2016, BinaryMate website and trademark are owned by Affort Projects S.A., comany registered in the Seychelles. According to the information on the broker’s website, BinaryMate acts as an agent of Finance Group Corp., holding a financial services license from the Vanuatu Financial Services Commission (VSFC) .
Binary options brokers have increasingly bad reputation lately, as many of them, especially offshore ones and non-licensed and, turn out to be scams. The case with BinaryMate does not seem very promising either: there is an impressive number of client complaints against the broker (refused withdrawals, its prices don’t match the market direction, etc.) and actually behind the brand are two offshore companies.
Don’t be fooled by a Vanuatu license – this is just a shiny piece of paper anyone with $2,000 in his pocket can get. This is the minimum capital requirement for forex and binary brokers set by the VSFC. By comparison, CySEC requires at least EUR 730 000 in capital from new brokers, which acts as a deterrent for most scammers.
Trading Conditions
Trading Options: turbo, intraday and long-term options
Assets: Currencies, Stocks, Indices, Commodities
Expiry times: 30 sec – 1 month
Minimum Initial Deposit
The minimum initial deposit for clients of BinaryMate is $250, which is not that low. Many brokers require less – Grand Capital, for example, demands just $10.
Min bet size
The minimum bet size with this broker is $10, which is standard for the industry. By comparison, Grand Capital one can place a trade with just $1. Low minimum bet sizes allow for better risk management.
Payout amount
The payout percentage offered by BinaryMate ranges from 70% to 85%, which is also average. In comparison, payout percentage offered by Grand Capital reaches 86%.
Trading Platform
BinaryMate uses its proprietary web-based platform, where users can trade in binary options and CFDs. Copy trading services are also available.
Methods of Payment
BinaryMate offers its clients wide range of payment methods: wire transfer, credit/debit cards, Skrill, Neteller, Perfect Money, OKPAY, Qiwi, as well as several cryptocurrencies (Bitcoin, Ethereum, Altcoins).
BinaryMate is a relatively young binary options broker, registered offshore. The fact that it is not regulated is the main reason why it is not recommended. Besides, its reputation is not good, and we find the type of options offered on its platform rather limited.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
BinaryMate Review Conclusion
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