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BinaryMate has rebranded to RaceOption.
BinaryMate offer some unique benefits, including guaranteed withdrawal processing in one hour, and live video support 24 hours a day. The firm offer different levels of account based on deposits and awards both bonus funds, and risk free trades at certain account levels – terms will apply.
- $1 Minimum Trade
- $250 Minimum Deposit
- 1 Hour withdrawal processing
- $20,000 Prize pool contests
US residents are able to open an account and the firm also offer a demo account for potential new traders to try out the platform. The brand offer a broad range of deposit and withdrawal options – and the 1 hour processing is an interesting offer, suggesting BinaryMate know what might be leaving customers frustrated elsewhere.
The platform and trading area look slick and uncomplicated. All the choices that traders need to make are simple to reach and easy to use. One of the attractions of binary options is the simplicity in comparison to other trading vehicles – and the trading platform ensures that is maintained here.
The price chart includes the expiry time, with a visual line on the chart, and a dashed line shows when a trade must be placed by. As a trade is placed, it is displayed on the chart, and the graph will update the position as the price changes. Any number of trades can be opened on the same chart.
The trading choices are along the top of the screen, and to the right. The underlying asset and expiry are set at the top of the screen, using simple drop down menus. The trade size is set in the top right of the trading area, and the trading buttons below. They are very clear, with the current strike price shown between them so a trader can see exactly the price they are trading at.
The payout for the particular asset is shown on the right – both the percentage and the potential payout based on the trade size that has been selected. There are also some additional features on the platform, for example charting options and a ‘sentiment’ bar, showing which direction traders are currently forecasting.
The trading area is very easy to use and looks good – it pulls together everything a traders needs, in a tidy, useable way. That clarity then transfers very well to the mobile app, which looks are performs the same.
3 Types of digital trade are available:
- Standard High / Low
- 60 Second
- One Touch
The choice of underlying assets includes the usual range of currency (forex) pairs, stocks, indices and commodities. The range at BinaryMate is comparable with most leading brands, with all the popular assets listed.
Payouts reach 90% but will change based on the markets – and the expiry time and specific underlying asset. In general, the payouts with BinaryMate are good, relative to rival firms.
The mobile platform has been designed for both android and iOS (iPhone and iPad_ and takes advantage of the strengths of each operating system. The trading platform, for both web and mobile, was designed with the idea of being the same on any device. So the web version looks and operates exactly the same as the mobile version. This delivers a seamless user experience for traders moving between the two.
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The mobile app provides instant execution of trade, but also delivers account management options, and full charting tools. Traders can also list their full trade history on the mobile. It is a very strong offering and has been thoughtfully developed and created.
The firm boast an industry leading 1 hour processing promise. This is far superior to any comparable firm and is a definite plus point. In order to request a withdrawal, users must have completed the verification process. It is worth doing this as early as possible in order to avoid delays with payments or any disputes.
Withdrawal methods include wire transfer, debit and credit cards, and a full range of e-wallet services, including Paypal, Neteller and Web Money. BinaryMate also accept Bitcoin deposits – a unique selling point for users of the crypto currency. The minimum amount that can be withdrawn is $50.
The firm also offer deposits and withdrawals via a new e-wallet provider – Paxum. A new firm, Paxum provide services similar to Paypal and Skrill. So far BinaryMate are the only firm taking payments (and withdrawals) via the Paxum service.
Some bonus terms and conditions will mean turnover requirements are set before any withdrawal can be made. For this reason, it is important to read the terms of any bonus awarded – if the turnover requirements might not be met, then traders can (and should) turn the bonus down.
There are regular contests where traders can compete with each other for prize pools that total $20,000. The terms and conditions of each contest can vary, but they are open to experienced traders and beginners alike. Some are decided based on number of trades, others on profit or particular assets. They are an interesting feature though, and popular among traders. At least 20 traders win in the contests each and every week.
BinaryMate do offer a demo account, but traders will need to register and discuss a demo with an account manager. There can also be time restrictions on how long the demo account is available. While offering a demo account is obviously a plus, this is one area where the brand could be more customer focussed and offer an unlimited demo in order to show their platform to a wider audience.
Read Our In-Depth BinaryMate Review Before Trading Binary Options
A binary options broker that offers a unique concept in binary options trading, which involves live video chat feature and an incredible number of financial instruments. The only let down is the limited demo account functionality and a questionable regulatory status, but BinaryMate makes up for its shortcomings through an excellent Binary Options product that is designed for all sections of the traders market.
An Introduction To BinaryMate Trading With Binary Options & CFDs
Binary Options trading is an attractive investment opportunity, but it involves a massive amount of risk to an investor’s trading capital. It is imperative for traders to gauge the risks of their broker by understanding the various aspects of their brokerage’s services, and by staying protected from the industry scams and malpractices. Our comprehensive Binary Mate broker review should give useful insights into the performance and reliability aspects of BinaryMate, by offering you information on BinaryMate’s Binary Options trading products, platforms, fees, payouts, customer support, and other trading features. Read until the end of the review to get bonus information, trading assistance, and get your queries answered through the FAQ section.
BinaryMate Broker Information – Regulation & Licensing Facts
Binary Options trading is relatively a new industry, and the industry is witnessing a significant rise in the number of Binary Options brokers that are cropping up from different countries across the world. BinaryMate is also a relatively new broker, having been introduced to the market in 2020. BInaryMate is only a trading brand name that is owned and operated by Suomen Kerran LP, a company registered in Edinburgh, Scotland, under the registration number SL25219. Normally, we recommend trading with regulated and licensed entities, who can offer a fair amount of protection from broker scams of financial discrepancies.
We also found out that BinaryMate used to be based out of Seychelles, but it seems that the company has moved to the European continent for better credibility in the financial market. However, BinaryMate does not offer any regulation information, apart from the fact that it is located in Scotland. There haven’t been any major issues with the broker up until now, and while there is no reason to doubt the company’s authenticity, it is certainly important for all financial companies to be regulated by a genuine agency. Nevertheless, we do find BinaryMate to be a credible company that stands by the safety of its investors through proactive protection of funds.
BinaryMate Financial Instruments & Tradable Assets
BinaryMate excels in providing a comprehensive list of financial instruments that cover the entire financial market from the Americas to the Asian-Pacific. There are more than 100 different instruments to choose from, which does actually present a great option for investors that wish diversify their trading portfolio. The assets are included from a wide category of markets, including stocks, commodities, FX currencies, and indices. Here is a list of all the financial instruments provided by the company:
Forex Currency Pairs –
EUR/USD, GBP/USD, USD/JPY, USD/CAD, EUR/JPY, EUR/GBP, USD/TRY, USD/RUB, USD/ZAR, USD/SGD, NZD/USD, USD/CHF, AUD/USD, GBP/RUB, EUR/RUB, GBP/JPY, GBP/CHF, AUD/CHF, EUR/CAD, AUD/JPY, CAD/JPY, AUD/NZD, EUR/AUD, GBP/CAD, NZD/JPY, AUD/CAD, EUR/NZD, EUR/CHF, BitCoin/USD, BitCoin/CNY, AUD/USD FUTURE, EUR/JPY FUTURE, USD/JPY FUTURE, GBP/USD FUTURE, EUR/USD FUTURE.
IBM, NISSAN MOTOR, TEVA PHARMA, TESCO, TURKCELL (TURKEY), TATA MOTORS (INDIA), HSBC HOLDINGS (LONDON), COCA COLA (US), SBERBANK (RUSSIA), LUKOIL (RUSSIA), BP (BRITISH PETROLEUM), GAZPROM (RUSSIA), NIKE (US), APPLE (US), MICROSOFT (US), CITI (US), ALPHABET Inc C (Google), F BP, S.BANK INDIA, EXXON MOBIL, BAIDU, AMAZON, DISNEY, GOLDMAN SACHS, INTEL, JP MORGAN CHASE, PFIZER, CATERPILLAR, BANCO SANTANDER, TELEFONICA, BANK OF AMERICA, AIG, YAHOO, NETFLIX, McDONALD’S, ANZ BANK, BHP-AU, RIO-AU, LAS VEGAS SANDS, WYNN RESORTS, EBAY, SONY, BOEING, WAL-MART, GENERAL MOTORS, GROUPON, MASTERCARD, SALESFORCE.COM, STARBUCKS, AXIS BANK, TATA STEEL, ROSNEFT’, ROSNEFT’, FACEBOOK, YANDEX N.V, CK HUTCHISON, BLACKBERRY, 3M, TENCENT HOLDINGS, TWITTER, MICRON, SINA, TESLA MOTORS, WEIBO, VTB BANK, ALIBABA, GENERAL ELECTRIC, JOHNSON & JOHNSON, MAZDA MOTOR, TOSHIBA CORP, SUMITOMO , MITSUI, TOYOTA (US), COLGATE-PALMOLIVE, FERRARI, LLOYDS BANK, BARCLAYS, BRITISH AMERICAN T, VODAFONE, RIO TINTO, CARNIVAL CRUZE
SILVER, PLATINUM, OIL (LIGHT SWEET CRUDE), Sugar, Coffee, GOLD/EUR, GOLD, GOLD FUTURE, OIL FUTURE
DOW (US), S&P 500 (US), NASDAQ (US), DAX (GERMANY), CAC (FRANCE), FTSE 100 (UK), ISE 30 (ISTANBUL STOCK EXCHANGE), RTS (RUSSIAN TRADING SYTEM), MSM 30 (OMAN), TADAWUL (SAUDI STOCK EXCHANGE), DUBAI (DUBAI FINANCIAL MARKET GENERAL INDEX), KUWAIT (KUWAIT GENERAL INDEX), BOMBAY SE, HANG SENG (HONG KONG), SSE180 (SHANGHAI STOCK EXCHANGE), KL FUTURE, NIKKEI225（JPN）, TEL AVIV 25, TOPIX, MICEX 10 (MOSCOW INTERBANK EXCHANGE), ASX, IBEX, FTSE F-DEC16, ASX F-DEC16, NIFTY F-SEP16, SMI, FAZ-SHORT BANKS(ETF), IBEX F-OCT16, HANG SENG F-SEP16, CSI 300, TSX 60, SHANGHAI COMPOSITE, DOLLAR INDEX-DEC16, GERMANY 10YR-DEC16, FTSE MIB F-DEC16, RUSSELL 2000, FTSE 250
The sheer number of financial instruments on offer may be taxing on beginner traders, as they may not have the necessary expertise to deal with the market volatility. On the other hand, expert traders may revel in such an environment, where they are not bound by any trading limitations.
BinaryMate Payouts, Cost Of Trading, & Trading Options
BinaryMate allows its traders to invest in binary options for as little as $1, while the maximum investment is pegged at $1500. The minimum and maximum investment sizes are at par with the industry norms, but some brokers offer far greater flexibility in terms of trade sizes and position sizing. There aren’t any additional costs of trading such as spreads and commissions as are common in FX trading, but the payouts and refunds are dependent on the asset, trade duration, and market volatility.
BinaryMate provides a maximum payout of 90% for in the money trades, while out of money trades result in a complete loss of the invested funds. The average payout for different options usually ranges from 60% to 90%, depending on the underlying financial asset. The payouts aren’t as great as some of the other binary options brokers, as the industry leading companies may be able to offer up to 95% and even 100% payout for profitable trades. The absence of refunds should also make it hard for traders to conserve their trading capital, which means that money management is important while trading at BinaryMate.
BinaryMate allows different options for trading the markets, including Turbo, Intraday, and Long Term trading. Options expiry typically starts from 60 seconds and up to 30 minutes for Turbo trading, while Intraday and Long Term Binary Options have expiry times that can be set for days, weeks, and even months in advance. An interesting aspect of a BinaryMate trading account is that the broker also supports weekend trading, especially during off-market hours, when most brokers don’t offer an option to trade the markets. It is not recommended to trade the markets during weekend breaks, mainly due to the decreased volatility, but it grants an additional dimension to trading for traders to enjoy a far greater exposure to the markets.
BinaryMate Trading Platform
BinaryMate has followed the conventional market norm of developing a proprietary web-based Binary Options trading platform and has provided an aesthetically pleasing and feature-rich online trading interface that can be accessed through a web browser. The Web-based browser interface ensures that the trading platform can be accessed on any device, both for desktop and mobile trading. One of the most intriguing aspects of the platform is that it has an embedded live video chat feature, which provides 24×7 customer support through a dedicated account manager. It is certainly a novelty feature, which ensures that there is always an actual human being to interact with while trading the markets on the live platform.
The trading platform does not have any obvious issues, as all the Call and Put options are clearly denoted in the interface, along with unprecedented access to the instruments and the payouts that apply to a particular asset. The platform is pretty easy and convenient to use, but traders may find the charting options to be below average, as they don’t provide the range of features and indicators as provided by other leading trading platforms in the market.
BinaryMate Mobile Trading Platforms
BinaryMate mobile users can either use their smartphone or tablet to access their accounts through the Web Trader interface or download the BinaryMate mobile apps for iOS and Android through the AppStore and Google Play Store. The dedicated trading apps are designed along the same theme of the primary trading platform and include all the trading features and functionalities as one would expect from a standalone desktop trading platform. The BinaryMate mobile trading interfaces are certainly reliable and perform as expected.
The BinaryMate Minimum Deposit, Minimum Withdrawal, & Payment Methods
One of the slight drawbacks of opening an account at BinaryMate is the slightly higher minimum deposit threshold, which requires traders to deposit at least $250 to start trading. There are primarily three different types of trading accounts, the Bronze, the Silver, and Gold accounts. The Bronze is the cheapest offering by the company, which is available for deposits of up to $1000. The main account features include live chat, withdrawals in 1 hour, and a demo account option. The Silver account is the second account category that is available for investments larger than $1000 and up to $3000, which qualifies for additional account benefits such as 3 risk-free trades (for first trades) and a master class session with top experts.
The Silver account is the most popular account option, according to BinaryMate, as the Gold account is a more expensive option. The Gold account requires a minimum deposit of $3000 and can accommodate a maximum deposit of up to $50,000. It is indeed strange that the company has specified a maximum deposit for its account holders, as professional traders often deposit large amounts of money and follow strict money management rules. As far as withdrawal is concerned, BinaryMate specifies a minimum withdrawal limit of $50, but the company also stipulates that their clients have to satisfy 100% rollover in trading volume, in order to initiate a withdrawal.
According to recent estimates, the company hosts around 4,500 accounts, that is responsible for up to $5.5 million in clients’ investments. The company also claims an average withdrawal time of 44 minutes and has processed up to $567,000 in clients’ withdrawals. Deposits and withdrawals can be made through a wide array of online and offline payment methods, including Bank Wire Transfer, Neteller, Skrill, UnionPay, JCB, Perfect Money, WebMoney, QIWI WALLET, Yandex money, Bitcoin, OK Pay, and Alipay. Aside from the Wire Transfer, all forms of deposits ensure instantaneous deposits, while the company has claimed to process withdrawals within one hour (withdrawals will take longer during weekends and holidays).
BinaryMate has a tiered bonus system, which is directly proportional to the deposit amount. The broker offers a 20% bonus for deposit amounts up to $1000, while the bonus increases to 50% for deposits ranging from $1000 to $3000. Deposits larger than $3000 qualify for a 100% bonus, for a maximum of $50,000 in bonus money. Silver and Gold account holders also qualify for 3 risk-free trades for their first trades, which increases the odds in traders’ favour. The BinaryMate bonus does have several trading conditions, as the company has specified a minimum of 300% rollover trades before traders can initiate a withdrawal request. Nevertheless, BinaryMate does offer a fairly sizeable bonus package for its traders.
BinaryMate Trading Demp
BinaryMate only provides a limited period demo account for its users. The demo account is only available upon request, and it is up to the broker’s discretion to either accept or deny a demo trading account. Under normal circumstances, most binary options brokers offer a free demo with no limitations, as it is essential from a trader’s perspective to understand the different aspects of trading the markets using a certain platform. Professional traders do expect a certain amount of freedom while indulging in demo trading, but beginners may find it hard to enjoy complete flexibility while trading with a BinaryMate demo account.
BinaryMate Customer Support & Interaction
BinaryMate has indeed revolutionised the customer interaction concept for binary options traders, as all traders receive live support and assistance through a dedicated live video chat feature within the trading platform. The customer support representative is available on call for 24X7 and even encourages face-to-face meetings to involve a human touch. Other customer support avenues include customer support phone numbers for different regions in local languages, which include support numbers for English Support (USA, Australia), Russian, Chinese, Thai, and Singapore contact numbers. The web contact form can also be used to get in touch with the broker for detailed and comprehensive support.
BinaryMate provides tutorials in the form of videos, but that just seems to be about the maximum offered to traders as far as additional features and products are concerned. Silver and Gold account holders receive further information about the markets through one-on-one master class sessions, which are completely web-based. However, the value for money aspect does not match the higher minimum investments required for opening and maintaining an account, which also includes an account maintenance/inactivity fee if a trader does not open any positions or trade binary options for 30 consecutive days.
BinaryMate Verdict & Review Conclusion
- Excellent and intuitive customer support through live video chat.
- Large number of financial assets and tradable instruments.
- Amazingly easy to use and pleasing trading platform.
- Excellent bonus package for larger traders.
- A large number of payment options for both online and offline payments.
- Guaranteed withdrawals that are processed within an hour.
- Higher investment required for an account, compared to other binary options brokers.
- Absence of a full-feature and unlimited demo account.
- The company does not have a valid regulatory license.
Does BinaryMate Accept US Clients?
BinaryMate does not cater to US traders, and has specifically mentioned this fact in its terms and conditions. However, the company accepts traders from all other parts of the world.
How Quickly Does BinaryMate Process My Withdrawals?
BinaryMate promises to process all withdrawals within an hour, excluding weekends and public holidays. The company has managed to bring down the processing time for withdrawals to 44 minutes in the recent months.
Is BinaryMate A Scam?
BinaryMate is not a scam broker, even though the broker does not appear to have a legitimate regulatory license. The broker operates as a genuine binary options trading company.
Is A BinaryMate Account Expensive?
The minimum deposit of $250 is slightly expensive for smaller traders, and the higher account categories are also significantly more expensive than competing binary options accounts. However, there are no other hidden costs involved in trading.
|US Traders Accepted|
|Company Name||NORSKE INTER LP.|
|Bonus Type||Match bonus|
|Deposit Options||Credit/debit cards, bank transfer, WebMoney, Neteller, Perfect Money, Bitcoin, Litecoin, Ethereum Skrill|
|Deposit Currencies||US dollar, euro, Bitcoin, Litecoin, Ethereum|
|Trading Instruments||Currencies, stocks, commodities, cryptocurrencies|
|Number of Trading Instruments||47|
|Binary Option Types||High/Low|
|Customer Support Types||Phone/call-back, live video chat, email|
|Tools Offered||Live chat in trading platform, 3 risk-free trades, Swiss prepaid card, personal success manager, advanced platform with indicators and trade ideas.|
|Commission||$50 minimum withdrawal threshold. Reach 100% turnover to withdraw without a bonus, 300% with one. $50 fee for bank transfers. For all other transfers without a bonus, 1% or $20, whichever is larger. With a bonus, 3.5% or $20, whichever is larger. If you try to withdraw before meeting the turnover, you pay an additional 20% fee.|
|Demo Account||Yes, no limits.|
The vast majority of binary options websites are white label SpotOption brokers, meaning they all use the same platform and provide more or less the same product. But one which is quite distinctive is BinaryMate. BinaryMate has its own proprietary platform. The most unique feature on that platform is the opportunity to chat with an account manager at any time. In every case, the account manager is a beautiful woman — and you get to watch her live through the video feed while you are trading.
Is this a gimmick? Technically yes, of course it is. Whether or not it has value is something you will have to decide for yourself. BinaryMate’s account managers appeal to the same crowd who enjoy gambling at live casinos online with beautiful dealers. If you play at live casinos, you probably will also like BinaryMate.
How does BinaryMate hold up in regards to other features? It turns out to be a mix of very good and very bad.
Flexible Bonuses But High Fees
There are three account types available on BinaryMate:
All three come with a demo account — which is great.
The account page is pretty nifty in itself; there is a slider which you can drag to see the features and benefits based on your deposit amount.
Two common account currencies are available: euro and US dollar. Traders may choose to keep accounts in one of the major cryptocurrencies. Deposit in your account via credit or debit card, bank transfer, QIWI OKPAY, Payoneer, Perfect Money, WebMoney, Neteller, Skrill, Bitcoin, Litecoin, and Ethereum.
This site gives out massive bonuses — up to 100% on amounts as high as $50,000. The good news is that you can accept or reject a bonus as suits you. Many other websites require you to accept a bonus in order to trade, which can cause problems when it comes time to withdraw your money.
The bad news is that no matter what you do, the withdrawal fees and restrictions are pretty dicey:
- $50 minimum withdrawal threshold
If you accept a bonus:
- You must meet a turnover requirement of 300%, or pay a 20% processing fee.
- If you do meet the turnover requirement, you will still pay a fee of 3.5% or $20, whichever is higher. This is true for all withdrawal methods except for bank transfers, which command a $50 fee.
If you do not accept a bonus:
- You must meet a turnover requirement of 100%, or pay a 20% processing fee.
- If you do meet the turnover requirement, you will still pay a fee of 1% or $20, whichever is higher. This is true for all withdrawal methods except for bank transfers, which command a $50 fee.
There is no denying that those are some hefty fees! The only upshot here is that the 300% turnover requirement is only to 3x the amount of your deposit + the bonus, which is actually stupendously low compared to the average — which is closer to 30x.
Awesome Trading Tools
When you first click into the trading platform, you will notice that it is very different from most. The standout feature which will instantly grab your attention is of course the live video feed. There you can see your account manager. You can address her in the chat window underneath at any time while you are trading. You can trade on BinaryMate on your desktop or laptop.
Another big drawback with BinaryMate is the lack of variety in trading. There is only a single trade type: High/Low. There are no features to control your trades (Early Close, etc.). You can trade currencies, commodities, stocks (no indices), and cryptocurrencies (Bitcoin, Ethereum, and Litecoin). Only 47 trading instruments are available.
So what is there to get excited about here (aside from lovely account managers)? It turns out that this is actually quite an advanced platform. You can add a ton of different indicators to your charts to plan your trades, and you can expand the charts to fill your entire screen.
If you click around, you will also discover another cool feature: suggested trades. The team at BinaryMate regularly uploads trade ideas and posts them in the platform where you can view them, read the analysis, and decide whether to use them. This is provided entirely for free. It is not the same thing as a signal service (because you need to log in and view the data manually), but it is an excellent addition to the site (assuming of course the trades are effective).
While I was checking out the demo platform, I had a few questions and asked them in the chat window. The account manager answered quickly in each case. How helpful was she? Well, she didn’t seem to entirely understand my questions – so no, these women are not expert traders. You should definitely not be relying on them for educational advice about trade decisions.
But she did do her best to answer my questions, and in most cases managed to do so, however indirectly. There is also a telephone line you can call. You have the option to request a callback as well.
Conclusion: BinaryMate Has High Fees But Some Cool Features
The biggest drawback with BinaryMate appears to be their fees. That said, if you are planning to accept a bonus, BinaryMate actually has fewer strings attached than most sites. But you will pay a significant fee for every one of your withdrawals. Think about it. If you deposit $250, and you try to withdraw that amount, you will pay nearly 10% in fees.
There are a lot of cool, unusual, and fun features on BinaryMate, however. If the video chat with the attractive account managers is something you enjoy, it can be a great feature. If you are a little more serious about your trading, you should find the trade ideas and the charting tools available in the proprietary platform quite helpful. So while BinaryMate has advantages and disadvantages, we can cautiously recommend it to those who do not mind the fees.
BinaryMate , 1.5 out of 10 based on 4 ratings
Best Binary Broker 2020!
Perfect for Beginners!
Free Trading Education! Free Demo Acc!
Get Your Sign-up Bonus Now: