Why BinaryMate Sucks in 50 Words
BinaryMate is a shady broker, no other why to say it. Let’s address the elephant in the room: this brokerage has a live video chat feature, with nice women typing back to you and even talking to you. Yes, that’s the same as VideForex, BinaryCent, etc., and it’s a cheap gimmick to get more clients (male clients of course).
Why BinaryMate Doesn’t Suck in 50 Words
Do you know how all brokers show pictures of beautiful women on their live chat? Yea, I’m sure you do. Well, with BinaryMate I am actually sure the girl in the pic is the girl I’m talking to, so that’s one thing they don’t lie about. For all, I know the skinny and beautiful girls from the pics of other brokers can be hairy males, with big, round bellies.
Is BinaryMate a Scam?
Hmm, let me think about it: not regulated, not sure about the owning company, not sure about the exact launch date,. and millions of complaints. It walks like a duck, talks like and quacks like a duck so it must be a duck. It’s probably best that you use caution around BinaryMate.
Should I Open An Account With BinaryMate?
BinaryMate is a major red flagged broker with so many complaints I can’t believe they are still open. According to their Terms and Conditions, BinaryMate is operated by INVOLVA CORP – Nr. 104693, a company registered in the Marshall Islands. This company is not regulated and it’s worth noting that it also owns/operates the broker VideForex.
If you are looking for a broker, it’s time to stop reading this review and start looking elsewhere. According to some sources, BinaryMate was launched in mid-2016 but we couldn’t confirm the date; no matter their age, they don’t look very trustworthy to me. Honestly, seeing girls patting their hair and playing with their shirt buttons is NOT what I would call a professional environment and so far it looks more like a joke to me.
The platform is developed in-house, according to their welcoming but slow female video hostesses. I asked if they are regulated and one of the hostesses said something along the lines of We are a binary trading platform. Well, duh, ok but that’s not what I asked. Moving on to the actual platform, it is a very basic and lackluster instrument for trading, without any advanced charts or features that could make me recommend them. They offer CFD trading alongside binary options but their bread and butter seems to be the latter.
They have a very vague FAQ section and on the education side they say they will give me “CFD trading video lessons”. Guess what: when I click on the given link, I get transported back to the video chat so all I can assume is that the beautiful and “knowledgeable” hostesses will teach me the intricacies of the financial market. If you want to trade binary options, find a broker. As for BinaryMate, use it as you see fit.
Involva Corp lists the address Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. The broker can be contacted at phone 1-829-9476393 and email [email protected].
You don’t have to look hard to find a BinaryMate complaint, believe me. They are everywhere and they range from failed withdrawals to price manipulation, cancelled profits, and idiotic representatives that don’t know a trading tool from a lipstick case. I’d say these are the worst nightmares of any trader so use this broker at your own risk. And if you’re not yet convinced, just know that BinaryMate has a 1 Star rating on ForexPeaceArmy. Nuff said!
BinaryMate Regulatory Warnings and Announcements
22.9.17 – BinaryMate is warned by France’s AMF for operating without proper licenses and regulation.
The Bonus ranges from 20% for a $250 deposit to 100% for a $3,000 deposit. Withdrawals from accounts with bonuses can be performed only if a turnover of (deposit + bonus)*3 has been reached in 3 months’ time, otherwise the bonus and any profits will be cancelled. The bonus cannot be withdrawn under any circumstance, no matter the turnover. I recommend you carefully read their Terms and Conditions if you want to deposit.
Withdrawals are processed in one hour according to their website (I have my doubts about that, processing doesn’t mean delivery) and additional time will pass until the money reaches your account. The minimum withdrawal is $50 but the client will NOT be able to withdraw if he/she hasn’t turned over the deposited sum at least once even if the account didn’t receive any bonus. So, if you deposit $1,000, you will have to place trades of at least $1,000 before you can withdraw. The account must be verified before withdrawal but keep in mind that “Documents must be certified as true original copies by a notary public, or at the post office” according to their Terms and Conditions., which is just WOW. No other broker requests that you go to a notary to certify your driver’s licence, ID, or utility bill…
Well, the obvious Extra here is the video chat, with the possibility to tip the hostesses. Do I like it? Nope, not one bit, but it’s an extra nonetheless.
User Friendly 12/20
The video chat feature should make them user-friendly but actually, that’s not the case. The girls take too long to answer and when they do, they are not very knowledgeable. Also, the connection was reset several times and I had to type the question again and again. The website is available in 5 languages, information is hard to get, U.S. customers are not allowed but a Demo account is available.
No. of Assets and Expiry Time 12/20
This is a first: the asset list is only available after registration. I talked to a hostess and asked her to show me their Asset Index because I couldn’t find it anywhere on the website. “Only after registration” she replied. Ok, so I registered (ah, the things I do for you) and I can tell you they have 25 currency pairs, 2 commodities 4 stocks and a limited selection of crypto pairs. That’s it! The expiry time ranges from 1 minute to 2 minutes, 5, 10, 15 and 30 to intraday and long term (end of month). CFD trading offers leverage up to 1:500 for currencies and 1:10 for cryptocurrencies.
Commissions, Support, and Effective Return 11/20
There are no commissions for placing trades and support is… well, we’ve been talking about support all along, haven’t we? Anyway, support is very bad in my opinion, because you can’t get a straight answer to almost any question, all they do is ask you to register. The effective return goes as high as 80%, without any refunds.
Deposit, Payment, and Bonus 12/20
The minimum deposit is $250 and the available methods are credit cards, Bitcoin, Perfect Money and a few altcoins. Withdrawals can be made via the same methods, plus bank transfer. Note that bank transfer is not listed on their Account Funding page but from their T&Cs we’ve learned that you can use wires if you want to deposit AT LEAST $5,000. The Bonus can go as high as 100% and I recommend you carefully read their T&Cs for details regarding turnover.
Website Extras 1/20
Video chat and tips for girls! Welcome to binary options trading in 2017! I don’t think this is what we need…
BinaryMate Overall Ratings: 48/100