There’s a severe lack of information about this brokerage and not because we didn’t try to get it, but because we couldn’t find it. This should be a warning sign right from the start! So here goes: according to their Terms and Conditions, BinaryMate is operated by Affort Projects S.A., with a registered office at 309&310 Office, Albert Street Victoria, Mahe, Seychelles. Notice it is “operated”, not “owned”, so this could mean that another, undisclosed company owns it. The Seychelles financial watchdog is the Financial Services Authority (FSA) so I headed there to see if I can find Affort Projects S.A. there. I couldn’t, but that didn’t come as a surprise.
In their T&Cs it is also stated that Affort Projects S.A. operates the website on behalf of the FGC but… what is this FGC? I would expect to see more info but all I could find out is that FGC stands for Finance Group Corp., or at least I suppose so because at the bottom of their webpage it says “2017 Finance Group Corp.”. Google didn’t help me with more info about this Group so what you’ve read so far is about all I know about the owning/operating company of this brokerage.
*Note: Some online sources list Lerona Impex SA as the owning company of BinaryMate. However, this name doesn’t appear anywhere on the website or in their Terms and Conditions so I have to consider this information unreliable.
Is BinaryMate a Scam?
Hmm, let me think about it: not regulated, not sure about the owning company, not sure about the launch date but they advertise “1 hour withdrawals”. Sure, I have to believe that because it’s written on their website… On the other hand, I could find tons of online complaints related to withdrawals and price manipulation. People say stuff like – hey I requested a withdrawal and it’s been nearly a week and I still don’t have my money – and even if I don’t have a sure way to verify anything, I choose to believe that withdrawals take more than 1 hour. But anyway back to our question: Is it a Scam? If you want my honest opinion – ask me in private. Until then I will just say that there are safer brokers out there, so maybe you should check them out.
Editor’s Note – Why Doesn’t BinaryMate Suck in 50 Words
You know how all brokerages 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 brokerages can be hairy males, with big, round bellies.
Why Does BinaryMate Sucks in 50 words?
Let’s address the elephant in the room: this brokerage has a live video chat feature, with nice women typing back to you or even talking to you. Yes, that’s a first, but don’t tell me it’s innovative and a step ahead of the herd or stuff like that. Please don’t! It’s just a cheap gimmick to get more clients (male clients of course). What is this? Trading is now becoming video chat with attracting females? Believe me, I don’t have anything against interacting with beautiful women, but man, I am not here for that. “BinaryMate”… you think I am trading to find a mate? Oh, almost forgot: You can tip the girls once you’ve registered and funded your account (you can do this right from the platform). Red Light district, here I come…
Should I Open An Account With BinaryMate?
I don’t know man. Are you looking for a mate or for a binary options brokerage? Because the two don’t go well together. If you are looking for a brokerage, maybe it’s time to stop reading this review and start looking elsewhere (hint: Ayrex, Stockpair, 24Option, etc.). According to some sources, BinaryMate was launched in mid-2016 but we couldn’t confirm the date; anyway I don’t think that’s very important because 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. Should I call them support representatives? I don’t think so because 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. Then I asked if the platform was developed by them and she said “Yes, our own platform”… again, a very bright and professional answer. Ok, moving on to the actual platform, it is a very basic and lacklustre instrument for trading, without any advanced charts or features that could make me recommend them. One thing I don’t understand: they call their trading CFD and Forex and honestly I don’t know what they’re talking about because from what I see, it’s simple binary options, not Forex but hey, they know better probably.
Other than the things mentioned so far, I can tell you they have a very vague FAQ section and on the education side they say they will give me “CFD trading video lessons”. But 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. Ok, enough of this! Let’s get serious. If you want to trade binary options, find a broker. As for BinaryMate, use it as you see fit.
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 and cancelled profits. I’d say these are the three worst nightmares of any trader but as always, I cannot confirm 100% any of these complaints… but deep down, I think they are mostly true.
BinaryMate Regulatory Warnings and Announcements
BinaryMate is new on the scene and information about this brokerage and its owning company is very scarce. We couldn’t find anything related to them while searching the websites of the main regulatory authorities but that’s not necessarily a good thing.
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. If the client wishes to withdraw the bonus, he must achieve a turnover of (deposit + bonus)*20. I recommend you carefully read their Terms and Conditions if you want to deposit.
Withdrawals are processed in one hour according to their website (however, I have my doubts about that) 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.
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 pretty 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 only available in English, information is hard to get, U.S. customers are not allowed and Demo is not 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 and 3 commodities. That’s it! The expiry time ranges from 1 minute to 2 minutes, 5, 10, 15 and 30 to intraday and long term.
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, Neteller and Skrill. Withdrawals can be made via the same methods, plus bank transfer. Note that bank transfer doesn’t appear to be a valid method for deposits because it’s not listed on their Account Funding page. 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