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 Finance Group Corp, having its registered office at 2nd Floor, Transpacific Haus, Lini Highway, Vanuatu, holding financial services license in that country. Finance Group Corp should be familiar as it is associated with other known scam brokers.
Is BinaryMate a Scam?
Hmm, let me think about it: not regulated, not sure about the owning company, not sure about regulation and millions of complaints. It walks like a duck, talks like and quacks like a duck so it must be a duck. Beware of BinaryMate.
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?
BinaryMate sucks because it is a shady broker, no other why to say it.
Should I Open An Account With BinaryMate?
If you are looking for a broker, it’s time to stop reading this review and start looking elsewhere (hint: Ayrex, or 24Option, etc.). 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. 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, but hey, they know better then me I guess.
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.
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, canceled 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.
BinaryMate Regulatory Warnings and Announcements
22.9.17 – BinaryMate is warned by Frances 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. 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 (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.
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 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