Binarymate Review – Live Webcam Binary Options Trading
There are hundreds of binary options brokers on the web right now, and the vast majority blend together. They feature the same layouts, platforms, and features to a large degree, and rarely have any distinctive benefits that make them stand out from the rest.
Quick Details About Binarymate
- Official Website: https://www.binarymate.com
- Account currencies: USD or EUR
- Low minimum deposit: $250
- Minimum trade size: $1
- Maximum trade size: $1,500
- Average payout: 75%
- Highest payout: 95%
- Out-of-money refund: No
- Platform: Proprietary
- USA traders: Yes
- Canada traders: Yes
- $50 minimum withdrawal threshold
- Demo account: Yes
- Optional bonuses and risk-free trades offered
One exception is Binarymate, which has a unique proprietary platform with an unusual feature—you can always chat live on video with an account manager, who is, without exception, a beautiful woman.
If this concept sounds unusual, think about it a bit like live casinos, which are becoming very popular (source). On a live casino, you have the chance to play with a live video feed of a real dealer, once again usually a gorgeous woman.
The appeal here is much the same. If you enjoy the experience offered to you by a live casino, you will likely enjoy Binarymate in much the same way.
Step 1: Account Creation and BinaryMate Bonus Offers
To get started, open your account by clicking on the green button in the upper right-hand corner of your screen which says “Register.”
You will be asked for some very basic details to register your free account. Fill out all the forms and proceed, and your account will be open immediately.
Step 2: Funding Your Account
Ready to fund your account? Click on the green button in the upper right-hand corner. Now it says, “Account Funding” (it is right where the “Register” button used to be).
You can now drag a slider around to choose how much you will deposit and what type of account you would like to open.
Account types include:
- Bronze: $250+
- Silver: $1,000+
- Gold: $3,000-$50,000
A demo account is included at every level, which is awesome since it gives you a chance to practice your trades for free.
As you drag the slider around, it will show you below what features you can expect—this is a very cool interface.
You can deposit in US Dollars or Euros. You can accept or reject a bonus up to 100%. This is also excellent, as many sites force you to accept a bonus and all the strings attached to it.
Deposit methods include your credit or debit card, bank transfer, Perfect Money, WebMoney, Neteller, and Bitcoin.
The withdrawal policy is neither the best nor worst we have seen. There is a $50 minimum withdrawal threshold—higher than some, lower than others. One detractor is that you need to reach 100% turnover even without a bonus to withdraw your money (without paying a really high fee). On the other hand, if you accept a bonus, the turnover is just 300%, which is equivalent to 3x. Most brokers have a turnover requirement closer to 30x!
So if you are going to accept a bonus anywhere, this is probably where you should do it.
Fees are where things get objectionable. A few drawbacks:
First of all, say you have an account where you did not accept a bonus. For bank transfers, a $50 fee applies. For all processing methods, there is a 1% fee and/or $20, whichever is larger. Technically you can withdraw from an account which has not met the turnover requirement, but you will be charged an additional 20% processing fee.
And if you did accept a bonus?
Those standard processing fees jump to either $20 or 3.5%, whichever is larger. Bank transfer fees are the same, as are fees for withdrawing from accounts which have not met the turnover requirement.
Trading Binary Options on the Binarymate Trading Platform – Live Webcam Trading
Binarymate’s trading platform is proprietary, so it will look a little different than anything else you have used.
The general layout should be familiar, however—there is a chart in the middle, and along the left you can select assets. Under the chart, you can choose the direction of your trade, the expiry time, and the amount.
What really sets Binarymate apart is the chat window on the right-hand side of the screen. There you can chat privately with a beautiful account manager, or you can participate in a group chat. You can use text chat or video chat.
Types of Binary Trades Offered by Binarymate:
The only type of trade offered by Binarymate is High/Low. This is unfortunate, as many other companies offer One Touch, Range, Ladder, and other trade types, but it is not unusual for a broker to focus on just this one trade type.
With a High/Low option, you are asked to guess whether a particular asset will be trading above or below its current price level when your trade expires. If you are right, you win the payout. Otherwise you lose your investment. It could not be simpler.
If you look near the top of the trading platform on the left, you will see three types of High/Low options:
- Long Term
These are all timeframes. Turbo trades last 30 minutes or less (the lowest expiry time you can choose is one minute). Intraday trades close during the same day, and long-term trades last for days.
The live video chat feature does work well, at least for general questions. I asked one of Binarymate’s lovely ladies a question about assets and she was quick to reply and help me out.
Is Binarymate a Good Broker?
Binarymate definitely has its pros and cons, but on the whole they have given us a good impression. The withdrawal fees and restrictions are definitely a drawback, but we like their flexible bonus terms and the fact that they offer a demo account to all traders are strong positives.
Their unique proprietary platform is well-designed, and the live chat feature is fun and original. It is also cool that you can get started trading with a low minimum deposit of $250, and your trades can be as small as a dollar. Whether you have a large or small bankroll, Binarymate has a lot to offer.