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Binarymate Review | A Broker Specializing in Binary Options or Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 7
Binarymate - logo

Binarymate is an offshore broker specializing in binary options trading. The platform boasts an enticing proposition: the chance to earn up to 95% in returns on a single trade within 60 seconds. There are 4,696 users here, and the total amount of payouts has exceeded $400,000. Sounds good, doesn’t it? However, the company operates without a license and its reputation is questionable. While there are numerous reviews online, many are negative. Traders frequently complain about scams and the inability to withdraw their funds. Therefore, we intend to scrutinize this organization, identify its weaknesses, and give a final verdict.

Highlights

🏛️ Country Marshall Islands
⚠️ Regulation
🖥️ Website https://binarymate.com/
🎲 Demo Account Yes
⏳ Start Time 2020
💲 Minimum Trade Amount $1
⚖️ Payout 95%
⚙️ Expiry Time 1 minute
📨 E-mail
📞 Phone +442080685335

First Impression of Binarymate.com

The official website of the broker left a lasting impression on us. As you land on their homepage, you are welcomed not by a standard image or video but by a live female operator available for online chat. Binarymate decided to capture the attention of visitors in this way, especially male visitors since there are statistically more men in trading than women. Well, this move can be called successful.

Binarymate - site

However, there were no other positive points on the site. If the firm employs beautiful and pleasant women, the rest of the picture spoils the impression. The Binarymate website looks very typical and ordinary. The broker did not put much effort into creating a quality and informative resource and instead presented traders with a templated site with primitive advantages and a lack of specifics in the text.

The homepage is abundant with images of attractive, slender women, it feels like too much and comes off as over the top. Beyond this, the site lacks additional visual effects or engaging design elements. The navigation bar at the top provides basic sections like information about the platform, terms and conditions, and an FAQ section. All in all, the Binarymate’s site barely earns a 2 out of 5 rating, and those two points are given solely to the pleasant online operators.

Partnership and Bonuses

Binarymate offers a deposit bonus that varies from 20% to 100%, depending on the amount. It’s essential to note, these bonus funds come with specific stipulations set by the broker. More often than not, these terms restrict your ability to withdraw your funds until the conditions are met. The issue here is that these conditions are often unreasonable, leading traders to lose their investment quicker than they can fulfill the specified requirements.

The platform does not provide any information about an affiliate program. However, it may be possible to enter a promotional code when creating an account, which could hint at the existence of such a program.

Account Opening on Binarymate.com

We’re unable to describe the account registration process as it is currently unavailable on Binarymate’s website. When trying to access the registration form, an error message appears: “Oops! There’s nothing here”. We reached out to a manager for clarification. Katrina confirmed, registration is currently disabled, and it remains uncertain when it will be re-enabled.

Registration

For unknown reasons, Binarymate has disabled the option to create new accounts. Could there really be significant demand for trading on an unlicensed platform, or is this some sort of strategic marketing move? Interestingly, the FAQ section does mention the availability of a demo account. However, for some reason, to access the demo, a client needs to fund the deposit. This raises the question: What’s the point of a demo account if you have to fund it with real money? Typically, traders use demo accounts to test the platform before depositing any funds, not after.

Verification

According to the user agreement, Binarymate reserves the right to request verification, suggesting that this step is recommended rather than obligatory. However, there’s nothing to stop the company from requiring verification as soon as you deposit funds. Importantly, it’s not possible to withdraw money without completing KYC, effectively making it a necessary step if you want to trade meaningfully on the platform. The broker asks for identification, proof of residence, and if the account is funded via a bank card, a photograph of the card itself.

Pros
  • None.
Cons
  • The firm states that verification is not obligatory; however, withdrawing funds without completing the KYC process is not possible.

Trading Software

We can only learn about the Binarymate trading platform through its description. The platform is web-based and accessible via any browser, with no downloadable software for computers. Although a mobile terminal is mentioned, clicking on the link leading to the Play Market (the Android application) results in a “page not found” error, indicating that the official store has likely removed the app.

Terminal

Binarymate describes its trading terminal as an extraordinary platform packed with numerous features and functions. However, our impressions based on the interface displayed on their website do not align with this claim. The software appears quite primitive and lacks essential features, such as the capability for technical analysis.

Features Binarymate Videforex Binomo
Demo Account ✔️
Mobile App
Own Development ✔️ ✔️ ✔️

How Can I Trade With Binarymate?

Clients can engage in binary options trading with both Call and Put options, featuring expirations starting from 1 minute onwards. The profitability per trade is variable and fluctuates depending on the specific asset. Additionally, Binarymate offers CFD trading, although they remain silent on the terms and conditions related to this trading option. We will explore the various types of accounts in further detail next.

All Info About Accounts

Binarymate offers three different account types: Bronze (minimum deposit from $250), Silver (from $1,000), and Gold (from $3,000). The Bronze account comes with perks like 24/7 live video chat support, a demo account, a copy trading tool, and a 20% bonus. The Silver account differs from the first by offering risk-free trades and a master class conducted via a web session. Finally, those who opt for the Gold account receive a personal manager from Binarymate.

Account types

Firstly, Binarymate leaves many trading conditions undisclosed, including crucial information like minimum trade volume, available expiration dates, and the range of profitability. Secondly, the high minimum deposit requirement of $250 poses a question, especially when other brokers allow for minimum deposits as low as $10. Thirdly, it’s unclear who conducts the master classes; there’s no information about the experts’ licenses, or certificates that would attest to their expertise. Lastly, the terms under which the copy trading and CFD trading services are provided are also not clear, including details like leverage, spreads, swaps, and commissions.

Binarymate’s trading conditions raise more questions than they answer. They can hardly be considered advantageous or competitive, especially when there are other companies offering more favorable and user-friendly terms.

Pros
  • None.
Cons
  • The demo account is only available after funding the account.
  • High minimum deposit.
  • Many trading parameters are hidden.

Market Analysis and Education With Binarymate.com

The official website of the company is devoid of analytical services and widgets. Educational resources are limited to a small FAQ section. Absent are an economic events calendar, real-time quotes, news feeds, and other valuable tools. Binarymate has chosen not to offer these services, despite their potential utility for many traders.

Deposit, Withdrawal, and Fees

You can top up your account balance using either fiat currencies via credit/debit cards, bank wire transfers, Neteller, Skrill, and Perfect Money, or through cryptocurrencies like BTC, LTC, and ETH. Binarymate’s financial department processes withdrawal requests within an hour and determines the method of withdrawal. Depositing through credit/debit cards incurs a 5% fee, while bank withdrawals come with a $50 charge; other methods are free of commission.

Features Binarymate ExpertOption Binary.com
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️ ✔️ ✔️
Crypto Transfers ✔️ ✔️ ✔️
Deposit Fee ✔️ ❌️ ❌️
Withdrawal Fee ✔️ ❌️ ❌️

How Can I Contact It?

Binarymate offers 6 different phone numbers for customer support, suggesting the team may assist not just in English but also in Russian, Chinese, Thai, and Singaporean. These numbers remain to be verified.

The check gave us interesting results. For instance, the UK number +442080685335 is also listed for the broker Raceoption; the Russian number +7-499-7033774 is associated with BitMaxTrade; and the Chinese number +3-395-0396 is tied to both Finrally and Binarycent. Other numbers would likely point to even more companies. Don’t you find this strange? We found numerous brokers sharing phone numbers similar to those of Binarymate. Moreover, the Binarycent website, which has a striking resemblance to our review subject in both layout and video chat feature, also has identical contact information.

Contacts

There are social media icons, but they are not clickable. Additionally, there’s no email address provided. On a different note, the video chat service is commendable, with prompt responses from women operators.

Pros
  • Binarymate offers a live video chat feature.
Cons
  • Mass phone numbers are listed.
  • No email or social networks.

Is Binarymate Dangerous?

The trading terms offered by the broker don’t appear to be attractive or profitable. It’s unclear why Binarymate has suspended new registrations and when this feature will be reinstated. There might be some catch, but we could not find it. However, we were able to find clear signs of a scam.

How Long Does The Broker Work?

The company fails to provide specific information about its founding date, and there are no available registration documents to offer any clues. Consequently, we’re left to speculate on the launch date through other means, such as the website’s domain registration history. Binarymate’s domain was registered in 2015; it’s necessary to check snapshots to find out what was happening on the site at different periods. Until 2017, there was nothing on the site, and only in 2017 did the design appear that we can see now.

We took the additional step of searching the Marshall Islands’ registration records for any mentions of the firm. Why should people have to look for registration documents themselves? The company could easily have provided this information on its website. We discovered that INVOLVA CORP, the entity behind Binarymate, was registered in 2020 but had its registration revoked in 2022, indicating that the platform was operational for roughly two years.

Foundation date

How Is Binarymate Regulated?

The broker’s website mentions regulation only once, represented simply by an icon labeled “regulated.” Taking such claims at face value without any proof would be imprudent. Binarymate is not overseen by any financial regulatory bodies, making its operations illegal.

Features Binarymate Quotex Binary.com
European Zone
Asian Zone
American Zone
African Zone
Offshore ✔️

Frequently Asked Questions (FAQ)

Kevin Berry
Ask question
Expert Opinion

What similarities exist between Binarymate, VideForex, and Binarycent? Can you identify more than 10 differences between these brokers? It’s funny to see how scammers, due to identical phone numbers, openly reveal all their fake brokerage projects. Clearly, if you encounter multiple brokerage websites that look the same and lack a license, you’re dealing with a scam. Any investments made in such setups are guaranteed to be lost. These scammers are adept at luring traders by borrowing tactics from casinos, using charming women dealers to encourage clients to play and inevitably lose their money. It’s best to steer clear of registering in Binarymate; you can’t even create an account right now, as registration is closed. And perhaps that’s for the best.

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Binarymate rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

7 reviews about Binarymate

DJ Aphrodite August 15, 2023 - 02:41
Lost over $500
The level of trust
Quick withdrawal of funds
Efficiency of technical support

I personally suffered a loss of over $500 while using Binarymate, which turned out to be a deeply disappointing experience. I’d strongly advise against trading or even registering an account with them, as you’re highly likely to lose your money. Once I started facing issues, they began to ignore me and subsequently blocked me. Furthermore, whenever I’d try to ask questions about fund withdrawal in their video chat, the operators would immediately block me.

Reply
Sailor Tailor August 18, 2023 - 19:08
Stay as far away from scam as possible
The level of trust

There are plenty of scam sites like this one. I’ve seen several myself. They have identical websites, the same managers in video chats, the same registration, the same terms and conditions. In short, it’s a scam, don’t fall for it and stay as far away as possible. Actually, forget about binary options altogether. Binary options are worse than casinos.

Reply
JJJ_XXX August 25, 2023 - 14:27
I don't recommend trading here
The level of trust
Quick withdrawal of funds
Efficiency of technical support

First and foremost, the company lacks an operating license. Although they had the option to obtain one from CySEC, they chose not to. Secondly, according to legal records, the firm was liquidated last year, raising the question of how it continues to operate. Thirdly, the internet is rife with negative reviews from traders who’ve had issues with the platform and encountered difficulties when trying to withdraw their funds. While there are also positive reviews, these are demonstrably fake. Numerous expose articles are available, which provide a detailed account of why this is a fraudulent brokerage and why trading here is a bad idea. Lastly, both the trading platform and the charts provided are fake.

Reply
Konstantin August 29, 2023 - 22:48
Another project of the same fraudulent group.
The level of trust

The brokerage firm was created with the purpose of stealing money from people. Moreover, Binarymate is not the only project of these scammers and criminals. There are brokers like Videforex, Binarycent, Raceoption, Finrally – projects of the same group of criminals and scammers. They create identical websites, then promote them with fake positive reviews, lure people in with money, and then steal it by refusing withdrawals.
Making money with Binarymate is impossible since the profitability of binary options is low. It’s also important to know that they have their own platform, so expect manipulated charts, or in other words, fake charts. Rest assured, the broker will work against you! The binary options scambroker is a Dealing Desk, which means its sole aim is to drain the client’s deposit. The probability of making a profit is zero.

Reply
Ashley Scooter September 1, 2023 - 15:01
Scammers!
The level of trust
Quick withdrawal of funds

Binarymate – just another group of scammers on the internet. Working with them is a big risk. Firstly, there is no necessary information regarding trading conditions. And to get a demo account, you need to deposit $250. What’s the point? Why should I deposit money if I want to try a demo that should be provided for free?
They only provide a user agreement and privacy policy and nothing more. There is no information about when this brokerage platform was created or who its founders are. Just a legal address, and that too in the Marshall Islands. It is a clear downside and a sign of scam and fraud.
Customer support is very weak. There are only group and private chats. There is no email or feedback system for clients. It seems like they don’t particularly want to communicate with their own clients, or don’t feel the need to.
It gives the impression that when you engage with them, you are left on your own, and your success or failure is solely your own business. They certainly won’t help you succeed, and they’ll still take your money.

Reply
GodOfWater September 7, 2023 - 11:58
They stole my money. I lost $1,000
The level of trust
Quick withdrawal of funds
Efficiency of technical support

The company is made up of swindlers, scammers, and criminals who don’t want to give me my own money back. How can you first promise safety and favorable conditions, and then refuse to withdraw money? I write angry messages to them in the chat, hoping for a refund, and they delete my messages. Binarymate scammed me out of $1,000. Now I can’t even access my personal account; it won’t let me in. They took me for a ride and deceived me.
I urge everyone – do not invest money in Binarymate, because these scammers will deceive you as well. They will take your money and not return it. All their promises and advantages are lies, fake and fairy tales.
I should have looked for a legitimate broker with licenses instead of trading with this fake and fraudulent company. The $1,000 I gave to the scammers was a significant part of my savings. Losing that amount has seriously affected me; I’ve become ill and feel terrible. Please, do not trust these scambrokers; do not invest money here.

Reply
Carley Orlan September 9, 2023 - 11:08
do not use

They will eventually take everything away from you

Reply

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