Video BinaryMate Review
With hundreds of binary options brokers that are operating on the internet today, have you ever stopped to wonder who you are dealing with at the other end of the computer screen when you sign up with a broker? I would dare wager that none of us can ever put a face to the person that we are dealing with, that is until now. For the first time in the binary options trading industry, we have a binary options broker that is offering a live video feed showing exactly who we are dealing with at the other end of the computer screen.
The live video chat service is offered by a newly established broker called BinaryMate. The platform is managed by a Scottish management company called Suomen Kerran LP. Based in Edinburgh, BinaryMate is really making waves with their innovative live video feed service. Who wouldn’t be impressed? I certainly am as it feels more personalized since you can see who you are talking to. It’s also actually quite entertaining as you can see what other people are writing too. See for yourself. Apart from their impressive video feed system, the broker also offers a wide range of financial instruments to trade with. At the last count, the number of instruments exceeds 160 types.
As for the trading software that BinaryMate has provided, it is a web based platform like what most brokers in the industry are offering. But what I personally like about BinaryMate’s trading platform is the design of their user interface. While it is nothing fancy, it is definitely easy on the eyes and simple to use. To be honest, it didn’t take me more than a minute to figure out how to place a trade with their trading platform. They keep things as simple as it should be. Most people take up binary trading for the simple reason that it is easy to understand and to trade with. So it actually defeated the purpose when brokers over the years started to introduce more option types making things much more complicate.
Coming back to the platform, you will find the price chart dominating most of the trading screen. But all the necessary information that you need to help you make up your mind about a trade is all prominently displayed. After you have executed your trade, the chart also gets updated automatically showing your market position. Another great thing about this platform is that you can also make several trades on the same chart.
Mobile trading is also supported by BinaryMate. So if you are the type of person who is constantly on the move and still wants to stay in touch with all the developments going on in the markets. Simply download the apps from Google Play Store if you using an Android powered device, or from Apple’s App Store if you are using an iPhone or iPad.
While there are many plus points about the BinaryMate’s trading platform, it does suffer from a few limitations. One of the limitations is the lack of trading tools such as technical indicators which you overlay over the chart. Another limitation is the lack of the ability to change the chart timeframe.
Account Types and Asset Index
For trading accounts, you get 3 choices, bronze, silver and gold. The minimum deposits for these accounts are $250, $1000 and $3000 respectively. Of course each of these accounts comes with their own perks and benefits such as 20% deposit for bronze account and 100% deposit bonus for gold account.
As mentioned earlier, BinaryMate offers in excess of 160 types of instruments. These underlying assets are taken from major asset classes such as forex, commodities, stocks and indices. The fact that BinaryMate is able to offer so many different types of underlying assets is quite surprising as they only recently began their operations. Nevertheless, this shows that they are serious in trying to make a name for themselves in this extremely competitive industry. The good thing about so many assets being covered is that you can always be sure of finding something that you can trade!
Deposit and Withdrawals
Another area which BinaryMate has been able to distinguish themselves from the rest of the pack is the processing time of client’s withdrawal request. They guarantee that all withdrawal requests are processed within the hour. Actually this is unheard of in the binary trading industry. So far the shortest processing time for a withdrawal request is one business day. As for the payment methods which BinaryMate supports, they include credit and debit cards, major eWallet services and bank wire transfers. It should be noted that for bank wire transfers, there is a $50 service fee charged by BinaryMate. In addition, the minimum amount withdrawn must be at least $50.
Apart from the live video feed service, BinaryMate has made their customer support service available 24 hours a day 7 days a week. Furthermore, the service is also available in several major languages such as Russian, Thai, Chinese and English.
Is BinaryMate a Scam?
No it certainly is not. At least in my opinion, having tested the service for myself. Their support service is always available and they are true to their word when it comes to withdrawals. I have had a very positive experience test driving this broker.
Pros & Cons BinaryMate
- Choices of Trading Accounts
- Extensive Coverage of Markets
- Live Video Support
- User Friendly Trading Platform
- Lack of Additional Trading Tools
Conclusion about BinaryMate
As for my verdict about this broker, I was totally blown away by what they offered in terms of their product offering and customer service. The extra effort put in by BinaryMate into their support service had me totally impressed. For the very first time, I have been made to feel welcome by an actual person and not just some text in a chat window.
Another thing that they have to be commended for is their guarantee to process all withdrawals within an hour. Like I said earlier, so far no other brokers in the industry have been able to offer such a guarantee. This is despite the fact that the number one concern which most traders in the binary trading industry is the time taken for a withdrawal. So in view of what BinaryMate is offering, it’s easy to sense that this broker is being proactive rather than reactive. In my opinion, this broker is truly worth a tryout.