BinaryMate has been rebranded as RaceOption.
BinaryMate offers several unique benefits, including guaranteed withdrawal processing within one hour, and live video support 24 hours a day. The firm offers different account levels based on deposits and awards of both bonus funds, and risk-free trading at certain account levels – terms will apply.
Main topic:
- $1 Minimum Trade
- Minimum Deposit $250
- Production processing 1 hour
- $20,000 prize pool contest
US residents can open an account and the firm also offers a demo account for potential new traders to try out the platform. The brand offers a variety of deposit and withdrawal options – and 1-hour processing is an attractive proposition, suggesting BinaryMate knows what might leave customers frustrated elsewhere.
Trading Platform
The platform and trading area looks smooth and uncomplicated. All the options a trader needs to do are easy to reach and easy to use. One of the attractions of binary options is its simplicity compared to other trading vehicles – and the trading platform ensures that is maintained here.
The price chart includes the expiration time, with a visual line on the chart, and a dotted line showing when the trade must be placed by. As a trade is placed, it is displayed on the chart, and the graph will update the position as the price changes. Any number of trades can be opened on the same chart.
Trading options are at the top of the screen, and to the right. Base assets and finishes are set at the top of the screen, using a simple drop down menu. The trade size is set at the top right of the trading area, and the trade button below. They are very clear, with the current strike price shown between them so a trader can see exactly what price they are trading at.
Payouts for specific assets are shown on the right – both percentages and potential payouts based on the chosen trade size. There are also some additional features on the platform, for example a chart option and a ‘sentiment’ bar, which shows which direction traders are currently forecasting.
The trading area is very easy to use and looks good – it pulls together all the trader’s needs, in a neat and usable way. That clarity then transfers very well to the mobile app, which appears to work similarly.
Trader’s Choice
3 types of digital commerce are available:
- High / Low Standard
- 60 Second
- One touch
The underlying asset options include common currency pairs (forex), stocks, indices and commodities. The range at BinaryMate is comparable to most major brands, with all popular assets listed.
The payout is 90% but will vary based on the market – and expiration time and specific underlying assets. In general, payouts with BinaryMate are good, compared to rival firms.
Mobile App
The mobile platform has been designed for both android and iOS (iPhone and iPad_ and takes advantage of the strengths of each operating system. The trading platform, for both web and mobile, is designed with the same idea on any device. web version looks and operates the same as the mobile version, providing a seamless user experience for traders moving between the two.
The mobile application provides instant execution of trades, but also delivers account management options, and full charting tools. Traders can also list their full trading history on the mobile phone. It is a very powerful show and has been carefully developed and created.
Production
The firm has a promising 1-hour processing industry. This is significantly higher than any comparable firm and is a definite plus point. To request a withdrawal, the user must have completed the verification process. It should be done as early as possible to avoid delays with payment or any disputes.
Withdrawal methods include card transfers, debit and credit cards, and various e-wallet services, including Paypal, Neteller and WebMoney. BinaryMate also accepts Bitcoin deposits – a unique selling point for cryptocurrency users. The minimum amount that can be withdrawn is $50.
Paxum
The firm also offers deposits and withdrawals through a new e-wallet provider – Paxum. A new firm, Paxum provides services similar to Paypal and Skrill. So far BinaryMate is the only firm that takes payments (and withdrawals) through the Paxum service.
Some bonus terms and conditions mean that a turnover requirement is set before any withdrawals can be made. For this reason, it is important to read the terms of the bonus given – if the earning requirements cannot be met, then the trader can (and should) return the bonus.
Contest
There are regular contests where traders can compete against each other for a prize pool totaling $20,000. The terms and conditions of each competition can vary, but they are open to both experienced traders and beginners. Some are decided based on trading volume, others on profits or specific assets. They are an interesting feature though, and popular among traders. At least 20 traders win in the competition every week.
Demo Account
BinaryMate offers a demo account, but traders need to register and discuss the demo with the account manager. There is also a time limit on how long the demo account is available. While offering a demo account is obviously a plus, this is one area where the brand can be more customer focused and offer unlimited demos to show their platform to a wider audience.