BinaryMate has rebranded to RaceOption.
BinaryMate offer some unique benefits, including guaranteed withdrawal processing in one hour, and live video support 24 hours a day. The firm offer different levels of account based on deposits and awards both bonus funds, and risk free trades at certain account levels – terms will apply.
- $1 Minimum Trade
- $250 Minimum Deposit
- 1 Hour withdrawal processing
- $20,000 Prize pool contests
US residents are able to open an account and the firm also offer a demo account for potential new traders to try out the platform. The brand offer a broad range of deposit and withdrawal options – and the 1 hour processing is an interesting offer, suggesting BinaryMate know what might be leaving customers frustrated elsewhere.
The platform and trading area look slick and uncomplicated. All the choices that traders need to make are simple to reach and easy to use. One of the attractions of binary options is the simplicity in comparison to other trading vehicles – and the trading platform ensures that is maintained here.
The price chart includes the expiry time, with a visual line on the chart, and a dashed line shows when a 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.
The trading choices are along the top of the screen, and to the right. The underlying asset and expiry are set at the top of the screen, using simple drop down menus. The trade size is set in the top right of the trading area, and the trading buttons below. They are very clear, with the current strike price shown between them so a trader can see exactly the price they are trading at.
The payout for the particular asset is shown on the right – both the percentage and the potential payout based on the trade size that has been selected. There are also some additional features on the platform, for example charting options and a ‘sentiment’ bar, showing which direction traders are currently forecasting.
The trading area is very easy to use and looks good – it pulls together everything a traders needs, in a tidy, useable way. That clarity then transfers very well to the mobile app, which looks are performs the same.
3 Types of digital trade are available:
- Standard High / Low
- 60 Second
- One Touch
The choice of underlying assets includes the usual range of currency (forex) pairs, stocks, indices and commodities. The range at BinaryMate is comparable with most leading brands, with all the popular assets listed.
Payouts reach 90% but will change based on the markets – and the expiry time and specific underlying asset. In general, the payouts with BinaryMate are good, relative to rival firms.
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, was designed with the idea of being the same on any device. So the web version looks and operates exactly the same as the mobile version. This delivers a seamless user experience for traders moving between the two.
The mobile app provides instant execution of trade, but also delivers account management options, and full charting tools. Traders can also list their full trade history on the mobile. It is a very strong offering and has been thoughtfully developed and created.
The firm boast an industry leading 1 hour processing promise. This is far superior to any comparable firm and is a definite plus point. In order to request a withdrawal, users must have completed the verification process. It is worth doing this as early as possible in order to avoid delays with payments or any disputes.
Withdrawal methods include wire transfer, debit and credit cards, and a full range of e-wallet services, including Paypal, Neteller and Web Money. BinaryMate also accept Bitcoin deposits – a unique selling point for users of the crypto currency. The minimum amount that can be withdrawn is $50.
The firm also offer deposits and withdrawals via a new e-wallet provider – Paxum. A new firm, Paxum provide services similar to Paypal and Skrill. So far BinaryMate are the only firm taking payments (and withdrawals) via the Paxum service.
Some bonus terms and conditions will mean turnover requirements are set before any withdrawal can be made. For this reason, it is important to read the terms of any bonus awarded – if the turnover requirements might not be met, then traders can (and should) turn the bonus down.
There are regular contests where traders can compete with each other for prize pools that total $20,000. The terms and conditions of each contest can vary, but they are open to experienced traders and beginners alike. Some are decided based on number of trades, others on profit or particular assets. They are an interesting feature though, and popular among traders. At least 20 traders win in the contests each and every week.
BinaryMate do offer a demo account, but traders will need to register and discuss a demo with an account manager. There can also be time restrictions on how long the demo account is available. While offering a demo account is obviously a plus, this is one area where the brand could be more customer focussed and offer an unlimited demo in order to show their platform to a wider audience.
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