When one starts investing, first of all, the experienced trader should check whether the broker he wants to invest in is a scam or not. In this review, we will help you to understand is it worth to work with Binarymate.
It should be noted that in 2015 – 2017 many new binary options brokers have been established and, according to financial authorities, 70 per cent of them are scams.
The broker was founded in 2016. Their official website is www.binarymate.com. The site looks very beautiful and uncomplicated and if you have no experience, you may believe in, apparently, structured and credible information, but it’s a mistake. You should remember that a beautiful website doesn’t say anything about a broker’s reliability.
Now for Reliability
The company that owns this broker is Affort Projects S.A is registered in Seychelles. Their trading office address is in Edinburgh.
They offer a new form of customer support. It’s a live chat. This advanced platform with video chat is available in Web, Android and iPhone. The real people guide you in trading questions, and this would be their special thing if other aspects of the broker wouldn’t be so suspicious.
The minimum deposit is $250 as usual for other binary options broker. They have a demo account. This broker offers you just 48 assets that are not enough for binary options broker. There are not many options, as well.
With regard to their regulation, we have to assume that Binarymate hasn’t one. They supposed to register in Seychelles, and the regulatory authority there is FSA. We’ve tried to find Affort Projects S.A as an offshore on their official website, but we couldn’t. So they don’t have a registration even as an offshore, not to mention a registration in Great Britain.
Serious and reliable trading brokers register in FCA (the Financial Conduct Authority). It’s a financial regulatory body in the United Kingdom that regulates financial firms. Other scam brokers try to lie about their regulation and license, but Binarymate doesn’t. We couldn’t find any information about their legit activity on their official website.
You can see for yourself if you want that they were mentioned in the list of unauthorised firms on the official FCA website (link https://www.fca.org.uk/consumers/binary-options/unauthorised-firms).
One more step leading down is the registration on their platform and following problems with withdrawal. One of their scam schemes is that they do not require any personal data and when you request for withdrawal they refuse because of the absence of this data.
Let us conclude by saying you need to understand that possession of a license doesn’t mean anything at all, and the absence, especially, should suggest that the broker isn’t reliable.
Binarymate is just another scam wishing to profit from inexperienced trader. Against the activity of the company indicated not only detailed analysis and negative reviews but inclusion on the FCA unauthorised firms list.