In principle it would seem that one of the simplest routes into trading on the financial markets is by signing up to a binary broker and following the simple instructions to start generating a significant income. In fact, creating an account is this simple; a visit to the website of your chosen broker will allow you to fill in a form and create your account. Then you simply need to add some funds to be able to start trading. Even the amount of funds required is generally low; most brokers accept $250 and may even offer a welcome incentive to help you start making a profit on your investments.
Unfortunately, the ease of access to this type of trading also means that there are several firms which are effectively scams; pretending to offer you the opportunity to generate a good income whilst simply wanting your funds. To avoid these types of offer it is important to understand the principles of binary trading and to read a review of any firm, such as BinaryMate, that you may be considering using.
It is simple to understand the most basic type of binary trade. After studying the market you should be able to pick an asset and decide whether the price is moving upwards or downwards. You then decide to place a trade on this movement in the price. To do this you simply decide how much funds you would like to invest and how long the trade will last. When undertaking simple price direction and trend based trades it is advisable to keep the trading period short. An expiry time of one or five minutes is best. Once you have placed the trade you wait; you cannot influence it now! At the point of expiry, if the asset price has moved in the direction you expected you will receive your funds back and a good rate of return. If you were wrong your investment is gone and you will need to start again.
This company is actually a newcomer to the binary industry. It was established as recently as July 2016 which can make it difficult to establish how reputable it is. In the short period of time it has been trading it is rapidly building a customer base in Europe and is offering some interesting new features.
It is likely that this broker is offering a legitimate service as it is a Scottish based firm. As such it has been registered with the UK financial authority and must comply with all the regulations in place in the UK. These regulations are fairly strict and designed to protect the consumer. Registering in the UK suggests that they mean to offer a fair and genuine service.
As with the majority of binary brokers there are a variety of levels of account. The one you are allocated will depend upon the amount of funds you deposit. This is the standard approach. BinaryMate is unusual in that it will accept investments as low as $1, although you will still need to fund your account with $250 before you can start trading. The obvious upside of this is that you can place two hundred and fifty small trades whilst learning the ropes.
The minimum deposit amount will provide you access to the Bronze account. This includes a welcome incentive of a fifth of you chosen deposit. There is also access to an array of educational materials, an excellent customer support team and a practice account. This can be exceptionally useful for beginners looking to get established without risking their own funds.
Moving up the account brackets and anything over one thousand dollars will get you a middle range account where your initial deposit is matched with half of the amount you deposited. As well as the benefits offered by the base account you will receive access to several risk free trades.
The top account is reserved for those depositing over $3,000. In exchange BinaryMate will match your deposit and provide a trading protection program as well as a personal account assistant.
The Advantages and Disadvantages
Because BinaryMate is a recent addition to the binary trading scene they are working exceptionally hard to provide the best possible service. Part of this includes the ability to accept traders from any country around the world; this is not something that many other brokers are able to offer.
There are a variety of other reasons for choosing to use the services of this broker; the first of these is an extremely attractive rate of return. The BinaryMate review shows that it is possible to get returns as high as ninety percent; this works alongside the matching bonus already mentioned to create the opportunity for significant returns on your investments.
Perhaps one of the most impressive features of this broker is the live video chat option. You can speak face to face with an advisor; regardless of what time of the day or night it is. This inspires confidence and allows you the fastest possible response to your questions.
Another impressive feature is the time it will take you to access your funds and transfer them to your own account. This can be completed in as little as one hour regardless of the way you wish to move your funds.
Of course, no broker is perfect, but one of the biggest flaws of BinaryMate is actually the fact that they are so new. Although they are doing all the right things they have not been established long enough yet to have gained a top rate reputation.
The other downside which will hopefully be improved upon in the future is that there is no mobile option currently available. You need to be near your computer to trade.
BinaryMate offers an impressive array of options to fund your account with. These include Visa, MasterCard, PayPal and even WebMoney. Depositing and removing funds is exceptionally easy and one of the most attractive features of this site.
BinaryMate’s low minimum investment amount and practice account mean that they are perfect for new users who are seeking to find their feet in this trading environment. However, they can also be an excellent choice for more experienced traders due to their impressive service and high rates of return.