Binarymate fees: How much does it cost to trade
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BinaryMate is one of the few online trading platforms that are available in almost all countries. Although this platform is not regulated, its parent company, i.e., Suomen Kerran LP, is legally registered in Scotland.
But why should you only choose BinaryMate when there are multiple other reliable binary brokers available? That’s because this platform offers the highest payout rate as compared to other brokers.
While trading with BinaryMate, if your speculations are correct, you can easily expect a payout of 90%. Also, to increase the profitability of traders, BinaryMate has made various asset trading available on its platform. So, it makes sense why traders are choosing BinaryMate over its competitors.
If you also want to trade with BinaryMate, this guide will help you know the BinaryMate fees that traders are required to pay.
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Fees and charges
Like other trading platforms, BinaryMate also charges a minimal fee on a few things. However, a trader doesn’t have to pay any fees for the Payout amount.
That means the total Payout amount will get transferred to the trader’s bank account without any deduction. Also, a trader can have access to all the previous transactions without paying any charge for them.
Here are a few things for which traders must pay fees.
Commission fees for BinaryMate
A commission fee is an amount that a trader must pay when buying or selling stock or any other assets through BinaryMate. Since all the trading broker works differently, they charge different commission fees.
But what’s the need to pay commission fees? Well, commission fees can be seen as a premium traders pay to their broker each time they trade, i.e., they buy or sell. Commission fees also depend on the type of assets that’s been traded.
This premium is paid to brokers because they help traders to execute binary options trading through their platform.
Sometimes, brokers offer a discount on the commission fees. Other times, they keep a flat price. Traders must pay a commission fee if the order is canceled, modified, or fulfilled on their behalf by the broker.
Since every broker charges a given amount as commission fees, it’s better to choose one that charges minimal fees. And BinaryMate is one of the few online trading brokers that does not charge hefty commission fees.
While BinaryMate does not charge huge trading fees, it charges a comparatively greater non-trading fee. Non-trading charge refers to the amount a trader must pay for doing things other than trading on the broker’s platform.
BinaryMate is not the only online trading broker that charges a non-trading fee. Many other trading platforms also charge this fee because third-party platforms require it.
Here are a few non-trading fees charged by BinaryMate.
Deposit fees for BinaryMate
To fund your BinaryMate account, you need to get yourself registered with this platform. After the registration, you should add a minimum amount of $250 to your broker’s account and pay the required deposit fees.
The minimum deposit amount charged by BinaryMate might not be the lowest, but it’s worth it. That’s because after depositing the minimum amount, you can get access to a bronze account. You can also unlock the silver or gold account by paying a different range of money.
BinaryMate has authorized a couple of payment methods that you can use to fund your account. You can deposit money using credit cards, Bitcoin, Altcoin, Neteller, Bank Wire Transfer, or Skrill.
For each of these methods, you must pay different transfer fees. Like, to deposit money through Visa and MasterCard, traders are required to pay 5% fees. However, the transfer fee gets reduced when using any other payment method.
Withdrawal fees for BinaryMate
Just as BinaryMate needs deposit fees, it also requires traders to pay withdrawal fees.
Once a trader has requested a withdrawal, the finance team of BinaryMate initiates the process within one hour. But processing the withdrawal request can take time if traders have not submitted their details correctly.
The minimum amount a trader can withdraw from their BinaryMate account is $50. No matter what the limit is, a trader needs to submit the required identification proof for each withdrawal request. Proof is required for keeping the money transfer process safe.
BinaryMate accepts payment methods like credit cards, eWallets, Bitcoin, Altcoin, and Bank Wire Transfer to simplify the withdrawal process. A trader can choose any of these methods that they are familiar with.
Also, each of these withdrawal methods requires different fees. For example, the withdrawal fees charged by Visa cards and MasterCards are more than the fees charged by other Bank Wire Transfer or other methods.
Traders must submit identity proof required by each of the withdrawal options to speed up the process. Like, to withdraw money using a credit card, traders need to submit a copy of a credit card, three-month recent address proof, and a government-issued photo ID.
While withdrawing money using Bank Wire Transfer, a trader needs to submit a copy of the bank statement showing the money transfer and a document showing a connection between the bank and the trader. Lastly, for eWallet, address proof and photo ID that matches the eWaller account information of the trader are needed.
Inactivity fees for BinaryMate
When a trader gets themselves registered with a binary options broker, they need to fulfill the terms and conditions. Like for using BinaryMate, the registered traders need to pay inactivity fees.
Now, an inactivity fee is an amount that traders pay to their respective brokers for not buying or selling assets over time. There is no standardized inactivity fee because it depends on each broker’s trading requirement.
When a trader opens an account with BinaryMate, they don’t have to pay an opening or maintenance charge. However, if they fail to trade once in any calendar month, they will be levied $10 for each month.
Similarly, if a trader continues to do this for a year, BinaryMate can cancel the balance amount. But a trader can collect money from a closed, inactive, excluded, or blocked account by reaching out to the customer support team of BinaryMate.
As a trader, if you want to cancel the services offered by this platform, you can do it anytime without losing your money. BinaryMate will process your cancelation request in no time.
But if you have traded in any asset and its position is still open, you either have to wait until it expires or close it yourself.
Also, BinaryMate can cancel the account of any of the traders for legitimate reasons. For example, if trader’s activities are illegal or if their activity is damaging BinaryMate’s reputation. The account can also be canceled if a trader does not provide Know Your Client documents or if the account is violating BinaryMate’s agreement.
What can you trade with BinaryMate?
BinaryMate has made it possible for traders to trade in different kinds of assets by offering them more than hundreds of options. Not just this, but this platform also offers 54 instruments to trade successfully.
Here is a list of different assets that you can trade with through BinaryMate.
Out of all the assets, it’s the stock trading that most traders are familiar with. The best thing is that BinaryMate offers several stock options to trade.
One can trade in NISSAN MOTOR, ALPHABET Inc C (Google), FACEBOOK, WAL-MART, TATA MOTORS (INDIA), COCA-COLA (U.S.), GENERAL MOTORS, NETFLIX, and more.
To diversify your trading, you can choose this asset. Indices are nothing but a group of stocks. Trading in indices reduces the risk and increases profitability because stocks in the index perform better than a single stock.
With BinaryMate, you can trade in DOW (U.S.), DAX (GERMANY), ISE 30 (ISTANBUL STOCK EXCHANGE), MSM 30 (OMAN), KUWAIT (KUWAIT GENERAL INDEX), and many more.
BinaryMate brings you an opportunity to trade in different currency pairs. For example, GBP/USD, USD/CAD, AUD/USD, BitCoin/USD, CAD/JPY, EUR/AUD, and more.
The last type of assets traders can trade in are commodities. Commodity trading brings less risk and is more profitable. So, it can be a good start for newbie traders who don’t know much about binary options trading.
One can trade in commodities like silver, sugar, coffee, gold future, oil future, gold, platinum, and more.
Trading in binary options is one of the easiest ways of making quick money. But this does not mean that binary trading is easy. However, popular binary options trading platforms like BinaryMate have simplified the trading process.
To begin trading with BinaryMate, every trader needs to pay a small trading fee. If your predictions are correct, you can earn a lot more than what you have paid as trading fees.
BinaryMate charges withdrawal, deposit, and inactivity fees. But there is no fixed amount as the withdrawal and deposit depend on a third party. And inactivity fees are charged based on the duration for which the account has not been used for trading.
All in all, BinaryMate is an excellent platform because it has made binary options trading easy with its simple terms and conditions.