Unveiling the Deceptive Veil: Binarymate, the Elusive Forex Scam

The quest for a reliable broker becomes paramount in the huge world of forex trading, where fortunes are made and lost in the blink of an eye. However, lurking within this realm of opportunity lies a disheartening reality: the prevalence of scam brokers seeking to exploit unsuspecting traders. Among the treacherous waters of deceit, one name stands out: Binarymate. This piece attempts to expose the true color of the broker and warns traders to proceed with caution.

Binarymate: Unmasking the Deceptive Charade

Binarymate is an online forex broker operated by INVOLVA CORP (Nr. 104693) and is based in the Marshall Islands. With 4336 registered accounts and a staggering $4792656 trading volume, the allure of profits is irresistible. The claim of $445233 in payments to traders and enticing features like 24/7 live video chat support, guaranteed withdrawals within an hour, and weekend trading, create a captivating facade. Concerning the availability of trading platforms, clients do not have much choice available. The company offers a custom-built proprietary trading platform to access the market. However, you have the flexibility of selection between different account types. If you need to get in touch with the broker, the company provides customer support via telephone and live chat.

Is Binarymate Regulated?

While Binarymate claims to be regulated by the Marshall Islands Registry (IRI), the reality is that IRI does not issue licenses or regulate forex trading or brokerage activities. Consequently, Binarymate lacks proper financial regulation, leaving investors' funds unprotected and vulnerable.

Clientele Feedback

Client feedback about the broker reveals a troubling pattern of deception and mistreatment. Despite initial success, withdrawing funds becomes an ordeal, with excuses and unresponsive support. Traders report dubious practices, such as manipulated trades and bonuses, to discourage withdrawals. The lack of regulation leaves investors vulnerable, and attempts to seek assistance go unanswered, raising serious concerns about the broker’s legitimacy. 

Why Is Binarymate A Scam?

Off-Shore Firm with No Authorization

Binarymate, an off-shore firm, lacks proper authorization and regulation. The Spanish National Securities Market Commission (CNMV) has warned against providing investment services in the country.

Dubious Practices and Unresponsive Customer Service

Binarymate faces allegations of fraudulent practices and unresponsive customer service. Operating under multiple websites, such as IQcent and binarymate.com, they utilize purported 24-hour customer service, but clients report inefficiency and lack of communication. Withdrawal attempts are met with evasion, as the platform falsely claims the need for phone verification that never materializes.

Inaccurate Platform and Manipulated Trades

Binarymate's platform exhibits accuracy issues, with tick charts showing discrepancies of over 1000 pips compared to actual market data. Traders have reported significant losses due to these inconsistencies, even presenting evidence of winning trades on tick charts that result in losing payouts.

Exploitative Practices and Unethical Recruiting

The broker’s alleged exploitative practices involve using young immigrant girls in Israel to attract users, regardless of their lack of trading knowledge. This unethical recruitment raises severe concerns and demands investigation by relevant authorities.

Bottom Line

Since the company is not regulated, you need to steer clear of its deceptive allure. Protect your funds by signing up for regulated alternatives for a secure and reliable experience. You can discover trustworthy brokers at Brokersview and trade with confidence.