Cherrytrade review – Binary Options Broker TEST

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Cherrytrade Review

CherryTrade is a good binary options broker with a great reputation and easy to use trading platform.

  • Minimum Deposit: $200
  • Average Payout: 81%
  • Get 5 Risk Free Trades

Broker Info

Name CherryTrade Web site www.cherrytrade.com Online since 2020 Country Gibraltar Platform SpotOption

Broker Rating

CherryTrade was founded in 2020, and over the years this broker has become one of the top choices for traders (mainly US), because it’s the perfect broker for both novice and experienced traders. CherryTrade was able to establish themselves in the industry with their outstanding customer support, their extremely user-friendly platform, and their very knowledgeable team and they have a very good reputation in the binary industry.

This broker is owned by Redtulips Consultants LTD, a company which has offices in London, and operates from Gibraltar. We have split up this CherryTrade review into multiple categories.

Assets and Trading Software

Cherry is known for their extremely easy to use platform, which includes an education section, giving in-depth knowledge about binary options trading, advantages, strategies and much more. The broker offers over 100 different assets in 4 different categories: commodities, indices, currency pairs, and stocks including Facebook, Amazon, Twitter, Apple and many others.

They offer six different options which include the classic call/put binary options, pairs, long term with expiration up to a year, 60 seconds binary options, as well as 180 seconds and 300 seconds options, one touch options with up to 550% profits, and ladder options with an industry leading up to 1500% profit. CherryTrade now also offers the trading tool Ifollow, which lets traders follow experienced and successful traders automatically placing their trades on their account.

Cherrytrade works on all devices: pc, smartphone, tablet. Their platform is web based, which means that you don’t have to download any software to get started. This way you can even access your account from computers where downloads are not allowed (for example at work). Of course if you want to trade on your smartphone or tablet, you will have to download their app. The Cherrytrade app works on both: android and iOS. You you are using a PC, then you are not restricted to any operating systems: you can use Microsoft Windows, Linux or any operating system, as 100% of the trading is done online. This means that you can access your account from any device that has internet on it.

Cherrytrade Account Packages

CherryTrade offers a variety of packages that cater both to novice traders who need education and more one on one support from Cherrytrade’s experts, as well as to more advanced traders that need a more tailored account that include bonuses and risk free trades.

Depositing and Withdrawing

Depositing with CherryTrade is pain free and very quick, while using the very safe and secure SSL encryption for all of their transactions. Even though this broker is not regulated by CySec, you can still feel safe, because one of the priorities of this company is to make the platform as safe as possible. You can open an trading account in any of the following currencies: USD, EUR, AUD, CAD and GBP.

You can deposit and withdraw money using following payment methods: Credit/Debit Card (including Amex), Wire Transfer, Skrill (Moneybookers). The minimum deposit on Cherrytrade is only $200, which is one of the lowest in the industry.

Educational Resources

CherryTrade knows that being successful is the most important aspect of trading and because of this they have the number one best educational center today in the industry, that has a wide range of resources including individual training sessions with professionals. As soon as you register with CherryTrade you receive access to huge online training video library of the site and also an online e-book. Cherrytrade has many different levels of education that can turn even the most novice of trader into a successful one. We recommend checking out these resources especially if you are new to binary options trading.

Customer Support

While reviewing this broker, we found out that CherryTrade’s outstanding customer support is available 24 hours a day, 6 days a week via email, phone, and Live Chat. Their team of professionals are not only able to help clients with any questions they have about the website, but also with trading tips, while also having a vast knowledge base about the different financial markets. The Live Chat support is great, if you have an urgent question.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker!
    Perfect Choice For Beginners and Middle-Level Traders!
    Free Demo Account! Free Education!

  • Binomo
    Binomo

    Honest broker!

CherryTrade Review

Summary

CherryTrade is a mainstream binary options broker that has excellent products and services in its portfolio, which is slightly let down by a sub-par support service. Traders should contemplate their choices carefully before investing.

CherryTrade Broker Review Intro

There are several binary options brokers in the industry that claim to hold the #1 spot in the financial markets, but the reality is further from the truth. Even though the binary options market witnesses one of the largest influx of companies vying for the top spot, it is up to the traders to determine the best binary options trading company that is worthy of receiving high praise.

CherryTrade is indeed one of the more popular names in the binary options market, and there have been numerous instances where CherryTrade has managed to pip its rivals to become a preferred financial company among retail traders. CherryTrade is home to some amazing binary options products, which really does make it a premium broker. However, does the broker have what it takes to claim the #1 spot? In our CherryTrade review, we did find out some broker discrepancies and a few minor issues that may prevent the company from banking on its claims, but there are several advantages that do work in the broker’s favour. We attempt to unravel all the aspect of CherryTrade trading such as choice of assets, payouts, platforms, bonuses, and customer service.

CherryTrade Broker Location & Licensing Information

CherryTrade does not provide any information about its broker location or licensing data. In fact, the broker hasn’t even bothered to list an official address for its clients, which does sound dubious and not well-accepted by traders. Seasoned investors usually make it a priority to understand the physical and regulatory attributes of a company before trusting them with their investments. That is why traders mostly prefer to trade with regulated entities, which are capable of displaying a certain level of authenticity and reliability when it comes to the safety of funds.

Immaterial of the CherryTrade’s regulatory status, the broker has indeed lived up to its clients’ expectations by safeguarding investments and providing a reliable trading platform. CherryTrade also employs the most advanced security protocols so that traders don’t have to worry about the safety implications of their trading accounts.

Tradable Instruments For CherryTrade Clients

CherryTrade is a mainstream binary options broker that competes directly with the leaders in the market. Therefore, the company cannot afford to stay relaxed when it comes to offering the largest number of underlying instruments that covers a large part of the financial markets. In spite of the broker’s affinity towards providing coverage for a vast majority of the markets, there are still issues with the overall number of CherryTrade assets. Provided below is a list of tradable instruments picked from their official asset index:

Stocks: IBM (US), MICROSOFT (US), APPLE (US), CITI (US), COCA COLA (US), GAZPROM (RUSSIA), HSBC HOLDINGS (LONDON), LUKOIL (RUSSIA), NIKE (US), SBERBANK (RUSSIA), TATA MOTORS (INDIA), TESCO (UK), AMAZON (US), GOOGLE (US), FACEBOOK (US), TWITTER (US), EBAY (US), ALIBABA (US), MCDONALDS (US), WALT DISNEY (US)

FX: EUR/GBP, EUR/JPY, EUR/USD, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/RUB, USD/SGD, USD/TRY, USD/ZAR

Commodities: COFFEE, GOLD, OIL (LIGHT SWEET CRUDE), PLATINUM, SILVER, SUGAR, WHEAT

Indices: BOMBAY SE, DAX (GERMANY), DOW (US), DUBAI FINANCIAL MARKET GENERAL INDEX (DUBAI), FTSE 100 (UK), HANG SENG (HONG KONG), KUWAIT GENERAL INDEX (KUWAIT):, MICEX 10 (MOSCOW INTERBANK EXCHANGE), NASDAQ (US), NIKKEI 225 (JAPAN), RTS (RUSSIAN TRADING SYSTEM, MOSCOW, RUSSIA), S&P 500 (US), SSE 180 (SHANGHAI STOCK EXCHANGE), TADAWUL (SAUDI STOCK EXCHANGE), TEL AVIV 25, TOPIX

There are some differences between the official asset list mentioned on the website and the tradable underlying instruments provided on the trading platform. Therefore, we urge traders to go through each section carefully before choosing your preferred financial instrument.

CherryTrade Payouts

The main advantage of binary options trading is the ability to make profits within the matter of a few seconds or minutes. Therefore, binary options traders are mostly offered up to 95% payouts for profitable trades, while losing trades are bound to lose the entire investments. On an average, traders can expect to receive up to 85% ROI for in-the-money trades at regular brokerages. However, at CherryTrade, the maximum payout is 81%, and there isn’t any option for a refund for out-of-the-money trades. The payouts are considerably lower than the industry standards, with several binary options quoting around 60% payouts for the regular high/low option.

As far as trade sizes are concerned, you can start betting on the market with $5, which isn’t a significant investment. However, you do have the option of choosing other binary options brokerages that may offer you minimum bet sizes starting from $0.10. The most common minimum investment is $1, while there are brokers that may stipulate $10 or even $50 minimum bet size. The maximum position size at CherryTrade is also $5000, which is higher than the industry average of $1500-$2500. As a trader, you must be careful with your money management, as larger investments can lead to massive losses.

CherryTrade Trading Platforms & Options Features

It is common for binary options brokers to make use of existing trading platforms that are developed by third-party platform developers. Therefore, CherryTrade has also opted to license the SpotOption trading platform, which is available as an online web trader interface. The SpotOption platform offers all of the basic trading tools and has certainly used its experience to good effect. SpotOption is a preferred trading platform for a large number of binary options brokers, and the software developer has certainly used all the feedback to tweak and customise the platform to suit traders’ requirements.

Another important feature of the CherryTrade SpotOption platform is the IFollow feature, which is essentially a social trading function that allows traders to copy trades from other leading traders in the community. The IFollow binary options platform is certainly an excellent way for both amateur and professional traders to get assistance from the market to improve their profits and accuracy. The IFollow feature can also be used in conjunction with the market consensus provided in the trading platform, which can certainly improve the profitability of trading.

CherryTrade Mobile Trading Platforms

Mobile trading is an integral aspect of the binary options market, and nearly all existing brokers offer a dedicated mobile trading app for its clients. CherryTrade has also ensured that its clients get the best binary options environment through a mobile trading interface and has made available individual trading platforms for iOS and Android operating systems. The CherryTrade mobile apps work exceedingly well on both smartphones and tablets and offer the same trading features as provided by the online trading interfaces.

CherryTrade clients can also make use of the SpotOption online trading interface to access their accounts via their mobile devices. Traders only need to point their device’s browser to the platform URL, and they will be greeted with a responsive platform layout that offers all the basic functions of the online trading platform.

CherryTrade Minimum Deposit & Account Options

To open an account at CherryTrade, you must first understand your trading requirements and the minimum investment that you are willing to deposit at the brokerage. The broker has created five different categories according to the minimum investment. Smaller traders are given the option of choosing a Classic account, which requires a minimum deposit of $200. $200 is indeed the average deposit required for a regular binary options trading account, but if you are looking for a more cost-effective option, you can find brokers that offer a trading account for as low as $1. Nevertheless, the Classic account categorises its traders under the Junior brokerage account and does not provide any significant account benefits.

There are two other accounts designed for VIP and Corporate traders that require a minimum deposit of $50,000 and $100,000 respectively. The VIP account gets five risk-free trades at the beginning, which is increased to 10 risk-free trades for the Corporate account. The VIP account also qualifies for 7 hours of one-on-one analyst sessions, Level 4 education, and personalised trading signals. The Corporate account gets unlimited one-on-one analyst session, ten risk-free trades, full education center access, and personalised trading signals.

The higher deposit requirements can easily alienate smaller traders, which are compounded by the issues of making a deposit or withdrawal. Funding methods are limited to major credit/debit cards and bank wire transfer, and there are several limitations on making a withdrawal. The broker’s payments/banking page, as well as the terms of use page, can provide additional information on the withdrawal restrictions and account maintenance costs. Overall, we feel that the company has not been entirely successful in categorising its account options as per the traders’ preferences.

Availing A CherryTrade Bonus

Fortunately, traders can indeed take advantage of the relatively excellent CherryTrade bonus structure, which provides free money for even the smallest account holder. Classic accounts offer a deposit bonus in the range of 20%, the Pro account offers a deposit bonus of 35%, and the Gold account provides the maximum bonus of 70% for deposits. The VIP and Corporate account holders receive slightly lesser bonuses when compared to the Gold account, predominantly due to the larger funds involved in these accounts. The VIP account offers a 50% welcome bonus and the Corporate account offers a 30% bonus for all deposits. The broker also offers risk-free trades to Gold, VIP, and Corporate accounts, which is on top of the existing bonus structure.

CherryTrade Demo Accounts

CherryTrade appears to be reluctant in offering a free demo trading account. Several brokers are apprehensive about providing a free demo account, and we are honestly perplexed as to why brokers avoid giving a demo account to its users. Demo account is often considered to be the basic prerequisite before opening a live trading account. Nevertheless, you can ask for a CherryTrade demo account by getting in touch with the broker’s customer service representatives. Nevertheless, the limited demo account may not earn any good points with respect to the competition.

CherryTrade Customer Service

CherryTrade has provided contact numbers for traders from different continents, and has installed a customer contact number for the USA, Austria, Denmark, Finland, France, Italy, Luxembourg, Netherland, Norway, Spain, Sweden, Switzerland, the United Kingdom, Hong Kong, Japan, South Africa, and New Zealand. Traders can also contact the customer service department through the web contact form, but there does not appear to be any live chat feature, email, or other contact information. It is also amazing to note that the broker does not cater to traders from the US, Canada, Europe, and Australia. We do feel that the CherryTrade customer support channels can benefit from a slightly more professional approach and a better input from the broker’s side.

CherryTrade Trading Resources

CherryTrade provides training to its clients according to the scale of their investments. Larger account holders do receive the best in training materials, while the smaller traders will have to make a few compromises. Regardless, the training materials may not be adequate for a comprehensive coverage of the market, but the one-on-one training sessions should help traders to get a better perspective of the different factors that contribute to binary options trading.

CherryTrade Verdict

  • A mainstream binary options broker.
  • Top of the line trading platforms.
  • Excellent bonus for all account holders.
  • A wide range of binary options products and markets.
  • Traders get to choose from a large number of financial assets.

CONs

  • The broker hasn’t provided its actual physical address and regulatory information.
  • The customer support department is not as professional as the rest.
  • No free demo account for traders.

Can I Trust CherryTrade?

CheryTrade is a reliable and reputed binary options broker that has been active in the industry for quite a while. Despite some issues concerning the regulatory status and the support services, CherryTrade does seem to be a trusted company.

How To Get A Premium/VIP Account At CherryTrade?

CherryTrade offers a VIP and Corporate account for traders that are willing to deposit more than $50,000 and $100,000 respectively. Premium account holders get numerous account benefits and trading assistance from the brokerage.

Is A CherryTrade Account Expensive?

The smaller CherryTrade accounts are not expensive in comparison to the market standards, but smaller traders may not be able to justify the cost of account maintenance for higher account categories.

CherryTrade Review

Review Overview

Customer Service
Asset Choice
Withdrawal
Bonus Offers
Deposit Method

Summary : CherryTrade is broker riding on the need of ambitious investors to stabilize their investments in highly uncertain times. founded in the beginning of 2020.

There are two reasons why Cherry Trade continues to tick all the boxes for careful traders. These are excellent customer support and user friendly features. This web-based binary trading options site uses the 2.0 SpotOption platform, which many believe is the best Binary Options Trading platform on the globe.

Getting started is simple as all you need is a minimum deposit of $200, and then you can begin trading with a minimum trade of $5. This allows you to get some practice in before you risk making a painful loss. It also means that you are able to place a large number of trades, even if you only have a small initial investment.

CherryTrade Trading Platform

Assets

CherryTrade offers its traders more than 100 assets, which are available in four main categories. These are commodities, indices, currency pairs, and stocks. From these categories, it is possible to select Call/Put Options, Currency Pairs, One Touch Options, 60 Seconds Options and Ladder options.

To trade in these assets, you need to create an account by making a minimum deposit. Once you do, you will also gain access to educational material which includes videos for novice and advanced traders, as well as quick reference articles and detailed eBooks.

There are a variety of account types offered by Cherry Trade for all its traders. These accounts differ in features and the benefits and also the level that you are at as a trader. Beginners who need support and education to get started will choose a different package from experienced traders.

Deposits and Withdrawals

Depositing with Cherry Trade can be done with ease. The minimum amount of money that need to deposit in order to open an account is $200. This amount is only applicable if you are opening your account using a Debit or Credit card. If you make the decision to open your account by making a deposit through a bank transfer, then you will need to put $500. As a global site, there is considerable flexibility when you are opening a trading account and making a deposit as you can choose from various currencies including EUR, USD, AUD, CAD and GBP.

You are provided with a variety of options to deposit and withdraw money as well, which includes Wire Transfers, Skrill, Debit or Credit card.

Withdrawal usually takes a total of ten days at the most so that you can have your winnings in hand. The first three days are spent waiting for the withdrawal request to be approved, and the next seven days are spend waiting for the funds to finally get into your bank or other account.

Customer Support

Cherry Trade has professional and reliable customer support, that some say is possible the best in the Binary Options Trading industry. The amazing team work round the clock to ensure that client issues are dealt with on time so that they can trade when they have peace of mind. The customer support staff can be reached on email, live chat as well as through toll free international phone numbers.

Why Trade in Cherry Trade

Cherry Trade platform has amazing features that guarantee a great trading experience for many traders. One of its best features is the education center, where you have access to an eBook and video training library. With years of experience in the market, there is a loyal base of customers who can attest to receiving excellent services when using this site. Cherry Trade is a platform that is open for all people, especially US traders and its reputation in the market has attracted global traders.

Although this site is primarily web based, you can continue trading while on the go by downloading the mobile trading app that is compatible with both Android and iOS devices.

CherryTrade iOS Trading App Platform

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker!
    Perfect Choice For Beginners and Middle-Level Traders!
    Free Demo Account! Free Education!

  • Binomo
    Binomo

    Honest broker!

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