CherryTrade Broker Review

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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)

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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

CherryTrade has become one of the leading binary options brokers in the industry. It was founded by a diverse group of experts in Forex, derivatives, risk management, and international law and came on the scene in 2020. CherryTrade is one of the few binary options brokers that accept U.S. clients. It is domiciled in Gibraltar and has a customer base spread out all over the globe. Its customer service system encompasses many other countries throughout Europe, Asia, Africa and Oceania.

Features

One of the best features at CherryTrade is the availability of long-term options, something that is not being offered by most other brokers. Long-term options can be purchased with expiration dates ranging from 24 hours up to even a full year.

This is a very beneficial advantage to traders. One of the problems with today’s binary options business is that close to 99% of binary options brokers never offer any long-term options because they provide too much advantage to traders. Instead, most brokers only offer short-term options of 60 seconds to one hour maximum.

Accounts

There are five different trading accounts to choose from at CherryTrade starting with the Basic account which requires a minimum deposit of $200 and accepts up to $1000. The maximum deposit in the Professional account is $5000 and the Expert account maxes out at $10,000. The VIP account takes up to $25,000 and a Corporate account can be opened only with approval of the CherryTrade administration.

CherryTrade Account Types

At CherryTrade, traders can benefit from payouts as high as 85% on binary options contracts which is quite generous in the industry. $5,000 is the maximum investment a trader can make per individual trade.

Their trading platform is 100% web based and there is no need to download any software.

When doing this CherryTrade review, I found no further information on the different accounts which was surprising. I assume this information will be forthcoming when one of the accounts is opened.

A demo account is also available for traders needing some practice before moving on to a real account and its availability is posted on each page.

Education

CherryTrade offers several educational tools for its traders. New traders receive a binary options eBook, which contains helpful information about trading binary options, as well as a full glossary of terminology. There is also a video library with numerous educational videos. In addition, CherryTrade offers video courses and live webinars that instruct traders in everything from trading techniques to money management tips.

CherryTrade Video Library

Daily as well as weekly new analysis is posted and directions for using the easy three-step trading method appear on almost every page.

CherryTrade Video Library

Updated and comprehensive lists of all available assets, and an explanation of each asset, their expiry times, symbol and trading hours are detailed on the Assets Index Page.

I found their FAQ page as well as their glossy rather limited which is unfortunate as binary options is a fairly new trading vehicle and most traders are unfamiliar with how the system works.

Promotions and Bonuses

CherryTrade rewards its clients with various bonuses with the most prominent bonus being the first deposit welcome bonus. This bonus can be claimed right after newly registered traders make their first deposit.

The bonus amount will depend on the initial deposit amount made by the trader with ranges from 25% up to 100% of the initial deposit depending on the deposited amount. The bonus is also valid on any subsequent deposits in the future.

In order to get the bonus traders will have to contact the broker’s customer support department and ask for it. The broker also provides a refer-a-friend bonus of $50 on every trader you refer to the broker.

When it comes to choice of assets, they offer the more popular ones in Forex pairs, stocks, commodities, and indices. They even trade Bitcoins. Option trades include the Roll Over, Double Up, Sell Early, and Option Builder features.

Payout options reach as high as 85% on certain binary options.

Deposits and Withdrawals

It’s possible to deposit and withdraw money at CherryTrade using a wide variety of payment processors such as MasterCard, Visa, Maestro, Switch, Solo, Diners Club, Delta and wire transfer.

Reliability

CherryTrade is not regulated by any official regulatory organization.

Customer Support

CherryTrade’s management states, “Do not hesitate to contact us anytime through our live chat, email or phone support systems. We are here to help!” And backing up this claim is a network of 19 strategically placed direct phone lines to all parts of the globe. Live chat and email get quick responses as well.

Conclusion

CherryTrade offers high payouts, popular asset choices, a user-friendly trading platform with a complete set of complementary tools attached, and a highly competent staff of support staff. They also accept U.S. customers, not usually the rule in the binary option brokerage community. The CherryTrade’s website is extremely elegant and straightforward to use. CherryTrade has come a long way since its inception and seems to be going in the right direction.

Features

CherryTrade offers various options and features. There are five CherryTrade account types that let users choose what kind of support they need. The asset list is full and the education tab is nicely designed with lessons that are divided into different areas such as Market Analysis, Financial management or Trading psychology and uses small videos in its presentation layout. There is also an e-book as well as numerous other advanced video lectures. The News section offers traders good market analysis on a daily and weekly basis.

Platforms

The CherryTrade platform stands out as a leader in the industry for several reasons. It operates on the popular binary options software platform, SpotOption, with additional features developed by the team at CherryTrade.

SpotOption Platform

SpotOption is known to be one of the best performing trading platforms in the binary options field and is the largest developer of binary options trading technology on the market. The company is also the only European licensed binary options trading technology developer which means that an independent government agency in Europe checked out the company and did a full evaluation of the software platform.

CherryTrade Trading Platform

The CherryTrade trading platform is 100% web based and there is software that does not have be downloaded, making it easy to trade from any location at any time, day or night. Binary options traders do not need to have any previous trading experience to begin trading as the process is straightforward and it is very easy to navigate. The interface is remarkably user friendly and CherryTrade has gone out of its way to make the processes fast and intuitive.

CherryTrade also offers a tremendous range of assets handpicked from the best commodities, stocks, currencies and indices and offers traders powerful training materials to speed up the learning process so traders can start profiting from the get go.

The CherryTrade platform allows traders to sell their options before they expire. This early expiration provides traders the opportunity to drive more profits through their portfolios.

The trading modules on the CherryTrade platform are unique to the industry. At every stage of the investment process the trading platform strives to help our traders get the edge that they need in order to succeed in trading. It uses the latest technologies in the industry to ensure that all transactions are swift, secure and safe.

CherryTrade has just introduced its mobile app which can be used on most android and smartphone devices. The app can be downloaded from Android Market and Apple App Store.

Best Binary Options Brokers 2020:
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  • Binomo
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    Good Broker. Only For Experienced Traders!

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