Cherrytrade review – Binary Options Broker TEST

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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)

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.

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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

Trading Platform CherryTrade

CherryTrade uses the SpotOption trading platform. A popular trading platform option among binary brokers, SpotOption flaunts a relatively easy to use interface and is loaded with basic and advanced features that novice traders will be able to learn to use in no time. SpotOption is now available for mobile devices, specifically Android and Apple iOS smartphones and tablets.

The platform is 100% web-based which means you don’t have to download any software. It can be accessed anywhere in the world. You can quickly access all your transactions – deposits, withdrawals, and trading portfolio – in the ‘My Account’ section. The maximum amount you can invest per individual trade is $5000.

SpotOption has the following unique features:

CherryTrade offers secure trading as it is utilizes the widely used SSL (Secure Sockets Layer) security system to encrypt encrypt all credit card payments over the web. This system is fully protected and automatic. You will get notification if your browser does not support the SSL security system.

You can open trading accounts in USD, GBP, Euros, CAD, and AUD. The minimum deposit is 200 in your chosen currency. The maximum deposit by credit card is 20,000 USD and unlimited amount if you use bank wire transfer. The minimum withdrawal amount is 100 in your chosen currency. CherryTrade processes each withdrawal request within five business days. For customer support, you can contact this broker via phone, live chat, or email.

  • SpotOption Platform
  • Low minimum deposit

Platform type: SpotOption

Platform Languages: English, Spanish, German, French, Russian, Chinese, Japanese, Italian

OS Compatibility: Mac OS, iOS, Windows, Android

Streaming News Feed: Yes

Email Alerts: No

Mobile Alerts: Yes

Company information CherryTrade

Located in: Gibraltar, European Union

Website: http://www.cherrytrade.com

Founded in: 2020

Accepts US Clients: No

Phone number: 917-775-0324

Email: [email protected]

Account Options CherryTrade

Commission:

Minimum Deposit: $200

Payouts Percentage: 85%

Deposit Options: Credit Card, Debit Card, Bank Wire Transfer, CashU, Skrill

Withdrawal Options: Credit Card, Debit Card, Bank Wire Transfer, CashU, Skrill

Payout Ratios: CherryTrade offers payout up to 85%.

Available Assets CherryTrade

Forex, Indices, Stocks, Commodities

What Support Does This Vendor Offer?

  • email
  • phone
  • live support
  • training
  • tickets

Customer Support Languages: English, Spanish, German, French, Chinese, Japanese, Italian, Arabic, Dutch, Swedish

Customer Service Hours: CherryTrade provides 24/7 customer support.

Place Trades Over the Phone?: Yes

CherryTrade Trade types

CherryTrade offers the following trade types:

CherryTrade Trade accounts

CherryTrade offers five types of accounts:

Classic Account – Deposit 200+

  • 20% welcome bonus
  • Junior broker
  • Level 1 education center

Pro Account – Deposit 2,500+

  • 35% welcome bonus
  • Executive broker
  • 1-on-1 basic training – 1 hour
  • Level 1+2 education center
  • General trading signals

Gold Account – Deposit 6,500+

  • 70% welcome bonus
  • Executive broker
  • Risk free trades x3
  • 1-on-1 advanced training – 3 hours
  • Level 1-3 education center
  • General trading signals

VIP Account – Deposit 50,000+

  • 50% welcome bonus
  • Executive broker + analyst
  • Risk free trades x5
  • 1-on-1 analyst sessions – 7 hours
  • Level 1-4 education center
  • Personalized trading signals

Corporate Account – Deposit 100,000+

  • 30% welcome bonus
  • Executive broker + analyst
  • Risk free trades x10
  • 1-on-1 analyst sessions – Unlimited
  • Full education center
  • Personalized trading signals

CherryTrade Position In Our Categories

Position of CherryTrade in our main categories:

CherryTrade is one of the top 20 Binary Options Brokers products

If you are considering CherryTrade it could also be a good idea to investigate other subcategories of Binary Options Brokers gathered in our database of SaaS software reviews.

It is important to realize that virtually no service in the Binary Options Brokers category is a perfect solution able to fulfill all the goals of various investors. It may be a good idea to read a few CherryTrade reviews first as certain solutions can actually excel only in a specific geography or situation or be created with a really specific customer in mind. Others might function with an intention of being simple and intuitive and consequently lack complicated features needed by more experienced users. You can also find services that support a wide group of users and give you a complex feature toolbox, but this in most cases comes at a more expensive cost of such a service. Ensure you’re aware of your needs so that you pick a service that provides all the functionalities you look for.

User Satisfaction

We realize that when you make a decision to buy Binary Options Brokers it’s important not only to see how experts evaluate it in their reviews, but also to find out if the real people and companies that buy it are actually satisfied with the product. That’s why we’ve created our behavior-based Customer Satisfaction Algorithm™ that gathers customer reviews, comments and CherryTrade reviews across a wide range of social media sites. The data is then presented in an easy to digest form showing how many people had positive and negative experience with CherryTrade. With that information at hand you should be equipped to make an informed buying decision that you won’t regret.

Cherrytrade review – Binary Options Broker TEST

Deposit bonus: CherryTrade offers a deposit bonus and other bonuses for current customers. The minimum deposit is $200 and customers need to trade thirty times their initial deposit withdraw their bonus money. This requirement is really fair and your first time deposit bonuses amount according to your initial amount. $20,000 is the maximum bonus payable. You should deposit as much as you can to take all their advantages of the sign up bonus.

Payout: CherryTrade offers fair account payouts as a master of facts you knew, their returns on almost investment of around 85% if your trade finishes “in the money”. With CherryTrade all of customers can make nice profit on their successful trades.

Deposit and withdrawal options: All commonly used credit cards are accepted by CherryTrade such as MasterCard, Visa, Diners Club etc. CherryTrade also accepts Maestro and Solo as well as wire transfer. The minimum deposit of CherryTrade is $200.

You can withdraw via credit cards and wire transfer and it takes typically 2-3 business days to be processed and 5-7 days to be shown on your account. It cost $30 to process wire transfer and the minimum withdraw is $100. Before processing the withdrawals proof of identity and residency need to be verified as law to do so

Simple User Interface: CherryTrade provides customers an easy to use web trading platform and it’s a system that runs well. CherryTrade runs on SpotOption software, it is a traditional graphic window based system and it has features a useful and really clear layout. It has multiple windows running at the same time so traders can keep more than one assets to trade. This feature is nice and good choice for traders if they are trading on short time frames.

Type of accounts: When it comes to variety of accounts CherryTrade has long list of choices and many unique features of each level account.

CherryTrade Classic Account: This is the lowest account level and with only $200 minimum deposit it all starts with CherryTrade Classic Account. In order $200- $499 as a classic level trader and you will get a sign up bonus of 25% of your initial deposit. You will receive daily and weekly market analysis as an added bonus of CherryTrade.

CherryTrade Bronze account: Higher level is the CherryTrade Bronze account and to achieve this level you must make an initial deposit of $500-$999. Of course you will receive bonus is 35% at this level. With higher level you will receive all the lower advantages and plus more such as four risk free trades and traders can access to weekly phone trading sessions.

CherryTarde Silver Account: The bonus of sign up that traders can receive is up to 50% with initial deposit of $1000-$4999. With this account level you will receive four $50 risk free trades and CherryTrade will provide nice auto trading signals. If you have well informed trading experience we recommend this account level

CherryTrade Gold Account: This account is good choice for traders that take their trading very seriously and they want to learn all they can about binary options trading. With CherryTrade Gold Account you must deposit from $5000 to $9999 and you will receive a nice sign up bonus of 75% and 50% bonus for subsequent deposit, four risk free trades of $250, free trade alerts, 3 months of free signals analysis, weekly technical analysis trading sessions, a personal account manager and 10% monthly insurance against losses.

CherryTrade Diamond Account

This is the highest account level on CherryTrade, it not only offers all the feature available to the others levels but also it provides a great bonus sign up of 100% and four risk free $500 trades.

Minimum deposit: Like other binary options broker, traders must have initial deposit before trading, CherryTrade has a low initial deposit to enter into an account level is $200.

Trading tools: CherryTrade offers traders a list of trading tools they are: 60 Seconds, Long Term, One Touch, Pairs, Ladder and High/Low. There are many different types of binary options trades that traders can choose from. With 60 second, trade is set in just one minute. Long term trade allows traders to hold trading position for weeks or months, even a year. With One Touch you can win as long as your trigger price is achieved within period time. You can profit off relative performance of assets that you choose that is Pairs. With Ladder options, trades that you place are complex investment. You can choose if an option is going up or down that is basic High/Low.

Customer Service: Traders can be helped via live chat, phone and email with several languages. CherryTrade has phone support around the world with 20 languages. They can solve and assist traders with any issues. You can contact with your account managers via skype if you want to use as your main communication channel.

Multiple Asset Investing: CherryTrade has a long list of tradable assets for trader to choose including: indices, stocks currencies and commodities.

Stocks: there are many stocks of major companies such as Microsoft, IBM, Google and etc

Best indices such as FTSE100, NASDAQ and NIKKEI225

Currency selection such as EUR/USD, USD/CAD, USD/JPY…

Commodities selection, you can find most traded commodities such as SILVER, GOLD, SUGAR, PLATINUM

Expiry Time Info: 60 sec, 5 min, 15 min, hour, daily, weekly, and more

Payout of Maximum Percentage: The maximum payout that CherryTrade offers about 85%, this rate is high average among others brokers.

Multiple Languages: They offer support with almost 20 languages available for traders to contact.

.Country available: UK, Canada, Australia, New Zealand, Belgium and no longer accept US traders.

CherryTrade App: CherryTrade provides same mobile application as all SpotOption brokers. Almost the same functions can be found in the mobile version, you can downloas from Google Play or App Store.

Best strategy to trade with CherryTrade binary options broker

If you don’t have much experience, let’s follow traders with the best success rate. You must choose the trades that they has high success rate and then you will make a profit.

If trader has many followers, he is able to make good trades constantly. A trader has big number of followers it is a good indicator and he knows tips that is valuable to others traders.

You should start with small amount per trade and then when you have some experience you can increase the stakes. You don’t need any hurry to win money, you just start carefully with small bets and then when you are sure you can raise the stakes to make a profit.

Conclusion:

This is all information about CherryTrade Binary Options Brokers Reviews that we provided you. CherryTrade has settled on popular asset choices, high payouts, a user-friendly trading platform, highly competent staff, etc. After two years, CherryTrade has attracted so many loyal customers. It is an interesting broker with intuitive trading platform. CherryTrade is worthy of your consideration.

Hope with this Cherrytrade Binary Options Broker Review post will help you really understand about this broker, should find other brokers that maybe suitable for your choice here.

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

Cherrytrade Review

CherryTrade is a relatively new binary options broker that entered into the industry in 2020. It operates under a company called Redtulips Consultants Ltd that has a main branch in London and another branch in Gibraltar. Cherry Trade accepts customers from around the globe except the USA. They stop accepting customers from the USA starting on the 17 th September 2020. CherryTrade offers more than 150 assets and the average payout rate is up to 85%.

Trading Platform

CherryTrade offers an easy to use web based platform that does not require you to download any software. It also support a mobile platform that is compatible with Android/iOS smartphone and tablet. Traders can choose from 6 types of options including standard binary options, pairs, ladder, and one touch. The short term options range from 60 seconds to 300 seconds. The one touch option offers a profit of 550% – 1500%. The trading platform offer real time live data that streamed from Thomson Reuters so you can be assured that the data is accurate and reliable.

Types of Trading Accounts

CherryTrade offers 5 types of accounts including basic, professional, expert, VIP and corporate. The basic account is for traders who want to invest $200 to $1000. Traders who want to invest between $1000 to $5000 can sign up for the professional account. The expert account is suitable for those who want to invest between $5000 to $10000. Traders who want to invest in between $10000 – $25000 can sign up for the VIP account. The corporate account is for traders who want to invest more than $25000. All trading accounts include welcome bonuses except the basic account.

Opening an Account with CherryTrade

Traders who want to register an account simply have to click the Open an Account button on the homepage and enter their personal information. After you submitted the application, you will receive a welcome email that contains a link which you must click to activate your new trading account. There is no need to deposit any fund or supply their credit card information in order to register a new account.

You can choose from 5 different types of currencies for your trading accounts including USD, AUD, CAD, Euro, GBP. You cannot change the currency afterwards once you have registered for a new account so make sure you think clearly. It is completely secure to deposit your funds with CherryTrade as it is protected with a SSL encryption system.

Deposits and Withdrawals

You can deposit money into your trading account by credit cards including Visa, MasterCard, Maestro, and Visa Electron cards. Another way to deposit funds into your account is by bank wire transfer. The minimum amount of balance you must have in your account in order to withdraw is $100. If you use credit card, the maximum amount you can deposit into your account is $20,000.

However, if you deposit via bank wire transfer, there is no limit on the maximum amount you can deposit. If you use bank wire to deposit, you have to provide a 8 digit SWIFT code. It takes about 5 days for them to process your withdrawal request and another 7 days for the funds to arrive on your bank account. There is no charges for credit card withdrawal but bank transfer withdrawal is charged with a fee of $30.

Education Center

CherryTrade has an education center that provides tutorials on different types of trading methods. The resource center has guides that teach you how to use the trading tools. The video library has a few interactive videos that provide tutorials on various binary options topics. There are also a few video trading courses that offer answers to the most frequently answered questions by new traders.

Aside from the video trading courses, they also provide advanced trading courses that teach you tactics from senior analysts. There is also a free trading e-book you can download to read and learn about the advantages of binary options trading.

Customer Support

CherryTrade offers customer support by telephone, live chat and email for 6 days a week. Their customer support hours is from 6:00 — 21:00 GMT Sunday — Friday. They maintain 19 toll free telephone customer support numbers for customers around the world including USA, Austria, France, Netherlands, Spain, UK, Hong Kong and Japan.

Is Cherrytrade a good binary options broker?

In conclusion, CherryTrade is a reliable broker that offers a large range of trading options and a good educational resource center. The only thing is that they don’t offer a demo account for traders but their good customer support will surely give you a good trading experience. Overall, CherryTrade is recommended for binary options traders of both beginner and advanced levels.

Best Binary Options Brokers: 2020 Ranking
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    Best Choice! The leader in our ranking!
    Perfect for beginners!
    Free Demo Acc + Free Trading Education!

  • Binomo
    Binomo

    Good choice for experienced traders!

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