CherryTrade Broker Review

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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.

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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.

CherryTrade Review

CherryTrade

Broker CherryTrade
US Traders Accepted
Company Name Blue Sky Solutions, LTD.
Headquarters Gibraltar
Regulation No
Bonus Type Match bonus
Bonus Size $250,000
Max Payout 85%
Out-of-Money Reward 15%
Trading Platform SpotOption
Deposit Options Credit/debit card, wire transfer, CashU, Skrill
Deposit Currencies Euro, US Dollar, British Pound, Japanese Yen, Canadian Dollar, Australian Dollar, Swedish Krona, Russian Ruble
Minimum Deposit $200
Minimum Trade $5
Maximum Trade $5,000
Online Since 2020
Trading Instruments Currencies, commodities, stocks, indices
Number of Trading Instruments 60
Binary Option Types High/Low, Pairs, Long Term, Sixty Seconds, One Touch, Ladder
Customer Support Types Email, web form, telephone, live chat
Education Offered Free weekly training sessions, video tutorials, FAQ, glossary, how-to articles, trading eBook
Tools Offered Double up, rollover, daily and weekly market reviews, risk free trades, free weekly improvement sessions, auto trading signals, insurance for losing months, free personal account manager on Skype, free alerts
Commission Bank transfer fees of $30, $100 minimum threshold for all withdrawals. Wire transfers below $500 will be charged a $25 fee.
Languages English
Demo Account No

CherryTrade is a scam binary broker. They ceased all operations and their domain name has expired. The review below is presented for the archiving purposes.

CherryTrade is a Gibraltar-based binary options broker founded in 2020 by Blue Sky Solutions, LTD. The company’s website is pretty standard, and they operate on the SpotOption platform which most binary options brokers use. Despite the ease with which they could blend into the crowd, they do appear to have a bit more to offer than the average broker. They have some limitations (like no demo account), but they offer a lot of training materials, flexible account tiers and trade sizes, and a number of different trade types and expiry times. Unfortunately, they do not accept traders from the USA. Let’s take a closer look.

Opening Your CherryTrade Account

So far as I can tell, CherryTrade does not offer a practice account; the only reference I saw to a demo account was on an affiliate site, and it looked like an attempt to garner sign-ups. So when you go to open your account, you will open a real account, depositing at least $200 or the equivalent to do so. There are only a few deposit options: credit or debit card, wire transfer, Skrill, or CashU. There are however a number of currencies you can choose from, including Euro, US Dollar, British Pound, Japanese Yen, Canadian Dollar, Australian Dollar, Russian Ruble, and Swedish Krona. Not a lot of sites offer the Krona, so this is fantastic if you are trading from Scandinavia.

Five different account types are available: Classic, Bronze, Silver, Gold, and Diamond. If you make the minimum deposit, you’ll get a Classic account and a welcome bonus up to 25%. One cool thing about CherryTrade is that they also offer bonuses on subsequent deposits! So in the future, if you deposit again, you can get another 25% bonus on your next deposit, and so on. This may be the first broker that we have reviewed that offers this. This is a no-frills account otherwise, with daily and weekly market reviews and no other features included.

The higher your account tier, the higher the bonuses are, and the more extra features and benefits you get. CherryTrade offers a lot of training resources to higher-tier account holders, especially starting at the Silver level. You get risk free trades, free weekly improvement sessions, auto trading signals and breaking trade alerts, insurance on months where you end up in the red, a personal account manager on Skype, and free weekly technical and fundamental analysis trading sessions. All of this is in addition to the free video tutorials and eBook on the site in the Education section. Note that you also can get 15% back on losing trades, so the 10% insurance for losing months is in addition to that. All in all, there are a lot of choices, and something for everyone.

Fees on CherryTrade are pretty typical. There are $30 fees for bank transfers, and wire transfers under $500 will be charged a $25 fee. There is also a $100 minimum withdrawal threshold. It is a smart idea to deposit more than the minimum so that you do not have problems withdrawing your money if you want to. Plus, it will help you with money management.

Many Ways to Trade on CherryTrade

Just as there are a lot of account option and learning options, there are also a lot of options when it comes to trading (literally). You get 60 different assets to choose from (currencies, commodities, stocks, and indices), and you can try out any of the following trade types: High/Low, Long Term, Sixty Seconds, Pairs, One Touch, and Ladder. This is most of the binary options trade types that exist right now, with the exception of Boundary trading. So that gives you a lot of flexibility, not just in terms of how you want to trade, but how long you want to stay in your trades. With Long Term binary options, you can stay in your trades for months before getting out, great for position traders who want to keep out of the fast lane. If you want to trade fast, though, Sixty Second options are available.

There is a pretty wide range for trade sizes as well. You can trade as little as $5 on Sixty Second options. The minimum is set at $25 for all other trade types. If you have a big account, you can wager up to $5,000 on any given trade, which is a pretty high ceiling. Both the Gold and Diamond accounts are geared toward traders with bigger bankrolls, so this makes a lot of sense. The Diamond account starts out at $10,000, and can range up to $250,000. So traders who deposit that much may very well want to risk $5,000 on a trade.

Customer service is available through email, a web form, live chat, or telephone. There are telephone numbers for different regions throughout the world, which is a nice cost-saver. Live chat wasn’t staffed when we checked in, but it was a Sunday, so this was to be expected.

Conclusion

CherryTrade appears to be a broker worth investigating, particularly if you are a trader in the USA. US traders have limited options, and a lot of them are not that great. CherryTrade offers far more competitive features and benefits than many other brokers. Whether you are a short-term intraday trader or you are a long-term position trader, you will find a lot of exciting options to invest in. The training materials are excellent and the benefits for Silver, Gold, and Diamond account holders add value. Have a look at their website and get in contact with customer service, and see what you think. Remember though to do some demo trading (even if that means doing so on another site) before you go live!

CherryTrade (SCAM) , 10.0 out of 10 based on 1 rating

Best Binary Options Brokers 2020:
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    Binarium

    The Best Binary Options Broker 2020!
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    Free Demo Account!
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