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 2013. 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.

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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.

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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. 

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User Reviews

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