It’s rare we find a new broker we can add to our recommended list here on Binary Options Blacklist, and even fewer that we can add to our US binary option brokers page. Recently one has come to our attention that is well worth a look. CherryTrade on first glance appears to be a pretty typical SpotOption white label broker, but if you look closer, you will see they have many excellent features which help them to stand out from the crowd. They accept traders from the USA, and appear to be one of better choices out there for the American crowd. Of course, they also cater to traders from around the globe.
- Official Website: http://www.cherrytrade.com
- HQ: Gibraltrar
- Phone: 917-775-0324
- USA Traders no longer accepted due to Spot Options withdrawal from the US market effective 9/14/15
- Trading Platform: SpotOption
- Not regulated (no CYSEC Regulation).
Is CherryTrade A Scam? – Legit Or Not? (They are Legit)
While CherryTrade is not a regulated binary options broker, we have no reason to believe they are a scam. We searched specifically for complaints on this broker and have so far found none that are any different. What we have found are numerous good reviews, and a company whith transparent, reliable service to traders everywhere.
CherryTrade.com is BinaryOptionsBlacklist.com Approved
As always, scroll to the bottom of this review for trader comments, feedback and complaints from actual traders. If you have good or bad experiences with Cherry Trade please leave your comments and ratings on this page so others can learn if they are legit, safe and a quality binary option broker.
Is CherryTrade right for you?
Let’s have a look at the deposit and withdrawal terms, types of options you can trade, asset index, and pros and cons so you can make an informed decision.
Deposit Info – Minimum CherryTrade Deposit
- Start trading with $200.
- Deposit methods: Credit or debit card, wire transfer, Skrill, CashU
- Trade in EUR, USD, GBP, JPY, CAD, AUD, RUB or SEK
- Up to a 100% match bonus
Those are a lot of different account currencies for you to choose from when depositing. There are not a lot of brokers offering SEK or RUB, so that is excellent if you are Scandinavian or Russian. Anything else you should know about depositing and withdrawing? The minimum withdrawal threshold is $100. There thankfully is not much to worry about in the way of fees; bank transfer fees are $30, and wire transfers under $500 will be charged a $25 fee; these are pretty typical of binary options brokers anywhere.
The new account tiers include Basic, Professional, Expert, VIP and Corporate (they used to have different names). There is no bonus unless you deposit more than $1,000 and open a Professional level account or higher. Previously this page listed additional benefits, like personal account management, auto trading signals, and free weekly training sessions. These resources are in all likelihood still being offered, along with the free resources you will find in the Education section. There you can read a trading eBook and how-to articles, or watch video tutorials from the library.
Types of Binary Options Available
- Long Term
- 60 Seconds
- One Touch
As you can see from this list, there are so many different types of trades you can place on CherryTrade. You have your basic High/Low trade, where you simply choose whether an option will go up or down, or your simple One Touch trade, where you win so long as your trigger price is hit within a certain time period. Pairs trading allows you to profit off of relative stock performance. Ladder trades are complex investments where you have the chance to earn partial profits. 60 Second trades zoom by in just a single minute, and Long Term trades allow you to hold your positions for weeks or months or even the better part of a year.
What Can You Trade on CherryTrade?
OIL (LIGHT SWEET CRUDE)
BAE SYSTEMS (LONDON)
BP (BRITISH PETROLEUM)
COCA COLA (US)
HSBC HOLDINGS (LONDON)
REUTERS (US THOMSON REUTERS)
ROLLS ROYCE (LONDON)
TATA MOTORS (INDIA)
CAC 40 (FRANCE)
DUBAI FINANCIAL MARKET GENERAL INDEX (DUBAI)
FTSE 100 (UK)
HANG SENG (HONG KONG)
ISE 30 (ISTANBUL STOCK EXCHANGE, ISTANBUL, TURKEY)
KUWAIT GENERAL INDEX (KUWAIT):
ICEX 10 (MOSCOW INTERBANK EXCHANGE)
MSM 30 (OMAN)
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
Final Thoughts on CherryTrade
As with any binary options broker, CherryTrade has some drawbacks. The fact that there is no demo account available is definitely a major detractor. But CherryTrade has a lot going for them: a well-designed website, a flexible range of trade sizes and types, and many educational resources at all account tiers. They have a solid reputation and appear to be doing all that they can to stand out from the sea of competitors. We like CherryTrade.com.
Trader Reviews and Comments
Uncensored (except for obvious spam) comments from traders below. See what other traders think before deciding for yourself.