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.
CherryTrade began its binary options brokerage operations in 2014 and is assumed to be based out of a tax haven. There are multiple reports that claim CherryTrade to be based out of the Caribbean or Africa, but we have been unable to unearth concrete evidence about the actual physical location of the company. It is also strange that the broker hasn’t provided any information about the parent company or any other brand name, as it is usually commonplace for binary options brokers to mention details of its parent firm or alternate brand names.
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.
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.
The Platform provides the choice of opting between different types of binary options trading methods, namely, classic Binary Options, Pairs, Long Term, Sixty Seconds, One Touch, and Ladder options. The Ladder and One Touch options do provide higher ROI and payouts, and traders can expect to make up to 400% on these instruments. However, be warned that the broker may restrict trading on these options during regular market hours.
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.
The Pro account is the slightly higher account at CherryTrade, and comes with a host of benefits such as an hour of one-on-one basic training, Level 2 education access, and general trading signals. The Pro account is available for a minimum investment of $2500, which is a steep rise from the Classic account. The Gold account is the third and most preferred category, which offers three risk-free trades, three hours of one-on-one advanced training, Level 3 education, and trading signals for an initial deposit of $6500.
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.
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.
- 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.
- 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.