Cherry Trade Broker Review

Every client that opens a live account with Cherrytrade benefits from a sign up bonus, however how much this bonus is worth will depend on the level of account selected. A VIP account is also on offer which comes with benefits and perks of its own. This broker’s trading platform is innovative and easy to use, thanks to advanced technology, and their customer service team can be contacted in numerous ways. There is, however, a lack of assets available for trading through this broker, with only about 50 available.

Intro

Cherrytrade is an online binary options broker which offers investors the chance to trade across commodities, indices, stocks and currencies. They offer a number of account types to their clients in order to accommodate a range of clients’ level of experience and investment preferences. Advanced investors can also benefit from a VIP account which offers additional benefits. Cherrytrade also has free educational resources to benefit its clients as well as a trading platform that offers state of the art technology and which can be used from mobile devices as well as PCs. Unfortunately. Traders from the USA, Canada, the UK, Belgium, Italy, Australia and New Zealand are not accepted by this broker.

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Company Information

Cherrytrade is neither regulated nor licensed by any recognised authority or body, however client funds are well safeguarded, and all client personal data is also protected through the use of cutting edge SSL encryption which is site wide across all financial transactions. Up to 81% returns are offered per trade, and Cherrytrade also offers plenty of options including long term, pairs, ladder, iFollow and 60 seconds.

Assets Available

Cherrytrade only offers around 50 assets for traders to select from.

Their list of assets includes:

Commodities: 7

Currencies: 12

Stocks: 19

Indices: 16

Bonuses & VIP Programs

Every client that opens a Cherrytrade account receives a sign up bonus which will vary depending on which account is opened. The available bonuses include:

• Classic account – 20%
• Pro account – 35%
• Gold account – 75%
• VIP account – 50%
• Corporate account – 30%

VIP accounts are offered to those traders with the highest volume of trades and there are some high quality perks available. The additional features include receiving services from an executive analyst and broker, five risk-free trades, 7 hours of 1 to 1 analyst support, personalised trading signals and access to the education centre up to level 4.

Mobile

As expected from modern binary options broker, Cherrytrade have recognised the need for clients to check assets and carry out trades when they are on the go. They are aware that traders no longer want to be tied to their PC and, with the knowledge that downloading and installing memory intensive software slows down transactions by causing problems with computer memory, Cherrytrade have therefore developed a trading interface which is entirely internet based. This enables trade executions to be carried out more swiftly from anywhere worldwide and at any hour of the night or day using a tablet, iPad or Android smartphone as long as it has a functional internet connection. Cherrytrade’s website is mobile optimised, however it also has a free mobile application which makes it even easier to trade from a mobile device. It is easy to download this mobile app from the Google Play Store, Apple Store or even from the broker’s website.

Deposits and Withdrawals

Cherrytrade only offers 3 ways to pay funds into trading accounts and through which profits can be withdrawn. These include:

• Credit Card (Visa, MasterCard, Visa Electron, Delta, Diners Club)
• Debit Card (Maestro, Solo, Switch)
• Bank wire transfer

Unfortunately, art the moment, no e-Wallet methods are available to clients of Cherrytrade.

The lowest amount that can be deposited to a Cherrytrade account is $200 (or the equivalent) or $500 using bank wire transfer. The maximum amount which can be deposited using a credit card is $20,000, but no maximum limit exists on bank wire transfer deposits. The minimum amount which can be withdrawn is $100 (or the equivalent) while the maximum amount that can be withdrawn in a single transaction is $20,000. Funds can be withdrawn using bank transfer or credit card. Credit card withdrawals are not charged a fee, however a $30 fee is levied on any withdrawal using bank transfer. Withdrawals will be processed within five working days with funds being received within seven days after processing.

Depositing funds into your Cherrytrade account is easy via the website. Accounts can be opened in 5 different currencies including:

• US Dollar
• Euro
• Pound Sterling
• Australian Dollars
• Canadian Dollars

Once you have chosen a base currency you are not permitted to switch to another one at a later date.

Customer Support

There are several methods through which clients can contact the Cherrytrade customer support centre. These include:

• Email
• Telephone helplines (17 numbers are provided to connect to call centres in the following countries: New Zealand, South Africa, Hong Kong, Japan, UK, Switzerland, Sweden, Spain, Norway, Netherlands, Luxembourg, Italy, France, Finland, Denmark, USA, Austria)
• Web Form

Customer support and technical services can be contacted between 6 am and 9 pm GMT one Sunday to Friday.

The website is available in two languages, English and Arabic.

Extra Features and Resources

More binary options brokers are starting to offer free educational resources to their clients and Cherrytrade also offer their own resource centre that has videos aimed at clients with different levels of experience. The accessible resources will vary depending on your account level, with higher level and VIP accounts giving access to the more advanced resources. Accounts from Pro level upwards offer a number of one to one training sessions. Cherrytrade also offers current market news as well as an economic calendar which helps to inform trades.

Verdict

Cherrytrade has quite a lot to offer its potential clients, however it is also important to bear in mind that there are several negative points too.

Pros

• Cutting edge trading software that is suitable for use by both experienced and novice traders
• 100% online trading interface requiring no installations or downloads
• Mobile trading apps for iPhone and Android
• Choice of customer service contact methods including emails, live chat and telephone helplines
• Multilingual website
• Multilingual phone support
• Free educational resources
• Several account types to suit the needs of traders at all levels of experience
• Strong SSL encryption site wide
• Choice of base account currencies
• VIP accounts for high volume traders
• Returns of up to 81% per trade
• Bonuses offered to all clients on registration

Cons

• No e-Wallet deposit or withdrawal options
• Not regulated or licensed by any recognised authority
• Some educational resources are only accessible to higher level account holders
• Traders from numerous countries cannot use this broker

FAQ

I am from the USA can I trade with Cherrytrade?

Unfortunately, at the moment Cherrytrade cannot allow clients from a number of countries to register or trade using with their services. These countries include: Canada, the USA, the UK, Italy, Belgium, New Zealand and Australia.

How do I register with this broker?

Cherrytrade have made their registration process quick and simple. All clients needs to do is click on the Open Account link on the home page and then complete and submit all the relevant personal information. A welcome email is then forwarded to your email and once that has been verified you have verified your account and you are ready to submit your first deposit into the trading account before making your first trade.

Which currencies can be used as a base account currency with Cherrytrade?

Cherrytrade accept accounts opened in one of five different currencies:

• US Dollars
• Australian Dollars
• Canadian Dollars
• Pounds Sterling
• Euros

Your base currency is unable to be changed once you have made a final decision.

Is there a registration fee payable to Cherrytrade?

Clients do not need to pay any registration fee when they open a live trading account with this broker.

Is Cherrytrade a good choice for newcomers to binary options trading?

If you are new to trading and are looking for a broker, Cherrytrade has plenty to offer. Their Classic account requires only a minimum deposit of $200, and this gives access to Level 1 of their educational resource centre. This allows them to find helpful resources which enable them to develop a better understanding of the rudiments of binary options trading.

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