CherryTrade is a relatively new binary options broker that entered into the industry in 2013. It operates under a company called Redtulips Consultants Ltd that has a main branch in London and another branch in Gibraltar. Cherry Trade accepts customers from around the globe except the USA. They stop accepting customers from the USA starting on the 17th September 2015. CherryTrade offers more than 150 assets and the average payout rate is up to 85%.
Trading Platform
CherryTrade offers an easy to use web based platform that does not require you to download any software. It also support a mobile platform that is compatible with Android/iOS smartphone and tablet. Traders can choose from 6 types of options including standard binary options, pairs, ladder, and one touch. The short term options range from 60 seconds to 300 seconds. The one touch option offers a profit of 550% – 1500%. The trading platform offer real time live data that streamed from Thomson Reuters so you can be assured that the data is accurate and reliable.
Types of Trading Accounts
CherryTrade offers 5 types of accounts including basic, professional, expert, VIP and corporate. The basic account is for traders who want to invest $200 to $1000. Traders who want to invest between $1000 to $5000 can sign up for the professional account. The expert account is suitable for those who want to invest between $5000 to $10000. Traders who want to invest in between $10000 – $25000 can sign up for the VIP account. The corporate account is for traders who want to invest more than $25000. All trading accounts include welcome bonuses except the basic account.
Opening an Account with CherryTrade
Traders who want to register an account simply have to click the Open an Account button on the homepage and enter their personal information. After you submitted the application, you will receive a welcome email that contains a link which you must click to activate your new trading account. There is no need to deposit any fund or supply their credit card information in order to register a new account.
You can choose from 5 different types of currencies for your trading accounts including USD, AUD, CAD, Euro, GBP. You cannot change the currency afterwards once you have registered for a new account so make sure you think clearly. It is completely secure to deposit your funds with CherryTrade as it is protected with a SSL encryption system.
Deposits and Withdrawals
You can deposit money into your trading account by credit cards including Visa, MasterCard, Maestro, and Visa Electron cards. Another way to deposit funds into your account is by bank wire transfer. The minimum amount of balance you must have in your account in order to withdraw is $100. If you use credit card, the maximum amount you can deposit into your account is $20,000.
However, if you deposit via bank wire transfer, there is no limit on the maximum amount you can deposit. If you use bank wire to deposit, you have to provide a 8 digit SWIFT code. It takes about 5 days for them to process your withdrawal request and another 7 days for the funds to arrive on your bank account. There is no charges for credit card withdrawal but bank transfer withdrawal is charged with a fee of $30.
Education Center
CherryTrade has an education center that provides tutorials on different types of trading methods. The resource center has guides that teach you how to use the trading tools. The video library has a few interactive videos that provide tutorials on various binary options topics. There are also a few video trading courses that offer answers to the most frequently answered questions by new traders.
Aside from the video trading courses, they also provide advanced trading courses that teach you tactics from senior analysts. There is also a free trading e-book you can download to read and learn about the advantages of binary options trading.
Customer Support
CherryTrade offers customer support by telephone, live chat and email for 6 days a week. Their customer support hours is from 6:00 — 21:00 GMT Sunday — Friday. They maintain 19 toll free telephone customer support numbers for customers around the world including USA, Austria, France, Netherlands, Spain, UK, Hong Kong and Japan.
Is Cherrytrade a good binary options broker?
In conclusion, CherryTrade is a reliable broker that offers a large range of trading options and a good educational resource center. The only thing is that they don’t offer a demo account for traders but their good customer support will surely give you a good trading experience. Overall, CherryTrade is recommended for binary options traders of both beginner and advanced levels.