All clients opening a trading account with Cherry Trade can benefit from a welcome bonus, although the amount on offer varies depending on the account level. There is also a VIP trading account which comes with its own perks and benefits. The trading platform offered by this broker is intuitive and innovative, making use of cutting edge technology, and there are numerous ways of contacting their support team. The one area in which this broker appears to lag behind is in its selection of tradable assets, as only around 50 are available to choose from.
Cherry Trade is a leading binary options broker offering traders the opportunity to trade across currencies, commodities, indices and stocks online. With several different account types to choose from, clients can find one that suits their level of investment and experience, and more advanced traders can benefit from VIP accounts that offer extra perks. This broker also offers free educational resources for the benefits of its clients and an innovative trading platform that can be accessed from any internet enabled device. Unfortunately, this broker does not accept clients from several countries and these include Canada, the USA, the UK, Italy, Belgium, New Zealand and Australia.
Cherry Trade is not a licensed or regulated broker, however it does ensure the safeguarding of client funds and personal information by providing strong SSL encryption across its website to protect financial transactions. This broker offers a return of up to 81% per trade and offers an impressive selection of options including pairs, long term, sixty seconds, ladder and iFollow.
Cherry Trade only offers around 50 assets for traders to select from.
Their list of assets includes:
Bonuses & VIP Programs
All clients opening a trading account with Cherry Trade will receive a welcome bonus which varies in size depending on the account type opened. The bonuses available are:
- Classic account – 20%
- Pro account – 35%
- Gold account – 75%
- VIP account – 50%
- Corporate account – 30%
The VIP account offered to the highest volume traders offers some excellent perks and extra features including the services of an executive broker and analyst, 5 risk free trades, 7 hours with a 1 to 1 analyst, access up to level 4 of the education centre and personalised trading signals.
Like the majority of other binary options brokers, Cherry Trade have realised that most clients want the freedom to check their assets and execute trades while on the move without being tied to a PC. With the awareness that installing and downloading software can slow down transactions by causing computer memory problems, Cherry Trade has developed a 100% web based trading interface which allows for faster trade execution and a more seamless investment experience. It also offers the convenience of being able to access trading accounts from any location in the world and at any time of the day or night from Android smartphones, iPhones, tablets and iPads with a working internet connection. As well as having a mobile optimised website, Cherry Trade also offers a mobile app which makes trading from mobile devices even easier. This app can be downloaded free of charge either via the broker’s own website or through the Apple Play Store or Google Play Store.
Deposits and Withdrawals
There are only three methods by which Cherry Trade’s clients can pay funds into their trading account or withdraw any profits. These are:
- Credit Card (Visa, MasterCard, Visa Electron, Delta, Diners Club)
- Debit Card (Maestro, Solo, Switch)
- Bank wire transfer
Unfortunately, no e-Wallet methods are available.
The minimum amount which can be deposited into a Cherry Trade account is $200 (or the equivalent) or $500 via bank wire transfer, and the maximum amount which can be deposited via credit card is $20,000, although there is no maximum limit on deposits via bank wire transfer. The minimum amount which can be withdrawn is $100 (or equivalent). The maximum amount which can be withdrawn in one transaction is $20,000 and funds can be withdrawn either by bank transfer or to a credit card. Credit card withdrawals attract no fees, however a fee of $30 is levied on withdrawals via bank transfer. Withdrawals are processed within 5 working days and funds are received within 7 days following processing.
Depositing funds into a Cherry Trade account is very simple through the website and accounts can be opened in any one of 5 currencies including:
- US Dollar
- Pound Sterling
- Australian Dollars
- Canadian Dollars
Once a base currency has been chosen, it is not possible to switch to a different one at a later date.
There are several methods through which clients can contact the Cherry Trade customer support centre. These include:
- 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
Both customer support and technical support services are available between 6 am and 9 pm GMT Sunday to Friday.
The website is available in two languages, English and Arabic.
Extra Features and Resources
Increasing numbers of binary options brokers are offering free educational resources to their clients and Cherry Trade are no exception, offering a resource centre with videos aimed at clients at different levels of experience. The resources which you are able to access vary depending on the account level chosen, with higher level and VIP accounts offering access to more extensive and advanced resources. All accounts from Pro level upwards also offer some 1 to 1 training sessions. This broker also offers up to date market news and an economic calendar to help inform trades.
Cherry Trade 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.
- 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
- 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
I am from the USA can I trade with Cherry Trade?
Unfortunately, at the present time Cherry Trade does not allow clients from several countries to register or trade using their services. These countries include: Canada, the USA, the UK, Italy, Belgium, New Zealand and Australia.
How do I register with this broker?
Cherry Trade have made the registration process quick and easy. All that is required is to click on the Open Account link on the broker’s homepage and to complete and submit all of the relevant personal information. A welcome email will then be forwarded to your email address and once you verify your account, you are then ready to place your first deposit into your account and make your first trade.
Which currencies can be used as a base account currency with Cherry Trade?
Cherry Trade accept accounts opened in one of 5 different currencies:
- US Dollars
- Australian Dollars
- Canadian Dollars
- Pounds Sterling
The base currency cannot be changed once the decision has been made.
Is there a registration fee payable to Cherry Trade?
Clients are not required to pay any registration fee when opening a live trading account with this broker.
Is Cherry Trade a good choice for newcomers to binary options trading?
If you are a brand new trader looking for a broker, Cherry Trade has a lot to offer. Their Classic account only requires a minimum deposit of $200, and with this they can gain access to Level 1 of the educational resource centre where they can find helpful resources to enable them to gain a greater understanding of the basics of binary options trading.