CherryTrade has become one of the leading binary options brokers in the industry. It was founded by a diverse group of experts in Forex, derivatives, risk management, and international law and came on the scene in 2013. CherryTrade is one of the few binary options brokers that accept U.S. clients. It is domiciled in Gibraltar and has a customer base spread out all over the globe. Its customer service system encompasses many other countries throughout Europe, Asia, Africa and Oceania.
One of the best features at CherryTrade is the availability of long-term options, something that is not being offered by most other brokers. Long-term options can be purchased with expiration dates ranging from 24 hours up to even a full year.
This is a very beneficial advantage to traders. One of the problems with today’s binary options business is that close to 99% of binary options brokers never offer any long-term options because they provide too much advantage to traders. Instead, most brokers only offer short-term options of 60 seconds to one hour maximum.
There are five different trading accounts to choose from at CherryTrade starting with the Basic account which requires a minimum deposit of $200 and accepts up to $1000. The maximum deposit in the Professional account is $5000 and the Expert account maxes out at $10,000. The VIP account takes up to $25,000 and a Corporate account can be opened only with approval of the CherryTrade administration.
CherryTrade Account Types
At CherryTrade, traders can benefit from payouts as high as 85% on binary options contracts which is quite generous in the industry. $5,000 is the maximum investment a trader can make per individual trade.
Their trading platform is 100% web based and there is no need to download any software.
When doing this CherryTrade review, I found no further information on the different accounts which was surprising. I assume this information will be forthcoming when one of the accounts is opened.
A demo account is also available for traders needing some practice before moving on to a real account and its availability is posted on each page.
CherryTrade offers several educational tools for its traders. New traders receive a binary options eBook, which contains helpful information about trading binary options, as well as a full glossary of terminology. There is also a video library with numerous educational videos. In addition, CherryTrade offers video courses and live webinars that instruct traders in everything from trading techniques to money management tips.
CherryTrade Video Library
Daily as well as weekly new analysis is posted and directions for using the easy three-step trading method appear on almost every page.
CherryTrade Video Library
Updated and comprehensive lists of all available assets, and an explanation of each asset, their expiry times, symbol and trading hours are detailed on the Assets Index Page.
I found their FAQ page as well as their glossy rather limited which is unfortunate as binary options is a fairly new trading vehicle and most traders are unfamiliar with how the system works.
Promotions and Bonuses
CherryTrade rewards its clients with various bonuses with the most prominent bonus being the first deposit welcome bonus. This bonus can be claimed right after newly registered traders make their first deposit.
The bonus amount will depend on the initial deposit amount made by the trader with ranges from 25% up to 100% of the initial deposit depending on the deposited amount. The bonus is also valid on any subsequent deposits in the future.
In order to get the bonus traders will have to contact the broker’s customer support department and ask for it. The broker also provides a refer-a-friend bonus of $50 on every trader you refer to the broker.
When it comes to choice of assets, they offer the more popular ones in Forex pairs, stocks, commodities, and indices. They even trade Bitcoins. Option trades include the Roll Over, Double Up, Sell Early, and Option Builder features.
Payout options reach as high as 85% on certain binary options.
Deposits and Withdrawals
It’s possible to deposit and withdraw money at CherryTrade using a wide variety of payment processors such as MasterCard, Visa, Maestro, Switch, Solo, Diners Club, Delta and wire transfer.
CherryTrade is not regulated by any official regulatory organization.
CherryTrade’s management states, “Do not hesitate to contact us anytime through our live chat, email or phone support systems. We are here to help!” And backing up this claim is a network of 19 strategically placed direct phone lines to all parts of the globe. Live chat and email get quick responses as well.
CherryTrade offers high payouts, popular asset choices, a user-friendly trading platform with a complete set of complementary tools attached, and a highly competent staff of support staff. They also accept U.S. customers, not usually the rule in the binary option brokerage community. The CherryTrade’s website is extremely elegant and straightforward to use. CherryTrade has come a long way since its inception and seems to be going in the right direction.
- Long-Term Options
- Demo Account
- Only One Trading Platform
- Only in English and Arabic
- No Regulation
Review info: CherryTrade
Review Date: 2016-06-06
Rating : 4
Reviewed By : Sara Patterson