CherryTrade is a scam binary broker. They ceased all operations and their domain name has expired. The review below is presented for the archiving purposes.
CherryTrade is a Gibraltar-based binary options broker founded in 2013 by Blue Sky Solutions, LTD. The company’s website is pretty standard, and they operate on the SpotOption platform which most binary options brokers use. Despite the ease with which they could blend into the crowd, they do appear to have a bit more to offer than the average broker. They have some limitations (like no demo account), but they offer a lot of training materials, flexible account tiers and trade sizes, and a number of different trade types and expiry times. Unfortunately, they do not accept traders from the USA. Let’s take a closer look.
Opening Your CherryTrade Account
So far as I can tell, CherryTrade does not offer a practice account; the only reference I saw to a demo account was on an affiliate site, and it looked like an attempt to garner sign-ups. So when you go to open your account, you will open a real account, depositing at least $200 or the equivalent to do so. There are only a few deposit options: credit or debit card, wire transfer, Skrill, or CashU. There are however a number of currencies you can choose from, including Euro, US Dollar, British Pound, Japanese Yen, Canadian Dollar, Australian Dollar, Russian Ruble, and Swedish Krona. Not a lot of sites offer the Krona, so this is fantastic if you are trading from Scandinavia.
Five different account types are available: Classic, Bronze, Silver, Gold, and Diamond. If you make the minimum deposit, you’ll get a Classic account and a welcome bonus up to 25%. One cool thing about CherryTrade is that they also offer bonuses on subsequent deposits! So in the future, if you deposit again, you can get another 25% bonus on your next deposit, and so on. This may be the first broker that we have reviewed that offers this. This is a no-frills account otherwise, with daily and weekly market reviews and no other features included.
The higher your account tier, the higher the bonuses are, and the more extra features and benefits you get. CherryTrade offers a lot of training resources to higher-tier account holders, especially starting at the Silver level. You get risk free trades, free weekly improvement sessions, auto trading signals and breaking trade alerts, insurance on months where you end up in the red, a personal account manager on Skype, and free weekly technical and fundamental analysis trading sessions. All of this is in addition to the free video tutorials and eBook on the site in the Education section. Note that you also can get 15% back on losing trades, so the 10% insurance for losing months is in addition to that. All in all, there are a lot of choices, and something for everyone.
Fees on CherryTrade are pretty typical. There are $30 fees for bank transfers, and wire transfers under $500 will be charged a $25 fee. There is also a $100 minimum withdrawal threshold. It is a smart idea to deposit more than the minimum so that you do not have problems withdrawing your money if you want to. Plus, it will help you with money management.
Many Ways to Trade on CherryTrade
Just as there are a lot of account option and learning options, there are also a lot of options when it comes to trading (literally). You get 60 different assets to choose from (currencies, commodities, stocks, and indices), and you can try out any of the following trade types: High/Low, Long Term, Sixty Seconds, Pairs, One Touch, and Ladder. This is most of the binary options trade types that exist right now, with the exception of Boundary trading. So that gives you a lot of flexibility, not just in terms of how you want to trade, but how long you want to stay in your trades. With Long Term binary options, you can stay in your trades for months before getting out, great for position traders who want to keep out of the fast lane. If you want to trade fast, though, Sixty Second options are available.
There is a pretty wide range for trade sizes as well. You can trade as little as $5 on Sixty Second options. The minimum is set at $25 for all other trade types. If you have a big account, you can wager up to $5,000 on any given trade, which is a pretty high ceiling. Both the Gold and Diamond accounts are geared toward traders with bigger bankrolls, so this makes a lot of sense. The Diamond account starts out at $10,000, and can range up to $250,000. So traders who deposit that much may very well want to risk $5,000 on a trade.
Customer service is available through email, a web form, live chat, or telephone. There are telephone numbers for different regions throughout the world, which is a nice cost-saver. Live chat wasn’t staffed when we checked in, but it was a Sunday, so this was to be expected.
CherryTrade appears to be a broker worth investigating, particularly if you are a trader in the USA. US traders have limited options, and a lot of them are not that great. CherryTrade offers far more competitive features and benefits than many other brokers. Whether you are a short-term intraday trader or you are a long-term position trader, you will find a lot of exciting options to invest in. The training materials are excellent and the benefits for Silver, Gold, and Diamond account holders add value. Have a look at their website and get in contact with customer service, and see what you think. Remember though to do some demo trading (even if that means doing so on another site) before you go live!