CherryTrade

CherryTrade was launched in 2014, yet no information is provided regarding their physical address. Needless to say, CherryTrade is not regulated by any official authority. Traders from the USA, Canada, Australia,NZ, UK, Belgium and Italy are not accepted.

Update March 2017 – CherryTrade still does not list any contact info other than a slate of international call numbers, and they still aren’t regulated. Worst of all, most of their traffic comes from the 4 or 5 countries they don’t accept traders from so they may as well be closed.

Is CherryTrade a Scam?

Based on lack of transparency, lack of regulation and mounting number of complaints it looks like CherryTrade might be a scam, or just a broker you don’t want anything to do with.

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Editor’s Note – Why does CherryTrade Suck in 50 Words

Putting aside our honest superlatives to SpotOption brokers abilities; this line of brokers also includes many brokers whose only goal is to collect deposits as long as they could. Such brokers have given SpotOption a somewhat tarnished reputation among traders but one largely undeserved. The platform is great and the trading is great; yet nothing to brag about here.

Why CherryTrade doesn’t Suck in 50 Words

CherryTrade is a top of the line broker among the new age of SpotOption powered platforms. As such, it offers a full line of assets, a complete array of trading tools and a wide range of expiry. In terms of trading, CherryTrade is indeed on the top of cream. Time will tell if they’ll become a trustworthy broker as well.

Update March 2017 – Time has told the tale and the telltale signs indicate that this is a broker who sucks.

Should I Open an Account with CherryTrade?

All you have to do is take one look at the website to know that it is not only on the cutting edge of binary trading but also focused on trading, not just collecting your money. I have long been a fan of SpotOption platform for a number of reasons. It has great assets, great trading tools, short and long term expiries and the leading copy trading of any platform today. The problem is that too many of them were only in business for the benefit of their owners, and not the benefit of the traders or the overall SpotOption network. I tend to believe that CherryTrade is here to change that perception.

Banking at Cherry Trade is done through credit card and wire transfers. Minimum deposit is $200 and can be made in AUD, CAD, USD, GDP or EUR. Minimum withdrawal is only $100 and free if made to a credit card. All withdrawals by wire will cost $30. Bonuses are available and vary according to your deposit size. The standard trade volume requirement is 30X deposit but be sure to check with your rep to make sure of your terms. No withdrawals can be made until the bonus terms are met. So far so good.

There is a full array of trading tools, enough to satisfy any need. The standard digital trade is supported by short and long term expiry with a range from as short as 30 seconds and as long as 9 months, depending on asset. In between are the usual 60 second, 5 minute, one hour, end of day and end of week expiries that make SpotOption one of the most versatile trading platforms. Other tools include One Touch, Pairs, Ladder and iFollow options. One touch options trade after hours and on weekends, require the asset to touch above the target price only once and pay one of the highest returns. Ladder options are my favorite. They combine binary trading with set strike prices and pay higher returns for out of the money trades. Finally, iFollow is the SpotOption solution to copy trading and one of the leading forms of copy trading available.

Update March 2017 – If you haven’t gathered by now, we don’t recommend this broker.

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CherryTrade Complaints

We do the search for you! At ThatSucks.com (former BinaryOptionsThatSuck.com) we care about your safety. It’s an easy search and you can try at home: go to Google and type CherryTrade scam, fraud, complaints, etc. Search comments and forums, and try to contact the sender. When we searched for CherryTrade, to be honest, there really aren’t that many comments for this broker yet, and much less complaints. The word I get, from other traders, is that Cherry Trade is paying withdrawals so long as you handle your account properly and follow the bonus terms. We’ll continue searching and update.

CherryTrade Bonuses

Cherry Trade has a deposit bonus and other bonuses for current clients. The terms for each will vary from bonus to bonus but usually come with the standard trade volume minimum of 30 times the bonus. This is fair and below the average broker which will require 30 times bonus + the matching deposit amount. First time deposit bonuses vary according to your deposit amount.

Update March 2017 – It looks like CherryTrade has ceased offering bonuses other than refer a friend, I couldn’t find any mention of one at least. This does not make them trustworthy, instead of bonus money they use a host of fees to whittle your deposit to nothing.

CherryTrade Withdrawals

Cherry Trade withdrawals can be made to credit card or by wire transfer. They don’t yet have eWallet, the only thing I don’t like about them. Withdrawal to CC is free but limited to the initial deposit amount. Wire transfers are unlimited but cost $30 each. Minimum withdrawal is $100 and cannot be made until the bonus terms have been met. Processing takes up to three business days and then an additional 7 business days to reach your account for a total up to two standard weeks.

Update March 2017 – There is some discrepancy between the FAQ’s and term of use about withdrawals. The terms say there are fees for all forms of withdrawal, CC and wires, and processing fees if you do not meet a certain amount of turnover.

CherryTrade Ratings

User Friendliness 18/20

This may be the first broker to receive the 20/20 rating from me. There are some things they could work on, getting Skrill for example, but the broker itself is top notch and very easy to use. The platform is easy to navigate, the options and trading easy to understand and the experience quite enjoyable. Only 2 languages.

Assets and Expiry 18/20

CheeryTrade really does have a great array of expiry and assets, more than enough to meet any trader’s needs regardless of asset class. Expiries are among the best available ranging from 30 seconds to 9 months on the top traded assets.

Commissions, Support and Effective Return 15/20

There are no commissions, as with all binary options, and the website has decent support, but there are lots of other fees. There are plenty of educational tools, a 3 tier video course, on line account management and coaching with larger deposits. Effective returns are average at 81% but more stable on a trade to trade basis than what you might find elsewhere. There’s no out-of-money refund.

Deposit, Payout and Bonuses 5/20

Minimum deposit is average – 200. Cherry Trade does a good job with banking but I still think they could add Skrill or some other eWallet. Deposit is easy but limited to credit card or wire transfers. Withdrawals are made back to the original method and take about 2 weeks. Profits are only handled via wire transfer and takes up to 2 weeks. Bonuses are available and come with a standard volume minimum of 30 times the bonus amount, up to 100%.

Update March 2017 – The bonus appears to be gone, payouts are hampered by fees and complaints suggest you won’t get it withdrawals.

Broker Extra’s 11/20

I would have given Cherry Trade 20 out of 20 here too but this isn’t the only place to get the extra’s that are available. Cherry Trade has iFollow, Ladder Options, 30 seconds, Close Now, Roll Over and Extend.

CherryTrade Overall Ratings: 67/100

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