Cherrytrade began working in the field of binary options in 2013. It was founded by Redtulips Consultants Ltd, a company from London. This is one of the few brokers who are constantly updating their trading tools for their clients benefit and creating favorable offers to attract new traders. Trading with Cherrytrade may be characterized by simplicity, the presence of an original system of training and advanced skills in the stock market, as well as a professional customer support service. This broker offers its clients specially developed mobile applications that allow you to trade in binary options on both tablets and smartphones. In general, it was enough to interest me so I hope you enjoy reading my review.
CherryTrade is a broker that promises up to 81% profitability for options on ordinary transactions and up to 500% profit margins for more complex transactions. This is a fairly high rate of return, especially when you consider that the amount for the minimum initial deposit and minimum bet size is small as well. To start trading I invested $200 into my account which is the minimum amount possible and at the same time I got a nice bonus of 25%.
Despite the fact that I have fairly rich trading experience, which is say in modesty and without being boastful since I’ve been doing this for a long time and do it seriously, I began trading with the minimal investment, which is $5. This allowed me a pretty good understanding of the principles of the platform without the risk of incurring significant losses.
At this stage, I tried most of Cherrytrade’s software tools and I even tested the mobile version from my tablet to make sure it does not freeze and does not slow down and hamper trading timers.
Is Cherrytrade reliable?
I often come across this certain view from potential traders that if the broker is not allowed to work in the United States, then it’s certainly a scam. No, my friends. It has nothing to do with whether the activities of the company fall under the legal right to work in America or not. This process is much more complicated. In point of fact Cherrytrade was available in the US market until late 2015. In the autumn of that year, it received a ban on working with US traders not due to failings by the company but through changes in U.S. Law regarding binary options. What does it affect? Just on one thing; Americans will no longer be able to earn money through this broker. But can you do it? You certainly can if you are attentive at your auctions and you do not let your excessive optimism or pessimism spoil your strategy for making transactions. How to avoid it? You need to start trading slowly and carefully, which means the minimum rates (as I did), and of course using the demo account.
Please do not ignore the opportunity to work first on a demo account. Especially since it’s so easy get it through Cherrytrade. This will give you an opportunity to make sure that you understand the principles of how the platform works and you are comfortable using it. To get the best results, imagine that this is your real money because often the trader’s behavior changes significantly after the switch to trading with real money which means a shift in your strategy. Trading on demo accounts is often considered as too quiet and the trader does not feel the tension and excitement as you would working with a real deposit. But you have the opportunity to test your strategies to the end and verify the accuracy of certain calculations. Generally, if you have a new idea about your trades, go to the demo and put it through it’s paces.
Bonuses and the types of accounts on Cherrytrade are inextricably linked with each other. So, my first deposit into the Basic account brought me a bonus of $50, which is 25% of the minimum deposit fee of $200. In addition, I also gained access to the daily and weekly analytical data on the analysis of the stock market which is often a much overlooked feature.
If you decide to fund your account with a larger amount, be prepared for more generous bonuses. Owners of the Professional accounts that have a minimum deposit of 1 thousand dollars, but a bonus of 35% is provided, as well as 4 riskless deals worth $25 each. Put $5,000 in and enjoy the pluses of an Expert account: bonus of 50%, 4 risk-free transactions of $50, the services of a personal trade consultant, compensation to the tune of 10% if your trading month ends with a loss and free daily classes on the analysis of the stock market. You want a bonus of 100%? You need a VIP account and 10 thousand dollars to fill it up.
An interesting and very rare offer for brokers is the separately imposed Corporate account. It is only open to legal entities and requires additional approval, during which the terms of service on operations with binary options are specified and the minimum deposit bonus amount is set, as well as the provision of additional services specifically for a company-trader. Therefore, if you are an employee of the company who opens an account with Cherrytrade, use your skills as a negotiator to get some impressive bonuses.
I got the impression that Cherrytrade puts a lot of effort into ensuring the confidentiality of customers’ personal information, as well as the safety of their money at a time when they are in the account, and when they try to withdraw and funding. Somewhere in the information on the site I’ve seen mention of the fact that the data protection procedures used by Cherrytrade are regularly updated.
The need to verify your personal information is connected to these procedures. It has to be done before you take your cash out. In the beginning, you need to enter the correct contact details and select the currency to withdraw funds. Remember that these choices can be made only once so do not rush to grab the currency which is the default in the list. Withdrawals are carried out via credit cards, bank transfers and through popular electronic payment systems. In order not that you do not lose this part of your purse, check out the detailed rules on the use of bonuses on Cherrytrade’s site.
Note: There are some restrictions on the withdrawal of bonuses.
Being user friendly, for this broker, is not just a few points to the old positive karma. It is a necessity, without which, any company would not keep even a single customer. To that end I have chosen not to even consider this question from the perspective of whether there is friendliness or not. Instead I’m looking at the situation to note what kind of things can be considered as the true user friendliness of Cherrytrade.
First of all is a demo account, which I have already spoken about. Second is the small amount which counts as the minimum rates. Five dollars on a deal allows some practice without risking large sums. It also means that more transactions can be opened even with a small initial investment. Add to this a good list of supported currencies, including the pound sterling, the euro, the US dollar, Canadian and Australian dollars, and now you have a nice adequate broker for a long and fruitful relationship.
Continuing the theme of the pros and cons of the company, I would have added to the negative karma of Cherrytrade the very meager list of languages they offer to clients, which includes English and… well, yes, that is in fact the entire list. I understand that it is the most widely spoken language and many people speak it very well, while the rest are taught intensively, so they would also have the opportunity to express their thoughts for most of the world’s population. Nevertheless, for such serious cases as finance and trade binary options, more languages are needed. In the end it is a prerequisite to attract non-English speaking customers if you want to be truly internationally successful.
Deposit, Payment and Bonus
Cherrytrade supports quite a lot of deposit methods including bank transfer, transferring funds to your account via debit and credit cards such as VISA, Maestro, MasterCard, CashU, Visa Electron, Diners, Delta and a host of others. Of course the same techniques work for the output of your augmenting investment. And to make the amount of profit that you will get during trading impressive, remember about the bonus system offered by the broker and try to get as many nice things from Cherrytrade as possible. They will certainly come in handy.
Cherrytrade’s website is characterized by a concise and understandable structure. The home page contains schematic information about trade facilitation on the platform, some key points about the pros, and offers from the company. The top line provides users an easy link to go to the form that must be filled in order to proceed with bidding. It also has a selection of news, information about the types of accounts and some other useful things. It is very convenient to navigate and search for any desired page or information. In addition to English, the site has a version in Arabic while customer support is limited to English only. Apparently, the vast majority of this broker’s customers speak these two languages.
Everything else in Cherrytrade I liked; reasonable initial contributions, the competent classification of bonuses and a good selection of types of accounts. I am happy to use the offerings of this broker that allow me to extend the validity of any binary option if I am not satisfied with its position at the time of the option’s expiration. I could also instantly double my investment, when I saw that it is likely to be profitable. Quite often I found myself selling an option prematurely, to reduce the loss which is another great feature. This system of control over rates after they have been concluded looks like a very convenient one to me.
And of course Cherrytrade pays great attention to the education of their clients. After all, the more successful the traders are, the better it is for the broker. In the “Education” section on the site you can find lessons, a video library, video trading courses, advanced courses and trading information on e-Book. Some of these materials are even available without registration. Therefore, feel free to become acquainted with them at any time, even if you are still only speculating about your possible future as a professional trader. It might help you to make your choice.