Best Binary Options Broker 2020!
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Good Choice For Experienced Traders! 2nd place in the ranking!
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CherryTrade is a mainstream binary options broker that has excellent products and services in its portfolio, which is slightly let down by a sub-par support service. Traders should contemplate their choices carefully before investing.
CherryTrade Broker Review Intro
There are several binary options brokers in the industry that claim to hold the #1 spot in the financial markets, but the reality is further from the truth. Even though the binary options market witnesses one of the largest influx of companies vying for the top spot, it is up to the traders to determine the best binary options trading company that is worthy of receiving high praise.
CherryTrade is indeed one of the more popular names in the binary options market, and there have been numerous instances where CherryTrade has managed to pip its rivals to become a preferred financial company among retail traders. CherryTrade is home to some amazing binary options products, which really does make it a premium broker. However, does the broker have what it takes to claim the #1 spot? In our CherryTrade review, we did find out some broker discrepancies and a few minor issues that may prevent the company from banking on its claims, but there are several advantages that do work in the broker’s favour. We attempt to unravel all the aspect of CherryTrade trading such as choice of assets, payouts, platforms, bonuses, and customer service.
CherryTrade Broker Location & Licensing Information
CherryTrade does not provide any information about its broker location or licensing data. In fact, the broker hasn’t even bothered to list an official address for its clients, which does sound dubious and not well-accepted by traders. Seasoned investors usually make it a priority to understand the physical and regulatory attributes of a company before trusting them with their investments. That is why traders mostly prefer to trade with regulated entities, which are capable of displaying a certain level of authenticity and reliability when it comes to the safety of funds.
Immaterial of the CherryTrade’s regulatory status, the broker has indeed lived up to its clients’ expectations by safeguarding investments and providing a reliable trading platform. CherryTrade also employs the most advanced security protocols so that traders don’t have to worry about the safety implications of their trading accounts.
Best Binary Options Broker 2020!
Perfect For Beginners!
Free Demo Account!
Free Trading Education!
Get Your Sign-Up Bonus Now!
Good Choice For Experienced Traders! 2nd place in the ranking!
Tradable Instruments For CherryTrade Clients
CherryTrade is a mainstream binary options broker that competes directly with the leaders in the market. Therefore, the company cannot afford to stay relaxed when it comes to offering the largest number of underlying instruments that covers a large part of the financial markets. In spite of the broker’s affinity towards providing coverage for a vast majority of the markets, there are still issues with the overall number of CherryTrade assets. Provided below is a list of tradable instruments picked from their official asset index:
Stocks: IBM (US), MICROSOFT (US), APPLE (US), CITI (US), COCA COLA (US), GAZPROM (RUSSIA), HSBC HOLDINGS (LONDON), LUKOIL (RUSSIA), NIKE (US), SBERBANK (RUSSIA), TATA MOTORS (INDIA), TESCO (UK), AMAZON (US), GOOGLE (US), FACEBOOK (US), TWITTER (US), EBAY (US), ALIBABA (US), MCDONALDS (US), WALT DISNEY (US)
FX: EUR/GBP, EUR/JPY, EUR/USD, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/RUB, USD/SGD, USD/TRY, USD/ZAR
Commodities: COFFEE, GOLD, OIL (LIGHT SWEET CRUDE), PLATINUM, SILVER, SUGAR, WHEAT
Indices: BOMBAY SE, DAX (GERMANY), DOW (US), DUBAI FINANCIAL MARKET GENERAL INDEX (DUBAI), FTSE 100 (UK), HANG SENG (HONG KONG), KUWAIT GENERAL INDEX (KUWAIT):, MICEX 10 (MOSCOW INTERBANK EXCHANGE), NASDAQ (US), NIKKEI 225 (JAPAN), RTS (RUSSIAN TRADING SYSTEM, MOSCOW, RUSSIA), S&P 500 (US), SSE 180 (SHANGHAI STOCK EXCHANGE), TADAWUL (SAUDI STOCK EXCHANGE), TEL AVIV 25, TOPIX
There are some differences between the official asset list mentioned on the website and the tradable underlying instruments provided on the trading platform. Therefore, we urge traders to go through each section carefully before choosing your preferred financial instrument.
The main advantage of binary options trading is the ability to make profits within the matter of a few seconds or minutes. Therefore, binary options traders are mostly offered up to 95% payouts for profitable trades, while losing trades are bound to lose the entire investments. On an average, traders can expect to receive up to 85% ROI for in-the-money trades at regular brokerages. However, at CherryTrade, the maximum payout is 81%, and there isn’t any option for a refund for out-of-the-money trades. The payouts are considerably lower than the industry standards, with several binary options quoting around 60% payouts for the regular high/low option.
As far as trade sizes are concerned, you can start betting on the market with $5, which isn’t a significant investment. However, you do have the option of choosing other binary options brokerages that may offer you minimum bet sizes starting from $0.10. The most common minimum investment is $1, while there are brokers that may stipulate $10 or even $50 minimum bet size. The maximum position size at CherryTrade is also $5000, which is higher than the industry average of $1500-$2500. As a trader, you must be careful with your money management, as larger investments can lead to massive losses.
CherryTrade Trading Platforms & Options Features
It is common for binary options brokers to make use of existing trading platforms that are developed by third-party platform developers. Therefore, CherryTrade has also opted to license the SpotOption trading platform, which is available as an online web trader interface. The SpotOption platform offers all of the basic trading tools and has certainly used its experience to good effect. SpotOption is a preferred trading platform for a large number of binary options brokers, and the software developer has certainly used all the feedback to tweak and customise the platform to suit traders’ requirements.
Another important feature of the CherryTrade SpotOption platform is the IFollow feature, which is essentially a social trading function that allows traders to copy trades from other leading traders in the community. The IFollow binary options platform is certainly an excellent way for both amateur and professional traders to get assistance from the market to improve their profits and accuracy. The IFollow feature can also be used in conjunction with the market consensus provided in the trading platform, which can certainly improve the profitability of trading.
CherryTrade Mobile Trading Platforms
Mobile trading is an integral aspect of the binary options market, and nearly all existing brokers offer a dedicated mobile trading app for its clients. CherryTrade has also ensured that its clients get the best binary options environment through a mobile trading interface and has made available individual trading platforms for iOS and Android operating systems. The CherryTrade mobile apps work exceedingly well on both smartphones and tablets and offer the same trading features as provided by the online trading interfaces.
CherryTrade clients can also make use of the SpotOption online trading interface to access their accounts via their mobile devices. Traders only need to point their device’s browser to the platform URL, and they will be greeted with a responsive platform layout that offers all the basic functions of the online trading platform.
CherryTrade Minimum Deposit & Account Options
To open an account at CherryTrade, you must first understand your trading requirements and the minimum investment that you are willing to deposit at the brokerage. The broker has created five different categories according to the minimum investment. Smaller traders are given the option of choosing a Classic account, which requires a minimum deposit of $200. $200 is indeed the average deposit required for a regular binary options trading account, but if you are looking for a more cost-effective option, you can find brokers that offer a trading account for as low as $1. Nevertheless, the Classic account categorises its traders under the Junior brokerage account and does not provide any significant account benefits.
There are two other accounts designed for VIP and Corporate traders that require a minimum deposit of $50,000 and $100,000 respectively. The VIP account gets five risk-free trades at the beginning, which is increased to 10 risk-free trades for the Corporate account. The VIP account also qualifies for 7 hours of one-on-one analyst sessions, Level 4 education, and personalised trading signals. The Corporate account gets unlimited one-on-one analyst session, ten risk-free trades, full education center access, and personalised trading signals.
Availing A CherryTrade Bonus
Fortunately, traders can indeed take advantage of the relatively excellent CherryTrade bonus structure, which provides free money for even the smallest account holder. Classic accounts offer a deposit bonus in the range of 20%, the Pro account offers a deposit bonus of 35%, and the Gold account provides the maximum bonus of 70% for deposits. The VIP and Corporate account holders receive slightly lesser bonuses when compared to the Gold account, predominantly due to the larger funds involved in these accounts. The VIP account offers a 50% welcome bonus and the Corporate account offers a 30% bonus for all deposits. The broker also offers risk-free trades to Gold, VIP, and Corporate accounts, which is on top of the existing bonus structure.
CherryTrade Demo Accounts
CherryTrade appears to be reluctant in offering a free demo trading account. Several brokers are apprehensive about providing a free demo account, and we are honestly perplexed as to why brokers avoid giving a demo account to its users. Demo account is often considered to be the basic prerequisite before opening a live trading account. Nevertheless, you can ask for a CherryTrade demo account by getting in touch with the broker’s customer service representatives. Nevertheless, the limited demo account may not earn any good points with respect to the competition.
CherryTrade Customer Service
CherryTrade has provided contact numbers for traders from different continents, and has installed a customer contact number for the USA, Austria, Denmark, Finland, France, Italy, Luxembourg, Netherland, Norway, Spain, Sweden, Switzerland, the United Kingdom, Hong Kong, Japan, South Africa, and New Zealand. Traders can also contact the customer service department through the web contact form, but there does not appear to be any live chat feature, email, or other contact information. It is also amazing to note that the broker does not cater to traders from the US, Canada, Europe, and Australia. We do feel that the CherryTrade customer support channels can benefit from a slightly more professional approach and a better input from the broker’s side.
CherryTrade Trading Resources
CherryTrade provides training to its clients according to the scale of their investments. Larger account holders do receive the best in training materials, while the smaller traders will have to make a few compromises. Regardless, the training materials may not be adequate for a comprehensive coverage of the market, but the one-on-one training sessions should help traders to get a better perspective of the different factors that contribute to binary options trading.
- A mainstream binary options broker.
- Top of the line trading platforms.
- Excellent bonus for all account holders.
- A wide range of binary options products and markets.
- Traders get to choose from a large number of financial assets.
- The broker hasn’t provided its actual physical address and regulatory information.
- The customer support department is not as professional as the rest.
- No free demo account for traders.
Can I Trust CherryTrade?
CheryTrade is a reliable and reputed binary options broker that has been active in the industry for quite a while. Despite some issues concerning the regulatory status and the support services, CherryTrade does seem to be a trusted company.
How To Get A Premium/VIP Account At CherryTrade?
CherryTrade offers a VIP and Corporate account for traders that are willing to deposit more than $50,000 and $100,000 respectively. Premium account holders get numerous account benefits and trading assistance from the brokerage.
Is A CherryTrade Account Expensive?
The smaller CherryTrade accounts are not expensive in comparison to the market standards, but smaller traders may not be able to justify the cost of account maintenance for higher account categories.
7 Binary Options
We have found out that CherryTrade has shut down their operations.
We recommend choosing one of our top binary option brokers instead:
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Try also Binary Option Robot if you are looking for automated binary trading.
We found CherryTrade to be a very interesting binary options trading broker. They had a lot of good things to offer their many traders and the overall quality of the website was good. They seemed to bring an easy to use platform to the trading table and strive to do it at a reasonable cost. This trading site has operated since 2020 out of Anguilla and has been steadily gaining in popularity ever since. Let’s take a look at CherryTrade a little more closely.
Online since: 2020
– Good variety of options
– No demo account
7 Binary Options Rating:
It seems to us that CherryTrade has plenty of trading options and they make it very easy to place trades based on those options. The options seem to run on some very sophisticated technologies which we think will give investors a good chance to profit by using their website. They have some excellent learning tools and the site seems to believe that knowledge is power when it comes to being successful at binary options trading. It also features a wide variety of account selections with some nice perks as you go up in level.
The bonuses that a trader gets with CherryTrade are not bad at all when you compare them to some other brokers. It all starts with a generous sign up bonus that the user gets when they make their initial deposit and complete a few trades. Like many brokers, the bonus increases based on the amount of your initial deposit, so the higher amount you deposit upon sign up, the more ‘free money’ you will get to trade with.
The minimum deposit on CherryTrade is $200 and a user must trade thirty times their initial deposit in order to withdraw any and or all of their bonus money. The max bonus payable is a nice $20,000. So make sure if you want to trade with them, you deposit as much as you can initially to take full advantage of the sign up bonus.
Maximum Profit (payout)
CherryTrade is also very fair when it comes to account payouts. As a matter of fact, returns on investment of around 85% are not uncommon for traders on the website. That allows all the users of the site to make some nice profit on the successful trades that they place.
They feature a very low minimum investment of $5 and a maximum investment of $1000; that makes it easy for an investor to trade an amount based on how strongly they feel about an asset trending in their preferred direction.
Types of accounts
When it comes to account variety, CherryTrade has an excellent list of choices and some unique features that come with each level account. The account level a user enters into the site at is based on the total amount of the initial deposit. Just like with the sign up bonus, a trader gets a lot more perks with the more money they deposit initially.
CherryTrade Classic account
It all starts with the CherryTrade Classic account which is the lowest account level and only requires the site minimum deposit of $200. Anyone who deposits between $200 – $499 will enter into to the site as a classic level trader and will also receive a sign up bonus of 25% of their initial deposit. They will also receive CherryTrade’s daily and weekly market analysis as an added bonus.
CherryTrade Bronze account
Next up in levels is the CherryTrade Bronze account. This level is achieved by making an initial deposit of $500 – $999 and it offers a nice 35% initial sign up bonus at this level. As with all higher level accounts, it gives the trader all the perks of the lower levels plus more. This level includes four risk free trades and access to weekly phone trading sessions.
CherryTrade Silver account
We liked what the CherryTrade Silver account had to offer when we tested the website. There is a very generous sign up bonus of 50% for any investor that makes an initial deposit of $1000 – $4999. Silver account status also allows the trader to make four $50 risk free trades and supplies them with some nice auto trading signals. We highly recommend this account level if you want a nice, well informed trading experience.
CherryTrade Gold account
Next comes an account for an investor that takes their trading very seriously and wants to learn all they can about binary options trading; it’s called the CherryTrade Gold account. This level is given to a trader that deposits $5000 – $9999 in their account to start.It not only gives the trader a nice sign up bonus of 75%, but it also gives them a 50% bonus on subsequent deposits; that is one heck of a deal by any binary option brokers standards.
It includes four risk free trades of $250, 3 months of free signals analysis, free trade alerts, weekly technical analysis trading sessions, assignment of a personal account manager and an unheard of 10% monthly insurance against losses.
CherryTrade Diamond account
The ultimate trading level on CherryTrade is the CherryTrade Diamond account which not only offers all of the features available to the other account levels, but it also offers a great 100% sign up bonus and four risk free $500 trades.
There really is a nice variety of account levels on CherryTrade.
There is a lot of diversity when it comes to CherryTrade’s easy to use web trading platform. We found it very easy to navigate around the website by using its many point and click features. It is a system that runs well even when there are a lot of memory strains in place while using the platform.
SpotOption is the software that CherryTrade runs on. It runs in a traditional graphic window based system that features a really clear and useful layout. It nicely displays all the settings and menu selections where the trader can clearly see them. The payout and return on investment ratios are also nice displayed to the side of the screen. There is even a handy trading sentiment indicator for the asset that is being displayed.
CherryTrade can also have multiple windows running at the same time so users can keep abreast of more than one asset to trade. That is a nice little feature, especially if you are trading on short time frames.
When using the site we found that the list of tradable assets was very small indeed, but some of this is compensated for by the fact that they have selected assets that are very stable in the trading market place. Among their asset selections are a mixture of stocks, indices, commodities and currencies.
Despite having only a small amount of assets to trade, they do have a large variety of binary options to choose from. These consist of such options as High/Low options, One Touch options, 60 second options, Long Term options, matched pair options and the unique ladder options.
When using the website we really found it very user friendly when it came to making trades.
As an indication of how much CherryTrade is in to educating their many users, you will see a convenient drop down menu after clicking on the learning tools tab. The drop down menu features a wide variety of learning choices. As much as they are into helping their traders learn, we were extremely surprised and disappointed to find that they did not offer a demo trading account when we looked at the website.
Banking is not a problem when conducting trading on CherryTrade, despite the fact that they only offer accounts in US Dollars or Euros. They accept deposit and withdrawals by using Visa, MasterCard, Amex, bank wire transfers, Maestro, Visa Electron and other methods; so they conveniently provide their users with a lot of variety here.
The banking service was pretty fast, but we also noticed there were a lot of additional fees in some cases, especially as they pertained to bank wire transfers. The cash out time in most cases was an acceptable 3 days and the minimum withdrawal is $100.
Cherry trade has a nice little customer service center that features access numbers in a lot of different countries. They can be contacted by using the phone, e-mail and live chat. Customer service is available in some form 24/7. It was a little surprising that the only supporting language was English. For those users that have a personal account manager, they can be contacted by using Skype.
One of the features we did not like about the site was the fact that the customer support tab was almost hidden and it took us a while to find it; something as important as that would make traders more comfortable if it was displayed more prominently.
We found CherryTrade to be at the end of spectrums when it came to what we liked and disliked while testing the site. They have a large variety of trading options offered, but they don`t have a demo account. End of the day, you will definitely get a good and profitable trading experience trading with CherryTrade. We highly recommend them for all levels of traders. This broker is also found on Binary Option Robot.
Customer Service: Live Chat / Email: [email protected]
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