Forex

CherryTrade Review - Regulation, Deposit and Withdrawal, Payouts

CherryTrade Review - Regulation, Payouts, Deposit and Withdrawal
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Basic Information

 

Minimum deposit Min./Maxbet size  Payout %   Bonus  Trading platform  Regulation
$200 $5 / $5000 Up to 81% 20% - 70%  SpotOption: web & mobile No


   

CherryTrade is a binary options broker, offering trading in most popular assets on the SpotOption binaries platform under reasonable trading conditions.


Besides, this broker definitely places a focus on training: in its large Education section you can find many beginner and advanced videos, articles and an e-book.


Trading Accounts


CherryTrade offers its clients a choice of five basic account types, depending on the initial deposit: Classic, Pro, Gold, VIP & Corporate.

 

Account type Min. initial deposit   Welcome bonus  Training  Signals Trading 
Classic  $200  20%  -  -
Pro  $2 500  35% 1 hour
1-on-1 basic General 
General 
Gold $6 500 70% 3 hours
1-on-1 advanced
General 
VIP $50 000 50%  7 Hours
1-on-1 analyst
Personalized 
Corporate $100 000 30% Unlimited
1-on-1 analyst 
Personalized 


The Company. Security of Funds


CherryTrade is in trading business since 2013. It is owned by Website Promotions Ltd, a company out of the Caribbean, which is not regulated.


The broker announces on its website that it does not accept clients or client funds from the USA Canada, Australia, NZ, UK, Belgium and Italy, as Is not regulated in these jurisdictions.

 

Trading Conditions


Trading Options: Call/Put, 60 second, Long term, Pairs, One touch, Ladder, iFollow
Assets: Currencies, Stocks, Indices, Commodities
Expiry Times: 30 sec, 60 sec, 120 sec, 180 sec, 300 sec, Long Term

 

Minimum Initial Deposit
The minimum initial deposit for clients of CherryTrade is $200, which is average. In comparison, CySEC-regulated HY Options requires $100 from traders to open an account.

 

Min/Max bet size
The minimum bet size with this broker is on the lower end of average, amounting to $5. With HY Options one can place a trade with the same initial amount. Such low minimum bet sizes allow for better risk management.

 

Payout amount
Depending on the Trading Options and expiry times, payout percentage offered by CherryTrade ranges from 71% to 81%, which is average for the binary options market. For instance, a 60 sec binary Up/Down for EUR/USD has a payout of 71%.
In comparison, Banc De Binary’s payout for 60 sec EUR/USD pair is 70%.


The greater the percentage payout offer by the broker, the larger the return of traders. It is as simple as that.


Trading Platform


Like most binary options brokers, CherryTrade uses the web-based SpotOption platform. There are also iPhone and Android apps available. The platform is highly reliable and easy to use and that’s why it is supported by so many brokers.


The newest feature on CherryTrade’s platform is iFollow, which allows traders to follow the best and most experienced binaries traders on the platform. All traders need to do is to choose the trader that they believe will be the most successful and have all their trades duplicated into their account automatically.

 

On-Deposit Bonus
Welcome bonus from 20% to 70% of the initial deposit is available to clients of CherryTrade, which is not bad, but also not very lucrative compared to the ones offered by other brokers.


Methods of Payment


There are several payment methods available to CherryTrade’ clients: CashU, Wire Transfer, Maestro or Credit Card (Visa, Visa Electron, MasterCard, Delta). One of the most commonly used e-wallets, such as Skrill and Neteller, are not available with this broker.


Accepted currencies: AUD, CAD, GBP, EUR and USD.


Conclusion


CherryTrade is a reputable broker, offering reasonable conditions for trading in binaries on the SpotOption platform. Our major concern with it is the fact that it is not regulated. To sum up the above, here are the advantages and drawbacks in relation to this broker:

 

Pros  Cons
SpotOption available  No regulation
Low minimum bet size Mediocre returns
Good Educational Package   
Signals trading available on all account types, except Classic  

 

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Traders` reviews for CherryTrade

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