CherryTrade Review

UPDATE (3.10.2016):

We have found out that CherryTrade is closed.

We recommend choosing one of our top binary option brokers instead:

1. IQ Option
2. Banc de Binary
3. Finpari (for US traders)

Try also Binary Option Robot if you are looking for automated binary trading.

Old Review:

cherrytrade logoWe 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 2013 out of Anguilla and has been steadily gaining in popularity ever since. Let’s take a look at CherryTrade a little more closely.

Basic information:

Online since: 2013
Jurisdiction: Anguilla
Software: SpotOptions
Max Returns: 85%
Bonus: 100%
Minimum Deposit: $200
Minimum Investment: $6
Maximum Investment: $1000
Currencies: USD, EUR
Mobile: Yes
Countries: UK, Canada, Australia, New Zealand, Belgium and USA

Pros:

– Good variety of options
– Types of accounts
– Interface user friendly
– Small minimum investment

Cons:

– No demo account

7 Binary Options Rating:

4,5 stars

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Key features

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.

Bonuses

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.

Testimonial

Quotation marks“What can I say about CherryTrade? Maybe ‘thank you’ is a good place to start. I had traded on a few different sites before finding CherryTrade and I was ready to quit trading binary options altogether before I found them. The excellent learning tools they provided me along with the simplicity of using their trading platform made all the difference in my binary options trading fortunes. Not only do I not even consider quitting trading binary options anymore but it has become a very high paying full time job for me know”
Chris, 29

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.

Screenshot

cherrytrade screenshot

Trading Platform

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.

Placing Trades

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.

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Learning Tools

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

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.

Customer Service

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.

Noted Drawbacks

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.

Conclusion/Summary

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 definity 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.

Additional information

Customer Service: Live Chat / Email: [email protected]
Languages: English
Trading Options: High / Low, One Touch, 60seconds, Long Term, Pair Options, Ladder Options
Assets: Currencies, Stocks, Indices, Commodities
Early close: Yes
Expiry Times: 30 sec, 60 sec, 2min, 5min, 30 min, 1 hr, 24h
Deposits and Withdrawals: Visa, Mastercard, Amex, Bank Wire, Maestro, Visa Electron
Withdrawal Time: 3 days
Demo account: No

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CherryTrade Articles:

References and Further Reading:

  1. The Informational Role of Upstairs and Downstairs Trading (Sanford J. Grossman-1992)
  2. Electronic Trading and Work Transformation in the London Insurance Market (Michael Barrett, Geoff Walsham-1999)
  3. Landlords and Brokers: A West African Trading System (Polly Hill-1966)
  4. The Reaction of Investors and Stock Prices to Insider Trading Authors (BRADFORD CORNELL, ERIK R. SIRRI-1922)
  5. The Association between Trading Recommendations and Broker-Analysts’ Earnings Forecasts (Michael Eames, Steven M. Glover, Jane Kennedy -2002)
  6. The extralegal development of securities trading in seventeenth-century Amsterdam  (Edward Stringham -2003)
  7. Efficient mechanisms for bilateral trading (Roger B Myerson, Mark A Satterthwaite-1983)
  8. Dual Trading in Futures Markets Authors (MICHAEL J. FISHMAN, FRANCIS A. LONGSTAFF-1992)
  9. Brokerage Commissions and Institutional Trading Patterns (Michael A. Goldstein, Paul Irvine, Eugene Kandel , Zvi Wiener-2009)
  10. Trading and Exchanges: Market Microstructure for Practitioners (Larry Harris-2003)
  11. AN ELECTRONIC BROKER FOR BUSINESS-TO-BUSINESS ELECTRONIC COMMERCE ON THE INTERNET   (MARTIN BICHLER, ARIE SEGEV, and CARRIE BEAM-1998)
  12. The intertemporal approach to the current account  (Maurice Obstfeld, Kenneth Rogoff-1995)
  13. Formulation of the Russell-Yasuda Kasai Financial Planning Model (David R. Cariño,William T. Ziemba-1998)
  14. Understanding Individual Account Guarantees (Marie-Eve Lachance, Olivia S. Mitchell-2002)
  15. Statistical Analysis of Rainfall Insurance Payouts in Southern India (Xavier Giné-2007)
  16. Method of progressive jackpot gaming  (Bruce Henri Potter, Deborah Jean Potter-1999)
  17. Systems, methods and apparatuses for reinvesting payouts from a wagering game  (James A. Jorasch, Robert C. Tedesco, Daniel E. Tedesco, Jeffrey Y. Hayashida-2008)
  18. Electronic amusement device and method for providing payouts based on the activity of other devices  (John M. Packes, Jr., James A. Jorasch, Jay S. Walker-2001)
  19. God Save the Queen and Her Dividends: Corporate Payouts in the United Kingdom (Stephen P. Ferris, Nilanjan Sen and Ho Pei Yui-2006)
  20. Adapting the Binomial Model to Value Options on Assets with Fixed-Cash Payouts (Mark Schroder-1988)
7 Binary Options review: CherryTrade: 4,5 stars.
John Miller
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John Miller

John has worked in investment banking for 10 years and is the main author at 7 Binary Options. He holds a Master's degree in Economics.
John Miller
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