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CherryTrade binary options broker is founded by the Redtulips Consultants LTD in 2013. It offers an average return ROI of up to 81% for the standard binary options.
They offer traders a wide selection of more than 100 types of trading assets and feature stocks from major corporations such as Apple and Amazon. CherryTrade is headquartered in Gibraltar and they have branch offices in London. CherryTrade offers free demo account for those who are interested in testing out their strategies on the trading platform.
CherryTrade offers the SpotOption 2.0 platform that features 6 types of options including standard options, pairs, long term, 60 seconds, one touch and ladder. The expiry time for short term options range from 30 seconds to 120 seconds. The roll over feature enables you to perform stop loss strategy by delaying the expiration time. This feature will appear about 10 minutes prior to the expiry time and you can expect to receive 30% returns if you win. The rollover feature gives you a chance to win when all signs are pointing that you are going to lose the trade.
The double up feature allows you to earn double profit when the trade options expire. The iFollow is the social trading tool that allows you to copy the trades of other professional trades. The sell early feature lets you sell your trades early to minimize the loss. Besides, there is also an option builder feature on the trading platform. CherryTrade does support mobile trading so traders who frequently use mobile phones can conveniently monitor their trades.
Types of CherryTrade Trading Accounts
CherryTrade offers 5 types of trading accounts including Classic, Pro, Gold, VIP, and Corporate. Classic account only has a minimum deposit requirement of $200 and is suitable for beginner traders who just started to learn how trade. It takes a minimum deposit of $2,500 to open a Pro account and you also get a 35% welcome bonus.
Gold account has a minimum deposit of $6,500 and the welcome bonus you will receive is 70%. in addition, you will get 3 risk free trades, one-on-one training session that lasts for 3 hours and access up to level 3 of the education center.
VIP account is for traders who are ready to invest a capital of at least $50,000. CherryTrade offers 50% welcome bonus if you have a VIP account. Some of the features of a VIP account are 5 risk free trades, one-on-one analyst session that last for 7 hours and up to level 4 education center.
Corporate account is for traders who can make a big investment of more than $100,000. if you have corporate account, you can get up to 30% welcome bonus and get up to 10 risk free trades. In addition, you will get to attend unlimited 1-on-1 training sessions and access any learning material in the education center.
CherryTrade allows you to deposit via a number of methods including Visa, Visa Electron Delta, Diners Club, Maestro, and bank wire. There is a minimum deposit requirement of $200 for all types of deposit methods. The maximum deposit is $20,000 for deposits via credit card but there is no limit if you deposit via bank wire. You must have at least $100 in your account balance if you want to withdraw.
You must submit your photo ID, address proof and a photocopy of the credit card you use to deposit the funds if you want to make a withdrawal request. It is free to withdraw via credit card but they will charge you a $30 fee for bank wire withdrawal. It takes 3 business days for the customer support department to process the withdrawals and another 7 days for the funds to arrive at your bank account.
CherryTrade Educational Center
CherryTrade has an educational center that is filled with various types of tutorials including binary options, market analysis, glossary, and social trading. There is an ebook that provides a walk through of the platform and teach you how to use its features. There is also a section where you will find many binary options trading video tutorials. They also offer trading signals for members that have registered for a trading account.
CherryTrade offers telephone support 19 countries and they also offer support via email and live chat. You can use the web contact form to contact the customer support department via email. Cherry Trade’s customer support is available 6 days per week, from 6:100 – 21:00 GMT, Sunday to Friday.
CherryTrade Review – Verdict
CherryTrade is a respectable broker with a good reputation in the binary options trading industry. They offer a rich educational resources that feature tutorials on many binary options trading and a 3 tier video tutorials.