CherryTrade Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this CherryTrade Review.
CherryTrade Review
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.
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.
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.
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.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
CherryTrade Review Conclusion
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