Launched very recently in 2014 CherryTrade comes to shake the waters in the online retail binary options scene. The parent company of this new binary options broker is Blue Sky Solutions Ltd which is headquartered in Gibraltar. CherryTrade consider their greatest strongpoint to be the high level of education they offer their tradersaiming not only to offer an enhanced trading experience but also increase their success rates when trading. This is achieved through the insightful and valuable understanding that is brought to traders from the broker’s team of experienced market analysts, which offer their professional knowledge in all trading related fields, such as the forex markets, the banking industry, effective risk management methods and legislation and regulation issues in various jurisdictions. The fact that it features one of the market’s most trustworthy education platforms enables CherryTrade to attract large numbers of first time, inexperienced traders.
CherryTrade offers its services to traders using the Spotoption software through which it enables clients worldwide, including US customers, to trade binary options in a highly secure environment. This broker places paramount importance on high security and considers it a necessity. Thus all traders can feel confident that they are trading on a secure site, where all their personal and financial details are secure and all communication is encrypted ensuring absolute anonymity.
To take advantage of our exclusive bonus, simply open an account on Cherry Trade by clicking on the link above. Our bonus offer will be automatically acquired.
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The platform
Catering for the needs of all traders from complete new comers to professionals, the web-based platform used by CherryTrade is particularly user-friendly, practical and simple. It offers a variety of trading types, which include the classic Call/Put with a variety of expiration times as well as 30 seconds options with a payout of 81%, which is one of the highest in the industry. However, its most distinguishing feature is the offering of the innovative Ladder Options, which requires traders to predict the significance of market movements like steps on a ladder, through a variety of price levels offered at different time intervals. This is perhaps the most lucrative type of binary options trading yet, since profits can be up to a whopping 1500%.
Secure Trading Environment:
As mentioned already trading through Cherry Trade is done in a completely safe and insulated environment, since all customer details and financial transactions are coded and stored using a 128SSL encryption key. Aiming to combat problems such as identity theft and credit card fraud, CherryTrade ensure that all clients’ credit card information is hidden and only the last 4 digits are exposed for functional purposes.
Signing Up:
The registration process is extremely simple and the only requirement is filling a simple form consisting of 5 fields and clicking the submit button, which immediately re-directs the client to the cashier in order to able to place funds in their account.
Mobile Trading:
Besides its web-based platform, the broker support Android smartphones and tablets for mobile trading. Having said that, our sources inside the CherryTrade reveal that soon the broker will cater for trading on the go IOS though the clients’ iPhone and iPad.
Trading Options:
Besides the ones mentioned above, the trading types offered by CherryTrade include the types usually included in the Spotoption trading package, namely:
Digital: This is the most widespread standard binary options format, where one is simply called to guess the general direction of the asset price trend (Up/Down or Above/Below) aiming for their contract to expire in the money.
One Touch: This is a trading option which is more suitable for the more seasoned traders, since it requires one to predict whether an underlying asset will reach the pre-determined support line during a fixed time-frame set prior to the contract being purchased. It offers very high payouts which can even reach as much as 600%, but it comes at a significantly higher risk not recommended for those just starting out with binary options trading.
60 Seconds: This trading type is very popular mainly because it is fast and can lead to instant profits within seconds, which renders it not only lucrative but also addictive for all traders.
Pairs: This feature allows one to select assets and place them against each other to predict which will outperform, thus further enhancing the trading types available.
The assets
The tradable assets menu by Cherry Trade includes assets from across all the four trading assets categories, i.e. indices, stocks, currency pairs, and commodities. The current list of assets offered is detailed below and it can be said to be satisfactory offering a variety of choices enabling traders to diversify their portfolios. However, it should be mentioned that the list is expected to be further enriched in the near future based on the opinion of the broker’s resident experts and aiming to reflect the trends in the global markets:
Currencies: Bitcoin/USD, 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, Platinum, Sugar, Wheat, Silver.
Stocks (Partial List): IBM, Microsoft, Apple, Nike, Coca Cola, BP, Lukoil
Indices: CAC, DAX, Nasdaq, S&P 500, Nikkei, FTSE, Tadawul.
Account types and Bonuses:
A trader wishing to trade binary options via CherryTrade can choose between five different account types, each coming with its features, according to the height of the deposit amount one is willing to commit.
The Classic account is for those clients initially depositing $200 – $499 and it includes a welcome bonus of 25%, as well as bonuses for subsequent deposits (25%), while also providing account holders with daily and weekly market reviews.
The Bronze account requires customers to make an initial deposit between $500 – $999 and comes with a generous 35% welcome bonus and a 20% bonus for subsequent deposits as well as offering four risk free trades. The holders of this account type also receive market reviews and can also enjoy weekly phone trading sessions.
The Silver account is those clients depositing between $1000 to $4999 and gives them a 50% welcome bonus as well as a 35% bonus on subsequent deposits. Silver account holders also get four $50 risk free trades and free auto trading signals to help them trade more successfully.
The Gold account starts with a $5000 initial deposit amount, offering a 75% bonus on the initial deposit and up to 50% bonus on the subsequent deposits. It also comes with four $250 risk free trades and a 10% monthly loss insurance. In addition, the additional features of this account type include 3 months of free trading signals, free alerts on breaking trades, weekly technical analysis sessions and a dedicated personal account manager.
The Diamond account starts requires clients to make $10000 as their initial deposit, but offers 100% in bonuses, while also including four $500 risk free trades as well as 3 months of risk free trades.
In order to able to redeem the various bonuses CherryTrade customers need to contact one of qualified account managers through online chat or over the phone. However, bear in mind thattrading volume requirements need to be met, which stipulate that 30 times the deposit amount in trading volume is required before being able to cash out a bonus.
Deposits & Withdrawals
The accepted currencies for deposits and withdrawals when trading through CherryTrade are USD, EUR, AUD, CAD, and GBP. The minimum withdrawal amount is $100 and withdrawals can be done either through credit card of bank wire at a$30 fee. Most credit card types are accepted including Visa, Delta, MasterCard, Diners, Visa Electron, Maestro, Maestro UK (Switch) and Solo.
Moreover, there is also the new e-wallet option available for those who prefer faster money transfers.
The minimum deposit is $200 or the minimum amount tied to the currency of you choosing. If one wants to avoid fees ($25) with bank wire, then one should remember that the minimum transfer is $500. Both depositing and withdrawing the first time requires a verification process which means that a customer needs to send a scan of a photo ID, address confirmation and a credit card to the accounting services of CherryTrade.
Educational Tools
As mentioned earlier CherryTrade strives to provide its customers with the best available education tools and materials in order to enhance and improve their trading experience and lead them to success and profit making. Therefore it has compiled a variety of trading materials on various topics such as Market Analysis, Financial Management and Trading psychology. Traders can be educated through video lectures and an e-book, while the site also features a Financial news ticker.
Customer Service:
CherryTrade offers a prompt and polite customer service that is easily accessible through live chat, email or by phone. Specific account type holders, who have a personal account manager at their disposal can also contact this person via Skype. CherryTrade’s customer care staff can assist both with technical as well as with trading matters, explaining and elaborating on the market developments. Customer & Technical Support is available from 6:00 – 21:00 GMT, Sunday – Friday, the only downside being that is only available in English. However at the rapid rate of growth of cherrytrade, we will see more languages coming up soon.
Conclusion:
Cherry trade has made an impressive debut in the online binary options trading industry and it has a lot going for it, since it accepts US customers, it offers a user friendly and above all secure trading environment, placing importance on trader education and offering generous bonuses. Admittedly, perhaps exactly because it is a new kid on the block, it is facing some teething issues and it would benefit by a more extensive assets list, a better deposit and withdrawal procedure that is not subject to wire fees and a multilingual customer support, because not all traders are proficient English speakers. Other than that we would recommend all traders, both the experienced ones as well as those less well versed with binary options trading to give this brokerage a chance.
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