CherryTrade

Cherry Trade has stopped trading. The company is no longer accepting new accounts.

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CherryTrade is a relatively new broker, but they are building a strong reputation very quickly. Their office was located in London, but the company quickly established itself globally. Running on the SpotOption platform, they have become popular with traders in a short period of time. This supports their goal of providing a simple introduction to trading, where stock market experience is not a prerequisite for success. Their easy-to-use tools and intuitive design make them an extremely ‘accessible’ broker and this is further reinforced with their customer support.

There are five account levels to cater to the different needs of their clients and they also have a great feature called ‘iFollow’ which is a great tool for the novice trader – presented in detail. more details below.

Head straight to; Payout

Here are some other important details regarding CherryTrade;

• Demo Account – Yes (Real money required to open demo account)
• Minimum deposit – £200
• Minimum trade – £5
• Signal Service – Yes
• Bonus Details – Deposit match bonus (up to 100%) or risk free trading available.
• Mobile Application – Yes. Android and iOS cater for.

Exchange

The trading platform is clear and intuitive, as is to be expected when a company places such emphasis on making trading accessible to all. The clean design ensures all relevant information for a trade is displayed and traders can make a quick and easy choice with all the information they need.

Traders can open multiple trading windows, but each window offers the same display options. At the top left is the asset list – this is a series of simple drop-down lists that allow the trader to choose the right asset. Next comes the expiration time, again, this can be modified via the drop-down menu. The last row along the top of the trade window with the amount traded. Completing this field will update the potential payout number to appear right above the payout percentage. That percentage is clearly displayed so traders know exactly what the payout will be.

On the left, in the main part of the trading area is the price chart. This displays the recent price movement for the selected asset. This information can be changed by modifying the covered periods. This is beneficial when traders want to see a slightly longer-term trend. Between the price chart and the payout is the current price – plus all the important trading nodes. Here traders can choose their call or set options. The entire trading area is very simple and new traders will be up and running almost immediately.

 

 

Trader Selection

CherryTrade offers a wide range of binary options types.

• Binary Options – Traditional High/Low Options. Will the property increase in value, or decrease?
• Pairs – Which of the two assets – generally the company’s stock – will perform best? Asset pairs will often be relevant, e.g. Google vs. Amazon. This type of trading is not available with most brokers.
• Long Term – Long Term Options follow the same principles as standard binary options – but with a longer expiration time. The expiration time can be from one or two weeks, up to 9 or 12 months.
• 60 seconds – High octane trades! Again, the actual trade is similar to a standard binary trade, but here the expiration time is exceptionally short – 60 seconds or less.
• One-touch – A popular and quick-fire option. The asset will ‘touch’ a specific value before expiration. The one-touch option usually has a high touch value and a low touch value.
• Ladders – Not available at many brokers, CherryTrade also offers ladders through their platform. Ladders are staggered price levels that allow traders to make substantial profits if an asset’s value crosses several ladders. Payouts at CherryTrade can reach over 1000% with these types of instruments.
• iFollow – The iFollow feature is listed with transaction types, but not actually a transaction type. It is a tool that allows traders to imitate trades made by other profitable traders. This is covered in more detail in the ‘Other Features’ section.

The asset list at CherryTrade is good, although some brokers may offer more currency pairs and commodities. That said, all the well-traded assets are there and as a relatively new broker, CherryTrade will add to their offerings as they go.

Mobile Application

CherryTrade offers their trading platform on mobile for both iOS and Android (version 2.3.3 and above). The mobile app presents a trading area that is as easy to use as the full website. The trading buttons are well positioned and sized, so while all the information is available, the screen won’t become ‘unwieldy’.

Historical trading information is also presented on the mobile app, with open positions listed and then a similar page listing expired positions. All relevant details of these trades are displayed. Account details are also accessible from the mobile app, including deposit and withdrawal requests. Account balances can be displayed at any time, in any screen, allowing traders to stay updated wherever they are. This app is a great addition to CherryTrade and has been well received by traders looking for a mobile solution.

Payout

CherryTrade usually offers payouts around 81% and this will depend on the asset class and expiry time. Payouts are at the higher end of the spectrum compared to competitors, and more exotic trade types can offer even higher payouts. Special ladders can provide huge payouts (up to 1000%) if traders believe that an asset is approaching a volatile period, and the price movement will be significant.

Deposit and Withdrawal Options

CherryTrade offers a wide range of deposit and withdrawal options. They also use some strict confidentiality agreements, including ‘proof of identity’ processes that need to be met before funds can be sent (photo ID, proof of address and, if using a credit card, that copy). This also however, smooths the withdrawal process.

Deposits can be made via eWallet, CashU, Bank Transfer, Maestro or Credit Card (Credit cards accepted include Visa, Delta, MasterCard, Diners and Visa Electron). Transfer deposits are subject to a fee, unless they are over $500.

Withdrawals require proof similar to the identification steps before being made. This may be a rivalry relationship with some traders seeing it as an unnecessary delay – but it is a legitimate money laundering claim and really protects consumers.

There is no fee to withdraw funds back to the credit card – and traders can make one free transfer per month – however there is a $30 fee for extra withdrawals made via the transfer every month. Withdrawals can only be made back to the same card that made the deposit. Also, withdrawals cannot exceed the total amount of deposits made with that card – the rest will need to be transferred via bank transfer. This means that any profit from the trade will need to be withdrawn directly to the bank. There is also a maximum withdrawal number of $20,000 per withdrawal.

Withdrawals can be canceled by the trader if funds are requested in the account. As long as the withdrawal has not been processed, cancellation can be done directly with CherryTrade, by email or by phone.

Other Features

CherryTrade has a special extra feature that makes it an attractive proposition – the ‘iFollow’ option. Here are some more details on that, and other features;

• iFollow – This feature allows traders (especially newbies) to follow trades made by the most successful traders on CherryTrade. Users can choose the traders they want to follow, choose how long they follow them and how much to place on each trade. CherryTrade will then automatically open trades similar to self , allowing less experienced traders to profit from knowledgeable and experienced traders. profit. There is a growing trend for this type of feature, but CherryTrade is ahead of the game here.
• Rollover – Defers the expiration of a binary option, to the nearest available expiration time, in exchange for a premium.
• Doubles – Traders can repeat their current trade with a single click, allowing them to maximize profits from sustained price moves or trends that look likely to continue. .

CherryTrade offers a great option for novice traders, therefore they have grown rapidly. However, they also cater to more experienced traders by offering a good asset list and a large variety of trades.