Cherry Trade Review
Cherry Trade ReviewFebruary 24, 2014
Cherry Trade is a the newest, and probably sleekest new binary options broker utilizing the Spotoption software and offering 60 second options for traders world wide including the USA.
- Minimum Deposit: $200
- Minimum Trade: $5 On 60 Seconds
- Accepting US: Yes
- Demo Account: No
Secure Trading Environment:
Cherry Trade provides a completely safe and insulated trading environment. The cashier, as well as all your financial transactions are coded and stored using a 128SSL encryption key. Management is very aware of issues such as identity theft and credit card fraud, so all your credit card information is hidden and only the last 4 digits are exposed for functional purposes.
Registration is super easy, with only 5 fields to fill out all you basically have to do is click the submit button and you will be immediately re-directed to the cashier in order to fund your account.
The incentives are provided based on account types, which are basically variants of deposit amounts. Accounts are divided into classic, bronze, silver, gold, and diamond which gets you a full 100% match up bonus. Trading volume requirements stipulate 30 times the deposit amount, so each dollar you get has to be traded X 30 before you can cash it out.
Instructional materials include a video library, courses on trading psychology, risk and money management strategies, market analysis, and free E-books for investors.
This broker offers trading on IOS as well as Android, so you will be able to trade using your iPhone, Smartphone, iPad, or tablet.
Cherry trade offers the standard trading package for Spotoption:
- Digital: The standard binary options format, simply guess the general direction of the trend (Up/Down or Above/Below) and your contract will expire in the money.
- One Touch: This feature is designed for more experienced investors who think they can predict if an underlying asset will reach the pre-determined support line during a fixed time-frame (which is actually set prior to the contract being purchased). Obviously the payouts are significantly higher (as much as 600% at times) but the risk is enormous and since its very hard to speculate correctly I wouldn’t recommend it for someone who is just starting out.
- 60 Seconds: By far the most popular form of trading, with investors from across the world looking for this highly addictive vehicle.
- Pairs: This is just a tab from the main menu which allows you to trade currencies directly without having to look at he sub-menu.
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.
Banking (Deposits & Withdrawals): All major credit cards are accepted, including Visa, American Express (Amex) Mastercard, Maestro/Switch, Solo, Visa Electron, Delta Card, as well as Debit and Pre-paid cards. Cashing out is done via wire transfers only at this time.
You can fund your account using USD, EUR, AUD, CAD, and GBP.
Customer Service Desk:
Service is amazingly professional with ultra fast response times. I was able to get all my questions answered promptly and courteously by a highly trained agent who spoke native English. However, if you are looking for service in other languages like German, French, or Italian, you will need a broker such as Banc De Binary or 24Option.
Conclusions and Recommendations:
Cherry trade has raised the bar on how a brokerage site should look and behave. Their staff and educational center are their strong points, however they need language support and a more robust asset index with stock like Google and Exxon. Overall score is 9.2/10 and highly recommended for US traders wanting to try out a new and honest broker that pays out quickly.