Currently, we are not able to deem CherryTrade as a safe binary options broker. We highly advise you to proceed with a trustworthy and reliable broker. For a more reputable binary options broker, choose from the list of other safe and highly reviewed brokers.
CherryTrade is an unregulated binary options broker that was established in 2014 and is owned by Website Promotions Ltd, a company out of the Caribbean. Their reputation is very questionable after our intensive research because not enough data can be collected about them as they are very new to the industry.
The Scam-Rank team highly suggests traders to choose a more reputable broker as they are have more years of experience and have more client feedback to provide traders a well rounded perspective of service expectations.
CherryTrade claims that it is the only broker that provides payouts up to 81%, which is very typical in the binary options market, so they are not the only ones. Moreover, CherryTrade does offer online educational resources, a fairly comprehensible eBook and a collection of informative articles. However, they’re learning materials are limited compared to leading brokers.
The SpotOption platform that CherryTrade provides is a popular web based platform that most binary options brokers use and is also available for iPhones and an Androids.
CherryTrade Deposit, Withdrawal & Bonuses
CherryTrade follows the normal procedure to begin binary options trading. A trader must first fund his/her account with an initial deposit of $200 to begin. This can be done via Credit or Debit card, but if you opt to do a bank transfer, it must be $500.
CherryTrade’s withdrawal procedure is normal. The required time period for your request takes up to 3 days review and then another 5-7 business days for you to receive your funds. We found that CherryTrade doesn’t use the most popular e-wallets, such as Skrill and Neteller, as a payment method for withdrawals and deposits that are included by other trusted and regulated brokers.
New traders are offered bonuses depending on the amount they deposit. The bonuses start at 20% and go up to 70%, which is relatively low as other brokers offer 50%. If you accept their bonus, you must comply with a trading volume of 30 times in order to withdraw funds from your account; more reputable brokers usually offer 20 times as a trading volume. Make sure to read their terms and conditions carefully as we have uncovered complaints about automatic bonuses being credited to traders accounts.
Due to the company being registered in the Caribbean islands, this means it is an unregulated broker which arises questions to their trustworthiness. Our team has discovered various negative comments and reviews online from traders who have had issues withdrawing their funds and automatic bonuses being added to their accounts with out their acceptance. We cannot confirm that these negative comments are all completely authentic, but we do caution fellow traders who intend to use CherryTrade as their broker. It is highly advised you select a reliable and legit broker.
As previously mentioned, CherryTrade is not regulated as a broker, which causes controversy if they are a reliable and dependable broker. They also do not provide e-wallet payment methods such as Neteller and Skrill, which are offered by trusted brokers. Moreover after reviewing their website, we saw that they have published testimonials that are not all bona fide and their educational programs are lacking when it comes to up-to-date content.
Scam-Rank concludes that CherryTrade is still too new to the industry to trust and is an unregulated broker operating in the binary options industry. Our team wants to make sure you’re in the safe zone and your investment is treated appropriately.
CherryTrade is not a highly-rated broker and we could not provide you enough quality reviews to ensure legitimate practices. Their 81% payouts are typical, but since they are not regulated, we don’t advise you to trust that you’ll receive your earnings.
- Payout Rate of 81%
- Not An Established Broker Yet
- Not a Licensed Broker
- Automatic Add-on of Bonuses