CherryTrade are a relatively new broker, but they are building a strong reputation very quickly. Their offices are located in London, but the firm have quickly established themselves across the globe. Running on the SpotOption platform, they have become popular with traders in a short space of time. This backs up their aim to provide a simple introduction to trading, where experience of the stock market 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 levels of account to cater for the differing needs of clients, and they also have a wonderful feature referred to as ‘iFollow‘ which is a fantastic tool for novice traders – that is covered in more detail below.
Head straight to; Payouts
Here are some of the other key details regarding CherryTrade;
The trading platform is clear and intuitive, as should be expected where a firm puts such emphasis on making trading accessible for all.
The clear design ensures all the relevant information for a trade is on display, and traders can make choices quickly and easily with all the information they need.
Traders can have more than one trading window open, but each window offers the same display options. On the top left is the asset lists – these are a series of simple drop lists, enabling the trader to select the appropriate asset. Next comes the expiry time, again, this can be amended via the drop down menu. The last row along the top of the trading window in the amount being traded. Completing this field will update the potential payout figure that appears just above the payout percentage. That percentage is clearly displayed so traders know exactly how much any payout will be.
To the left, in the main section of the trading area is the price graph. This displays the recent price movement for the asset selected. This information can be changed by amending the time periods covered. This is of benefit when traders want to see a trend over the slightly longer term. Between the price graph and the payout is the current price – plus the all important trading buttons. Here traders can select their call or put options. The whole trading area is fiendishly simple and new traders will be up and running almost immediately.
CherryTrade offer a great range of binary option types.
The assets lists at CherryTrade are good, though 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 offering as they go.
CherryTrade make their trading platform available on mobile for both iOS and Android (version 2.3.3 and above). The mobile app presents a trading area which is equally easy to use as the full website. The trading buttons are well positioned and sized, so while all the information is available, the screen does not become to ‘fiddly’ to use.
Historical trading information is presented on the mobile application too, with open positions listed and then a similar page listing expired positions. All the relevant details of those trades is displayed. Account details are also accessible from the mobile app including deposit and withdrawal requests. An account balance can be displayed at anytime, in any screen, enabling traders to stay up to date where ever they are.
The app is a great addition for CherryTrade and has been well received by traders looking for a mobile solution.
CherryTrade generally offer payouts around 81%, and this will depend on the asset class and expiry time. Payouts are at the higher end of the spectrum relative to rivals, and the more exotic trade types can provide even higher payouts. Ladders in particular can offer huge payouts (as much as 1000%) if traders believe an asset is approaching a volatile period, and price movements will be significant.
CherryTrade offer a wide range of deposit and withdrawal options. They also employ some stringent security arrangements, these include ‘proof of identity’ processes that need to be met before funds can be deposited (Photo ID, proof of address and if using a credit card, a copy of that). This also however, smooths the withdrawal process.
Deposits can be made via eWallet, CashU, Wire Transfer, Maestro or Credit Card (Credit cards accepted include Visa, Delta, MasterCard, Diners, and Visa Electron). Wire transfer deposits may attract a fee unless they are above $500.
Withdrawals require the same proof of identity steps before being actioned. This can be a bone of contention with some traders who view it as an unnecessary delay – but it is a legal money laundering requirement, and actually protects the consumer.
There are no fees for withdrawals back to a credit card – and traders can make one wire transfer per month free of charge – there is however a $30 fee for extra withdrawals made via wire transfer each month. Withdrawals can only be made back to the same card that made the deposit. Also, withdrawals cannot exceed the total deposits made with that card – the remainder will need to be transferred via wire transfer. This effectively means any profit from trading will need to be withdrawn direct to a bank. There is also a maximum withdrawal figure of $20,000 per withdrawal.
Withdrawals can be cancelled by the trader if the funds are required in the account. As long as the withdrawal has not been processed, cancellations can be made directly with CherryTrade, either by email or telephone.
CherryTrade have one additional feature in particular that makes it an attractive proposition – the ‘iFollow’ option. Here are some details about that, and other features;
CherryTrade offer a great option for novice traders, hence the rapid growth they have enjoyed. They also, however, cater for more experienced traders by delivering a good asset list and large variety of trade types.