Cherrytrade is one of the most popular trading companies in the world, even though it is not licensed yet. The minimum deposit required for the basic account type is 200 dollars, while the return on investment can reach up to 85 percent. It has a modern approach to trading activities, offering an online-based platform as well as a mobile trading app. Unfortunately, as you will discover below, this broker doesn’t offer the possibility of opening a demo account. Instead, it provides a demo trading period on their live platform.
What Is Cherrytrade?
Cherrytrade is an interesting trading company founded in 2014. It uses the SpotOptions software, and its minimum deposit starts at 200 dollars. Due to their service quality and user-friendly platform, Cherrytrade has gained a lot of popularity among traders in the last couple of years. It provides a wide range of options and features, using sophisticated technology.
This company is one of the best and most trusted brokers in the industry. They have a large database with registered clients from Europe, Australia, Canada, and South Africa.
Cherrytrade Account Types
Cherrytrade offers its customers no less than five different types of accounts:
- Basic. For this account type, the initial deposit is 200 dollars, but you can place up to 999 dollars. Once you open this membership, you will receive a welcome bonus of 25 percent. Also, all new clients get risk free trades and free alerts.
- Professional. This membership is dedicated to those who have already gained some experience in the trading field. You can deposit between 1,000 and 4,999 dollars. Your initial bonus will be higher than the previous level, reaching 50 percent.
- Expert. Besides the first welcome bonus that equals 75 percent of your investment, you will also receive other additional incentives like a 50-percent bonus on subsequent deposits. Also, if you lose 1,000 dollars in your trades, the company will give you back ten percent of them. The minimum deposit is 5,000 dollars.
- VIP. This is one of the premium types of deposits, which requires an initial amount of 10,000 dollars. If you can afford it, you can deposit as much as 24,999 dollars. You will be pleased to know that the welcome bonus is 100 percent. This means that when you place 20,000 dollars into your account, you will receive an additional sum of 40,000 dollars.
- Corporate. A corporate account requires at least 25,000 dollars for a new deposit. It is a highly-customized membership. For further details, you must contact your account manager.
Cherrytrade Demo Account
Unfortunately, Cherrytrade does not offer the opportunity to open a practice account. This is particularly disappointing for those who are newbies or beginners in this field. They would have needed a demo account. It has a great educational value. As a new trader, you can usually try the real platform by going through a practice account, on most other trading websites. Who knows, maybe in the near future, they will offer as an additional feature on their website.
According to the company, however, they provide something even better than a demo account. You can try a demo version of their investment platform, by accessing an option available directly on their main website. It seems this is a practice that becomes more and more popular among all brokers.
Cherrytrade offers valuable incentives to all its clients. This is a real competitive advantage that helps this broker stand out and differentiate itself from other trading companies. The first one is the sign-up bonus that you receive once you create a new account. This bonus may vary, depending on how big your deposit is. On the other hand, you will receive this initial bonus only after you complete a couple of trades. This way, the company avoids potential scams. The minimum bonus is 25 percent of your investment, and it is available for basic accounts.
Cherrytrade Minimum Deposit and Minimum Trade
The minimum deposit requested to open a basic account is 200 dollars. You can deposit this amount using plenty of methods like bank transfers, credit cards, CashU and other online payment platforms. You will be pleased to find out that you can trade in a wide range of currencies such as euros, US dollars, British pounds, yens, and more. When you open a new membership, you become eligible to receive a welcome bonus that can reach up to 100 percent. A great competitive advantage is the company’s minimum trade limit, which is only five dollars, a lot lower than other brokers.
To be able to withdraw money, you will need to provide some documents for the company to verify your identity. Among these things, there are the following: photo ID, credit card copy, and a proof of residence. You can use credit cards or bank transfer to withdraw funds. The minimum withdrawal is 100 dollars. Usually, there are no fees applied by the company when making a withdrawal. On the other hand, if you use bank wire methods, there will be a fee of 30 dollars. You will have to wait three business days before the company processes your request. Other five to seven days are needed for the money to appear in your account.
Cherrytrade Binary Options Types
There is a wide range of binary options types provided by this well-known broker. Among the most popular ones are the following: high/low, 60 seconds, long term, pairs, ladder, and one touch. They offer both classic and modern options, tailored for every type of traders. Those of you who like taking risks can choose short-expiry-time options. Long term option is best suited for those who want to adjust their strategy. It allows you to maintain your positions for longer periods, even several months.
Trading on the go is now possible with the company’s dedicated mobile app. Cherrytrade app is available on both Android and iOS devices. With this app, you can trade from wherever you are as long as you have your mobile device with you. This way, you will not miss any trading opportunity. There are plenty of great features available on the app such as real-time trading, access to more than 60 assets, fast withdrawals, and more. The mobile platform, like the online-based one, is totally safe and secure. Also, the company provides great customer support services, available through this mobile app.
Their customer support center is well-organized, and it is available in a lot of different countries. If you want to talk to one of the company’s representatives, you can contact them using several methods such as phone numbers, live chat, and e-mail address. They can be contacted 24/7. Unfortunately, the only language they support is English, which is a curious thing. Those clients that have premium accounts and are consulted by account managers, can contact the company via Skype.
Is Cherrytrade Legit or Scam?
This broker is considered very reliable and trustworthy. It is quite popular among traders from all over the globe. Even though it is not regulated by CYSEC yet, Cherrytrade has a good reputation, and it is not linked to trading scams. Nevertheless, you should act with caution, especially when trading with a broker without a license. Online, you can find plenty of positive opinions and feedback from clients. It seems they have a transparent policy and offer reliable services to their members.
Cherrytrade Pros and Cons
- The company offers a wide range of options.
- There are plenty of account types you can choose from.
- Cherrytrade’s platform has a user-friendly interface and intuitive graphics.
- Everyone can become a client, due to their small minimum investment.
- The payout rate can reach up to 85 percent of your investment.
- Even though the customer support department is available only in English, clients are satisfied with its overall service.
- Members can make fast withdrawals.
- The minimum trade is only five dollars.
- They are not a social trading platform.
- The company does not accept clients from the following countries: USA, Canada, New Zealand, Australia, and the UK.
- Many traders are disappointed by the fact that this broker doesn’t offer the possibility to open a demo account.
Successfully Trading with Cherrytrade
Like all the other trading companies, Cherrytrade is not perfect. For example, it doesn’t have a demo account, and their customer support is available only in English. On the other hand, this firm has developed a lot, gaining traders’ attention due to its well-design platform, user-friendly graphics, educational materials, and more. Their reputation is a solid one, and we like Cherrytrade because it succeeds in standing out in the crowd, differentiating itself from many other competitors.
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