CherryTrade is a relatively new broker, but they are building a good reputation very quickly. Their offices are located in London, but the firm has quickly established itself around the world. They run on the SpotOption platform and become popular among traders in no time. This supports the aim of providing 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 it an extremely ‘accessible’ broker, and this is further enhanced with their customer support.
There are five levels of accounts to meet the different needs of customers and they also have a great feature, ‘iFollow’, which is a fantastic tool for beginner traders – discussed in more detail below.
Go straight to; payouts
Here is some other important information regarding CherryTrade;
- Demo Account – Yes (real money deposit required to open a demo account)
- Minimum deposit – £200
- Minimum trade – £5
- Signal service – Yes
- Bonus details – Deposit match bonus (up to 100%) or risk free trades available.
- Mobile App – Yes. Provision has been made for Android and iOS.
Trading platform
The trading platform is clear and intuitive, as can be expected where a firm places such emphasis on making trading accessible to all.
The clear design ensures that all the relevant information for a trade is displayed, and that 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 are the asset lists – these are a series of simple drop-down lists that allow the trader to select the appropriate asset. Next comes the expiration time, this can again be changed via the dropdown. The last row at the top of the trading window in the quantity being traded. Filling this field will update the potential payout figure that appears just above the payout percentage. The percentage is clearly displayed so traders know exactly how much a payout will be.
On the left is the price chart in the main part of the trading area. It displays the recent price movement for the selected asset. This information can be changed by modifying the periods covered. This is beneficial if traders want to see a trend on a slightly longer term. Between the price chart and the payout is the current price – plus the most important trading buttons. Here traders can choose their call or put options. The entire trading area is extremely simple and new traders will be up and running almost immediately.
Dealer choice
CherryTrade offers a wide variety of types of binary options.
- Binary options – the traditional high / low options. Will the asset increase in value, or decrease?
- Pairs – Which of the two assets – mostly corporate stocks – will perform the best? The pairs of assets will usually be related to each other, for example Google versus Amazon. This type of trading is not available from most brokers.
- Long term – Long term options follow the same principles as standard binary options – but the expiry periods are longer. Expiry times can last from a week or two, up to 9 or 12 months.
- 60 Seconds – High Octane Trading! Again, the actual trading is similar to that of a standard binary option, but here the expiration times are exceptionally short – 60 seconds or less.
- One-touch – A popular and potentially rapid-fire option type. Will an asset ‘reach’ a certain value before expiry? One touch options generally have a high touch value and a low touch value.
- Ladders – CherryTrade is not available from many brokers, and also offers ladders via their platform. Ladders are divergent price levels that allow traders to make significant returns as an asset’s value rises through a number of rungs. Payouts at CherryTrade can reach over 1000% with these types of instruments.
- iFollow – The iFollow feature is listed next to trade types, but is not really a trade type. It is a tool to allow traders to imitate the trades of other profitable traders. This is covered in more detail in the ‘Other functions’ section.
The asset listings at CherryTrade are 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 offering as they go.
Mobile app
CherryTrade makes their iOS trading platform available for both iOS and Android (version 2.3.3 and up). The mobile app offers a trading area that is just as easy to use as the full website. The trading buttons are well positioned and large, and while all the information is available, the screen doesn’t become ‘fiddly’ to use.
Historical trading information is also presented on the mobile app, with open positions listed and then a similar page with expired positions. All the relevant details of those trades are shown. Account details are also available from the mobile app, including deposit and withdrawal requests. An account balance can be displayed at any time and in every screen, enabling traders to stay up-to-date wherever they are.
The app is an excellent addition to CherryTrade and has been well received by traders looking for a mobile solution.
Payout
CherryTrade generally offers around 81% payouts, and this will depend on the asset class and the expiration time. Payouts are on the higher end of the spectrum relative to competitors, and the more exotic trade types can offer even higher payouts. Ladders in particular can offer large payouts (as much as 1000%) if traders believe an asset is approaching a volatile period and price movements will be significant.
Withdrawal and deposit options
CherryTrade offers a wide variety of deposit and withdrawal options. They also use some strict security arrangements, including ‘proof of identity’ processes that must be met before funds can be deposited (photo ID, proof of address and if using a credit card, a copy of it). However, it does make the extraction process smooth.
Deposits can be made via eWallet, CashU, bank transfer, Maestro or credit card (credit cards accepted including Visa, Delta, MasterCard, Diners and Visa Electron). Bank deposits may attract a fee unless they exceed $500.
Withdrawals require the same proof of identity steps before taking action. This may be a point of contention with some traders who see it as an unnecessary delay – but it is a legal requirement for money laundering and protects the consumer.
There are no fees for withdrawals back to a credit card – and merchants can make one wire transfer per month for free – however there is a $30 fee for extra withdrawals made via wire transfer each month. Withdrawals can only be refunded to the same card that made the deposit. Also, withdrawals cannot exceed the total deposits made on that card – the rest will need to be transferred via bank transfer. This effectively means that any profit from trading must be withdrawn directly to a bank. There is also a maximum withdrawal rate of $20,000 per withdrawal.
Withdrawals can be canceled by the merchant if the money in the account is needed. As long as the withdrawal has not been processed, you can make cancellations directly with CherryTrade, either by email or by phone.
Other Properties
CherryTrade has one extra feature in particular that makes it an attractive proposition – the ‘iFollow’ option. Here are some details about it and other functions;
- iFollow – This feature allows traders (especially beginners) to follow the trades of the most successful traders on CherryTrade. Users can choose the traders they want to follow, choose for how long they follow and how much to place on each trade. CherryTrade then automatically opens the same trades, allowing traders with little experience to benefit from knowledgeable and profitable traders. There is a growing trend for this kind of feature, but CherryTrade is ahead of the curve here.
- Rollover – Set the expiration date of a binary option, to the nearest available expiration date, in exchange for a premium.
- Double Up – Traders can repeat their current trade with a single click, allowing them to maximize the profits from a sustained price movement, or the trend that looks like it will continue.
CherryTrade offers an excellent option for beginner traders, hence the rapid growth they have enjoyed. However, they also cater to more experienced traders by providing a good asset list and a large variety of trade types lewer.