Let’s talk about CherryTrade.
But does this make them a solid choice for traders? For you? That’s not a decision I can make. What I can do is present you with the information I dug up on them – some good, and the rest …questionable.
You’ll find it all in our Cherry Trade review below. Let’s get to it.
- Bank Wire
Creating Your Account
It all starts with creating your account. This is a simple process – just give them your name, phone number, address and email.
The next step is a phone call. Just be prepared for it, and whatever the nice guy on the other end might try to sell you.
(I didn’t want them hounding me to upgrade accounts or to sell me on anything, so I used a fake number. But I did receive an email saying they tried to contact me.)
From here you’ll make your deposit. When you do, keep in mind there are different account levels which are determined by how much you “invest.”
Their support wasn’t helpful in clearing up how this all works (they just wanted to get me on the phone), so I Googled it and found there are 5 tiers (with how much you need to deposit):
- Basic – $1,000
- Professional – $5,000
- Expert – $10,000
- VIP – $25,000
Each tier will come with different perks – things like risk free trades, market reviews, auto trading signals and insurance (against losses).
Unfortunately, there’s no demo account. What they have instead is a risk-free trade offer. They’ll cover your losses on 5 trades, no matter the outcome.
I did read elsewhere that the demo account is a promotion. So, if that’s something you want, you might want to ask about it when you get on the phone with them.
Making Your Deposit
Here are the options you can use to fund your account:
- Visa Electron
- Wire Transfer
The minimum deposit is $200, which is on par with other platforms such as 24Option ($250 minimum). The max deposit is $20k for credit cards, and there’s no limit for wires.
The minimum withdrawal is $100.
Now, when you make your deposit you’ll be offered a deposit bonus. How much you get depends on your account (which is tied to how much you deposit):
- Basic – 20%
- Professional – 50%
- Expert – 50%
- VIP – 100%
- Corporate – Custom
These are match bonuses, which means CherryTrade will match a percentage of however much you deposit. Say you deposit $800 – they’ll match 20% of it, which will give you an extra $160 to trade.
You should keep in mind their bonus offer has a 30x rollover. Using my last example, you’d have to wager $160 thirty times – or $4,800 – before you can request a withdrawal.
(You can turn down the bonus. Just make sure to let their support know you don’t want it.)
Now, with money in your account you’re ready to trade.
Education, Types of Assets & Trading Options
Are you new to trading?
That’s okay because CherryTrade offers beginner-friendly resources that explain binary options, how to trade and how to use their platform. All these resources are free to use, so take advantage of them.
Once you’re ready to trade, these are the types of assets you can expect to see/trade:
- Stocks – This includes options like IBM, Microsoft, Apple, Citi, Nike, Nissan Motor, Walt Disney, Facebook, Amazon, etc.
- Currencies – Bitcoin/USD, EUR/USD, EUR,JPY, etc
- Commodities – This includes coffee, gold, oil, silver, sugar, wheat and so on.
- Indices – This includes options like Bombay se, Dax (Germany), DOW, FTSE 100 (UK), MSM 30, NASDAQ (US), etc.
That’s just the tip of the iceberg – they have more than 70 assets.
There are different trading options, too. The more popular features include:
- One Touch – Earn as much as 550%.
- 60 Seconds
- Ladder – Receive up to 1500% profit in as little as 30 minutes.
- iFollow – This is their newest feature. It allows you to follow and mimic the most experienced traders on the platform on one or multiple assets – automatically.
- Pair Trading – Trade on your knowledge of the relative performance of two different stocks.
The most you can invest on any one trade is $25,000.
Alright, we’re almost to the end. In case you didn’t read all the text before this, here are the pros and cons to trading at CherryTrade.
- They accept US traders.
- The lowest payout is 71%, which is higher than other ‘lows’ (like 24Options’ 60%).
- There are several trading features – even unique options (like iFollow) you might not find elsewhere.
- You can invest as much as $25,000 ON ONE TRADE.
- I found several complaints, a few of which I’ll cover below. It’s hard to say if they’re legit, but they’re certainly enough to slow people down – even stop them – from signing up here.
- Their support wasn’t the friendliest or most helpful. I got in touch to ask about their different accounts and bonuses. I was told to create an account and talk with whoever called me. There was no way around it.
So, should you trade here?
Scams First …Then the Verdict
Pros & Cons
I did come across some complaints.
But, honestly, it’s hard to tell how legit they are. I’ll share some of the stories and I think you’ll see what I mean.
The first was a situation where a guy made a deposit with a wire transfer. He said he made it clear he didn’t want the bonus. But when he tried to withdraw they said he needed to fulfill the (bonus) clearing requirements first.
After he cleared that problem up, CherryTrade said his banking info was wrong, so they couldn’t complete the withdrawal. He also couldn’t withdraw to his credit cards because his deposit was by wire (which is standard practice).
So, what happened?
No idea. But the guy is certain he’ll never get his money back.
Then there was the reply to this post. It said CherryTrade is bad because they’re connected to Redtulips Consultants Ltd. ,which is somehow connected to Magnum Options and Redwood Options. Both companies have supposedly garnered lots of negative feedback.
I dug around and couldn’t find the connection, other than CherryTrade mentioning this in their terms and conditions:
Cherrytrade powered by Redtulips Consultants Ltd, Address: 1A Arcade House, Temple Fortune, London, UK, NW11 7TL
But that’s it. CherryTrade is owned by a different company and other than this guys’ post, I don’t see how the mistakes other companies may or may not have made make CherryTrade bad by default.
And then to wrap this up with a bow, I found a post from a guy complaining that it was taking a long time to get his money.
Bad news, right? Wait, it gets better.
He updated his post saying that the CherryTrade Corporate Director, Jack Morgan, reached out to him, owned up to the mistake and said he was going to wire the money owed ($36,000). And the guy confirmed that he got his initial $12,000 back on his credit cards.
He hasn’t updated his thread since, so I have no idea if he got his $36,000 back. But I’m assuming he would’ve posted had he not gotten his money.
So, all these scam complaints and what do we end up with? A happy ending.
The question still remains, though – do you join CherryTrade or try to find greener pastures?
Honestly, I haven’t seen anything that would keep me from signing up here or to give me reason to label them as rogue operators.
What I would do is take the cautious approach – make a small deposit, a few trades and then a withdrawal. If everything goes well, rinse and repeat, but deposit a bit more (if you want).
That’s the process you should take with any newer company, though.