CherryTrade Review
Binary Options has been available for many years, although the current interest started in 2008, t that time there were just a handful of brokers. Since then there have become an abundance of brokers to choose from; this can make it extremely difficult to know which broker to choose for your trading experience. Any broker who has managed to get approval to trade in the US is worth a closer look. CherryTrade has a good variety of features which distinguishes it from many of the other brokers; although they have now withdrawn from the US, the software they set up and which enabled them to comply with the strict standards of the US regulatory body is continued with their current offering. It is important to note that this site is currently unregulated by anybody, although they are establishing an excellent reputation.
You can access their platform or contact them on 917 775 0324; they are currently operating from Gibraltar. The feedback currently received regarding this broker confirms it is offering a fair service and is completing a good job of keeping the traders happy. Whilst there will always be some issues and complaints to deal with, these are dealt with quickly and effectively, ensuring any trader is comfortable operating on this platform.
The Basics
Getting started involves creating your online profile with this broker and funding it with the minimum deposit of $200; CherryTrade offers a welcome incentive, this includes matching your deposit. The actual amount of your welcome incentive will vary according to your deposit. You can add funds to your account via Visa, MasterCard, wire transfer or even Skrill and funds can be in US dollars, Euros, Japanese Yen, Canadian dollars or even Australian dollars. It is easy to access your funds although a minimum withdrawal amount of $100 is in place. There are also small charges associated with specific payment methods, such as a bank transfer fee of $30.
The value of your initial deposit will control the account level you are provided with when you open your account. Lower level deposits will be eligible for the basic account, whilst the highest deposits will get you access to the VIP or corporate accounts. The welcome bonus only operates for traders who have deposited at least $1,000.
The broker provides a good range of educational materials to help you trade successfully; these include weekly sessions, e-books and a variety of video tutorials. They also offer a range of trading signals and personal assistance with managing your account.
The Trades
Almost any type of trade is possible with this broker, whether the traditional binary trade such as selecting an increase or decrease in price; or you can opt to trade in currency pairs. There are long term options and extremely short, one minute plays to choose from, as well as the ladder options which is high risk but has the potential for good rates of return. It is interesting to note that the long term trades can last months or even most of a year; this is not the sort of trade an inexperienced trader would indulge in; there are a huge amount of variables to consider.
There is a huge range of assets which can be traded on this site; you can opt for the traditional commodities such as gold, platinum, silver and oil. Alternatively you may wish to trade in sugar, wheat or even coffee. The currency range is standard, including British pounds, Euro, US dollars, Japanese yen, Canadian dollars and even New Zealand dollars.
You can also choose to trade in stocks such as Google, IBM, Coca Cola, Rolls Royce, Microsoft or Apple; the list is almost endless! There is even an impressive list of markets, such as the commonly known FTSE 100 and DOW, or the lesser known SSE 180 or MSM 30. Again, there is an extensive amount of world markets listed and available to trade on. A quick glance at the site will illuminate the possibilities for anyone looking to create an account with this broker.
A big disadvantage of this broker is the lack of a demo account which can be used to gain valuable experience and familiarize yourself with the site. However, the site is easy to use and is well designed with a good range of trading options. CherryTrade appear to be working hard to offer something more than the other brokers; they are well worth a look!
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