The market is flooded with trading brokers. However, the negative aspect is that only a few of the trading platform is trustworthy. We explored CherryTrade as well, and we realized the fact that it may not be the best option available.
- Lacks regulation and does not accept US Traders
- Misleading information
- Limited funding methods and withdrawal issues
- Demo account has limited features
What made us a bit apprehensive about this broker is that it is not regulated. When a broker is not regulated, then there are always chances that you may have to encounter losses. The reputed brokers are regulated, and the regulation details are clearly listed on the site.
The experienced traders make a priority to develop a strong understanding of the regulatory attributes of a broker before opting for it.
Another issue that we figured out with CherryTrade is that it does not accept the US Traders.
The incomplete information also makes you a bit skeptical. For example, the website says that you can open up a free account with CherryTrade. Well, what you need to keep in mind is that only the registration is free and you always have to deposit the broker to make the account functional.
If you look at the CherryTrade site in detail, then you will notice the fact that even the official address is not listed on the site. This is obviously not well-accepted by the traders, and this is bound to make them dubious.
When it comes to payout, then the returns offered by CherryTrade are less in comparison to other brokers available in the market. On an average, most binary brokers offer a return of about 85%. However, this is not the case with CherryTrade.
They only promise a return of about 81% which is quite less in comparison to the return offered by other brokers.
When you start trading, then the margin for loss is always there. However, CherryTrade does not make any concessions in this regard. They do not offer a refund for the out of money trades. This means that you need to be quite careful when you place a trade using this broker.
CherryTrade does offer you the facility to invest in about $5000, but you should not get carried away by this offer. The reason is that greater the investment greater are the chances of losses.
Another problem that you may encounter with CherryTrade is that the funding options are quite limited. For example, they just offer a bank wire transfer and major credit/debit cards. There are several restrictions on the withdrawal methods as well.
At the moment CherryTrade does offer a demo account. However, opting for the demo account will not be useful for you because this account has very limited features.
If you want to make it big in the trading world, then CherryTrade may not be the most appropriate option that can come your way. It needs massive improvement so you should not be willing to make compromises in this regard.