CherryTrade is a standout binary options broker. Their platform is completely web based, and no downloads are needed to use their site. They are based out of London, England, and have site geared toward both European and worldwide traders, thanks to a wide selection of underlying assets to choose from.
What makes them different?
At first glance, Cherry Trade looks a lot like many other binary options sites out there. But, where they separate themselves is not necessarily in the trades and rates that they offer, but in the tools they supply you with to become a better trader. They firmly believe that all of their customers should be as knowledgeable as possible when it comes to trading, and this shows with the resources in their education section. They have videos and several full length course for you, regardless of whether you are just starting out or are experienced. There’s also a short ebook to help familiarize traders with some of the benefits of using binaries in your daily trading.
What are the strengths?
There are many strengths to this site besides the education sections. They are at the top of the industry as far as rates of return go with an average of 81 percent when you finish in the money. Another big benefit is the fact that their bigger accounts have great benefits. If you deposit more than $1,000 to begin with, a welcome promotion becomes available to you, which can help you to grow your cash much faster. The size of your bonus is dependent upon how much you deposit. You can also earn bonuses for referring people that deposit $200 or more, which is an easy way to get extra cash on top of your earnings.
One extra strength of this broker is the large number of exotic trades that they offer. They have the call and put options that people expect, but they also have ladders, one touch, pairs, and long and short term trades to take advantage of. Even if you use these only once in a while, they are still a great fallback to have if you are trying to grow your skills as a trader and find other ways to increase your profit rate. High yield trades are a fast way to accomplish this.
What are the weaknesses?
One weakness of this site is the fact that the minimum deposit amount of $200 might be too little for new traders to actually give themselves an edge with. Some people have the self control to avoid making big trades with a small account size and others don’t. This is not a fault of the site, but rather of the people using the site foolishly. It’s a small weakness, and for most new traders, it’s a good way to start without risking a lot.
Who is this site best for?
This site is great for new traders around the world. When it comes down to it, this site is best for new traders because of the learning tools and small deposits, but CherryTrade does have special perks for bigger account sizes, too.