Cherry Trade Complaints
One of the easiest ways to find out if a binary options broker is a scam or not is to search for its name in Google related to various keywords. In this case I looked at the reach results for key phrases such as “Cherry Trade scam” and “Cherry Trade complaints” in order to see what other websites and forums have to say about this broker.
Not surprisingly there do seem to be a few complaints about this broker, like it’s the case with any other binary options broker. But in the case of Cherry Trade complaints it appears to be more about people losing money who made bad investments.
It’s a known phenomenon in the binary options business that some traders who lose their money trading will go on various forums to complain against their broker. This is the case even when these traders lost their money due to either an error from their part or due to not properly understating the nature of binary options.
There does not seem to be any comments from traders about Cherry Trade that refer to anything shady committed by the broker such as not paying our legitimately earned money or rigging the software platform so that traders end up losing even if making the right choice.
Cherry Trade Payment Issues
To my experience there are doesn’t seem to be any issues related to payments on the behalf of Cherry Trade. I personally traded at this broker and managed to withdraw my money without any problems. Others I talk with have confirmed the same thing.
So, all in all, I do not believe that Cherry Trade is a scam. If you are a serious trader then you should have no problems depositing and then withdrawing your money from this broker. Just remember that binary options trading is about skill and not about luck, so it’s all up to you to become a winner and (provided you register at a legit broker) it’s not the broker’s fault if you have lost.
More About Cherry Trade
Like said earlier, Cherry Trade is a new broker that opened its doors in 2014. It offers trading on a large number of assets and is at this moment accepting the registration of USA traders. It also offers bonuses for new traders after they sign up.
If you decide to sign up at Cherry Trade be however careful when accepting the bonus. While the bonus is free money you can use for trading purposes, accepting it will also lock in your deposit money.
You will only be allowed to withdraw your deposit and bonus money after you invest a certain amount of volume into real trading. This rule is in place in order to prevent people fro just registering, depositing, getting the bonus and they withdrawing.
The bonus issue is actually a principal cause for some of the Cherry Trade scam complaints, so make sure to only accept the bonus of you know what you are doing.
Other brokers on which I did scam reports