Is CherryTrade a Scam?

Last updated: January 10, 2018


This Broker no longer accepts clients. For the Best alternative click here or visit our brokers page.

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Broker CherryTrade
Official Website URL
Address 1A, Arcade House Temple Fortune, London NW11 7TL
Support Number +917 775 0324
Support Types Live Chat, Phone, Contact Form, E-mail
Minimum 1st Deposit $200
Minimum Trade Amount $5
Payout 88%
Free Demo Account Open FREE Demo NOW
Account Types Basic, Professional, Expert, VIP, Corporate
Deposit & Withdrawal Methods Credt/Debit Cards, Bank Wire
Number of Assets 100+
Account Currency AUD, CAD, GBP, EUR, USD
Overall Score 4.1/10

Full Review

This broker does not accept US traders. For another alternative – click here.

CherryTrade is a broker, founded in the beginning of 2014. The platform is owned & managed by Redtulips Consultants LTD, whose offices are located at 1A Arcade House Temple Fortune, London NW11 7TL. Although it is a relatively new brand, CherryTrade has become one of the most popular brokers in the Forex industry.

CherryTrade Features

The minimum deposit for new accounts is $200 for CherryTrade.

CherryTrade uses the latest 2.0 SpotOption Platform. It has the following option types available: Call/Put, Pairs, Long Term, 60 Seconds, One Touch, and Ladder Options.

The minimum trade size is only $5, which is an advantage because you can place many trades with a $200 account. This way you can try out the broker’s platform execution and customer support, and decide if you want to continue trading with them and possibly invest a larger amount or not.

Another nice thing about the broker is that it has a large “Education” section, with many beginner and advanced videos, articles and an e-book.

CherryTrade uses the SpotOption platform, which is very easy to navigate and trade with. Advanced traders on the other hand can take advantage of the Double UP, Rollover, and Early Sell features of the platform. There is also an iPhone app and an Android app* so you can trade from your mobile if you wish.

*To use the Mobile App you need to Sign-Up.

CherryTrade Withdrawal

CherryTrade has pretty standard deposit and withdrawal procedure. You can deposit via Credit/Debit card or bank wire.

The minimum deposit via Credit/Debit card is $200, while with a bank transfer it is $500. Once you’ve made a deposit, you need to verify your account by sending a scanned copy of an ID document and a utility bill with your address on it.

CherryTrade withdrawals

The withdrawal procedure is also standard, it takes up to 3 business days for your request to be reviewed. Once it’s approved, it takes an additional 5-7 business days for you to receive your funds. You can withdraw funds via Credit/Debit card without a fee, if you want to withdraw via bank wire there is a $25 processing fee.

CherryTrade Complaints

verifiedSince the broker is relatively new, there aren’t any complaints from traders about CherryTrade. We always encourage our readers to send us their opinion and experiences of the broker they are using. As soon as we get any legitimate comments about CherryTrade, we’ll post it on this website.

CherryTrade Support

CherryTrade is running a professional Forex service, and we expect them to grow in the upcoming years. Their price feed is taken from Thomson Reuters, so there shouldn’t be any manipulation with the prices. The broker is owned by Redtulips Consultants LTD,  with an office located at 1A Arcade House Temple Fortune, London. Their customer support can be reached via toll free international phone numbers, live chat or email 24/7.cherry trade world support

CherryTrade Mobile App

Soon after CherryTrade was founded, they launched their trading platform for mobile devices. Their platform has an app for iPhones and Android phones, which allows their clients to trade anywhere with their mobile phone. You can get CherryTrade Mobile app and trade on the go.

CherryTrade Bonuses

The broker offers their new clients welcome bonuses depending on the amount they deposit. There isn’t specific information on their website on the bonus percentage they are giving away, so if are interested in getting a bonus it’s best to contact their customer support to see what they can offer you.

CherryTrade also has a Refer a Friend promotion, which means that if you refer a friend that opens an account and deposits you’ll get $50.

TIP: Use Risk Free Trades rather than a Bonus. You can open Account with Cherry and trade 5 Free Trades. If you win, the profit is credited to your account. If you lose, CherryTrade reimburses you. To register for 5 Risk Free trades. See Here.

Please keep in mind that any bonus you accept from the broker requires you to meet certain terms and conditions. For example, if you accept a bonus, then you must make a trading volume of 30 times for each $1 bonus you got in order to withdraw funds from your account. It’s best to read the broker’s terms and conditions carefully so that you’re 100% sure that is required of you.


CherryTrade is a Safe Broker.

At Traders’ safety is our #1 concern. That is why we have selected CherryTrade as the top choice broker for Forex traders. Their high payouts up to 85% and low min deposit (only $200) required to open an account, makes Cherry Trade a Top choice for both advanced and newbie traders.Stamp_white_stars_130x130px

One Response to “Is CherryTrade a Scam?”

  1. Belynda Williams October 23, 2017 at 8:10 pm

    Quite a while back I deposited $200 in an account and I want to withdraw it and close this account !!!! How do I do this and as quickly as possible!!!

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