The CherryTrade scam is one of a bunch of alarming binary options scams. After taking on its share of gigantic attention, CherryTrade quickly shut down its operations and fled away. CherryTrade is topping the binary options brokers list with high payouts, excellent outcomes, and a fully web-based platform without additional software downloads for seamless training worldwide.
But is it all that good? Know if your money is safe with CherryTrade here,
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What is CherryTrade?
CherryTrade was a binary options broker that laid its cornerstone in 2014. Nowadays, it’s known to be one of the top binary options brokers that awards huge payouts, up to 81%. Moreover, it provides generous returns and a fully web-based program. Lastly, it operates without any additional software downloads for convenient trading worldwide.
CherryTrade uses the new SpotOption 2.0 platform with more than 180 financial assets available to traders. The trading process with the CherryTrade broker is straightforward. It claims that traders need no experience in trading. Additionally, the company grants users educational support with an eye on their possibility to learn and refine their crafts.
The platform is user-friendly, and the trader gets an opportunity to choose from a wide array of trading assets. Unfortunately, as sophisticated as its approach seems, it manages to fool a larger audience and rob all their earnings.
The trading process with the broker is pretty simple, it can be operated with zero trading experience, and you get educational resources that can improve your skills. They put on a good show with introductions to the video libraries and binary options. The platform also has market analysis, trading psychology articles, trading video courses, and e-books on financial management.
CherryTrade is user-friendly, and the trader has a wide range of assets that are presented for you. It gives four trading assets, including the most popular currencies and commodities, stocks, and indices globally.
CherryTrade has a lot of options when it comes to trading with 60 different assets to choose from. It also has the following trade types,
- Long Term
- Sixty Seconds
- and Ladder
Most binary options trade types offer a lot of flexibility about how and how long you want to stay in your trades.
Long-term binary options allow you to stay in your trades for months before getting out, which is excellent for position traders who want to avoid the fast lane.
If fast lane is your thing, then they have the Sixty Second option available.
There is a wide range of trade sizes. For example, you can trade for $5 on Sixty Second options and a minimum of $25 for other trade types. With a big account, you can wager up to $5000 on any trade.
The Gold and Diamond accounts are directed towards more affluent traders.
It has a pretty well-managed customer service available through email, web forms, live chat, or telephone. In addition, it has telephone numbers for different regions around the world, which makes it more accessible to traders around the globe.
Is CherryTrade Legit or a Scam?
When looking for brokers, you want to extend your trading activities with, always look for certifications. It tells you about their regulations by a central authority or if CherryTrade is an offshore or unregulated entity.
An unregulated or regulated broker by an entity outside your jurisdiction can leave you helpless if your funds get compromised. If you are scammed, complaints can only be registered if the regulator in your jurisdiction licenses the broker.
If the regulatory authority in your jurisdiction does not license a broker, you should avoid them at all costs. This also applies if the broker is regulated but is outside your jurisdiction.
Do thorough due diligence on the companies and entities you are planning to invest in to protect yourself and your funds from fraud. Some users expressed their opinions and feedback online on various forums after using the platform.
Generally, a quick method of verifying an investment firm is looking out for its regulations and license. Investment brokers that seem legit but are unlicensed and unregulated are clear indicators of a scam.
Financial Fund Recovery and its investigators undertook inquiries and research to uncover the facts about the CherryTrade scam. Our reports show that CySec does not regulate CherryTrade, and yet the firm continues its fraudulent activities.
The broker is Blacklisted.
Some research on social media platforms and online trading forums threw light on a pattern that users were not satisfied with CherryTrade. Based on the user feedback, it appears that CherryTrade is not a credible broker, and hence users should exercise extreme caution when investing in a brokerage platform.
A lot of brokers out there operate under fake company names or that have fraudulent operations. Research is your friend here; it’ll take you a long way in protecting you and your money.
How CherryTrade Scam Work?
Online trading scams start by displaying profitable trades like the CherryTrade scam, which instills a false sense of confidence and promises easy money. After establishing the trust, the broker markets the idea of investing even more to get greater returns. In addition, they also guarantee other incentives to bring their friends and family on board too.
After the broker extracts all available funds from the investor, they suspend the account or make the funds inaccessible to the user.
What To Do If You Have Lost Your Money In The Cherrytrade Scam?
The CherryTrade scam appears credible and worth investing in, but in reality, it should be investigated. CherryTrade brings competitive features and benefits to the table than other brokers. There are many exciting options for all kinds of traders on the platform. Excellent training materials and benefits for silver, gold, and diamond account holders are enticing enough to lure in investors.
Take corrective actions! Consult a fund recovery specialist that can assist in winning your case and recovering your investment. That’s precisely what Financial Fund Recovery does! Thousands of scam victims trust our skills and expertise.
We have dealt with many victims of various fraudulent services like the Blue Trading Scam, Bitcoin Cloud Mining Scam, and AvaTrade Scam. Connect now for a free consultation and part with epic results.