Is CherryTrade legit? Are you looking for a trustworthy binary option broker? Learn whether you can trust CherryTrade.
Let us start with the good news first: CherryTrade is a 100% legit, trustworthy binary option broker. There is a long list of reasons for this assessment. We will work through them one by one:
As you surely know from regular stock trading, most regular brokers use a spread to make money – they always sell an asset for a lower price than they are willing to pay for it. A legit binary option broker does not employ a similar system, and CherryTrade does exactly that.
Whether you invest long or short, the price is always the same. Your orders will be executed immediately and to the exact price you placed them to – a sure sign of a legit binary option broker.
Money launderers love the anonymity of online banking and gambling services, often using these services to launder money from illegal business.
Illegitimate binary option brokers willingly accept with these criminal activities – as long as they are making money, they do not care where the money comes from. Legit binary option brokers, on the other hand, try everything to avoid money laundering and to keep their businesses safe.
CherryTrade is strictly adhering to the second notion. To register a new account, you have to provide documentation to prove that you are the person you registered to be, and not a criminal. This additional step does not help CherryTrade make more money, it only requires them to staff additional personnel. The fact that they do it nonetheless is a sure sign that CherryTrade is a legit broker.
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Check out the best binary options brokers.
To open an account with a binary option broker, you have to trust them with at least some of your personal information. Since identity theft is a common thread nowadays, you want CherryTrade to keep the information you trust them with safe and secure.
CherryTrade does exactly that by using the best encryption standard available: The SSL protocol. This is the exact same protocol that is used for your online banking service and absolutely safe. You can be sure that nobody can steal your data.