Depositing and withdrawing money with CherryTrade is quick and easy – if you know how to do it right. Learn about CherryTrade banking here!
CherryTrade banking options
You are offered three different CherryTrade banking options:
1. Credit card / debit card
Deposits by credit card are the preferred method for many binary option traders. There is good reason for this sentiment: Deposit by credit card are free, they reach your account immediately, and they are easy – simply enter your card details and you are good to go.
CherryTrade supports these credit card providers: Visa, Delta, MasterCard, Diners, and Visa Electron.
You can also deposit money with Maestro (Switch) and Solo. All Maestro online deposit are authenticated with MasterCard Secure Code. To use this Maestro, you have to register with your bank for a 3D code, prior to or during the deposit process.
While it is quick and easy to deposit money via credit card, there is one limitation to credit card withdrawals: You can only withdraw as much money as you deposited with the exact the same credit card. Any additional money – in other words, your profits – will be paid to you via wire transfer. This is common practice among all binary option brokers to stop illegal practices such as money laundering.
Ewallet providers such as CashU can help you make your payment process a lot easier. Instead of having to enter your financial details on every transaction you make online, you can store all your payment information with these ewallet providers, and retrieve the information when you need it with your email and your password – a much simpler, easier to remember process.
Ewallet deposits reach your bank account immediately. They are free, easy, and quick – much like credit card deposits. Unlike credit card deposits, however, you can’t withdraw money by ewallet. All the money you deposit by ewallet can only be withdrawn by wire transfer – if this is a significant limitation to you, you should deposit money by credit card.
3. Wire transfer
Wire transfer is double edged sword: While wire transfer deposits are the slowest deposit method and involve a fee, wire transfer withdrawals are the only method of withdrawing your profits, which makes wire transfer an invaluable part of your trading career.
We recommend to deposit money either by credit card or ewallet, and use wire transfer only for withdrawals. Since deposits and withdrawals by wire transfer can take up to 10 days, you want to eliminate this waiting period when depositing money and rather start trading quickly – which is why you should opt for the quick credit card and ewallet options.
With withdrawals, you can plan ahead. If you know you need money by the start of the next month, you can easily order your withdrawal 10 days earlier, which makes wire transfer a perfectly acceptable payment method.