CherryTrade offers three ways to deposit money. To make your trading easier, however, there is only one way you should use. Learn about the CherryTrade deposits here.
How to handle CherryTrade deposits effectively
CherryTrade offers three banking options:
- Credit card
- Wire transfer
Of these three options, you should only use credit card deposits. There is a simple reason for this: Depositing your money by credit card will make withdrawals much easier.
While CherryTrade offers three deposit methods, there are only two ways to withdraw money: Credit card and wire transfer. Credit card deposits are free and only take a few days, while wire transfer withdrawals include a fee and can take up to 10 days. Credit card withdrawals are the clearly superior withdrawal method.
There is, however, a significant limitation to credit card withdrawals: To avoid money laundering, you can only withdraw as much money by credit card as you deposited with the same credit card. This procedure is common practice among binary option brokers, but it is something you should account for right from the beginning of your trading career.
To enjoy quick and easy withdrawals for as much of your money as possible, you should deposit as much as possible with credit card. Any money you deposit via wire transfer or ewallets can only be withdrawn by wire transfer and complicates the early stages of your trading career unnecessarily.
Later in your trading, after you have withdrawn the amount of money you invested, you are starting to withdraw your profits. Since these profits exceed your investment, you can only withdraw them by wire transfer. In this stage of your career, however, this is much less of a limitation than in the beginning. You will be able to anticipate how much money you make over a given period of time and schedule payments regularly, thereby easily compensating for the delayed payment.
For the start of your trading career, however, it is important to keep things quick, easy, and simple. This allows you to build a routine and create a functioning process. Deposits and withdrawals by credit card will help you with that, thereby making your trading more fun, less stressful, and easier to handle – and, as a result, more successful.