Depositing and Withdrawing
Depositing with the Cherry Trade brokerage is both fast and pain free as they use the secure and safe SSL encryption when conducting all their transactions. Even though the firm is not regulated by the CySec, it’s still a secure platform considering their main priority is to make it as safe as possible.
Traders are allowed to open trading accounts using a raft of currencies which include the Euro, US Dollar, Canadian Dollar, Australian Dollar and the Sterling Pound. There is a minimum deposit threshold of only $200, or the minimum amount that is tied to the currency you’ve chosen, which is still one of the lowest in the binary options market. Depositing and withdrawal of funds is easy too, and traders are offered a variety of options to choose from when making deposits; Wire Transfer, Credit/Debit Card [Maestro UK/Siwtch, Diners, Visa Electron, MasterCard, Delta, Maestro, Visa, Solo and Amex] and Skrill [also known as Moneybookers. The platform offers really swift transaction services.
With the bank wire transfer, you are allowed to use the broker’s bank accounts for any transfers even though it may be a tad clunky and more expensive. Additionally, you can opt for the new eWallet option if you are the type of trader that prefers faster money transfers. However, withdrawals can only be done via credit cards only. And if the amount to be withdrawn is above the amount which you deposited initially, then you will have to use the bank wire transfer. This is fairly mainstream in the industry as every other broker has the same terms. Should you want to avoid paying the fee charged on a bank wire transfer, then you must meet the minimum transfer threshold of $500.
Deposits and withdrawals will take a longer time when conducted via bank wire; withdrawal will take you up to three days for processing the request, and up to seven days for your funds to be credited to your user account. The process is much faster when you use a debit/credit card though it will all depend on the bank. As mentioned earlier, the minimum withdrawal limit is set at $100.Should you choose to make your withdrawal via bank wire, you will be subjected to a fee of $30. Requests for withdrawals may be cancelled but only if it the request is still being processed. When withdrawing your money, you must provide documentation that includes a photo ID, proof of residence, as well as a copy of your credit card [when you have used one].
Remember that according to the dictates of international law, your funds must follow the same route as when you made the deposit, and the funds must be made to the same named account as of the original depositor.