How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Zoey, JD Your Own Question
Zoey, JD
Zoey, JD, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 27099
Experience:  18+ years of NYS litigation experience.
Type Your Consumer Protection Law Question Here...
Zoey, JD is online now
A new question is answered every 9 seconds

Question concerning Cherry Trade. I have an account with

Customer Question

Question concerning Cherry Trade. I have an account with them and after a "protected" trade I have been told that I cannot close out the account until I make additional trades. I have asked numerous time but have been unable to get an answer as to how many trades and how much money do I need to trade to fulfill their agreement. The protected trade was for $3000 so that amount was returned to my account. Now they call it a bonus. I signed an agreement with them but did not understand at the time what I was signing and I was never told what the agreement actually said. Also, the agreement was signed after the trade was completed and the the money was lost. I am more than willing to trade the $3000 they returned or just give it back to them. My account balance is $6655 of which $3655 was never used for trading of any kind. Am I just royally screwed or is there some avenue available to me?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Zoey, JD replied 1 year ago.


Do you have a website for this company?

Customer: replied 1 year ago.
Customer: replied 1 year ago.
Expert:  Zoey, JD replied 1 year ago.

Thanks for the reply. Please be patient while I look into the company and compose a reply.

Expert:  Zoey, JD replied 1 year ago.

Thanks for waiting.

I have looked at the website. It is an unregulated binary options site. I've tracked the home page back to September 25, 2014. Before that, the domain was not registered by the same folks and was not a binary options site. So this is a relatively new binary options broker. They come and go with regularity, which is part of the problem.

The site registrant is using a private proxy service from Luxembourg to hide the owner and actual location. And the site is set to expire in 6 more months.

The site itself says that they are owned by RedTulips, Ltd, which is a UK company registered in September 2014. However, although this company was registered with Companies House, the government agency that keeps the annual tax filings and business records for every UK company, and would thus appear to be legitimate, Companies House is looking to remove it from its register for its failure to comply with its filings requirement.

Scammers will often pay to register a company lawfully, because it's cheap enough and easy enough to do and would lend to the credibility of a new company. However, they don't intend to stick around long, just to take money and run, so they don't comply with the government regulations are removed from the register of lawful businesses. By then, of course, the damage that they do is pretty much done.

Many, many different forex and binary brokers claim to be at that same address 1a, Arcade House, Temple Fortune, London, as claimed by Cherry Trade. None is really there. The address is virtual. So if they won't honor their contract, you're going to have a big problem finding then to hold them accountable.

More to come...

Expert:  Zoey, JD replied 1 year ago.

It is unlawful for a binary broker to allow US investors unless the broker is willing to submit to regulatory oversight by the US Commodity Futures Trading Commission. This one is not, so the very fact that it let a US resident open an account with them means that they are not on the up and up and acting illegally. It's not regulated anywhere else either. If it were registered in, say, Cyprus, where many are, it would be closed to US residents.

We hear daily horror stories, just like yours, from customers who have invested with unregulated binary brokers, all of whom are operating illegally and who therefore make their own rules and won't honor their own contracts. Again, if you can find them, then you can sue them for your money, but finding them may be a job for law enforcement.

You need to report the site and their fraud to the CFTC, to the FBI at, to the Federal Trade Commission at and to the UK's Financial Conduct Authority and to ActionFraud at

So are you totally screwed? Probably. But by reporting them, you may be able to accomplish something.

Related Consumer Protection Law Questions