CedarFX Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- WebTrader
- MetaTrader4
- 2020
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- WebTrader
- MetaTrader4
- 2020
Our Evaluation of CedarFX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
CedarFX is a high-risk broker with the TU Overall Score of 2.62 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by CedarFX clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker. CedarFX ranks 352 among 417 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
CedarFX is an unregulated broker that allows you to start trading with small amounts, but it does not provide micro-accounts and useful instruments for traders. However, the company offers a wide variety of CFDs, margin trading, and free demo accounts.
Brief Look at CedarFX
CedarFX is a Forex broker registered in Saint Vincent and the Grenadines. It offers its clients CFD trading on currency pairs, cryptocurrencies, stock indices, shares, and commodities with margin. CedarFX is a socially responsible company that invests in environmental protection. It was awarded the title of the World's First Eco-Broker. CedarFX also has the Best Commission Free Broker award for high-quality brokerage services and the Best Trade Executions award for low fees.
- The minimum deposit is only $10;
- Tight floating spreads from 0.6 pips;
- Trading in classic MetaTrader 4 (MT4) platform with mobile, desktop, and browser versions;
- No restrictions on the use of strategies and trading styles;
- High leverage;
- Opportunity to test trading conditions on demo accounts;
- A wide range of assets, especially currency pairs, and stock CFDs.
- The broker operates without a license and regulation;
- Lack of training, analytics, and recommendations for beginners and experienced traders;
- Traders do not have the opportunity to evaluate the conditions of the company on cent accounts.
TU Expert Advice
Financial expert and analyst at Traders Union
CedarFX is a broker that offers trading currency pairs and CFDs on various assets. Its clients can use leverage in their trades. The activity of the company is not regulated, so its reliability cannot be 100% guaranteed. However, the initial deposit in CedarFX is only $10, which makes it possible to check the trading conditions and quality of services of this broker with minimal risks.
CedarFX clients can place market and limit orders, including stop loss, trailing stop, fill or kill, good ‘till canceled, immediate or cancel, and good till date/time orders. The choice of assets available for trading is quite extensive, and low floating spreads allow you to trade with a minimum brokerage fee. The broker does not give bonuses; nor does it pay remuneration for attracting referrals.
Trading conditions are not fully described on the CedarFX website, and specification of instruments is not available. Also, the company does not publish educational materials and analytical reviews that would help its clients become successful in trading financial instruments. The website provides a live chat. Its operators respond quickly, but their responses are not complete, so the only way to test CedarFX's trading conditions is to create a training demo account.
- You value eco-friendly initiatives. CedarFX plants 10 trees for every lot traded, offering an optional way for traders to contribute to environmental sustainability.
- Global access is beneficial for you. CedarFX accepts clients from various countries and provides diverse deposit options, even though the current options are limited to Bitcoin.
- Regulation is your top priority. CedarFX is currently not regulated by major financial authorities, which might be a deterrent for traders who prioritize strong regulatory oversight.
- You need a wide range of deposit and withdrawal options. CedarFX currently only accepts Bitcoin for deposits and withdrawals. If you require more conventional payment methods, the limited options may not align with your needs.
CedarFX Summary
| 💻 Trading platform: | MetaTrader 4 (desktop, mobile versions), WebTrader |
|---|---|
| 📊 Accounts: | Demo, 0% Commission Account, and Eco Account |
| 💰 Account currency: | USD, EUR, GBP, CAD, AUD, and BTC |
| 💵 Replenishment / Withdrawal: | Bank cards, bank wire transfers, and Bitcoins |
| 🚀 Minimum deposit: | $10 |
| ⚖️ Leverage: | Up to 1:500 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | from 0.6 pips |
| 🔧 Instruments: | Forex, cryptocurrencies, commodities, stocks, and indices |
| 💹 Margin Call / Stop Out: | 100%/70% |
| 🏛 Liquidity provider: | Own quote providers |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | Market execution |
| ⭐ Trading features: | All styles and trading strategies are allowed |
| 🎁 Contests and bonuses: | No |
CedarFX offers trading various CFD types on MT4 and allows you to open accounts in both fiat currencies and Bitcoins (BTC). If clients deposit BTC directly from their wallet, then the minimum deposit is $10. When choosing other payment methods (bank cards and bank transfers), a trader cannot deposit less than $50. All cryptocurrency transactions, regardless of their amount, are subject to blockchain and miner fees. Spreads are floating, and the execution type is market execution.
CedarFX Key Parameters Evaluation
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Trading Account Opening
To create a user account on the CedarFX website, follow these steps:
First, fill out the registration form. To open it, click the “Open Live Account” button on the main page of the website or the “Sign Up” button at the top of any page.
Indicate the following personal data in the form for creating an account: first and last names, date of birth, email address, and gender. Also, create and enter a password twice to protect your user account from third parties.
Then confirm your email address. Instructions are sent by email.
To sign in to your user account, enter your email address and previously generated password.
Opportunities of CedarFX’s user account:
Additional services of the user account:
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Downloading the trading platform;
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Button to go to WebTrader;
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Transferring funds between active accounts;
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Trading history;
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Submitting requests for withdrawal of profits;
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Enabling two-factor authentication.
Regulation and Safety
CedarFX is the trading name of the Cedar LLC brokerage company. It is registered in Saint Vincent and the Grenadines and operates under the laws and rules of the financial regulations of that country.
CedarFX is an unregulated broker. For this reason, all disputes arising with its clients are resolved within the company and without the involvement of an independent third party. In the service agreement, CedarFX assures that all complaints are reviewed and resolved within 30 days of the receipt of such complaints.
Advantages
- Broker allows trading with high leverage
- Trading cryptocurrencies is available
- Verification is not mandatory
Disadvantages
- The company has the right to resolve complaints by debiting funds
- Traders’ deposits are not protected
- In case of bankruptcy or cancellation of the broker, no compensation for the funds invested by its clients is provided
Commissions & Fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| 0% Commission Account | $6 | Yes |
| Eco Account | $6 | Yes |
The broker charges a swap fee on all overnight positions.
To understand how profitable it is to trade with CedarFX, Traders Union analysts calculated the average fee on its accounts. The comparative table below presents CedarFX’s average fees as compared to other brokers.
| Broker | Average commission | Level |
|---|---|---|
|
$6 | |
|
$1 | |
|
$8.5 |
Account Types
CedarFX offers two types of trading accounts. The spreads, leverage, and minimum deposit are identical, and the list of available trading instruments includes the same assets. Accounts differ in the availability/absence of an additional fee for a traded lot. Each client can have an unlimited number of accounts of both types.
CedarFX account types:
MetaTrader 4 demo accounts are available to test the broker’s conditions. They can be opened in any version of the trading platform. Available account currencies are USD, EUR, GBP, CAD, AUD, and BTC.
CedarFX provides MT4 accounts with floating spreads and high leverage. The choice of assets will satisfy the needs of both beginning traders and professionals in Forex trading.
Deposit and Withdrawal
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The company withdraws the profit earned by its clients in Bitcoins;
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Withdrawal requests are processed within 24 hours of the moment the application is submitted to the trader's user account;
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The terms for crediting the cryptocurrency to the crypto wallet depend on the blockchain traffic;
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The minimum withdrawal amount is $10, and the maximum amount is unlimited;
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CedarFX does not charge any withdrawal fees.
Investment Options
CedarFX does not offer PAMM or managed accounts, nor does it broadcast trading signals. Representatives of the company explain that they want to eliminate possible conflicts with their clients. However, CedarFX does not prohibit linking a live trading account with any of the above programs through a third-party service provider.
Thus, the broker's clients can use the functionality of MT4 to receive passive income via copy trading, and algorithmic trading with the help of bots and EAs (expert advisors). CedarFX does not charge fees for the use of such services, but there may be fees from service providers and software developers.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Partnership program from CedarFX:
At the time of writing this review, the company does not offer a partnership program. However, the support service reported that its implementation is planned for the near future.
Customer Support
Live chat support of CedarFX is available 24/7.
Advantages
- Many means of communication
- Callback is available
- Prompt responses of live chat operators
Disadvantages
- Broker’s phone number is not available on the website
- Clients can get answers to general questions only
To address the broker's technical support, traders can use the following means of communication:
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live chat;
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email;
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callback;
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Facebook or Instagram.
Describing a problem in live chat is the fastest way to get an answer to a trader's question. This means of communication with the company's support is available to its registered clients and non-registered visitors.
Contacts
| Foundation date | 2020 |
|---|---|
| Registration address | Cedar LLC, St. Vincent and the Grenadines |
| Official site | https://www.cedarfx.com/ |
| Contacts |
Education
CedarFX does not educate traders. Its website provides the terms of trading and the available payment methods. There are no basic rules for trading on the Forex market.
The broker provides a demo account that can be used to practice trading. However, theories of trading will have to be researched on the websites of other brokers.
Comparison of CedarFX with other Brokers
| CedarFX | RoboForex | Pocket Option | Exness | Octa | XM Group | |
| Trading platform |
MetaTrader4, WebTrader | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MetaTrader4, MetaTrader5 | MT4, MT5, MobileTrading, XM App |
| Min deposit | $10 | $10 | $5 | $10 | $25 | $5 |
| Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:30 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0.6 points | From 0 points | From 1.2 point | From 1 point | From 0.6 points | From 0.6 points |
| Level of margin call / stop out |
100% / 70% | 60% / 40% | 30% / 50% | No / 60% | 25% / 15% | 100% / 50% |
| Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | No | Yes |
Detailed review of CedarFX
CedarFX strives to make trading on financial markets accessible to everyone, so it allows you to start with only $10. Also, a trader who has become its client can trade intraday and also use long-term strategies. Live chat operators are available 24/7, and if necessary, you can contact a CedarFX representative by phone. The company does not charge fees for deposits and withdrawals so that clients can reduce their trading costs.
CedarFX by the numbers:
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More than 180 financial instruments are available for trading;
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Leverage for some pairs is up to 1:500;
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Creating a trading account takes no more than 10 minutes;
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The company has transferred funds for planting 125,859 trees.
CedarFX is a Forex broker for trading financial instruments with leverage
The company offers a wide range of assets. They include 55 currency pairs with major, minor, exotic, and cross rates. Also, 35 cryptocurrency pairs, 64 stocks, 11 indices, commodities, and precious metals are available for trading. All listed instruments can be traded with leverage. The maximum value for stocks is 1:20, for cryptocurrencies, it is 1:100, for indices and commodities it is 1:200, and for currency pairs, it is 1:500. Each CedarFX client can open an unlimited number of demo and live trading accounts. Also, traders can use different leverage settings and create accounts in different currencies to save on conversion.
To make transactions, the broker provides the MetaTrader 4 platform. It is available in three versions - desktop, mobile, and WebTrader. CedarFX allows you to use the functions of the platform to the maximum; i.e., traders can use applications for automated trading and copy trades of other MT4 users.
Useful services offered by CedarFX:
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Plant a tree. The broker transfers 100% of the withheld trading fees from Eco accounts to the implementation of environmental projects;
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Demo accounts. These are used to test the trading conditions offered by CedarFX;
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Request a callback. With the help of this form, a trader can order a call from a support representative at a convenient time.
Advantages:
To make a deposit, it is not necessary to get verified;
Your user account can be secured with two-factor authentication;
Live chat support is available 24/7;
The company processes all withdrawal requests within 24 hours;
Trading accounts with no fee per lot are available.
CedarFX allows all styles and methods of trading, including scalping, hedging, algorithmic trading, and copy trading.
User Satisfaction