January 07, 2021
CedarFX Broker Review
CedarFX broker is an offshore business headquartered in St. Vincent and the Grenadines. Its parent company Cedar LLC was founded in 2020. The broker offers a variety of asset classes to trade. A minimum deposit of $10 is required to open an account (BTC, Visa/Mastercard, Wire Transfer) and the business is Bitcoin-focused with only crypto withdrawals being available. It is described as an eco-friendly broker offering an eco-specific account in which revenues from commissions are matched and the funds used for tree planting projects.
Offering of Financial Investments
Several financial instruments are available to trade through CedarFX. There are 55 foreign currency pairs available, as well as 35 cryptocurrency pairs. Traders can also opt to track and trade the major stock exchanges. Trading is via leverage-based derivatives, or CFDs.
- Foreign exchange pairs: majors, crosses and exotics
CedarFX Trading Account Types
Traders can select from two trading account types at this broker. The first is the standard, no-commission account. Scalping and hedging are permitted under the account’s rules.
The second account type is the Eco Account. With an Eco Account, you will be charged $1 in commission. CedarFX will then match that amount and 100% of funds collected will be sent to Ecologi, which will go towards planting trees and supporting carbon reduction projects around the world.
CedarFX Commission and Fees
CedarFX is a low spread no commission forex broker. This broker does not levy commissions unless the Eco Account is chosen. Fees are instead charged on asset spreads. The spread fees are variable.
CedarFX Platforms and Tools
CedarFX’s main platform offer is MetaTrader 4 (MT4). It is available for use on computers and smartphones. It offers tools for analysing price charts and identifying useful information, such as technical indicators. It is an industry-recognised platform, although it is not the most cutting-edge tool compared to its successor MT5.
CedarFX’s research facilities are lacking. Traders looking for information from the broker can access a frequently asked questions page. However, in terms of knowledge acquisition, little more than basic information about how to use MetaTrader is available.Visit Broker Site
CedarFX Mobile Trading App
The CedarFX mobile trading app is powered by MetaTrader and contains many of the same features as the equivalent versions for web or computer. Features include analytical objects and multiple windows.
Should I Trade with CedarFX?
CedarFX has some plus points, especially for traders committed to supporting the environment and tackling climate change. As a relatively new broker, it is still researching which regulatory body it should register with.
The current absence of a regulator may dissuade many potential new users. However, the liquidity providers it works with are regulated, which means that traders’ funds are secure and available to withdraw at any time.
- Plenty of asset classes on offer, including 35 crypto pairs
- Commitment to helping the environment through tree planting scheme
- Zero commission forex broker
- MT5 not offered, only MT4 available
- Offshore broker
- No option to open an Islamic account
Who are CedarFX?
CedarFX are forex trading zero commission brokers based in St. Vincent and the Grenadines. They offer a range of trading services, including stocks, indices, foreign exchange currency pairs and cryptocurrencies. The trades are provided as derivatives or contracts for difference (CFDs). This broker has a specific focus on fighting climate change.
Can I trust CedarFX?
CedarFX appears to be a legitimate, safe broker. It has some trader-friendly policies designed to improve security, including the segregation of client funds away from funds owned and used to cover the company’s operating costs. Traders are strongly advised to perform due diligence before using this, or indeed, any broker.
How do I open an account with CedarFX?
To open either an Eco Account or a Zero Commission Account, a trader needs to select ‘Accounts’ from the main menu bar on the CedarFX home page. There is extensive information about the two account types available on the ‘Accounts’ page. From that point, an applicant selects ‘Sign up’ in the top right corner and enters the required details.Visit Broker Site