CedarFX Forex Review

Read our full CedarFX review to get exact details about their safety, accounts, spreads, platforms, assets, support, and many more. Our unbiased CedarFX opinion allows our readers to decide whether CedarFX is a reliable broker.

CedarFX Forex Broker History

CedarFX is a Forex and CFDs broker established in 2020, making it a relatively young but still experienced broker. The company has a unique environment-conscious approach to the trading industry as it promises to plant trees for each lot traded by traders. So far, the company claims around 154,000 planted trees, which if true, is a serious achievement.

The broker has a very responsive and beautiful website design. However, CedarFX lacks transparency as there are no details offered on its website regarding spreads, leverage, deposits, and similar. Traders have to dig deeper into FAQs to find some clues, which is very inconvenient.

CedarFX broker safety

CedarFX is a trading name of Cedar LLC, which is a regulated FX broker. It is both registered and regulated by the Financial Services Commission (FSC) of Mauritius. MU FSC is an offshore entity and is known for its less stringent rules and regulations. Despite this, the broker still offers some level of safety and reliability. There are segregated bank accounts used for client money ensuring that the broker’s operational funds and trader money are separately kept.

However, the broker does not offer a negative balance protection policy, which is a crucial safety feature for beginners. Without NBP traders might become liable for losses beyond their initial investment if they go into minuses. This makes CedarFX not a beginner-friendly broker and it is not recommended for novice traders.

CedarFX Broker Review of Accounts

CedarFX forex broker offers two trading accounts, 0 commission or standard account, and the eco account which offers lower spreads. The broker is not transparent about details like spreads and deposit requirements. We were able to still gather some data about its specs.

CedarFX 0% Commission Account

The 0% commission is just another name for a traditional standard account that has 0 USD commissions but has higher spreads. The minimum deposit starts from 10 dollars when funding using BTC and increases to 50 bucks for bank card payments. The maximum leverage is up to 1:500, which is very competitive and allows traders to control considerable position sizes (500 times their balance, meaning with 10 USD they can trade with 0.05 lots).

CedarFX Eco Account

The Eco account offers even lower spreads. However, this trading account charges a 1% commission which goes to Eologi and is used for planting trees. The broker does not explain whether these commissions are for 0 pips spreads or if it has both commissions and spreads for this account. While it is always good news to hear companies care about a green future, some more details are necessary.

The leverage is 1:500 and the minimum deposit follows a similar path as with a 0% commission account.

CedarFX instruments

CedarFX excels in asset class diversity as it offers access to over 170 instruments in FX pairs, commodities, indices, futures, cryptos, and even stocks. This is very competitive and makes CedarFX truly a multi-asset trading broker. Traders can use 500:1 leverage to amplify their potential returns. From futures, there is a DOLLOR available for trading.

CedarFX Reviews of Trading Platforms

CedarFX broker provides an advanced trading platform MetaTrader 4 (MT4). This platform supports both expert advisors (EAs) and custom indicators and the broker doesn’t prohibit traders from using these advanced tools either, which is flexible. There are web traders and mobile MT4 platforms available as well. Traders can create free demos using web traders and start paper trading right away. Mobile MT4 is available on both iOS and Android smartphones and tablets.

CedarFX Forex Review of Extra Features

CedarFX lacks extra features as it does not provide any services or promotions. There are no bonuses of any type, which is a considerable issue with this broker. There are no educational services available as well, which is also a drawback.

CedarFX Reviews of Customer Support

CedarFX offers multiple customer support channels like live chat and email. The broker promises 24/7 assistance and provides a callback feature where traders can request a broker to contact them. However, there is no direct access to phone support, which is a considerable issue. The broker is not multilingual either as it only supports the English language.

CedarFX Deposit and Withdrawal

CedarFX accepts a limited number of payment methods. Traders can only use Bitcoin and bank cards (debit/credit). There are no other payment options supported. Deposits are instant and the broker promises quick withdrawals without details about processing times. CedartFX does not charge fees on withdrawals itself but payment providers typically have commissions.

CedarFX Review Conclusion – can you trust CedarFX?

CedarFX is a modern broker with a green mission and solid trading tools through the MT4 platform. While it offers competitive leverage and multi-aset access, the lack of transparency, no negative balance protection, and the absence of features like education and bonuses, make it a relatively unattractive FX broker. With offshore licenses and limited payment options, CedarFX is more suited to experienced traders who prioritize environmental impact over full trading features.

FAQs on CedarFX

Is CedarFX a scam?

The CedarFX scam is still unlikely despite the broker having some issues with transparency. It is focused on green missions and is regulated.

What is the CedarFX minimum deposit?

The minimum deposit is $10 via Bitcoin and $50 for card payments (Visa and MasterCard).

Is CedarFX a cheap broker?

The broker offers a 0% commission account but does not disclose exact spreads and commission structure.