CedarFX Forex broker review — Everything you need to know

CedarFX is the company’s trade name, Cedar Ltd is the company operating the website and it is a regulated broker. Cedar Broker promises to plant 10 trees for each lot traded by its client, and currently claims to have 154075 planted in their forest, reducing 135.74T of carbon as a part of its eco-conscious trading.

In this review, we will assess the broker’s features such as safety, accounts, fees, platforms, support, and more to define whether you can trust them.

CedarFX Overview of the website

The website of CedarFX is very well-designed and offers a simple yet user-friendly interface. It is very responsive and offers details about broker’s services. However, the broker does not provide all the details regarding its trading conditions such as spreads in a transparent way, which is a downside. The website also provides a live chat plugin for quick contact with the broker personnel. Traders can also request a callback from the broker using the dedicated button.

Overall, the website is satisfactory and only lacks further details about accounts such as spreads and commissions.

CedarFX Safety and Regulations

CedarFX is a regulated Forex and stock broker. The broker is registered in Mauritius and is regulated by the Financial Services Commission (FSC). This is an offshore authority but still provides some safety net for traders.

CedarFX keeps trader funds in segregated accounts with reputable banks, meaning the broker’s operational funds are on separate accounts.

CedarFX does not offer negative balance protection, which is a serious disadvantage. This is because negative balance protection ensures traders are not experiencing losses beyond their initial investment and they might become liable when trading with high leverage at CedarFX for losses beyond their account balance.

CedarFX Accounts Reviewed

CedarFX offers two trading accounts: a 0% Commission Account, and an Eco Account. The broker fails to provide any details about trading conditions. Here are our findings:

• Minimum deposit – 10 USD via BTC, 50 USD with other methods
• Maximum leverage – 1:500.
• Commissions – 0 for 0% commissions, unknown for Eco account
• Spreads from – Unknown

As we can see, the 0% commission should be a traditional standard account with spreads above 1 pip. The Eco account seems like an ECN offering with unknown commissions and spreads from 0 pips.

This is not a professional approach and the broker lacks transparency is one of the most important aspects of trading which are trading costs, making it an attractive broker.

Deposit and withdrawal options at CedarFX

Deposit and withdrawal methods at CedarFX include only Bitcoin and credit and debit cards (Visa and MasterCard). This is very limited as the broker does not offer popular e-wallets for payment options. The broker does not charge commissions but payment providers have fees. As a result, funding and withdrawals are not fee-free at CedarFX.

CedarFX Assets — What can you trade?

The broker allows access to diverse markets such as Forex pairs, indices, commodities, stocks, futures, and cryptos. From foreign exchange pairs, there are majors, minors, and exotics available. The futures are limited to only one instrument, DOLLOR. Commodities consist of metals and energies only. There are no agricultural products available. As for stocks and cryptos, a wide range of instruments are available. With a maximum leverage of 1:500, traders can control positions 500 times their account sizes. Overall, there are over 170 instruments available, which is more than enough even for multi-asset traders.

Trading platforms of CedarFX

CedarFX allows access to the popular advanced trading platform, MetaTrader 4 (MT4). The broker does not offer other platforms like MT5. However, it allows traders to use automated trading systems (Expert Advisors) and custom indicators. Mobile trading is available via the MT4 mobile app and there is also a web trader version offered, which enables traders to create a demo account and test trading conditions.

Education at CedarFX

The broker falls short when it comes to educational materials. There are no webinars, video content, or trading courses available. The broker also lacks an economic calendar and other tools, which is a downside. No market insights are offered. Overall, CedarFX is not suitable for beginner traders as it completely lacks any learning materials and market analysis tools.

CedarFX Customer Support

Customer support experience at CedarFX is provided via 24/7 live chat and email options. There is no phone support center available, which is a red flag. Reputable and reliable brokers always disclose their phone numbers and provide full details regarding their trading services and conditions. The website and support of CedarFX are only available in the English language, which is a drawback.

CedarFX bonuses and promotions

CedarFX does not provide promotions such as free VPS, deposit bonuses, or welcome bonuses. The broker has no copy trading services or trading competition which is also a drawback.

Is CedarFX your broker? Final verdict

CedarFX offers an eco-friendly approach to trading and supports advanced MT4 trading software. However, its lack of transparency on trading costs, limited deposit/withdrawal methods, absence of negative balance protection, and limited educational resources make it less attractive for both beginners and seasoned traders. The broker is regulated offshore and lacks the professionalism and transparency seen with top-tier brokers in the sector. Traders are advised to proceed with extreme caution if considering CedarFX as their main trading platform.

FAQs on CedarFX broker

Where is CedarFX based?

CedarFX is registered in Mauritius and regulated by the Mauritius Financial Services Commission (FSC).

Can you withdraw from CedarFX?

Yes, CedarFX allows deposits and withdrawals via Bitcoin and credit/debit cards. However, fees are charged by payment providers.

Does CedarFX offer negative balance protection?

No, CedarFX does not offer negative balance protection, which makes it not suitable for beginners.