Website URL: https://www.cedarfx.com/
Deposit Methods: Bank wire transfer, credit and debit cards
Minimum Deposit: $250
Free Demo Account: yes
Types of Assets: CFDs, stocks, forex, commodities, cryptocurrencies
The trading market seems to be busier than ever. With new broker companies of every corner, it
is becoming increasingly difficult for the brands to stand out and become your top choice. In that
journey, they are attempting a variety of things such as offering better transaction times, a wider
selection of tradeable assets to satisfy your portfolio expansion, safer payment methods, and
more. However, it is also becoming a lot more challenging to make a distinction between the
companies that are actually able to make this dream a reality, and the ones who are just telling
you what they think you want to hear. This is why we created this Cedar FX review – to show
you the difference between the two. Can you guess which of the two groups we mentioned this
company belongs to? Stick around to find out.
At a first glance, we notice that this company is all green. Literally. The website claims that
Cedar FX is dedicated to creating and supporting green initiatives that will help mend the
environment by planting trees for every trade. Sound pretty cool, right? Also, this kind of
business plan is a breath of fresh air in the online trading world, especially since there aren’t a
lot of companies who are dedicated to these kinds of issues. Also, another important and rare
feature that is important for the brand is the fact that it offers 0% commission trading. Now, you
should keep in mind that this does not mean that you won’t pay any commissions for all your
transactions! But, we will get to that later. In the meantime, let’s check out some other features
of Cedar FX.
Despite being present on the market for a little under a year, this broker company has received
many awards. These are mainly for its contribution to the environment, so you will find prizes
such as “World’s First Eco Broker” and “Best Commission Free Broker”. This all sounds pretty
great, but we have to take a step back and talk a bit about the fact that this company does not
have any licensing information.
What does this mean for you? Well for starters, it means that you cannot hold the company
accountable if it does anything to disregard your rights and its own obligations. For example, if
your deposit suddenly goes missing (it has happened before!) or the company mysteriously
cancels your withdrawal request – there isn’t much you could do about it. There is no regulatory
body that is overseeing the Cedar FX business structure and practices, so there is no one to
force the company to stand up and do the right thing by you. And yes – we understand that
trading is a gamble – but this part of it definitely shouldn’t be!
The list of tradeable assets that are at your disposal is not so diverse in this company. Though it
covers all the main categories, you will find that there isn’t a lot of assets to trade within each
one. They include the standard selection of currency pairs, stocks, commodities, indices, and
cryptocurrencies, so there is something for everyone. However, you will notice a lot of the big
names in the industry missing, such as Tesla or Microsoft. This is a huge disadvantage for all
the clients and their portfolios. Also, it would be difficult to diversify your portfolio, which is
always a good idea.
When it comes to the trading platform itself, it seems to us that this company did not put a lot of
effort into creating a fun and secure place to make your trades. Though the website claims that
you have an advanced Meta Trader 4 platform at your disposal, this platform looks like anything
but this. It takes a lot to load and the design is flaky at best, so we are not sure how we could
categorize this platform at all. You can download it for any operating system, but that does not
say much considering that there is a lot of things missing here.
How is this possible, when Meta Trader is such an industry pioneer? It seems to us that a lot of
broker companies out there like to staple this name across their websites in an attempt to draw
more clients, but the majority of them fail to deliver. The processing times are a lot longer while
using this platform, and the clients are getting impatient for new and better solutions. Will Cedar
FX be able to deliver? Based on what we’ve seen so far, it is highly unlikely.
In the end, there is also the web-based option of the Cedar FX trading platform. This may be the
better choice if you don’t like to wait for too long for the page to open each time. However, you
won’t be able to download it on any device or operating system, which draws an entirely new list
of troubles of its own. So, what will it be? It is entirely up to you.
Cedar FX offers two account types in total for its clients, aside from the demo account. The
demo account option is a great idea for everyone who wants to check out the trading platform features and take it for a spin before signing up for the real deal. However, you should keep in
mind that the demo account will not provide you with a full experience, considering that there
are only a few features available for you to use without opening an actual account.
Back to the actual account types. There are two options for your preferences – the 0%
Commission Account and the Eco Account. The first one, as the name would suggest, offers
commission-free trading on most transactions. What exactly they are, however, is an entirely
different story. You will find out about this as you go, which does not sound promising at all.
There are also no withdrawal fees included here, which is a great deal.
On the other hand, the Eco Account is the company’s way to vow to contribute to the
environment and the resolution of climate change. Namely, for every $1 that you contribute in
commissions, the company will match that towards planting trees across the planet. How cool is
that? However, we must say that we were kind of disappointed to learn that there is no
indication of a minimum deposit requirement or any other features that will be available for you if
you choose either of these two accounts for your trading adventure.
Deposits and Withdrawals
When we went to check out the payment methods at Cedar FX, we were quite disappointed to
learn that this company does not offer any e-wallets for their clients to use. This is a huge
disadvantage, especially in terms of trading cryptocurrencies. It makes it impossible to withdraw
any amount through crypto – the only option is to convert it to FIAT money to be able to do so.
So, bank wire transfer and credit and debit cards are the only things you can use for your
deposits and withdrawals.
The great news here is that all deposits are processed relatively fast, and the same goes for
withdrawals. This is quite rare in the trading world, especially with unregulated brokers such as
this one. The withdrawals will be processed within 5 days max, which is a great deal all things
considered. Still, it does not make up for the fact that there aren’t any e-wallet options available
for you to use.
There are three communication channels to reach out to the customer support agents at Cedar
FX. The most popular one is always the live chat option since you can get an answer from an
agent right away. Also, you won’t be able to differentiate whether you are talking to a bot or an
actual person, which makes it difficult to ask specific questions that you are struggling with. So,
this is a big downside in this section.
If you are not up for this, you can use one of the two remaining options, which is to send an
email or to call them directly on the telephone. But we have to say that the email option takes
around 3 business days to reply, while the telephone lines seem to be busy most of the time.
So, we are not sure what would be the most painless option in this case. Either way, you might
have the best luck searching for answers on the FAQ page, but that kind of takes away the
whole point of having a customer support team available, don’t you think?