Review Cedar FX
https://www.cedarfx.com/ Founded in 2020 Headquarters in St. Vincent & the Grenadines Open Demo Account Open Live Account BEGIN item ContentsRegistrationRegulationAccount TypesSecurityBankingTrading PlatformsAssetsCustomer ServiceConclusion
Cedar FX is a new CFD broker that is focused on the things that traders appreciate, namely ultra-fast withdrawals, ultra-low spreads, and zero commissions. On top of that they are the only eco-friendly broker we are aware of, with a mission to plant trees based on the trading volumes of their clients. It has support for all the major asset classes, including the newest cryptocurrencies.
Cedar FX Registration
Registering an account at Cedar FX is a quick and easy process. The registration form only requires basic information like your name and email address, and a password that you choose for yourself. Or link your account with your Facebook or Google accounts for an even faster registration experience.
Once the initial registration is complete you will also need to verify your account by providing identification and address documents. While this process does seem tedious it is necessary for the broker to remain in compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
Regulation
As a broker located in St. Vincent and the Grenadines Cedar FX is not regulated, although they are required to follow all the laws of the country in which they are domiciled. Some traders will balk at this lack of regulation, but in reality it means the broker needs to be even more cautious in the treatment of its clients in order to maintain a solid reputation.
In addition, the broker is fully compliant with all KYC and AML regulations, which ensures adherence to many European Union Directives, national laws, FATF recommendations, and international treaties.
Cedar FX Account Types
Many of the broker’s we’ve reviewed followed a tiered structure for their accounts, adding additional perks as their clients climb the ladder to “higher” account tiers. Cedar FX doesn’t use that approach. Instead they offer two unique account types, the zero commission account and the Eco-account.
0% Commission Account – As you’ve probably already guessed from the name, the zero commission account features no commission fees on trades. Many traders love this account because the lack of commission charges allows them to maximize their profits.
Eco-Account – This account is tied to the tree planting mission at Cedar FX. In this account there is a $1 commission, and Cedar FX matches this commission, allowing them to pay for 10 trees to be planted for every full lot traded on the platform. The funds are sent to the environmental non-profit Ecologi for replanting new trees and reforestation efforts. The end result is a smaller carbon footprint for the traders at Cedar FX.
Demo Account
It is also possible to register for a demo account to use virtual money and test the trading conditions of the broker before risking any real money. The demo account is also an ideal way to test new trading strategies. The demo account remains open and available as long as there is activity. If there is a period of 14 days of inactivity the demo account is closed. However the trader is always free to open another demo account at any time.
Islamic Accounts
One account type that is missing is the no-swap account that is aimed at Islamic traders who must keep to Sharia Law.
Cedar FX Security
When it comes to security Cedar FX uses a military-grade encryption level to maintain the security of all data being transferred to and from its servers. The built-in web-based wallet has been created to ensure funds remain safe from hackers, although it is recommended that for long-term storage a non-custodial wallet be used rather than keeping any cryptocurrencies on the Cedar FX platform.
Cedar FX Banking
Banking is another of the key factors when choosing a broker. Cedar FX is a forward-thinking broker in this regard. They allow both traditional banking, and the newer cryptocurrencies.
Deposits
For deposits clients have the choice of using a debit or credit card to make a deposit, or they can choose to deposit using the cryptocurrency Bitcoin. All the available deposit options will show up in the users account once they’ve completed the appropriate KYC/AML verifications.
There is a $50 minimum for debit/credit card deposits, and a $10 minimum for Bitcoin deposits. Cedar FX does not charge any deposit fees, however it is possible the user will be charged a fee from their financial institution, or as a transaction fee on the Bitcoin network.
Withdrawals
Cedar FX is somewhat unique among CFD brokers by only offering withdrawal via Bitcoin. Any withdrawal request is processed within 24 hours and the funds are sent directly to the user’s Bitcoin wallet address. Like deposits there is a $10 minimum withdrawal, however there is no maximum withdrawal amount. Deposit requests can be cancelled if they haven’t been processed yet. While Cedar FX does not charge any withdrawal fee, there will be a network transaction fee charged by the Bitcoin network, but these network fees are typically quite small, and rarely amount to more than $1.
Trading Platforms
Clients can take advantage of trading via a desktop platform, a web-based platform, or a mobile app. In all of these cases the trading platform offered is the award-winning MetaTrader 4. This platform comes with 30 different technical indicators, 9 different time frames, and support for hundreds of technical analysis tools, signals, and robo-advisors. It is one of the most popular trading platforms available and has been for nearly two decades.
The desktop platform is available for Windows PCs only, so that should be taken into consideration. The mobile version is available in both Android and iOS versions, and the Web Trader works in most modern browsers. All of the platforms will synch with each other, so a trader can use all three at any given time depending on their needs.
Cedar FX Assets Offered
Cedar FX offers a number of asset types, and over 170 different individual assets. The asset types available for traders are currencies, stocks, indices, commodities, and cryptocurrencies. The broker also offers very generous leverage on all these different assets as follows:
Currencies – 1:500Metal commodities – 1:500Other commodities – 1:200Indices – 1:200Cryptocurrencies – 1:100Stocks – 1:20
It’s important to note that trading with leverage is a very risky decision. While it can greatly enhance the profits on winning trades, it also greatly enhances any losses. Traders should carefully evaluate their risk tolerance before using leverage, and should begin with limited leverage until they are familiar with its use.
Customer Service
You hope you won’t have to use it, but customer service is incredibly important when you find you need their help. At Cedar FX clients are able to take advantage of an extensive FAQ section on the website, but if the answer they are looking for isn’t available there they can also make use of the customer support group, which offers its services 24/7.
They can be contacted via online chat from the website, or through email and online web form. For clients who prefer to speak directly to the customer support team a call back service is also available.
In Conclusion
Through our review we’ve found Cedar FX to be a broker for the 21st century. Offering cryptocurrency access, along with deposits and withdrawals is something rarely found in CFD brokers. And the eco-centric approach of the broker is refreshing.
With a focus on ultra-fast withdrawals, ultra-low spreads, and zero commissions this is a broker that any trader can easily get behind.
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