CedarFX is a forex broker that is located in St. Vincent and the Grenadines. They operate the ECN/STP execution model without any dealing desk between broker and trader, thus, helping to ensure that trades are executed as quick as possible at the best prices available. In addition to Forex trading, CedarFX offer Cryptocurrency, Stocks, Indices and Commodities. The broker has competitive trading conditions such as zero commissions along with rapid account funding options and 24/7 client support.
CedarFX Review Introduction
In this CedarFX review, we will take a look at some of the most important factors worth considering when choosing a forex broker for your online trading needs. This includes trading platforms, trading tools, research and education, account funding options, customer support and broker regulation.
You may also wish to view my best forex brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews. You can also use my free trading tool to compare forex brokers including CedarFX.
CedarFX Platforms & Tools
Traders get free access to the MetaTrader 4 (MT4) platform which can be used on desktop, web or mobile devices running on iOS or Android. MT4 is user-friendly and the platform of choice for millions of forex traders all over the globe. In addition to an intuitive user interface, MT4 also has a large selection of trading tools built-in for conducting thorough market analysis.
The platform can display multiple charts on multiple timeframes from 1-minute to 1-month. There is also support for multiple order types including instant, pending and limit orders. It has over 70+ technical indicators and graphical objects available for analysing charts in great detail. Automated trading is a possibility with the use of the platform expert advisors (EAs). There is a strategy tester where you can back test EA’s over historical data. In addition to these key features and many others, MT4 also has an online market place where users can share ideas, tools, systems, EA’s, signals and more.
CedarFX Research & Education
The broker does not currently have any educational materials available but there are plenty of free online resources where you can find a ton of information about trading online. That being said, there is an FAQ section and the knowledgeable customer support team will be happy to help answer any specific questions that you may have. There are also demo accounts for new traders to practice trading online.
CedarFX Trading Accounts
CedarFX provide 3 main account types, the standard account, eco account and demo account. The standard account charges no commission whereas the eco account has a $1 commission charge. Interestingly, when you use this account type, the broker plants 10 trees with every lot traded by donating the funds to https://ecologi.com/. This is a very unique and admirable thing to do, something that I have never seen with any other broker before. It shows that they care about the environment and giving something back.
The broker has a minimum deposit requirement of $10 and leverage of up to 1:500. Hedging and scalping is allowed but arbitrage is not. Spreads are variable starting from 2.2 pips on the EURUSD currency pair. They do not currently offer swap free accounts which may be an issue for some Islamic traders.
The demo accounts can be useful for those who are new to trading online and want to try out the brokers products and services with virtual funds. It can be a good way to practice your trading strategies and to become familiar with the provided trading platform. Demo accounts have a 14-day inactivity limit.
CedarFX Account Funding
The broker has tried to simplify the funding process as much as possible. CedarFX accept deposits via card, bank transfer and Bitcoin. They aim to process deposits within 24 hours although bank transfer can take a few days to clear. The withdrawal method is limited to Bitcoin. Accounts base currencies can be; EUR, USD, GBP, BTC. This can be beneficial if you wish to open an account in your own currency to try and avoid conversion fees.
CedarFX Customer Service
The broker provides customer support via a contact form, instant chat and call-back option. They are available 24/7 to promptly and politely answer any question that you may have related to their trading services.
There is currently no regulation information on the brokers website although they have stated that client funds are kept in segregated accounts so that they cannot be used for any other purpose.
CedarFX Review Summary
CedarFX has a range of trading instruments across various asset classes to trade via the intuitive MetaTrader 4 platform with competitive trading conditions. There is the zero-commission account or eco-friendly account for those who are environmentally conscious. The broker requires a small $10 deposit to get started and also offers demo accounts to support new traders. Rapid funding options are available as is 24/7 support.
It is worth mentioning that some of the trading products and services in this CedarFX review may differ or not be available to traders in some countries due to regulations. As brokers terms can change over time, please verify all information is up to date directly from the CedarFX broker website which you can visit by using the link below.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.