CedarFX is a new CFDs and forex independent broker that offers clients an extensive range of markets to explore financial trading. Its razor-sharp spreads start from 0.0 pips and zero commissions on six asset classes. This year, the broker premiered in the financial industry (2021), aiming to provide a low-cost trading environment and traction a net-zero climate milestone by planting trees using funds raised through the eco account.
Pros
- Offers the MT4
- No deposit and withdrawal fees
- Zero commission trading and low spreads
- An extensive selection of stocks and crypto
- High leverage trading – 100:1 on crypto and 20:1 on stocks
- Accepts Bitcoin as a payment method
- Instant deposit and ultra-fast withdrawals (up to 24 hours)
- No inactivity fees
Cons
- Does not offer ETFs trading
- Not regulated
- Limited research tools
- No negative balance protection
- Bitcoin payments incur transaction fees
- No education tools
St. Vincent and the Grenadines-based CedarFX aim to serve clients in the forex and CFDs space with ultra-low spreads, zero commissions, and speedy executions. The broker made its debut this year (2021) and aims to transform trading with meager commissions, and at the same time, debate on achieving a net-zero climate by planting trees.
The broker directs many of the trading commissions obtained from the eco account to free and prides itself on providing STP/ECN executions across its asset classes. Collectively, the asset classes yield 170 tradable instruments.
The asset classes include:
- Forex
- Stock
- Metals
- Cryptocurrencies
- Futures
- Commodities
- Indices
The asset classes yield 170+ tradable instruments that traders access through the broker accounts giving cedarFX traders a chance to diversify their portfolios.
The broker only offers two account types:
- Standard
- Eco
After creating the account, traders fund through multiple deposit methods that CedarFX provides. It serves clients from around the globe and accepts deposits of any amount above $10 (or its equivalent depending on the client’s local currency).
Its funding options include:
- Bank wire
- Visa
- Mastercard
- Bitcoin
Amid funding the trading account, Cedar FX provides a good trading environment using the world’s popular trading platform, the MT4 that comes with integrated tools and plugins such as indicators. Moreover, clients access the platform on different web, mobile, and desktop interfaces, making it convenient to trade in real-time.
Regulation
CedarFX currently holds no regulatory licenses, making the broker unsafe to trade with. But as it provides high leverage and nil commissions, it gives CedarFX the momentum to contest for clients.
Pros
- No trading commissions
- Advocates for a net-zero environment through tree planting
Cons
- Not regulated by any agency
- It’s an offshore located broker
Account Types
CedarFX, a new member of the financial trading club, comes with clever ways to increase its clientele rapidly. It claims to allow global clients to create and trade with them and help combat climate change by planting trees. As noted in this review, the broker provides two account types tailored to planting trees.
They include:
- The 0% commission account
- The Eco account
The Eco account charges a $1 fee per trade that the broker deviates from. Trading conditions are neutral between the accounts except for the $1 fee that helps in planting trees. CedarFX says to plant ten trees with every lot traded and currently confirms that they have planted 124175 trees.
Analysis of the accounts
0% commission account
- Min. deposit — $10
- Min. withdrawal — $10
- Available base currency — USD, EUR, GBP
- Leverage 1:500, however, depends on the asset you’re trading; 1:200 for leverage indices and commodities, 1:100 for crypto pairs, 1:500 for FX and metals, 1:20 for stocks.
- Min. lot size — 0.01
- Zero commission
The Eco account
- Available base currency — USD, EUR, GBP
- Min. deposit — $10
- Min. withdrawal — $10
- Leverage 1:500; however, leverage depends on the asset you’re trading; 1:200 for leverage indices and commodities, 1:100 for crypto pairs, 1:500 for FX and metals, 1:20 leverage for stocks.
- Min. lot size — 0.01
- Commission — yes $1
How to open a CedarFX account?
Account opening takes a few steps at CedarFX.
Step 1. Log into their website and click the accounts bar.
Step 2. Choose your account type and click open account.
Step 3. Fill the form that pops up and click signup.
Step 4. Verify your email.
Step 5. Log into your account using the details provided.
Step 6. Fund the account.
Step 7. Start trading.
Fees and Commissions
As it operates as an NDD offering STP/ECN executions and low spreads, CedarFX does not charge the markup spread fees and waives most traders’ fees. It mitigates fees on deposits and withdrawals except for cryptocurrencies. The broker also curbs clients from incurring inactivity fees but fails to offer negative balance protection. It only charges a $1 commission for the Eco account.
Payment options
CedarFX offers a wide range of payment methods to clients. It waives fees on deposits and withdrawals for most channels but charges fees on transactions made in Bitcoin. The accepted fiat currencies include EUR, USD, and GBP, and most transactions take up to six hours to reflect in your CedarFX account.
Pros
- Multiple payment options
- Deposit and withdrawal are free
- Accepts deposits in cryptocurrency
Cons
- Fees on deposits made in BTC
Deposit
CedarFX accepts deposits from these methods:
- Bank wire transfers
- Credit cards
- Bitcoin
Withdrawals
Deposit methods apply to withdrawals, and the minimum withdrawal is capped at $10.
Available Markets
CedarFX has you covered with 0% commissions offering 170+ tradable instruments across six different asset classes, trade FX, and CFDs aided by 24/7 customer support. The rest of the classes range across stocks, indices, commodities, world’s valuable metals, among others.
Forex
The market opens from Monday through Friday, guided by reliable 24/7 customer support. Clients trade an array of FX pairs yielding from significant pairs such as the GBP/USD to exotic pairs like NOK/SEK. Overall, the broker offers 55 currency pairs for traders to speculate on with a leverage of up to 500:1, low spreads starting from 0.0 pips, and zero commissions.
Indices
CedarFX allows clients access to stock indices trading with a leverage of up to 1:200. The indices mainly cover the US, UK, Hong Kong, and Europe. Some include the AUS200, GER30, SPX500, among others.
Commodities
The commodities market at CedarFX holds instruments such as metals and energies; some of the energies include UKoil, USoil. The market also trades 24/5 with real-time customer support.
Precious metals & futures
Metals also trade 24/5 with expert customer support. The array of instruments includes valuable products like gold trading against the USD or the EUR. However, CedarFX is yet to explore the futures market as the broker only offers futures trading pegged to the dollar.
Cryptocurrencies
As the broker launched during the cryptocurrency times, it embraced these assets through deposits, payments, and trading. It allows clients to speculate on the value movement of these assets 24/7 with digital assets such as BTC, ETH, LTC trading against the USD. Traders experience ultra-fast executions with leverages of up to 1:100.
Stocks
About 64 stock instruments trade on CedarFX with a leverage of up to 20:1. The market encompasses stocks of global companies such as Apple, Amazon, Alibaba, among others. They trade from Monday to Friday with real-time customer support.
Trading Platforms
CedarFX offers the Mt4 as its sole trading platform to traders. Clients access the platform on diverse interfaces, making it easy for them to trade from any platform.
Analysis of the trading platform
MT4
- Access all instruments — yes
- Multiple versions available yes — yes
- Open positions ranging from — 0.01 lots to 1000 lots
- Technical tools and indicators — yes
- Fast order execution — yes
- Stop out level — 70%
- Margin call at — 100%
Features
CedarFX features generally include:
- Market watch information tools
- Technical analysis tools
- Indicators
Education
The broker provides less educational content as compared to other brokers. Clients only have access to the FAQ section that hosts short answers to some of the obvious queries raised by traders.
Customer Support
CedarFX offers 24/7 customer support that clients link with in case of any problems through a live chat, email, or scheduled call. The response is efficient, making the CedarFX support team reliable.
Review Summary
CedarFX prides itself as an ecology developer broker, allowing traders to support the net-zero climate project by registering with their Eco account. The broker claims to inject every dollar made through the account into tree planting and notes to have planted 124175 trees so far.
Another thing to note is that CedarFX is not regulated and only accepts Bitcoin for payment. While there is no reason to distrust CedarFX, the broker is only a few months old, and there are no guarantees that you will get your money back if it runs into financial trouble.
It launched in 2021, targeting clients from around the globe, and offers tight spreads starting from 0.0 pips, zero commissions, and lightning-fast executions. Generally, the broker is considered suitable for all sorts of traders.
