Independent Review - Cedar FX
Cedar FX is a CFD broker based in St. Vincent and the Grenadines which is focused on an eco-friendly stance, ultra-fast withdrawals, ultra-low spreads, and zero commissions. With access to over 170 popular assets, including the newest asset class of cryptocurrencies, traders have been flocking to this fairly new trading platform.
In addition, clients get to enjoy the powerful MetaTrader 4 platform when trading, and unlike many other CFD brokers Cedar FX has no limits on the number of live or demo trading accounts any individual has open and in use at any time.
Cedar FX Regulation
Being based in St. Vincent and the Grenadines means Cedar FX is not regulated by any of the government regulators. While some traders will view this as a negative, Cedar FX still must follow all the laws of its jurisdiction, and it also complies with all the Know Your Customer and Anti-Money Laundering regulations placed on brokers in the European Union.
Another benefit of not being regulated is that it gives the broker the ability to offer leverage of more than 1:30 that all the EU-regulated brokers have been limited to. As traders we can really appreciate having access to leverage of as much as 1:500 on some assets.
Trading at Cedar FX
Registering for an account is as fast and easy as you might expect from a CFD broker. One simple form with your full name, email address, and a strong password of your choosing and your account is registered. If you cannot be bothered to enter that much information there’s also the option to use your Facebook or Google account to register and log into the account.
No matter which method you choose, you will be required to respond to an email from the broker by clicking a link, and then you will need to enter your phone number as part of your profile before you can begin trading or even access the demo trading account.
Depositing at Cedar FX
Once your account has been created you have the choice of opening a demo account to try out the platform and trading conditions, or of going right to live trading by making a deposit. At Cedar FX you can fund your account via the popular cryptocurrency Bitcoin. If you do not have any Bitcoin you can also use a credit or debit card to fund your account. In this instance you are redirected to a merchant website to purchase Bitcoin, which you can then deposit at Cedar FX.
Once you have made a deposit all that is left to do is download the trading platform, or you can access it from a web browser. It is also available as a mobile app. Whatever way you choose; it should only be a couple minutes until you can choose your preferred asset and decide to buy or sell, then place your order.
The Trading Platform
Cedar FX makes the MetaTrader 4 platform available to its clients, giving them the powerful tools that this platform has been delivering for almost two decades. The interface is simple enough for a beginner to easily start trading, but powerful enough for seasoned traders to run their most complex trading strategies. With MetaTrader 4 traders get access to all the following:
- Interactive charts
- 9 timeframes
- 23 analytical objects
- 30 technical indicators
- Thousands of trading strategies
- MetaTrader Marketplace with 1,700+ trading robots and 2,100+ technical indicators
- Latest financial news headlines
- Customizable alerts
- 3 execution modes
- 2 market orders
- 4 pending orders
- 2 stop orders and a trailing stop
The MT4 platform can be downloaded for Windows PCs, it can be accessed as a Web Trader in most modern browsers, and it is available as a mobile app for both Android and iOS devices. Each version synchs with the others, allowing a trader to view and modify orders no matter which MetaTrader 4 platform they are using.
Cedar FX Account Features
Cedar FX sets itself apart from other brokers with some unique account features that you will not find at many other brokers, if any. Here are three of the outstanding features to be found at Cedar FX:
Unlimited Demo Account
Unlimited demo accounts used to be the rule rather than the exception, but recently many brokers have moved to using demo accounts that last for only 30 days, or even as short as 14 days. And those who do not have a time limit will often have a limit on the virtual funds available for demo trading. Once those funds are gone the trader is expected to make a deposit and begin trading the live account.
Not so at Cedar FX. This broker is so confident in the quality of its service that it makes a demo account available that is limitless in both time and virtual funds. Run out of virtual money? Just ask for more. This is really an awesome feature. While we understand that you only need a short period of time to test the trading conditions of a broker, the demo account is worth so much more as a way to test trading strategies without risking real money. One small caveat to the unlimited nature of the demo account is that it must be used at least once every 14 days. If the demo account has no activity for 14 days, it is shut down. In that case the trader would need to request a new demo account.
Zero Commission Account
Unlike other brokers who work with several tiers, or levels, of accounts there are just two account types at Cedar FX. The primary standard account that most traders go with is the 0% commission account. This account has no commissions and no additional fees and combined with the ultra-low spreads at Cedar FX traders can maximize their profits more easily.
Plus, no matter how this account is funded there is no deposit fee and no withdrawal fees. And with the brokers commitment to ultra-fast withdrawals any cryptocurrency withdrawal requests are processed the same day and are reflected in the user’s wallet.
Ecological Awareness Account
The other account type featured at Cedar FX is the Eco-account, which is designed to allow traders to help reduce the carbon footprint humans are making on the planet. The founders of Cedar FX are concerned with the health of the planet, and hope that its clients will have the same concerns and will join with Cedar FX in its mission to make a positive change.
The Eco-account does come with a small $1 commission on each lot traded, and Cedar FX matches this commission and each month it sends the proceeds to Ecology, a non-profit that plants trees and works to reduce the carbon footprint on the Earth. For each lot traded there are 10 new trees being planted.
Cedar FX Customer Support
Cedar FX impressed me with its customer service team, which is available 24 hours a day and 7 days a week. This is another departure from modern CFD brokers, who are increasingly only offering support 24/5 or even less. Cedar FX has support through a web form, via email, through an online chat facility, or they offer a call back service where they will make a phone call to the client at the time and number requested.
At Cedar FX clients can choose between more than 170 individual assets from the following asset classes:
Cedar FX is an excellent addition to the world of CFD brokers, bringing trading conditions and customer service back to what they once were, and putting their focus squarely on client satisfaction. With ultra-fast withdrawals, ultra-low spreads, and zero commissions traders can really get behind such a broker. And while 170 assets may not sound like much, it is actually a very nice selection without becoming confusing.
We were also very impressed by the Eco-account that plants 10 trees for each lot traded ($1 commission match). That is something that benefits everyone, yet you do not find such behavior from brokers, or from companies in general. Or take advantage of trading with zero commissions.
The only downside to the platform is the reliance on Bitcoin for deposits and withdrawals. Until the cryptocurrency is more widely accepted this could keep some traders from trying Cedar FX. It could also help attract more clients if they gained regulation from a respected regulator.
Overall Cedar FX is a broker that is well worth trying, no matter if you are a new or experienced trader.
Instruments / Contracts