CedarFX review 2024

Through CedarFX’s trading platform, users can access 170 tradable assets across 5 distinct asset classes, and also sign up for ‘Eco Accounts’ with which small commissions are levied and used to plant trees around the world.

What can I do with CedarFX?

With CedarFX, users can trade CFDs on a range of stocks, forex pairs, cryptocurrencies and more. CedarFX is a new Forex broker started to help traders succeed by offering the latest technology in the MetaTrader 4 platform along with attractive offers, like commission free trades with tight spreads.

Similarly, there are no transaction fees and you can also open a free demo account to start honing your trading skills without risking your money.

CedarFX markets, assets, and options

What assets and products can you trade on CedarFX?

CedarFX lets you trade top currency pairs, such as AUD/USD and EUR/USD, stocks like Amazon and Apple, as well as indices, commodities, and cryptocurrencies. All trading on CedarFX is done using CFDs (Contracts for Difference). The assets available to trade are listed below.

What leverage trading options are there?

CedarFX offers variable leverage settings depending on the instrument you are trading. For example, the maximum leverage offered is 1:500 for forex and metals, which is high compared to other similar brokers.

Please keep in mind that trading with leverage carries additional risk and should only be done after you have gained some experience and are sure of what you are doing when trading in the markets. The leverage available on CedarFX depending on each asset is outlined below.

What are the spreads?

CedarFX uses low spreads as a way to not charge any commissions, which is standard among forex and CFD brokers. Spreads start as low as 0.6 pips on forex majors. 

Fees, limits, and payment options on CedarFX

What are the deposit and withdrawal fees, limits, and speeds?

CedarFX enables you to make deposits directly in Bitcoin, which is the main deposit method. Alternatively, you can also use deposit funds via a debit or credit card. The fees and limits associated with both of these payment methods are included below.

How much are CedarFX’s fees and commissions?

CedarFX offers variable spreads on every trade instead of charging fixed commissions. This is common for the industry. This means that the service is advertised as having ‘no fees’ but you’ll still be paying a little over the market rate when making trades. Here’s a quick summary:

CedarFX trade sizes and limits

CedarFX offers low minimum trade sizes starting from 0.01 lots, all the way up to a 1,000 lot maximum. This is high compared to other brokers in the industry, which often cap maximums well below that of CedarFX’s.

CedarFX trading platform

What devices can I use CedarFX on?

CedarFX offers the popular MetaTrader 4 trading platform, which is available in your web browser, downloadable onto your desktop, as well as to your iOS or Android mobile device. This means you can use CedarFX on:

• Desktop computers
• Tablets
• iOS Mobile Devices
• Android Mobile Devices

Can I use CedarFX in my country?

CedarFX operates within the laws and regulation of St Vincent and the Grenadine and is available in over 180 countries and territories, including the United Kingdom, Spain, Germany, and France among many others. Select your country from the list below to see if it is available to you.

Is CedarFX available in my language?

CedarFX is only available in the English language at this time.

How easy is it to use CedarFX?

CedarFX is a no-frills Forex broker which offers the widely known and used MetaTrader 4 trading platform – as such it is easy and intuitive to use as long as you’re familiar with MT4.

The trading dashboard is easy to use and familiar, if not a bit dated in its appearance. Nevertheless, it allows you to sign up for a free demo account and learn how to set up trades in just a few simple steps before trying your hand with real money on the line. The mobile trading dashboard is consistent with the web/desktop versions and you can perform all the same functions, making for a seamless trading experience geared towards beginners and novices.

Key features

CedarFX is a relatively simple broker with some clearly distinct features and a focus on environmentalism. Here are the three most notable aspects of CedarFX.

Eco Account 

If you open an Eco Account you will be charged a $1 commission per lot traded, with the catch being that CedarFX will match the amount of commissions paid by Eco Account holders, and use those funds to offset their workforce’s carbon footprint. The platform claims that $1 is enough to plant 5 trees.

0% Commission Account

This no fixed fee account means that you can use the entire amount you deposit to trade. With spreads also being kept low across the 170+ tradable assets.

170+ Tradable Assets Across 6 Asset Classes

Trade major, minor, and some forex pairs, domestic as well as some international stocks, top global indices, metals, commodities, and even USD Dollar futures at 0% commissions and low spreads.

Security and regulation

Is CedarFX safe?

CedarFX offers 129-bit encryption to data being transmitted between traders and servers and also employs backup systems and contingency plans to minimise the possibility of system failure, with trading via telephone also available.

Am I and my funds protected?

CedarFX is not an insured exchange with any recognised authoritative body and as such, your deposited funds are not guaranteed in any way.

Is CedarFX regulated?

No, CedarFX is not a regulated exchange with any regulatory body.

Do I have to verify my account with CedarFX?

No, you just need to enter some very basic personal information, such as your full name and email address in order to open a new account. Alternatively, CedarFX also gives you the option of signing up with your existing Google or Facebook account. There is no requirement to provide photo ID.

Extra information

Educational resources

CedarFX doesn’t currently make any educational resources available on its website, keeping consistent with its simple, no frills style. 

However, there is a FAQ section, which further elaborates on how to use the broker’s features and answers some basic questions.

Tools and charting

CedarFX offers the well known MetaTrader 4 and Web Trader platforms to its clients, which come loaded with over 30 built-in trade indicators allowing you to analyse the market from multiple angles. 9 timeframes and a nearly unlimited number of dynamic charts, and financial news and alert tools so you can stay up to date on the latest market developments.

Customer support

The CedarFX support team is available any one of three ways: 24/7 live chat support in the browser, by requesting a call back at a convenient time and day or by reaching out via email/web form. 

If you choose the last option, a support team member should get in touch with you within 24 hours.

Our verdict

CedarFX is a newly launched entrant in the online forex broker field. It aims to entice traders over by offering 0% commission trades with low spreads, a free demo account, and the renowned and familiar MetaTrader 4 platform. 

It also attempts to stand out and show out by offering what it calls an Eco Account. This means that traders who are environmentally conscious and want to build a more sustainable future can opt-in to be charged a $1 commission per trade by opening this type of account. CedarFX will then match that amount and 100% of funds collected will be sent to Ecologi, which will go towards planting trees and supporting carbon reduction projects across the globe.

The primary components currently lacking from CedarFX’s platform when compared to other  brokers are educational resources and variety of assets. There are currently no free educational resources to help brand new and novice traders learn best practices, and while there are 170 assets available to trade, other brokers often provide access to more. 

If CedarFX implements these over time, as is likely with the company being so new, then it will be a good option – especially for environmentally-minded investors. As it stands, the broker offers decent coverage, the MT4 platform, and the ability to pay with Bitcoin.

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