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CedarFX Review – Pros and Cons Revealed

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Author: Patrick Webber

CedarFX is a new CFD and Forex broker that offers users access to an extensive range of tradable assets via one of the most advanced trading platforms in the market. The broker was founded in 2020 and is offering traders CFD trading tools with zero commission and extremely tight spreads.

If you are looking for more information about this new and exciting broker, in this guide we’ll cover everything you need to know about CedarFX. We will explore the market and products available on this platform, fees and commission, regulation, trading platforms, payment methods, and customer support. 

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    What is CedarFX?

    CedarFX Review – Pros and Cons RevealedCedarFX is a new Forex and CFD online brokerage solution provider that gives users access to a wide range of financial assets. This broker acts as an STP/ECN broker, which means its platform is electronically connected to the network of top liquidity providers.

    Users at CedarFX can trade a range of 183 financial assets across various markets that include forex, stocks, indices, metals, futures, commodities, and cryptocurrencies. The broker mainly takes pride in its zero commission policy and the competitive spreads it offers.

    CedarFX is located on the First St Vincent Bank Building, James Street, Kingstown, St. Vincent and the Grenadines.

    What Shares Can You Buy on CedarFX?

    CedarFX has an extensive selection of shares, mainly from the US and European stock markets. On this platform, users get access to popular shares like Alibaba, Adidas, BBVA, BNP Paribas, eBay, Facebook, Pfizer, and many more. Overall, the broker offers a decent variety of 64 stocks to trade on.

    For investors that are looking for high leverage CFD share trading, CedarFX is one of the best trading platforms out there.  Crucially, CedarFX offers a leverage ratio of 20:1 on stocks, which is above the standard in the industry of 5:1.

    What CFDs Does CedarFX Offer?

    Overall, the broker offers 183 assets from different markets and sub markets. These include:

    • Forex CFDs – 47 FX currency pairs that include majors, minors, and exotic pairs.
    • Stock CFDs – A range of 64 stocks from different stock exchanges. These include, but not limited to, Tesla, Ford, Facebook, Google, Illumina, Microsoft, Netflix, Ferrari, and more.
    • Indices CFDs – 11 CFD indices ithat inclde the AUS200, S&P 500, Dow Jones 30, Nikkei 225, FTSE100, NASDAQ100, DAX30, CAC40, EUROSTOXX50, IBEX35, Hong Kong 50. .
    • Commodities CFDs – 7 Metals and energy assets. Gold, Silver, Platinum, Crude Oil, Brent Oil, and Natural Gas.
    • Cryptocurrencies CFDs – 35 digital assets including Bitcoin, Ethereum, Ripple, DASH, Litecoin, IOTA, EOS, etc.
    • Futures – US Dollar Index

    CedarFX Fees & Commissions

    One of the things that differentiate CedarFX from other brokers in the market is the low commission policy and the competitive spreads it offers. Essentially, the broker does not charge any trading and account management fees. Instead, users on this platform have to pay for the buy and sell spread only.

    With that in mind, below we give you a full breakdown of what fees you will pay at CedarFX.

    Deposit and Withdrawal Fee

    When it comes to deposits and withdrawals, CedarFX does not charge any fees and ensures that users get ultra-fast deposit and withdrawal processing. CedarFX allows users to use bitcoins as the main payment method on this platform. As such, the deposit process is instant while withdrawals take up to just 24 hours. However, you’ll have to take into consideration a fee of 0.0005BTC when using bitcoin as a method to deposit funds.

    Overnight Fees/Swaps

    CedarFX operates as a CFD trading platform, which means it charges overnight/swaps fees for positions held open overnight. This rollover fee is essentially an interest that an investor has to pay in order to cover the cost of the leverage used in an overnight position.

    Take note that the swap fee often varies depending on the asset you decide to trade on so you might want to be aware of the rate the broker charges before you decide to take a long-term position. Fortunately for CedarFX investors, this broker enables users to view the swap values on the MetaTrader4.

    CedarFX Spreads

    CedarFX offers highly competitive spreads on many of the available products on its platform. For example, the broker charges a spread of 0.7 pips on the EUR/USD, which is below the average in the industry that stands on 1.4 pips. Generally, the broker offers variable/floating spreads on a range of markets, which means the spread is constantly changing based on the volatility and liquidity in a certain asset.

    CedarFX Spreads

    CedarFX Leverage and Margin Requirements

    As CedarFX is not yet a regulated broker, it is allowed to offer a higher leverage ratio than most other CFD brokerage firms. For those who are not familiar with the term, leverage essentially enables users to use a specified percentage of capital in order to open a position and get exposure to a much larger amount of money than initially deposited. For example, assuming you want to buy 10,000 shares of a company at a share price of 10c, then you will have to invest an amount of $1000 in order to open the position with a traditional brokerage firm. However, when you are using a broker like CedarFX that offers leverage of 20:1 for shares, you’ll be able to open the same position with just $50.

    In that aspect, high leverage is a double edge sword as it increases your risk but also increases the potential for higher profits. Nonetheless, the leverage ratio at CedarFX varies depending on the product and market you decide to trade, as you can see below:

    • FX Currency pairs – 500:1
    • Metals: 500:1
    • Commodities and Indices – 200:1
    • Cryptocurrency pairs – 100:1
    • Stocks – 20:1

    CedarFX Trading Platform

    CedarFX offers the most popular trading platform in the market, the MetaTrader4. The MT4 is available on any web browser, and mobile app, but unlike the majority of brokers, CedarFX offers to trade on the MT4 desktop version, which is far more advanced in comparison with the MT4web-based version.

    CedarFX Trading Platform

    Overall, the MT4 platform is equipped with plenty of features, an advanced charting package, built-in plugins, and the MQL4 editor that enables traders to apply algorithmic trading.

    CedarFX Mobile App

    Users of CedarFX also get access to the MT4 mobile app that is available on the App Store and Google Play. The MT4 mobile app is fully optimized for any smartphone and tablet and is considered by many as one of the best mobile trading apps in the market.

    CedarFX mobile app

    CedarFX Account Types

    CedarFX offers a variety of two account types – the zero-commission trading account and the Eco account. The main difference between the two accounts is the commission structure. While all commission fees are eliminated on the zero-commission trading account, with the Eco account there is a $1 in commission per lot traded. The commission will be sent to Ecologi, an organization that is responsible for planting trees and supporting carbon reduction projects across the globe.

    CedarFX account types

    CedarFX Demo Account

    In addition to the two types of live trading accounts, CedarFX also offers a demonstration account for new traders who want to test the platform and get familiar with the broker trading services before risking real capital.

    To open a demo account, you’ll first need to sign up to join. Then, you’ll be channeled to the CedarFX trading dashboard where you’ll be able to manage your account and log in to the demo account. Then, click on the Demo Account on the left side menu and choose the version you wish to utilize. If opting for the MT4 WebTrader, you’ll have to choose the first option. Immediately, you will be able to log into the MetaTrader4 platform with an account balance of $100,000.

    CedarFX Demo Account

    Research, Analysis and Education at CedarFX

    At the time of writing, CedarFX does not yet provide a great deal of research and education material on its website or on its trading platform. This means you’ll have to find a third-party news provider or install built-in plugins on the MetaTrader4 platform.

    Payment Methods at CedarFX

    There are several payment methods available on CedarFX. Those include Bitcoin, Bitcoin VisaInstacoins, and bank wire transfer. Additionally, clients can deposit funds with credit or debit via CedarFX’s third-party payment processor.

    CedarFX Payment Methods

    Bear in mind that CedarFX does not charge any deposit fees. There is a fee of 0.0005BTC, however, for clients that wish to make a deposit via bitcoins. This fee is charged by the Bitcoin network.

    CedarFX Minimum Deposit

    CedarFX maintains a minimum deposit requirement of just $10 for investors that use Bitcoin as a payment method. For any other payment option, the broker requires a minimum of $50.

    Customer Service at CedarFX

    In terms of customer support service, CedarFX offers various contact methods that include email, request a callback, and live chat. The CedarFX support team is available 24/7. On top of that, users can get answers on different topics via the broker’s FAQ section.

    CedarFX customer support

    Is CedarFX Safe?

    At present, CedarFX is not yet regulated by any leading financial authority and it does not disclose any information about the location of clients’ funds. However, it does make an effort to ensure clients’ funds are safe and secure and that users’ privacy is well protected.

    CedarFX uses 129-bit encryption to ensure all the data transferred to and from its servers remains secure and safe. Moreover, transactions are handled through Bitcoin wallets that ensures the safety of funds for users.

    How to Open an Account with CedarFX

    CedarFX account opening is seamless, fast, and easy. In order to start trading with this broker, all you have to do is to follow the steps below. Remember that you can always sign up for a demo account with CedarFX before you start trading the real live markets.

    Step 1: Open an Account

    The first thing you need to do is to visit CedarFX’s website and sign up for a free trading account. The broker requires to submit your first and last name, email address, and password. Bear in mind that you can also sign up by using your Google or Facebook account.

    CedarFX sign up process

    Step 2: Deposit Funds

    From the CedarFX trading dashboard, you’ll have to deposit funds into your account. To do that, simply click on the deposit button on the left side menu and choose the preferred payment option. As mentioned earlier, the broker maintains a minimum deposit of $10 if using bitcoin as a payment method. Otherwise, you can make a deposit via credit or debit card, or bank wire transfer.

    CedarFX Deposit Funds

    Step 3: Start Trading

    Once your account has been credited you can use the funds to start trading. First, you need to choose the method in which you prefer to use MT4. This includes downloading the platform and use it as a desktop version (available on Windows only) or use the MT4 on your web browser.

    CedarFX MT4

    To open a trade, right-click on the instrument you wish to trade on. Then, you’ll see an order form where you need to insert the volume, type of execution, stop loss and take profit (not mandatory), and decide the type of trade – buy or short sell.

    Cedar FX trading

    CedarFX Pros and Cons

    Pros

    • Offers the most popular trading platform, the MT4
    • Zero commission trading and low spreads
    • An extensive selection of stocks and cryptocurrencies
    • High leverage trading – 100:1 on cryptocurrencies and 20:1 on stocks
    • Accepts bitcoin as a payment method
    • Good customer support
    • Instant deposit and ultra-fast withdrawals (up to 24 hours)
    • Offers the Eco account

    Cons

    • Does not offer ETFs trading
    • Not regulated
    • Limited research tools

    CedarFX Review – The Verdict

    In summary, CedarFX is an excellent all-in-one trading solution for traders that are looking for an innovative platform, and high leverage trading. Notably, this broker offers a leverage of 100:1 on digital assets and 20:1 on stocks. On top of that, this is one of the few brokers in the market that accepts bitcoins as a payment method.

    CedarFX – 0% Commission CFD Broker with High Leverafe

    CedarFX Review – Pros and Cons Revealed

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    FAQs

    What is CedarFX?

    CedarFX is an online brokerage firm that was founded in 2020. The broker gives investors access to CFD products via the MetaTrader4 platform.

    Is CedarFX a regulated broker?

    No, CedarFX is not yet regulated by any financial regulator.

    Is CedarFX available in my country?

    CedarFX online trading services are available in more than 180 countries. During the registration process, you'll be able to choose your country and see if the broker is available in your region.

    Does CedarFX have a mobile app?

    Yes, CedarFX offers the MT4 mobile app that is available on any mobile device and tablet.

    What is the minimum deposit at CedarFX?

    The minimum deposit requirement at CedarFX is $10 when using bitcoin as a payment method, and $50 for any other payment option.

    Remember, all trading carries risk. Past performance is no guarantee of future results.
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    A cryptocurrency and trading writer and editor, I specialise in algorithmic trading. I’ve written about every type of automated trading tools - from cryptocurrency robots, binary option robots, down to robo advisors. My goal is to write honest reviews about automated trading tools in order to help users understand which software are trustworthy and which ones they should stay away from. I am constantly analysing and scrutinising the up and coming trading apps so if you are seeking advice or if you would like me to write a robot review in particular don't hesitate to get in touch – I’m happy to help!