If you are looking for a new Forex broker, with low costs, good spreads and leverage, CedarFX claims to be just the right choice. Well, we will see if that is true since people left both positive and negative comments about it.
First things first — the design. Although this is very individual and it depends on your personal taste whether you will like it or not, we have to give them some credit. Everything looks modern, it’s not overwhelmed with details, but you will still find all the important information. So, we are more than satisfied with the fact that CedarFX thinks about little details, such as design.
Now, let’s see together what this broker promises to the people who decide to become clients. The first thing you will see once you open the website is that there is 0% commission. That would be great if it is true but oftentimes this is just a way to attract clients and, in the end, you will end up paying for some fees. So, we will dedicate a separate part of this CedarFX review just for commissions and until then, we will hope this is the real deal.
Aside from that, CedarFX promises ultra-low spreads and a simple road to success. Withdrawals should be processed within 24 hours and you will get some useful tools to help you grow. We can only say one thing, if all of this is true this broker will climb all the way to the top of our best Forex brokers list.
Quality of Service
The quality of service includes a lot of things, but this time we will put our focus on the trading platform and account types, to see what kind of trading conditions you can expect here. First of all, the trading platform is MetaTrader 4. We cannot give them ten points for creativity, but this is a wise choice for every broker who doesn’t want to spend time creating some unique solutions.
MetaTrader was released in 2005 and within all those years people realised that it’s a reliable platform that has a lot of things to offer. So, it became a basic solution and the first choice for many traders. That said, CedarFX did the right thing by allowing traders to download and use it. You will have a wide range of features and it’s most likely that no failure will occur. So, if you are a fan of MT4, you will like what CedarFX has to offer.
Although we love this platform, when we saw an account type offer, our excitement suddenly went down. There are only two accounts — 0% Commission account and Eco Account. The main problem we have is the fact that CedarFX never wrote details about those accounts, so if you want to open them, you cannot know what the leverage is, spreads, etc.
The only thing we know is that in a 0% Commission account all those fees are eliminated, and you can use the full deposit amount for trading. Yes, this sounds like a dream come true but the fact that we have no clue about the other benefits of this account is a little bit questionable.
Eco account is advertised as a sustainable option and your chance to contribute to a better future (100% of funds collected through commissions will be sent to Ecologi). First of all, we highly appreciate their concern for the environment but, let’s keep it real. This is the Forex market and people are here to try to earn money. That said, traders choose accounts based on the benefits, not environmental concerns. And in this case, we have no idea what the benefits are. There is not a single trading condition listed, except the fact that CedarFX donates to Ecologi.
As you can see, there is a solid reason for our disappointment in account types. To be honest, we expected more but as it turns out, CedarFX is that type of broker who gives you numerous promises but fulfils none.
Speed of Response
There are three possible options to reach out to support — Live Chat, Email or Phone Call. For us, Live Chat is the easiest method and that’s why we sent our message there. It’s convenient, you have to add your name and email. But there is one problem, once we did that, nothing happened. Although CedarFX claims to work 24/7, in reality, that is not the case. Nobody welcomed us and there weren’t any available agents to respond to our question. So, this option is practically useless.
We don’t have experience with email options, but still, there is something we dislike. The email option is not exactly what you expect. It’s an online form that you need to fill on the website and wait for a reply. Also, we mentioned the phone call option, but you cannot actually call them. What you have to do is fill the online form and request a call. After you do that and schedule when it suits you, someone should contact you.
This is not something that we like to see, because if something urgent happens there isn’t a possibility to contact them. Also, it’s quite questionable that CedarFX doesn’t want to leave any contact on the website. You need to send a request for everything and for some reason this broker hides both email and phone numbers. This is a big red flag for us, because who knows what else is hidden in that case. Overall, this is the second thing that disappointed us and unfortunately, even now we are not even sure that we can recommend this broker even if everything else is perfect.
When it comes to transaction speed, we know that Bitcoin transfers arrive on your account within 5 minutes (depending on blockchain traffic). It’s a simple process and the only thing you have to do is press the Deposit button at the dashboard and choose the method you want. The problem is that we have no idea how long it takes for the money to be on your trading account if you choose the Credit Card option, but we will assume it’s instant just like Bitcoin one.
For withdrawals things are a little bit different and you will have to wait more. This broker needs 24 hours to process your request and after that it all depends on the blockchain traffic. The waiting time is good, you won’t have to wait for weeks to receive money and we can say this part fulfilled our expectations.
Remember how we said that if you choose to open a 0% commission account, there won’t be any fees? Well, as it turns out those are deposit fees and yes, it’s great that CedarFX doesn’t charge them, but keep in mind that practically nobody does. So, the thing this broker emphasises with such pride is the most common in the Forex market.
The biggest problem we have here is that CedarFX doesn’t provide enough information. You cannot find details about commissions and that’s a huge minus. This means that if this broker decides to charge you some fees, they will have a right to do so since they never provided a full list so you can see what you are accepting.
CedarFX is a broker from St. Vincent and the Grenadines, in the Caribbean Sea. It doesn’t own any license, which means this is not a regulated broker and if something goes wrong, you won’t be able to complain to authorities.
Although we may recommend a broker without a license (if it proves to us that the trading conditions and security are on the highest levels), this time we cannot do so. CedarFX didn’t prove anything to us, in fact, we had more disappointments than positive things and that is a big problem.
Variety of Payment Options
Payment methods are very usual, you can use Credit Card, Bitcoin or Bank Transfer. The minimum deposit requirement varies from $10 if you choose the Bitcoin to $50 if you go with other methods, while the minimum amount for withdrawal is $10 for each transaction, no matter the method.
As you can see, this part is quite usual and there is nothing negative to be said. There are enough payment options, deposit and withdrawal requirements are reasonable and we are completely satisfied with this part.
The Bottom Line
In summary, this CedarFX review did not end well. We had high expectations at the beginning, due to all those promises but as it turns out, the majority of those promises are nothing but a written word on a paper, without a lot of meaning. This broker claims so many things and yet, you will hardly receive anything. So, the best thing you can do is try to find another broker that will give you better conditions for trading.