Written by: Krisztián Gátonyi
Recommended for: forex trading 0.1/5
Trusted broker: Regulated by top-tier financial authorities
Updated: DEC,2022
Popularity: multiple people chose this broker in last 6 months
BrokerChooser Score: 0.1/5
CedarFX review summary
Cedar FX is a forex broker that offers traders access to more than 170 tradable assets. It operates a zero-commission CFD broker. Users of the platform can trade in crypto, forex, stocks, indices, and many others. The spreads on Cedar FX are extremely low on all assets, which makes it one of the most cost-effective platforms. A major benefit of using this platform is that there are no fees. That means there are no withdrawal and deposit fees or inactivity fees.
Is CedarFX a legit broker?
See how CedarFX is regulated and whether you should have any concerns using it.
CedarFX pros and cons
Pro
Cons
- The minimum deposit is only $10
- Tight floating spreads from 0.6 pips
- Trading in classic MetaTrader 4 (MT4) platform with mobile, desktop, and browser versions;
- The broker operates without a license and regulation;
- Lack of training, analytics, and recommendations for beginners and experienced traders;
- Traders do not have the opportunity to evaluate the conditions of the company on cent accounts.
CedarFX main highlights
| Country of regulation | SVG |
| Trading fees class | Low |
| Inactivity fee charged | No |
| Withdrawal fee amount | $5 |
| Minimum deposit | $10 |
| Time to open an account | 1 day |
| Deposit with bank card | Available |
| Depositing with electronic wallet | Available |
| Number of base currencies supported | 6 |
| Demo account provided | Yes |
| Products offered | Forex, cryptocurrencies, commodities, stocks, and indices |
Fees
CedarFX has low forex and CFD trading fees and there are no deposit fees. On the other hand, withdrawal carries a charge.
Account opening
The account opening process at CedarFX is fully digital, user-friendly and fast. Our account was approved within a day. On the other hand, the minimum deposit is high for Prime Accounts.
Deposit and withdrawal
CedarFX deposit and withdrawal services are great. Several base currencies are available, there are numerous options for moving your money, and there is no deposit fee. However, the broker charges a fee on withdrawals.
Web trading platform
The web trading platform at CedarFX (provided by MetaTrader) is highly customizable and has a clear fee report. On the other hand, its design is outdated and it lacks a two-step login and price alerts.
Mobile trading platform
CedarFX has a great mobile trading platform, provided by MetaTrader 4. It’s well-designed and user-friendly with good search functions, but lacks a more secure login.
Desktop trading platform
In design and functionality, CedarFX MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts.
Markets and products
At CedarFX, you can trade real stocks, forex and CFDs. In other words, popular asset classes like bonds or ETFs are not available.
Research
CedarFX has limited research tools. Clients will not find a quality news service and the range of analytic tools is limited. As a plus, clients have access to an economic calendar and market analyses.
Customer service
CedarFX has great phone, email, and live chat support. On the negative side, customer support is available 24/7.
Education
CedarFX offers great educational tools in the form of educational videos, quality educational texts, trading platform tutorials and a demo account.
