CedarFX Review

Is CedarFX Scam or Legit Broker?

No, CedarFX cannot be considered a reliable broker due to its absence of a top-tier license. CedarFX is incorporated in St. Vincent & the Grenadines. 

• St. Vincent & the Grenadines is commonly recognized as an offshore zone lacking the security assurance for Forex trading despite broker registrations. As a result, brokers operating from this jurisdiction often carry a history of being associated with financial fraud or dubious practices. To ensure the safety of financial investments, it is advisable to engage exclusively with reputable brokers that are well-regulated and have established credibility within the market.

What is CedarFX?

CedarFX operates as a Forex brokerage registered in Saint Vincent and the Grenadines. The platform provides clients with the opportunity to engage in CFD trading across a diverse range of assets, including currency pairs, cryptocurrencies, stock indices, shares, and commodities, all with margin trading capabilities. The broker's minimum deposit is $10. It offers floating spreads from 0.6 pips, high leverage opportunities, engaging in trading via the MT4 platform, accessible through mobile, desktop, and browser versions.

Our research delved deeper, revealing additional insights into various aspects of Evolve Markets' operations, providing a more comprehensive understanding of the broker:

• Insufficient Regulation: While CedarFX may appear appealing initially due to its favorable conditions and diverse offerings, one significant drawback is its lack of proper regulation. The broker is incorporated in St. Vincent & the Grenadines, a jurisdiction known for its less stringent regulations and oversight of offshore brokers. Investing with such brokers may pose considerable risks due to the potential for inadequate supervision and protection of investors' interests.
• Market Manipulation: In trading environments lacking transparency and regulatory oversight, particularly with unregulated and offshore brokers, there exists a heightened risk of market manipulation. This manipulation may manifest in different ways, putting the clients' investments at risk. Sometimes market data may be unreliable, orders susceptible to manipulation, and overall trading conditions unfavorable to the trader. This scenario increases the likelihood of investment losses and negatively impacts account balances.
• Client Feedback:  CedarFX has faced numerous complaints from clients, highlighting various concerns including difficulties in withdrawing funds, perceived lack of transparency, and unfavorable trading conditions.  Traders must heed feedback from fellow clients, as it sheds light on potential issues and concerns.
• Withdrawal Issues: A critical aspect of evaluating a broker is examining the withdrawal procedures, which are essential in Forex trading. Challenges with the withdrawal process can hinder traders' ability to access their investments and profits. The significant number of complaints against CedarFX regarding its withdrawal process is cause for serious concern.

Overall CedarFX Ranking

After completing our investigation, we have uncovered significant reservations regarding CedarFX's trustworthiness and commitment to regulatory compliance. Consequently, we are unable to issue a positive rating for CedarFX.

• CedarFX Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

CedarFX Alternative Brokers

Considering the uncertainties surrounding CedarFX's reliability and security, we highly advise traders to explore alternative options that offer stronger regulatory oversight and more favorable trading conditions. Below, there is a selection of reputable brokers that provide reliable choices and ensure a secure trading environment for your consideration:

• Dukascopy – Excellent for Shares, Futures Trading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks
• IG – Excellent Selection of Educational Materials

Deposits and Withdrawals

CedarFX provides Bitcoin as a primary deposit option, alongside the flexibility to deposit funds using either your Credit Card or Bank Wire Transfer through a third-party platform. 

• While the minimum deposit in Bitcoin is $10, it's important to note that all Bitcoin transactions incur blockchain and miner fees, irrespective of the transaction size. For other payment methods, the minimum deposit requirement is $50. Bitcoin transactions may take anywhere from 5 minutes to an hour to reflect in the client's account.
• CedarFX ensures swift Bitcoin withdrawals for all clients. Once traders submit a withdrawal request, the team processes it within 24 hours, and the funds are promptly sent directly to the Bitcoin wallet.
• The minimum withdrawal amount is $10.
• However, we highly recommend traders exercise utmost caution when entrusting their funds to any broker. It's common in Forex trading for traders to incur losses due to dealings with unregulated or offshore brokers.

Account Types

CedarFX provides two types of account options: the 0% commission accounts and Eco Accounts.

• The only distinction between the two account types lies in the commission rate. In a 0% Commission Account, traders can execute trades across all assets without incurring any commission charges. Conversely, with an Eco Account, traders are subject to a $1 commission fee per lot traded. Notably, all commissions generated from Eco Accounts are allocated to support environmental initiatives through Ecologi. All other account features, including spreads, leverage, and available instruments, remain identical across both account types.

CedarFX Review Conclusion

After extensive research into CedarFX, there are considerable doubts regarding the broker's reliability. The absence of solid registration credentials raises significant red flags. Moreover, the numerous negative client reviews further amplify these apprehensions.

Hence, it is highly recommended to prioritize tightly regulated brokers with established reputations and transparent trading conditions. It's always advisable to select a trustworthy broker holding licenses from reputable authorities such as  FCA, ASIC, or CySEC. Numerous regulated brokers combine reliability with exceptional offerings, such as Interactive Brokers,  OANDA, and FP Markets.

• Overall ranking and experience for CedarFX is Negative