CedarFX Review – Is cedarfx.com a Legit Broker To Trade With?

Is CedarFX a Scam Forex Broker?

Cedar LLC is CedarFX’s owner. This company is registered in Saint Vincent and the Grenadines with the Financial Services Authority (FSA).

SVG, however, is an off-shore domain that is controversial because the FSA stated clearly on its website that the Forex markets are not regulated in the country. This means CedarFX cannot provide trading services.

The broker continues to trade. Some traders ignored the fact that CedarFX was unregulated and had withdrawal problems.

CedarFX is not a safe place for your funds. This is why it’s important to find a trustworthy broker licensed by Tier 1 authorities like the FCA, BaFin and ASIC. If you are a US citizen, ensure that your provider is registered with both the CFTC or the NFA.

CedarFX, an offshore broker from Saint Vincent & the Grenadines, is “eco-friendly” and offers forex, CFDs and crypto asset trading. CedarFX does not have a Forex trading license which makes it risky.

CedarFX Reviews

There are numerous complaints about CedarFX. Trustpilot has 32 reviews about this broker as of April 2023.

A common theme of complaints is problems with withdrawals. Brokers are not allowed to request payment in advance of a withdrawal request. In one recent case, CedarFX cheated a trader:

And you won’t know what hit you until everything you have is gone. When I tried to get my initial balance out, they gave me various reasons why I couldn’t unless we put more down…

Trustpilot user, March 21, 2023.

Choose only trustworthy and reliable brokers. You can read about the best ones in our article Best online brokers in 2023.

CedarFX Trading Assets

CedarFX offers many trading instruments. The broker’s website states that users can trade Forex currency pairs and digital assets (crypto) as well as CFDs on popular assets.

Futures trading can also be offered by the broker on the US Dollar. Here are some examples of trading instruments:

• Forex: EUR/USD, NOK/SEK, GBP/NZD…
• Indices: US30, FRA40, ESP35…
• Commodities: oil, gold, silver
• Shares: Google, Allianz, eBay…
• Crypto: BTC, ETH, ADA…
• Futures: US dollar.

CedarFX Account Types

CedarFX offers two different account types:

• 0% account;
• Eco account.

Only one thing is different between these accounts. Zero accounts, as their name implies, charge zero commissions to allow traders to fully use their funds.

The Eco account is another option. CedarFX says that “Eco accounts are subject to a $1 commission. We will match this amount, and Ecologi will receive 100% of the funds collected. The funds will then be used to plat trees.”

We are unable to confirm whether this is a legitimate initiative. However, the fact is that CedarFX is not regulated and could easily embezzle your funds.

Every day new scam brokers and trading bots appear on the web with only one goal – to steal your money. We have already exposed some of them, for example – FXTime, Bein Markets, InvestCore.

CedarFX: Video

You can also write a comment under the video on our YouTube channel to tell other traders about your experience. But if you’ve already been a victim, contact us for a free consultation by filling out the form at the top of the page.
Below you will find a short video about CedarFX. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about CedarFX!