CedarFX Review: Is CedarFX broker Legit?

by Edith
Updated October 1, 2021

CedarFX comes off as one of the most affordable brokerages. It not only operates 100% commission-free accounts, but also maintains highly competitive trading fees. The only downside is the fact that it is not a regulated broker.

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Broker Summary
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Account Types
Trading Platforms
Regulation and Reputation
Customer Support
Deposit and Withdrawal
Trading Size and Fees
Leverage and Margin
Trading Instruments

CedarFX Review: Is CedarFX broker Legit?

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CedarFX is a forex brokerage that is owned and operated by Cedar LLC – a finance company based in St. Vincent and Grenadines. 

Several factors help the brokerage stand out from the competition. First is its commitment to the environment. Barely one year after its establishment, the broker has led a massive and ongoing tree-planting campaign across the world – having sponsored the planting of 115,000 trees. 

Additionally, CedarFX presents its clients with a broad range of tradable assets. Today, you can trade over 170 instruments drawn from 6 asset classes. Other CedarFX features that endear the broker to most traders include exposure to high leverages, support for bitcoin deposits, and fast payment processing. 

But is CedarFX legit? We answer this question by taking a comprehensive look at the brokerage, its services, and its approach to registration and regulation.

Quick Broker Summary

  • Headquarters                       St. Vincent
  • Regulation                            Non
  • Platforms                              MT4 Web, MT4 Windows, MT4 App
  • Instruments                         Forex, Crypto, commodities, stocks
  • Demo Account                     Yes
  • Minimum Deposit               $10
  • EUR/USD Spreads               Varies

Pros and Cons of using CedarFX


  • Same day withdrawal processing
  • Zero commission account available
  • Gives traders access to high leverages
  • Has the eco-friendly trading package that plants trees from your commission
  • Low minimum deposit requirements


  • CedarFX is an offshore and unregulated broker
  • CedarFX does not provide trader education or offer market research tools
  • High leverages and low regulation may encourage overtrading

Features of CedarFX broker

CedarFXAn eco-friendly approach to trading:  CedarFX joins the ranks of the few global brands championing the sustainability agenda through environmental conservation. It is committed to making the world green by leading the way in tree planting. The broker has partnered with several environment outfits across the world that are passionate about tree planting. According to the CedarFX website, the company plants 10 trees for every lot traded on their platform.

Straightforward signup process: CedarFX has one of the friendliest and straightforward account creation processes. The broker has oversimplified the registration process and even made it possible to sign up for a user account by linking CedarFX to your Gmail or Facebook accounts. Its identity verification process is considerably fast. Interestingly, CedarFX is one of the few offshore unregulated CFD trading entities that still support US clients.

CedarFXAdvanced trading tools and strategies: When trading on CedarFX, there are no limits to the types of orders you can place. It supports scalping and hedging trade strategies, and its MT4 trading platform infuses multiple types of pending orders.

CedarFXSecure trading environment: CedarFX has also sought to establish one of the most secure trading environments. It uses multiple highly effective security measures to secure your trading account and protect your deposits. It, for instance, requires that all its platform users verify their identities before they can be allowed to deposit cash into the account. It also enforces two-factor authentication for all logins and cash withdrawals. The account must also be secured with a strong multi-character password, created during account registration.

Account types offered

  • Demo account: 

CedarFX provides each of its platform users with a free demo account whose virtual funds do not expire. This practice account is hosted on the MT4 trading platform and therefore exposes you to all the trading tools, strategies, and resources provided by the MT4 platform.

It is also identical to the real CedarFX account safe for the fact that you are using virtual funds. You have access to the same number of instruments, exchange rates, and access to the market in real-time. Newbie traders can use the demo account to learn the inner workings of CedarFX and the online trading industry at large. Expert traders, on the other hand, can use the demo account to try out new strategies.

  • 0% commission account: 

The zero commission account is arguably the most popular CedarFX trading account. As the name suggests, it doesn’t charge a commission for trades. It can be used to trade all the instruments supported by the broker without paying to open a position.

CedarFX argues that the move ensures that their clients get to use their entire deposit to enter into a trade. The spread charged here, though variable, is highly competitive.

  • Eco-account: 

According to CedarFX, Eco Accounts are specially designed to help champion the broker’s commitment to a more sustainable environment. They are designed to appeal to environment-conscious traders that would be interested in helping advocate for a sustainable future through trading. The account charges a $1 commission for every traded lot, which the company donates to tree planting NGOs.

Additionally, for every dollar made from the trading commissions, CedarFX has committed to match it 100%. Currently, CedarFX has partnered with Ecologi – which his committed to carbon reduction throughout the world through tree planting.

Trading platforms offered

The MT4 DesktopThe MT5 for Desktop The MT4 Web Terminal

CedarFX like most newly established trading platforms does not have a proprietary trading platform. It, therefore, has to rely on the universal MT4 platform that you can download freely on the broker’s website when creating a registering a user account. 

By trading on MT4, you get to access 30+ technical indicators and a variety of trading and market analysis tools. Note, however, that the downloadable MT4 trading platform is only available for windows and Linux operating systems. 

CedarFXYou can also choose to operate your CedarFX trading account using the MT4 mobile app. This is available for both Android and iOS devices. The app is feature-rich as it integrates all the analytics and tools hosted on the MT4 desktop app. 

The mobile trading app, unlike its desktop counterpart, makes it possible for you to trade and monitor your CedarFX account while on the move.

CedarFX platformTraders who choose not to download either the MT4 desktop or mobile apps can use the WebTrader. Like the mobile app, the WebTrader allows you to monitor your CedarFX account from any internet-enabled device.

The only downside is that the integrated trading tools and market analytics hosted on the WebTrader are not as comprehensive as those on the MT4 desktop or mobile apps.

Regulation and reputation

CedarFX is not a regulated brokerage. It is neither registered nor regulated by any of the popular financial regulatory agencies.

There is a limited number of reviews about CedarFX. The handful of reviews strewn different review websites and forums are nevertheless largely positive. On TrustPilot, for instance, CedarFX has a 4.3/5 star rating while Forex Peace Army forum contributors give it a 4.5/5 star rating.

Most of the reviewers on these forums, and on Quora praise CedarFX zero-commission accounts, low spreads, a beginner-friendly website, and its highly competitive spreads. Here is what clients say about Cedar:


CedarFX Reputation

Customer support

CedarFX runs one of the most responsive customer support teams. They are quick to reply to customer queries and address complaints. You can contact them via the live chat feature on the CedarFX website or via email by raising a support ticket.

Alternatively request a callback or contact this team on their official social media pages on:

Here is how Cedar’s customer services compares to its competition.

EagleFX 91%
HugosWay 89%
CedarFX 86%
Exness 94%
LonghornFX 90%
Alpari International 40%
City Index 31%
FxPro 51%

Minimum deposit and withdrawal amounts

CedarFX has the minimum initial limit for their accounts set at $10 with no maximum deposit limit. Similarly, you can withdraw a minimum of $10 from your CedarFX account. There is no upper limit on how much you can draw from your trading account.

This is however only applicable to Bitcoin deposits, the minimum deposit for card and bank are set at $50.

The supported deposit and withdrawal methods on CedarFX include:

  • Bitcoins
  • Credit/debit cards
    • Bank wire transfer

    Trading fees

    CedarFX does not charge deposit or withdrawal processing fees. Bitcoins deposits will however incur a 0.0005 BTC network fee for both deposit and withdrawal transactions processing.

    In addition to the $1 per lot commission charged for the Eco Account, you will also have to pay a per-transaction spread and a swap fee when you trade using leverage. Both charges are however highly variable, in that you cannot tell the spread or swap fee for a particular trade until you open a position. Here is a table showing the indicative spreads as at February 2021:

    Today, the lowest spread on their CedarFX page is for the USD/JPY forex pair at 0.6 pips while the BTC/USD pair has the highest spread – at 126.2 pips.

    Leverage and margin

    When trading on CedarFX, you have access to leverages of up to 1:500. The actual trading leverage is nevertheless determined by your preferred trading instrument. Here are the rates:

    • Forex and metals: 1:500
    • Indices and commodities: 1:200
    • Cryptocurrencies: 1:100
    • Stocks: 1:20

    The broker also advises traders to consider local laws and regulations when trading on leverage. 

    Trading instruments

    CedarFX supports a wide range of tradable instruments, including:

    • Forex: 7 FX majors, 21 FX crosses, and 28 FX exotics
    • Cryptocurrencies: 35 crypto pairs (both crypto and fiat crosses)
    • Stocks: 64 international stocks
    • Commodities: 11 metals, energies, and indices

    Is CedarFX legit?

    Well, CedarFX has gone to great heights to prove its legitimacy. It has taken bold courses like championing the sustainability of the future through environmental conservation. It has also placed several industry-standard security measures around its platform – like requiring identity verification and holding client funds in segregated accounts.

    It has even embraced the highly versatile and open-sourced online trading platform – MT4 – in a bid to boost trader confidence in the brokerage.

    Most importantly, it hasn’t – in the few months that it has been around – accused of illegal trade practices. You would not want to try if you don’t trade with unregulated and largely untested forex brokerages.

    Also Read: The Best Offshore Forex Broker

    {{ reviewsOverall }} / 5 Users (2 rates)
    Customer Support4.3
    Commissions, Fees & Rates3.5
    User Friendly4
    Deposit & Withdrawal3.5
    What people say... Leave your rating
    Order by:

    Be the first to leave a review.

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    / 5
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