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CedarFX Review

By Chris Roper - min read
09 December 2020

CedarFX is an emerging forex and cryptocurrency trading platform that focuses on low spreads and free transactions along with an environment-friendly mission of planting trees. It supports several foreign exchange pairs and cryptocurrency tokens including USD, EUR, GBP, BTC, ETH, LTC, and more.

There are more than 170 assets available on CedarFX for trading including forex and crypto tokens.

Setting Up Your Account

The signing up process is easy. All you have to do is provide basic information for registration such as your name, password, and email. You can also use your social accounts, including Facebook. Since CedarFX complies with Anti-Money Laundering (AML) regulations, you will need to verify your account. This may seem a bit tedious, but it ensures that your funds and personal information remain secure.

Types of Accounts on CedarFX

With CedarFX, you have the option to open two types of trading accounts, including the following:

0% Commission Account – As the name suggests, this account allows you to trade cryptocurrencies including Bitcoin and Ethereum without paying any commission fees. This enables you to optimize your profit margin. There is no transaction cost, and you can withdraw on the same day in crypto.
Eco Account – This is an account type that has been specially created for environment-friendly traders. It allows you to contribute to planting a tree as you are charged $1 in the commission fee. CedarFX matches your contribution, and the funds are sent to Ecologi for planting new trees and reducing our carbon footprint.

Is CedarFX Secure?

Traders and investors who are concerned about their funds should know that CedarFX is a regulated trading platform that adheres to multiple regulations.

AML Framework – The platform is AML compliant, which ensures adherence to many European Union Directives, national laws, FATF recommendations, and international treaties.
Cybersecurity – Apart from that, CedarFX uses military-grade encryption to ensure all the data transferred to and from its servers remains safe. The built-in web wallet is also secure for holding your funds for short periods. It is recommended that you get a cryptocurrency wallet if you want to store your funds for a more extended period.

Deposits & Withdrawals on CedarFX

Deposits

When it comes to deposits, users can submit their funds using debit or credit cards as well as Bitcoin. All you need to do is sign into your account and click on ‘Deposit’. The minimum amount for depositing in Bitcoin is $10 while for bank cards the minimum limit is $50. There is no fee charged by CedarFX when you deposit your funds; however, the financial institution or the Bitcoin network may charge a processing fee.

Withdrawals

You can withdraw your Bitcoin funds on the same day as your request is processed within 24 hours of submission. Your funds are sent directly to your wallet. There is no maximum withdrawal limit, but the minimum amount you can withdraw is $10. You can continue to trade on the platform if you still have funds in your account and you may also cancel the request to withdraw within 24 hours.

CedarFX Trading Platforms

CedarFX makes it easier for both beginner and professional traders and investors who require different trading features. The platform offers support for the following:

MetaTrader4 (MT4) – Being one of the most popular trading platforms, CedarFX supports MT4 along with all its advanced features, including robots, scalping, hedging, and Export Advisors. The platform allows you to open positions between 0.01 lots and 1,000 lots.

You can see the charts in MT4 to monitor your trading activity while the platform also displays equity, balance, margin, and free margin for complete analysis.

Live Demo Account – If you are just a beginner who doesn’t want to put his money at risk, you can utilize the demo account to familiarize yourself with the CedarFX user interface. You can also test out different strategies to ensure you are minimizing your risk.

Does CedarFX Offer Leveraged Trading?

It does. However, it is highly recommended that unless you are a seasoned trader who is entirely aware of the risks involved and has an immense trading experience, you should steer clear of leveraged trading.

For forex and metal trading, you get 1:500 leverage
For indices and commodities, you get 1:200 leverage
For cryptocurrency pairs, you get 1:100 leverage
For stocks, the leverage is capped at 1:20

Conclusion

CedarFX is a comprehensive trading platform that brings the ideal combination of ease of use, affordability, security, and reliability for both amateur and professional traders. There are more than 170 assets to trade, and you can be an environment-friendly trader while you work. Commissions and spreads are quite low while you can also use the live demo account to test your strategies.