CedarFX Review – How to Avoid Falling for CedarFX’s Scams
CedarFX Review – How to Avoid Falling for CedarFX’s Scams

With registration in St. Vincent and Grenadines (SVG), we can’t trust much to this broker. This country is known for accommodating shady companies from every sphere. However, Cedar LLC decided to go into the trading business.

With worldwide services and unconventional offers, that might be an attractive deal. But there is a slight problem that we will reveal in this CedarFX review.

Furthermore, we highly recommend that you avoid the scam brokers Conalp, BN93, and Orient Financial Brokers.

Broker status:Unregulated Broker
Regulated by:Unlicensed Scam Brokerage
Scammers Websites:Cedarfx.com
Blacklisted as a Scam by:N/A
Owned by:Cedar LLC
Headquarters Country:St. Vincent and Grenadines
Foundation year:2020
Supported Platforms:MT4, Web trader
Minimum Deposit:$10
Cryptocurrencies:Yes – BTC, DASH, SOL
Types of Assets:Forex, Commodities, Indices, Shares, Cryptocurrencies
Maximum Leverage:1:500
Free Demo Account:Yes
Accepts US clients:US traders are accepted

CedarFX Is a Scam Broker?

The first thing on the radar is always regulation. Without it, everything falls down the drain. Since SVGFSA doesn’t provide trading licenses, we are looking elsewhere. The main disadvantage of missing regulation is transparency and funds security. As we can see, CedarFX trading company successfully hides its ownership. Also, contact and office information.

Already here you can assume that they don’t have any licensing. But we’ll take a look at some most trusted regulators. From the Tier 1 group, we can choose FCA, BaFin and ASIC. With the strictest control and clients’ protection, they became very popular and trusted. Yet, the CedarFX scam broker is not in any of those registers.

Non-regulated offshore company. CedarFX broker has many negative reviews. Besides attractive trading software, nothing competent to offer. Only Bitcoin as a withdrawal method is available.

The Opinions of Traders On about CedarFX

As we can see, this broker didn’t earn a good reputation. This is as well confirmed through CedarFX reviews. In fact, there are already 33 comments on the Trustpilot platform. But almost 30% of those are with the lowest rating.

Which makes this broker even more suspicious. Especially because many traders complained about withdrawals.

Trading Platform and Other Apps on CedarFX

Another key point of every broker is their trading software. But have in mind that not even trusted software is enough. As we can see from any CedarFX review. There are two trading options available. Meta Trader 4 and web-based platform.

Meta Trader 4 is quite popular and contains everything you need. But the main features are many different indicators and social trading.  

On the contrary, their web trading is nothing but a basic trading view. Only a few indicators are available with a lack of some advanced features. Not to mention funds protection measures. Additionally, MT4 is available for any iOS or Android device. While web trader is only accessible via browser.

What Financial Instruments Does The Platform Include?

With both mentioned platforms traders can choose many trading options. At least one positive thing about this scam broker. All major financial groups are covered. Those are:

  • Forex                        GBP/HUF, AUD/JPY, CAD/USD
  • Commodities            gold, natural gas, crude oil
  • Indices                      FTSE 100, Dow Jones, Nikkei 225
  • Shares                      Facebook, Netflix, General Motors
  • Cryptocurrencies       BTC, LTC, ETH

Important to realize is that some traders reported fake information. This broker could manipulate trading data on their web trader. Therefore, be extremely cautious with choosing your broker.

CedarFX Countries Of Service

CedarFX trading company doesn’t hesitate to scam anyone on their way. However, they are mainly scamming traders from:

  • United Kingdom
  • South Africa
  • United States
  • India
  • Nigeria

Especially important are the UK and the US. Both countries have very strict regulations. So, it’s just a matter of time before regulators issue warnings against this broker.

CedarFX List of Account Types

CedarFX List of Account Types

CedarFX broker has only 2 account types:

  • 0% commission account
  • Eco account

With a minimum deposit of $10, their offer is very attractive. But their benefits are shady. On a 0% commission account, they don’t charge you for services. Except through spreads. But on the Eco account, they donate 100% of the matching amount to the ecology organization.

Can a Trader Use a Demo Account?

On the positive side, CedarFX broker provides access to a demo account. However, some traders reported irregularities.

They made it look easy and competitive on a demo. But the reality is different once you open a real account. Without proper regulation, everything is possible with this broker.

Terms of Service for CedarFX

The main flaw of CedarFX broker is the withdrawal statement. They claim ultra-fast withdrawals. Indeed, crypto transfers are very fast, but if they are sent. This broker will accept payments with:

  • Credit/Debit card
  • Wire transfer
  • Bitcoin

However, you can’t see anywhere withdrawal policy. We can see only BTC as the accepted withdrawal method. Which makes everything even more suspicious.

Leverage, Spreads and Fees

For trading in the UK, maximum allowed leverage is 1:30. However, this broker allows up to 1:500. Which tells you what they are up to.

Additionally, they have spread from 0.6 pips on some major FX pairs. But even 0 pips spread would be irrelevant with this offshore scam broker. Yet, another mystery is their fees. They didn’t bother revealing anything about the percentages.

Scammed by a CedarFX Broker? – We Want To Hear Your Story

A very important step in discovering scams is your opinion. Any time you share your experience somewhere you are helping. That helps expose scammers even faster.

Yet, we understand that your lost funds are your priority. Since they don’t have regulations, you must find another solution. Which in this case might be a chargeback. Our fund recovery team can advise you on your further steps. But also if you were making a crypto transfer. You can use our CipherTrace software to track them down.

What Is the Chargeback Procedure?

Every debit/credit card transaction is reversible. With proper proof of fraudulent activity, you can file a chargeback.

But you have a time limitation on that request. To avoid missing an opportunity to get your money back contact us. Book your first free consultation today!

What Is CedarFX?

It’s an offshore trading company operating worldwide but without proper authorization anywhere.

Is CedarFX a Scam Broker?

Yes. They lack regulations and many negative reviews are a perfect add-on to that conclusion.

Is CedarFX Available in the United States or the UK?

Yes. Unfortunately, citizens of both countries are the main targets of this scam broker.

Does CedarFX Offer a Demo Account?

Yes. But some traders reported differences between a demo and live account conditions.


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