Cedar FX Broker Review 2021
With so many competitors in the online trading industry, new brokerages are trying their best to stand out. While some try to offer better trading conditions, Cedar FX takes a more unorthodox route. They aim to attract the environment-savvy traders with their “Plant a tree” initiative. This eco-friendly approach does a lot for the brokerage’s image. However noble the cause, the biggest question on your mind should be – is Cedar FX actually a good brokerage behind all the green campaigns? This is what we attempt to find out in our review. Stick around until the end to discover whether this is the right choice for you.
Being mindful of the environment is something we should stream towards. However, if that’s a brokerage’s only claim to fame, then you’d be far better off just donating to a cause of your choice. Throughout Cedar FX website there are numerous references to its green campaigns. However, there is a healthy balance between those and addressing some of their actual trading features. They put a big emphasis on 0% commissions. While this isn’t unheard of, this is a rarity in this industry and is mostly indicative of newer brokerages, who are still attempting to get enough brand recognition. How long these conditions will last, it’s anyone’s guess.
Tradeable Assets at Cedar FX
When it comes to tradable assets, Cedar FX is a mixed bag. While it does offer a wide range of categories, the overall list isn’t too comprehensive. All of these are divided into several categories including Forex (Majors, Crosses and Exotics), Crypto, Indices, Commodities and Stocks. The latter of which is probably the most disappointing due to the absence of some big names. At the moment of writing, there are around 50 companies on offer. Whether this is enough to build your portfolio of dreams mostly depends on your preferences. If your strategies rely on stocks, then you will be at a huge disadvantage. On the other hand, if Forex or Crypto is your game, you will be set to go.
Cedar FX Trading Platform Features
Quite surprisingly, at Cedar FX you get two options for trading platforms. There is Meta Trader 4, which is available on Windows, Android and iOS, and the Web Trader that is available on any device that has an active internet connection. There is no clear answer to what choice you should make because both platforms have their own benefits and drawbacks. Experienced traders might feel encouraged to go for MT4 directly, but newcomers will have a difficult choice to make, given the steep learning curve they will be facing either way.
Meta Trader has practically been the industry staple for many years, and that reputation was well earned. However, in 2021 it’s becoming obvious that MT has been sitting on its loreals for a long time, and that the platform is starting to show signs of its age. Its suite of tools is helpful to anyone who takes interest in analysing past and current trends, but it starts to slow down the actual trading executions. This is especially problematic for such a quick-paced industry where sometimes mere seconds are a difference between losing and winning.
On the other hand, the Web Trader is much more lightweight in its approach. However, it is lacking some advanced features, making it unattractive for veterans. At the same time, it is puzzlingly not intuitive in its design. Navigating it will feel like a chore to anyone, regardless of their prior experience. In the end, it all boils down to your trading style. Both platforms will perform better in some aspects, but it feels like there have been too many unnecessary compromises. In the age when many brokerages opt to develop their own platforms, it feels like Cedar FX missed on a great opportunity.
Account Types Offered at Cedar FX
This is another area where Cedar FX manages to stand out from its competitors. First of all, there is a Demo account. As silly as this may seem, this is becoming more of a rarity in the last few years. Having to test the platform before putting down some money is always a plus in our mind. The only issue we have is that the Demo doesn’t paint the entire picture, as it is limited to only certain features. You won’t know exactly what you will be getting into and this is certainly a bad move on Cedar FX behalf.
If you do decide to switch to a live account, you will have two options: 0% Commission Account or the Eco Account. In essence, there isn’t a big difference between these two, or at least this isn’t a difference when it comes to your trading experience. To better understand the differences, below is a detailed breakdown:
- 0% Commission Account
According to their website, Cedar FX has “eliminated all commission fees to help traders make the most of their funds”. Despite claims of low spreads, there is no actual information to back that up. Additionally, all deposits in Bitcoin or Fiat currency aren’t subjected to any fees. Withdrawal fees are also absent with the addition of same-day Crypto withdrawals.
- Eco Account
Funny thing is, you don’t actually get to hear anything about actual trading benefits with the Eco account. Practically the only difference is that for every $1 in commission, Cedar FX claims to match that amount and forward it to Ecologi towards planting trees and reducing carbon footprint across the globe.
We hold transparency as one of the most vital features any brokerage can offer. Sadly, here it is not the case. When marketing these account types, very little talk is placed into selling you their features, but rather the environmental angle, which however nice, doesn’t help you in your everyday trading activities.
Withdrawal and Deposit Methods at Cedar FX
Continuing on the whole transparency talk, we had a pretty big issue when discovering Cedar FX payment methods. At no point are you presented with clear information on what your options are. Even after going through all Terms and Conditions, you will still not get a straight answer. Only after experimenting ourselves, did we realise what we were facing.
Options are pretty standard with credit card, debit card, bank wire transfer being the only options. If you are used to trading with your eWallet, you are out of luck. All deposits are pretty much instant, with withdrawal times varying, depending on your choice. While the waiting time is reasonable given the industry standard, it is definitely on the higher end. The longest wait we experienced was 5 working days. This does not seem like a lot, but as we mentioned before, in such a quick-paced industry, efficiency is highly praised, and this is why we prefer brokerages that can provide a quick exchange of funds, and sadly Cedar FX fails to do so.
Is Cedar FX Team Helpful?
If you wish to reach Cedar FX representatives, you can do so in three ways – live chat, request a call-back, or via email. The first one is efficient mostly due to it being operated by an actual person and not a bot. It is good for addressing some theoretical questions you might have, or if you need assistance with navigating the platforms. In any other case, you would be far better off using one of the two remaining options.
Since running a call centre is expensive, and yet having a human on the other end of the line is very important for any business, Cedar FX strikes a fine balance. By having to pinpoint the time of the call and the nature of your issue, this brokerage manages to be surprisingly effective in dealing with customer feedback. The only drawback is that they are not available 24/7, and you can only arrange a call-back for the following day, so if you are in a pinch, you are out of luck.
If you don’t have the time for a direct call, there is always the email option. All representatives seem polite and professional, and the only thing we could really complain about is the waiting times. While it isn’t long by any mean, having to wait 1-3 days could and should be improved by hiring additional staff in the future.
Shall I Trade with Cedar FX?
To conclude our Cedar FX review, we have to note once again that trading with it is a mixed bag. The trading experience has some amazing highs and some incredible lows. This inconsistency is what will turn many traders away and make them seek better alternatives. As it currently stands, Cedar FX is a decent broker with a noble green pursuit, but until it manages to resolve some of its glaring faults, we cannot recommend it to our readers especially given how many of its closest competitors do a better job at attracting and retaining their clients.