CedarFX App Review 2024 – Is it legit?

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If you’re on the hunt for a new trading app, you might want to consider CedarFX.

The provider allows you to trade without paying any commission, and spreads are typically very tight. Assets include forex, stocks, cryptocurrencies, commodities, and more.

In this review, we explore what CedarFX has to offer. We cover deciding factors surrounding fees, tradable markets, safety, payments, and customer support.

What is CedarFX?

CedarFX is an online trading platform that allows you to buy and sell more than 183 financial assets. Each market is represented by a CFD instrument, meaning that you cannot invest in traditional shares, ETFs, or funds.

You can, however, trade forex pairs, stocks, indices, commodities, and even digital currencies. As the platform offers CFD markets, this means that you can go long or short on your chosen asset.

You will also have access to leverage facilities, which is likely to suit those of you with a slightly higher appetite for risk. CedarFX is relatively unknown in the online trading space. However, it is attempting to build its client base by offering industry-leading fees.

For example, each and every market at CedarFX can be accessed commission-free. The platform claims to offer ultra-tight spreads, too. In most cases, we found this to be true.

In terms of the fundamentals, CedarFX prefers clients to deposit and withdraw funds with popular cryptocurrency Bitcoin. With that said, the platform also allows you to use a debit/credit card via a third-party partner. In turn, this will convert your deposit to Bitcoin. This does come with the benefit of less red tape and faster withdrawals.

What Stocks Can You Trade on the CedarFX App?

To clarify, CedarFX specializes exclusively in CFD instruments. As such, you can’t ‘buy’ stocks per-say. You can, however, trade stock CFDs – alongside a range of other assets.

Stock CFDs

CedarFX offers dozens of stock CFDs – all of which are listed in the US. This covers both the NYSE and NASDAQ – meaning you’ll be trading some of the most liquid and well-recognized stocks in the space. This includes everything from eBay, Google, Ford, Facebook, Amazon, Apple, Netflix, Tesla, and more.

On the one hand, the stocks that CedarFX does host are likely to be the most in-demand with day traders. However, it is somewhat disappointing that it’s stock trading app does not give you access to international markets. For example, a lot of keen traders like to buy and sell stocks listed in the UK, Canada, Europe, and more.

Forex

As the name suggests, CedarFX is also involved in the multi-trillion-dollar forex space. In fact, its forex trading app gives you access to heaps of pairs.

In terms of majors, this includes the likes of GBP/USD, USD/CHF, and USD/JPY. You then have minor pairs such as EUR/NZD, AUD/CAD, and CHF/JPY.

We also like the fact that CedarFX offers a good selection of exotic pairs. This covers everything from EUR/SEK and EUR/ZAR to USD/HKD and USD/TRY.

These pairs are a lot more volatile than the previously discussed majors and minors, so do bear this in mind.

Commodities

In addition to stocks and forex, the CedarFX app also offers a commodity trading department. Other metal markets include silver and platinum against the US dollar.

You can also trade Brent Crude and WTI oil markets, alongside natural gas. You won’t, however, find any agricultural commodity markets on the CedarFX app.

Indices

Our CedarFX review found that the platform offers 11 stock market indices. This covers the three main US markets of the S&P 500, NASDAQ 100, and Dow Jones 30.

You also have indices from the UK (FTSE 100), Germany, Hong Kong, Spain, Australia, France, and Japan.

Cryptocurrencies

Finally, the asset library at CedarFX also includes a wide selection of cryptocurrency CFDs. This does make sense when you consider the platform’s primary currency of choice is Bitcoin.

You will find both crypto-to-fiat and crypto-to-crypto pairs at CedarFX.

Regarding the latter, this covers the likes ZEC/BTC, NEO/BTC, and ETH/BIT. If it’s the former that you’re after, you can trade popular cryptocurrencies against the US dollar and Euro.

CedarFX Account Types

Our CedarFX review found that the trading app offers two account types.

Firstly, you have the 0% Commission Account. As the name implies, this account gives you access to all financial markets on a commission-free basis. As such, it’s just the spread that you need to pay.

Secondly, you have the Eco Account. You will still have access to all of the same markets, features, and tools. But, you won’t benefit from a 0% commission trading structure. Instead, you will pay $1 on each position that you place.

On the flip side, 100% of this commission will go towards ecological causes. More specifically, the funds will be sent to a company called Ecologi.

In turn, Ecologi will use the money to plant trees, subsequently supporting carbon reduction projects.

CedarFX Fees & Commissions

Leading on the above section, whether or not you pay any trading commissions is determined by the account type that you opt for.

On top of commissions, you also need to factor in the spread. As CedarFX claims to offer ‘ultra tight-spreads’, we sought to explore this further. Bearing in mind that there are over 183 markets offered by the platform, so we can’t list each and every spread.

But, below you will find some examples on major markets to give you a ballpark idea of how competitive CedarFX is.

• AUD/USD: 1.3 pips
• EUR/USD 0.6 pips
• GBP/USD 1.5 pips
• USD/JPY 0.6 pips
• BTC/USD 49 pips
• ETH/USD 1.54 pips

As you can see from above, spreads at CedarFX are largely very competitive. This is especially the case with EUR/USD and USD/JPY – both of which can be traded at just 0.6 pips.

This is especially the case when you consider that you will not pay any commissions on the trade – assuming you choose the commission-free account.

GBP/USD, however, is somewhat uncompetitive at 1.5 pips.

CedarFX App User Experience

CedarFX does not offer a proprietary trading app. Instead, the CFD broker has opted to integrate its systems with popular third-party trading platform MetaTrader 4 (MT4). As such, you will first need to download the MT4 app to your phone and then log in with your CedarFX account details.

If you’re an experienced trader, then you will be well versed with what MT4 has to offer. If not, the platform comes jam-packed with tools and features. This includes a huge selection of advanced chart reading tools and technical indicators.

Best of all, MT4 supports automated trading robots. All you need to do is download the robot software to your desktop device, install it into MT4, and the algorithms will do the rest. Then, you can keep tabs on how your robot is performing by logging into CedarFX via the MT4 app.

CedarFX App Tools

As noted above, CedarFX only supports MT4. As such, all of the tools that you will have access to are the same that you will get with any other MT4 broker.

This includes the following:

• Wide selection of order types
• Full history of trades
• Choose from various chart types – including Japanese candlesticks and broken lines
• 24 analytical objective
• Real-time financial news

The MT4 application itself is compatible with iOS and Android devices. If you don’t own a smartphone that is backed by one of these operating systems, you will need to use CedarFX via your desktop computer.

CedarFX Leverage

Perhaps one of the biggest attractions of using the CedarFX app is that the platform offers huge leverage limits. In fact, you can obtain leverage of up to 1:500 – irrespective of whether you are a retail or professional client.

As we outline below, the maximum amount of leverage that CedarFX will offer you is dependent on the asset class.

• 1:500 leverage for forex and metals
• 1:200 leverage for indices and commodities
• 1:100 leverage for all cryptocurrency pairs
• 1:20 leverage for stocks

In most regions – especially the UK, Europe, and the US, leverage limits are significantly lower than what CedarFX offers. However, as the trading app is not regulated and thus – is based offshore, it is not bound by these limits.

For example, in most cases, CFD platforms offer leverage of just 1:2 when trading cryptocurrencies. CedarFX offers a huge 1:100, meaning you can trade with 100 times the amount you have in your account.

Forex and metals come with an even more monumental offering, with leverage of up to 1:500 available. This means that a $100 account balance permits a maximum buy/sell order of $50,000.

As tempting as this might be, we would strongly suggest that you tread carefully with leverage – especially at these levels. If your position goes against you, CedarFX will liquidate your trade. This means you’ll lose your margin in its entirety.

CedarFX App Education and Research

The CedarFX app does not offer any native educational or research tools. Once again, this is because it only allows you to trade via the MT4 app. As such, the only materials you will have at your disposal is what MT4 provides.

CedarFX App Bonus

There is no CedarFX welcome bonus on offer for new clients.

CedarFX App Demo Account

We like the fact that CedarFX offers all new clients a fully-fledged demo account. Once you have gone through the quick sign up process, it’s then just a case of logging into MT4 with your CedarFX credentials.

After that, you can buy, sell, and trade all 183 financial instruments risk-free.

Even if you are a seasoned trader, it’s still worth making use of the CedarFX demo account. This will allow you to test out new strategies or even deploy a newly purchased trading robot.

Payments on the CedarFX App

As we briefly covered earlier, all payments on the CedarFX are facilitated by Bitcoin. This is great news if you already have a stash of Bitcoin, as you can quickly transfer the funds into your newly created CedarFX account.

If you do not have any Bitcoin to hand, the broker also supports the use of a debit/credit card. The payment will be processed by a third-party. Additionally, once you have made the deposit, the funds will be converted to Bitcoin.

Now, although depositing and withdrawing funds with Bitcoin might sound cumbersome, it actually offers several benefits. For example, withdrawals are processed by the CedarFX team within 24 hours.

As soon as it has been processed, it will take no more than 10 minutes for the funds to hit your Bitcoin wallet. Additionally, the only charge that you need to take into account is the blockchain mining fee. This is usually less than a dollar.

CedarFX Minimum Deposit

In terms of account minimums, you need to deposit and/or withdraw the Bitcoin-equivalent of at least $10. However, if you are depositing funds with a debit/credit card, the minimum is $50.

There are no upper-limits in place when it comes to depositing/withdrawing with Bitcoin.

CedarFX Contact and Customer Service

If you need to speak with a member of the CedarFX customer service team, you can do this with ease via a 24/7 live chat facility. When we tested this out ourselves, we were connected to a live agent in less than a minute.

If you prefer to speak with somebody over the phone, you can also request a callback. This ensures that you are not charged for the call.

Finally, you can also send an email to the team, but expect to wait at least 24 hours before you get a response.

Is CedarFX Safe?

Put simply, CedarFX is not a regulated broker. As such, you do need to take this into account – much like you would when you trade at an unregulated cryptocurrency exchange.

You will not benefit from any investor protection scheme, nor are you funds held in segregated bank accounts. With no licensing body overseeing CedarFX, this means that the platform does not ask you to upload any identity documents.

How to Use the CedarFX App

If you like the sound of CedarFX and wish to get started with a trading account right now – here’s what you need to do.

CedarFX Pros and Cons

Pros

• 183 assets to trade
• Zero-commission trades
• Below-average spreads
• Leverage up to 500:1
• Extremely fast deposits and withdrawals
• Eco account with matching contributions
• Uses MetaTrader 4 as a trading platform
• 24/7 customer support

Cons

• Not regulated or insured
• No research or education tools
• A limited selection of stocks

The Verdict

CedarFX is going to appeal to a certain type of trader. At the forefront of this is being able to trade with leverage of up to 1:500. This means that by meeting the minimum deposit of $10, you potentially have up to $5,000 of trading capital.

Additionally, the platform charges no trading commissions – unless you decide to sign up for the Eco Account. If you do, you’ll pay $1 per slide, which is then donated to ecological causes. However, it is important to remember that this high leverage CFD broker is not a regulated entity.

Ready to get started with CedarFX? Click the link below to sign up for an account today!

CedarFX – Commission-free CFD Broker with High Leverage

Your capital is at risk.

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