CedarFX is an eco-friendly broker that is “dedicated to combating global warming one trade at a time.” It’s the first of its kind and offers its users access to an eco-account where they are charged $1 for every lot traded. Each month the broker matches all the commission charged on the platform and sends 100% of the funds to environmental projects that help offset carbon emissions into the atmosphere. On CedarFX, you can trade various financial instruments, including stocks, cryptocurrencies, indices, metals, commodities, and traditional currencies. The customer support is excellent, and there are many trading resources to help you make the most of the platform.
Sign Up Process
To get started on CedarFX, visit the official website and sign up by entering personal details, including name, email address, and setting a strong password. There is also an option to sign up using your Google or Facebook accounts. Add a phone number for account security purposes. To complete your profile, click on the link that will be sent in your email inbox, add a phone number, make a deposit, download the MT4 software, or you can opt to use the web trader, fund your account, and you are ready to trade. This process should take you less than ten minutes to complete.
CedarFX offers two types of accounts; 0% commission account and eco account. The zero-commission account allows you to use the full amount you deposit to open positions. Similarly, there are no transaction fees on withdrawals, and Bitcoin withdrawals are completed on the same day the request is made.
The Eco account is a way for CedarFX to give back to the community by contributing to a sustainable future. If you open an Eco account, you will be charged $1 in commission for every lot traded. The platform matches the amount, and all the funds collected are sent to Ecologi to support green projects that aid in carbon reduction.
CedarFX employs the services of MetaTrader 4 for trading. This software is available on all devices, including desktop app, mobile app, and the web. Specifically, it’s accessible by windows, Android, and iOS users.
Markets on offer
CedarFX offers its users access to over 180 financial instruments that can be traded in several different categories, including cryptocurrencies, forex, commodities, stocks, and indices. This platform serves as the brokerage for all types of traders, no matter what they need, from FX majors to FX crosses and FX exotics.
Crypto coins available include Bitcoin, Ethereum, NEO, XRP, OMG, Zcash, IOTA, Litecoin, EOS, Monero, Ripple, Dash, and many more. This broker also allows one to access some of the top indices, including UK100, NAS100, SPX500, AUS200, JPN225, HKG50, and many more.
Trading fees, Deposits, and withdrawals
CedarFX allows its users to trade different markets with zero commissions charged and competitively low spreads. For FX majors like AUD/USD, EUR/USD, GBP/USD, and USD/JPY, a spread of 1.4, 0.7, 1.4, and 0.6 will be charged. For BTC/USD, ETH/USD, LTC/USD, and XRP/USD, the spread charged will be 45, 1.38, 0.27, and 0.00186, respectively.
As for deposits, CedarFX accepts three methods; Bitcoin, Bitcoin via instacoins, and wire transfer. For Bitcoin deposits, the least allowed amount is $10, and for any other payment, it’s $50. When you select deposit in BTC, a Bitcoin deposit address will be shown, and you can send the funds there.
If you choose the credit and debit card option, you will be directed to a third-party website where you have to create an account and purchase BTC, which will be automatically sent to your CedarFX account. The broker doesn’t charge any fees for deposits but remember that BTC transactions carry processing fees from its own network.
As for withdrawals, you can do it in BTC, with the minimum allowed amount equivalent to $10. All cryptocurrency withdrawal requests are processed within 24 hours. If you wish to cancel a withdrawal while still pending, you can contact the customer support team.
Customer Support And Security
Customer Support on CedarFX is available through LiveChat, phone calls, and email. For the live chat, there is an easy to notice icon present on the bottom left corner of your screen where you can communicate with a support agent always available to help out. You can also request a callback or write to the platform via email and receive a response within 24 hours.
As for security, CedarFX employs top measures to guarantee user funds and accounts are safe. The platform offers 129-bit encryption on data transmitted between account users and serves, ensuring it is safe from bad actors. Also, there is a backup system to reduce the possibility of system failure. And once you sign up, you can activate the two-factor authentication (2FA) to safeguard your account from being accessed by hackers.
CedarFX is unique from other brokers. It’s the first platform focused on combating global warming by allowing traders worldwide to access and profit from trading various financial instruments. And by opting to get charged only $1 per lot traded, they can contribute towards sustaining our environment. One dollar may seem like a small contribution, but it helps plant five trees, which is amazing.
The platform is easy to use and even allows for a demo account that comes without limitation on time or virtual funds for traders to hone their skills. Cedar FX is a great addition to the world of online trading.