Get to Know CedarFX: Key Aspects and Connection
The CedarFX broker promises its traders the lowest spreads, no commissions, and free transactions. The offer seems attractive, especially considering the positive customer reviews. However, it is worth investigating how promising and reliable cooperation with this organization really is.
Briefly About CedarFX: Basic Facts and Contact Information
The Cedar LLC company was established relatively recently – in 2020. The website operates only in English, and information about local branches in other countries is not available. Information about the founders remains hidden, even based on databases like Whois, where relevant records are missing.
The server location of CedarFX is in the recognized offshore jurisdiction of Saint Vincent and the Grenadines. This region allows conducting commercial activities remotely without physical presence. Business organization professionals can handle all formalities, thereby maintaining the anonymity of the actual owners. Following this principle, the CedarFX company was created, registered through the placeholder firm Euro-Caribbean Trustees ltd.
In accordance with the territory’s legislation, access to the company’s essential information, such as financial reports, owners’ names, share capital size, and other indicators, is restricted. Also, CedarFX does not require the opening of an office, and operations may be limited to a mailing address for receiving correspondence. Therefore, there are no current addresses or phone numbers on the website, and there is no direct communication with employees. Clients have access only to callbacks or communication through online chat.
What Is CedarFX’s Licensing Status?
In an attempt to attract clients, the creators of CedarFX skillfully remain silent about the licensing issue. There are no mentions on the web pages about the presence of a relevant license, let alone its availability for review. By choosing the legal jurisdiction of Saint Vincent and the Grenadines, the organizers should have understood that this region does not have a designated licensing system for forex brokers. This indicates that brokers intentionally chose this approach to conduct their activities without any supervision or control by a regulatory body.
In the Russian Federation, foreign companies can operate, but with the condition of registering a legal entity in the country and obtaining a license from the Central Bank. In the case of CedarFX, these steps were not taken, as confirmed after checks in the Unified State Register of Legal Entities and the Central Bank of Russia, where no relevant mentions of this counterparty were found.
Operations with CedarFX in the Russian Federation are considered illegal and unsafe. No one can guarantee the honesty of operations or return the invested funds in case of fraud.
