Cedar Finance used to be a popular and regulated forex broker. Unfortunately, that’s no longer the case. The broker was found guilty of malpractices, lost its license and ceased to exist. Following, we are going to review this broker and give you an insight into what let to its demise.
Cedar Finance is a Forex broker. It was founded in 2011 by P.M Investments Capital Ltd. The given address is Loanni Stylainou 6, Nicosia, Cyprus. It used to be a regulated broker who had its fair share of loyal users. However, the broker founds itself in a mess today.
It offers 150 tradable assets. The minimum deposit is $200. It uses Tradologic trading software. The minimum tradable amount is $5. It offers 60 seconds to 300 seconds of trade options as well as One Touch, Range and Turbo. The broker dealt in all major currency pairs and offered a sophisical solution for mobile trading.
Cedar Finance, for some time it was a respectable broker but no more. It lost its license and found guilty of several malpractices. Following, we are going to explain these malpractices and how it used to rob its innocent users.
- CySec Suspended Its License
CySec has suspended Cedar Finance’s license. This happened recently, and it created much fuss. For some time, Cedar Finance looked like a legitimate broker. But many complaints were being registered against it, and this prompted the Cyprus based financial authority to revoke its license.
- Skims User Money
This is rather hard to prove, but we found substantial evidence. This is a sophisticated scam, and we commend Cedar Finance for it. It has several hidden charges and skims user money in transactions. Now, Cedar doesn’t do this every transaction, but frequently.
Many reports are confirming that the initial deposit is $250, but users were charged $400. Moreover, users are forced to pay 10%-15% more in transaction fees. The broker is not transparent with everyone. It withholds material information, and this concerns suspicious.
- Blocks Withdrawal
Cedar Finance lost its license for its malpractices. One of these malpractices were blocking the client’s funds. There are many complains registered an against Cedar Finance saying it blocked user’s funds. Yes, no law gives the broker authority to block its client’s funds. This is one of the biggest red flags, and you should watch out for these complains.
Unfortunately, this is common in the forex marketplace, and many popular brokers do it. The best way to stay safe is conducting extensive research against a broker before signing up with him.
With what we discussed above, there is no doubt that Cedar Finance is a scam. Yes, it was a regulated broker once, but it lost its license due to malpractices. It doesn’t boycott them. Instead, it makes you pay hidden charges or block your payments if there was substantial balance in it. In the end, we will say its s scam, and you should stay away from it.