Have you had a bad experience with Cedar Finance?
Heard complaints about this binary options broker?
Binary trading involves risk, and one of them is choosing the wrong broker to work with. We review the most common complaints associated with this company.
Cedar Finance – What to expect
Cedar Finance is one of the largest binary options firms worldwide despite being a relative newcomer to this industry. The great success behind its expansion has been followed by an avalanche of complaints about several topics:
- Withdrawal issues – difficulty withdrawing profits
- Bonus hoax – tying up your money with a bonus gift
- Misleading quotes – allegations that asset quotes are tinkered with
- Deceptive publicity – creating unrealistic gain expectations
- Risk warnings absence– Refraining from informing about speculative format
After covering here the Cedar Finance fraud rumors, let us analyze in detail the complaints of traders towards this binary broker. Nonetheless, if your main interest is finding the best broker for your investment funds, it is sufficient to know that there are more reliable and dependable binary companies. Although criticism to binary brokers are common, there is a handful of serious and professional firms, which not only act with transparency but are also committed to excellence in customer service.
TopOption has set an example of professionalism, and as a result is the fastest growing binary company worldwide. Offering a variety of educational tools to improve your online trading results, this brokers is considered to have the best online course and the best team of expert financial advisers at your disposal. This US-based broker also gives you the highest payouts in the binary field, and is a perfect choice for your investment. Why make complaints when you can select a serious company:
OptionBit is a respected and popular brand name in binary options markets, as a result of their constant assistance to traders and to being fully regulated. Among the benefits offered by OptionBit, the 2nd largest binary firm worldwide, is a free trading signals tool that informs you in real-time of highly advantageous market opportunities. Algobit is widely regarded as the best signals tool for binary trading. With a very large and varied asset list, this broker is a perfect choice for you to earn a consistent extra income:
RedWood Options offers more than 80 trading videos for free. You can start learning today about investment strategies, risk protection and portfolio management. With RedWood, one of the most experienced and reliable binary brokers in the market, you can you sign up to a webinar at any time and benefit from their financial advice from professional online-trading experts:
StockPair is another excellent choice for you to sign up with, since it offers a very successful one-on-one training method which traders have praised. In order to improve your ability to profit consistently, StockPair gives your the personal advice needed to learn binary trading strategies and use risk-control mechanism to protect your earnings. With an advanced mobile site and a flawless customers service, trade and profit without worries while enjoying the highest market payouts:
Making a deposit with Cedar Finance is a very swift and uncomplicated procedure. Apparently, withdrawing your monies is not as simple. Complaints about difficulties with the withdrawal of funds have been a constant presence in binary options forums and chats. How true are these accusations?
Cedar Finance is not the first binary options company to have faced such finger-pointing. This approach has been present from the onset of the binary market. The reason for this problem may be that a part of this field stems from the forex market, where many fraudulent tendencies had been detected in the past.
Regardless, the fastest way to avoid such rumors would be for Cedar Finance to review its policies, and create a withdrawal process that will be as easy and accessible as that of making a deposit. Until then, fraud denunciation will persist.
A cash bonus is an amount of real money added to a customer’s account as a gift for making a deposit. For example, a trader opening a binary trading account with 500 dollars could get up to 500 additional dollars for trading purposes.
The key to understanding this mechanism is to remember that the objective of the bonus is to use it for trades. Not to withdraw it, because in fact, it is not part of the profit.
Therefore binary brokers are careful to clarify that in order to withdraw profits or values that exceed the initial deposit, a trader must first make a certain amount of trades. Why?
Otherwise, customers could open an account, make a couple of trades spending 20 dollars, then cash in the large bonus gift and leave. That would be unfair towards the brokers.
Yet, some binary companies, and allegedly Cedar Finance as well, use this clause to “hijack” the funds. They do that by not allowing traders to withdraw ANY funds, not even related to the initial deposit value, unless a certain amount of trades are made. That is illegal.
It is unclear if Cedar Finance uses this excuse to create difficulties to those who want to retrieve monies. Yet, if you are faced with such a situation, remember that this might simply be a account manager who does not want to lose a client and/or a commission.
Normally, with some insistence, these issues are solved. Of course, it is always better to choose a broker with professional managers who lookout for the needs of the customers.
The trading platform used by most brokers is not owned by the company itself. Most binary options providers are white label firms that lease the platform from a software developer that created a trading environment.
Such is the case with Cedar Finance, that use the SpotOption services to provide their customers with a setting in which to purchase options and follow the results of each trade.
That is why complaints that Cedar Finance might be tinkering with the prices of assets in a real-time, altering quotes to mislead traders and cause them to lose money, that allegation is very unrealistic.
Binary options is a very speculative investment riding on the volatility of markets throughout a trading session. Clients who feel cheated because of an unsuccessful prediction gone wrong at the very last second, should simply invest more time an energy in learning consistent binary trading strategies.
Cedar Finance offers clients the opportunity of earning huge payouts with binary options trading. And indeed it is possible to profit from this financial derivative. Nonetheless, if a binary broker presents this investment technique as being easy, it might be a very misleading comment.
Complaints towards Cedar Finance have been abundant, and also the way they reach out to potential clients has been criticized. True, binary trading is easy. It involves selecting an asset, a prediction and a value, and then waiting for the result. Yet, an uncomplicated purchase process only increases the risk.
Since the act of buying a binary option is so simple, it compels naïve traders to select assets and make trades rashly and without a strategy or clear goal. Performing trades is easy, but selecting the right asset, the right timing, the right values and expiration times, all involve knowledge that has to be acquired in order to succeed.
Cedar Finance fails to inform clients of any of those, and therefore complaints about deceptive publicity are common. If it could promote its product with more transparency, Cedar Finance would protect its brand name from further accusations.
Cedar Finance complaints could be mostly eradicated if the company would take some easy steps to correct deficiencies in the way it presents its products. One reason for being tagged as a fraud is the lack of warnings about the high risk involved in binary options.
Selling a profitable product does not exempt a company of explaining the odds of actually generating that sought after yields. That is why questions arise about whether Cedar Finance is legit or not.
Although it doesn’t totally hide the information regarding risk, it absolutely puts no effort in helping the client make an even and balanced decision about investing in binary trading.
Cedar Finance Complaints – Summary
The best way of avoiding dealing with issues that have created complaints towards Cedar Finance, is choosing a broker wisely. The market has many excellent companies to select from, as were depicted in our Cedar Finance review.
Meanwhile, Cedar Finance seems to be attempting to improve their service and site. In some regards signs of such effort can be seem, yet in others the complaints are justifiable.
Until it is able to fully professionalize its customer assistance, it’s wise to either prefer other brokers, or invest only minimal amounts with this firm.