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- CedarFX is a new forex broker with an eco-conscious twist.
- The company enables people to trade and plant trees at the same time.
- Its Eco account charges a $1 commission per lot with these funds going to tree planting.
CedarFX is a new forex broker that gives traders an opportunity to make money and do good for the environment.
What is CedarFX?
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Scientists and policymakers have identified climate change as one of the biggest challenges of our time. According to the World Health Organisation (WHO), the change will lead to more than 250,000 additional deaths per year between 2030 and 2015. Its impact will also cost the world billions of dollars every year.
CedarFX is a new low-cost forex broker that is trying to address climate change issues. It does this through its Eco account, which charges a commission of $1 per lot. It then matches the amount and channels it to Ecologi. This adds to about ten trees per lot.
Ecologi is a UK-based company that partners with The Eden Reforestation Projects, which plants millions of trees every year.
At the time of writing, CedarFX has planted 138 trees and supported other conservation-related projects like a wind farm in India. It also supports The Gold Standard, an organisation that issues carbon credits. In a statement, the management said:
“We believe that every little action we take as individuals can have a positive impact on the world, so we decided to use our platform to support the good work being done to plant trees and support climate solution projects worldwide. In this way, we’re helping our clients by providing them with excellent trading conditions, and giving them an opportunity to give back to the community with every trade”
For traders not focused on tree planting or the environment, CedarFX has a basic account that charges no commission.
Millennials care about sustainability
By focusing on climate change, CedarFX is aligning itself with many young people who strongly care about sustainability. A recent poll by Gallup found that about 67% of millennials in the US believe in climate change. Further studies show that the younger generation is more open to paying more money to play their part in addressing the issue.
Indeed, many large companies have now adapted sustainability pledges to lure this customer base. For example, large companies like Nike, Rockwell Automation, and Accenture have partnered with organisations like WeForest that plant trees on their behalf.
Summary
CedarFX’s business model is tailored around conservation. However, only time will tell whether the project will be sustainable in the long-term.
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