Thursday, November 14th, 2013 by Michael Freeman
A few days ago, as I was checking my emails, I noticed a strange email from Cedar Finance, titled “Cedar Finance Introducing Islamic Accounts”. It definitely got me curious to find out what exactly do they mean by an Islamic Account, I was also curious to find out how on earth did they find my email since I never signed up on their website in my life. In most cases I delete unwanted emails but this time I had to figure out what they mean by “Islamic Account”.
The email from CedarFinance.com stated that they are now offering special accounts for Sharia practicing Muslims who are concerned with “Sharia Investment Laws” that might affect their ability to trade on a standard account.
Cedar Finance stated the following in the email:
1) No Interest will be charged on the the ‘account balance’ or any profits made using the Cedar Finance platform
2) Registration is FREE (since according to Sharia Law financial organizations cannot charge you initiation fees)
3) Flexibility = allows you to open positions at any time
4) Support in Arabic included
The question is: “how on earth is this offer any different than what a trader will receive by signing up on a regular account with Cedar Finance or any other broker?” Most brokers offer support in Arabic and there are simply ZERO binary options companies charging interest rates or initiation fees. If you are familiar with binary options you would also know that all brokers offer the ability to open positions at any time which is one of the main benefits with binary options! This is all great, but the only problem with the “Cedar Finance Islamic Accounts” is that they are basically playing with words. A Sharia practicing user will not receive a single benefit by going with the “Sharia complaint” trading account.
Cedar Finance is probably the biggest spammers in the industry, they have around 100+ channels on YouTube and any keyword you search for will bring them up in the search results. The fact Cedar Finance is sending me emails without my consent is another troubling fact that maybe some might overlook. This is considered “Black-Hat” marketing tactic in the world of SEO and Internet practices, and Cedar Finance is a Black-Hat SEO company!
I posted a video a while back on Cedar Finance and in the review I never endorsed them, simply because they are up to no goods. After posting the Cedar Finance Review on Youtube, I received tons of complaints from worried traders who either lost their money with this broker or are actively fighting to get their money back. This is definitely not a binary options brand I can recommend. Don’t confuse “binary options” with “Cedar Finance” , binary options has been around for years while Cedar Finance is a relatively new company.
If there is one question you should be asking yourself is “If the company is willing to lie and deceive you one time (fake Sharia accounts), what else are they capable of doing in order to convince you to trust them with your money. There is no telling and I don’t recommend looking much into it. Don’t fall for the Cedar Finance Scam!
Real information on Sharia Investment Laws and requirements
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