EagleFX offers FX and CFD trading on the MT4 platform, including indices and cryptocurrencies. Follow this review for a breakdown of the verification process, commissions, minimum deposits, demo accounts, and more. Is EagleFX regulated or is it a scam? Find out.
EagleFX Summary
EagleFX Ltd is an award-winning STP brokerage with
headquarters in Dominica. The broker is used by thousands of traders worldwide,
from Indonesia to Nigeria. The provider offers attractive ECN trading
conditions and ultra-fast execution speeds. The company has also been featured
in well-known publications such as Forbes and Finance Magnates.
Users who register on the broker’s single account enjoy 24/7
trading on a wide variety of assets using the most popular trading platform,
MetaTrader 4. The owner and CEO have also introduced online poker games for its
users
MetaTrader 4 Trading Platform
The MT4 platform is available for all clients at EagleFX,
which boasts dynamic charts and analytical functions. The practical and robust
interface allows you to trade orders straight from the chart with just one
click.
Traders can use three execution modes, as well as a set of
pending orders and trailing stops. MT4 also enables comprehensive price
analysis, with over 50 indicators and graphical objects, plus 9 different time
intervals and a news feed.
MT4 is available for download on Windows computers or can be
accessed directly from a web browser for those using Mac computers.
Markets
There’s a good range of assets to trade at EagleFX,
including:
Cryptocurrencies – 38 pairs available, including Bitcoin,
Ethereum, and Ripple
Commodities – Precious metals and energies, including gold,
silver, and oil
Forex – 55 currency pairs on offer, including majors,
minors, and exotics
Indices – 11 well-known indices, such as the FTSE (FTSE100)
and NASDAQ (NAS100)
Stocks – 64 global companies including Netflix and Amazon
Spreads & Commission
Live spreads are variable at EagleFX and start from 0.1
pips. Typical spreads on the EUR/USD are 0.7 pips and on the NASDAQ, they’re
1.12.
EagleFX also charges commissions at $6 per lot round turn.
Overall these trading conditions are competitive and comparable with the likes
of XM, HugosWay and Oanda.
The only other fees are swaps, which are charged when you
hold open trades overnight.
Leverage Review
EagleFX offers generous leverage up to 1:500 for forex and
metals. Indices and energies can be leveraged up to 1:200, whilst
cryptocurrencies are available up to 1:100. Users should be aware of the
effects of leveraged trading before creating an account.
Mobile Apps
EagleFX offers the MT4 mobile app for iOS and Android
devices. The app includes a full range of analytical features, with real-time
quotes and trading straight from the chart. The interface is visually appealing
and easy to navigate. The app is available in over 20 languages and reviews and
ratings online are good.
The iOS and APK app can be downloaded from the App Store or
Google Play.
Payments
EagleFX offers 3 fast and secure payment methods: Bitcoin,
Visa/MasterCard, and wire transfer. There are no fees on deposits and the
minimum deposit amount is $10 for Bitcoin and $50 for cards or bank wire.
The withdrawal methods available are Bitcoin, Coinbase/PayPal,
or MasterCard. Again, these are fee-free and withdrawal times are fast,
generally processed within 1 hour. The minimum withdrawal amount via Bitcoin is
10 USD/EUR/GBP. There is no maximum withdrawal limit.
Demo Account
EagleFX offers a free demo account which can be used for an
unlimited time. Traders can specify their own leverage and virtual fund limit
within the MT4 simulation. New traders can benefit hugely from a demo account,
as they allow you to place virtual trades without using real capital.
Experienced traders can also use demo accounts to practice their trading
strategies. Once ready, you can then open a real live trading account.
EagleFX Welcome Bonus
EagleFX does not offer no deposit bonus deals or similar
promotions in 2020. Traders could check the broker’s website and members area
for future promotions. Always see bonus terms and requirements before you start
trading.
Regulation & License
EagleFX is an unregulated broker based in Dominica. Traders
should note that unregulated providers usually will not provide much if any,
client protection. As a result, we can’t guarantee EagleFX is a legit broker.
Nonetheless, EagleFX does state that it uses Bitcoin Cold
Storage to safeguard client funds. This ensures that client money is not stored
on the broker’s web server but instead within an external storage device, safe
from hackers.
Additional Features
Other than daily market analysis, EagleFX does not offer any
educational materials or trading advice. To compete with other brokers such as
Oanda, EagleFX could include useful tools such as video tutorials or margin
calculators.
EagleFX Account Types
EagleFX offers one standard account type for all clients
with a minimum deposit requirement of just $10. The minimum lot size is 0.01
and the maximum trade size is 1,000 lots. The broker also offers swap-free
accounts for Islamic traders.
Creating a live account is fast; you can register using the
online form and by confirming your email address and phone number. There’s no
KYC verification process, so traders do not need to submit any documents. You
can then sign in to the member’s area and start trading.
Benefits
Reasons to create an account include:
Bitcoin funding
Poker community
$10 minimum deposit
Volatility (VIX) 75 Index
Free deposits and withdrawals
Wide range of cryptocurrencies
Drawbacks
We did identify some drawbacks, including:
Country restrictions
No educational tools
Unregulated
Trading Hours
Forex markets are open 24/5 and crypto markets are open
24/7. Specific asset trading sessions can be found under ‘specifications’ in
MT4. All market hours are provided in GMT+3, but the broker provides a useful
time zone converter link in the FAQs.
Customer Service
The fastest way to get in touch with EagleFX is via the 24/7
live chat support. You can also submit a ticket through the website where
responses are typically received in 15 minutes. For those who would prefer to
speak to a member of the team over the phone, you can submit your phone number
and request a call-back within 4 hours.
The broker’s office address location is at 8 Copthall,
Roseau Valley 00152, The Commonwealth of Dominica.
Security
EagleFX ensures that the MT4 platform meets the highest of security standards, with encrypted data exchange between servers. The platform also supports the use of digital signatures, as well as Two-Factor Authentication (2FA) at the login page.
EagleFX Verdict
Our review has identified some notable pros and cons of
trading with EagleFX. The broker offers low commissions, as well as fee-free
funding, fast withdrawals, and a $10 minimum deposit. EagleFX is certainly a
good broker for any level of trader, however, there are plenty of regulated
brokers out there for those seeking a little more peace of mind.
Accepted Countries
EagleFX accepts traders from Australia, Thailand, Canada,
United States, United Kingdom, South Africa, Singapore, Hong Kong, India,
France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi
Arabia, Kuwait, Luxembourg, Qatar and most other countries.
FAQ
Does EagleFX accept US clients?
EagleFX accepts clients globally, including the UK and the
US. However, traders will need to check that registration would not be contrary
to their local country law or regulation.
Does EagleFX have a bonus?
No, EagleFX does not offer welcome deposit bonuses or any
similar promotional deal.
Is EagleFX a scam?
EagleFX is a legit company that has been featured in several
well-known publications. The broker also receives positive customer reviews
online.
Is EagleFX regulated?
EagleFX does not hold a regulatory license and therefore
will not provide the same level of protection as providers with well-known
regulatory bodies such as the FCA or CySEC.
Does EagleFX have a ZAR account?
EagleFX does not offer Rand accounts, but you can open an account
in USD, EUR, GBP, or BIT.
Does EagleFX have NASDAQ trading?
Yes, clients can trade on the NASDAQ along with a handful of other major exchanges.
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