EagleFX

EagleFX

Min deposit: $10
0

Reviews

Company Name
EagleFX Ltd
Rating
Headquarters
Dominican Republic
US Traders Accepted
yes
Deposit Currencies
EUR, GBP, USD, BTC
Trading Platform
MT4
Minimum Trade
0.01 lots
Trading Instruments
Online Since
2019
Languages
English
Demo Account
Yes
Pros
  • Registration with the site and opening an account take only a few minutes.
  • The demo account is free and available to traders for an unlimited amount of time.
  • You can contact support at any time of the day, any day of the week.
  • The STP technology is used for fast order execution.
  • You can trade using PCs, tablets, and mobile devices.
  • To protect clients’ funds, the broker uses a cold storage method.
Cons
  • There are no passive income programs.
  • There are no educational articles, videos, or courses on the broker’s website.
Risk warning:
Binary options trading involve risk. Although the risk of executing a binary options open is fixed for each individual trade, it is possible to lose all of the initial investment in a course of several trades or in a single trade if the entire capital is used to place it.

EagleFX is a global FX and CFD brokerage offering trading opportunities on the MT4 platform. Assets include commodities, indices and cryptocurrencies. This review will cover the registration and verification process, commissions, minimum deposit requirements, platform features, and more. Is EagleFX regulated or is it a scam? Find out.

Company Details

EagleFX Ltd was established in 2019, with headquarters located in the Dominican Republic. The broker is used by thousands of traders worldwide, with services available in 188 countries including Indonesia and Nigeria.

The brokerage offers attractive ECN/STP trading conditions and ultra-fast execution speeds. Day traders can enjoy 24/7 access to 100+ assets on the industry-renowned, MetaTrader 4 trading platform. The company has also been featured in well-known publications such as Forbes and Finance Magnates.

It is worth noting that EagleFX is not currently regulated or licensed with any financial authority.

Trading Platform

EagleFX offers just one trading terminal; MetaTrader 4 (MT4). The platform is available as a desktop download or can be used directly through all major web browsers such as Internet Explorer or Google Chrome.

The trading terminal is intuitive and suitable for investors of all experience levels. Dashboards can be fully customized, with interactive charting, technical analysis tools and one-click order execution.

Features include:

  • Nine timeframes
  • Multilingual interface
  • Fully customizable charts
  • Four pending order types
  • One-click order execution
  • Three order execution types
  • MQL4 programming language
  • 30+ built-in technical indicators
  • Direct access to Expert Advisors and automated trading systems
EagleFX platform review
MetaTrader 4

How To Place A Trade

The MT4 platform provides several ways to place a trade. When using EagleFX, our experts were satisfied with the speed and simplicity to do so. The quickest ways to open a position on the MetaTrader 4 terminal us via one-click trading or directly from a chart:

  • Trading From A Chart – Right-click anywhere on a chart window and select ‘trading’. A drop down will appear. From here, choose ‘new order’ and the ‘open position’ window will appear
  • One-Click Trading – From the menu along the top of the platform interface, select ‘tools’ and then ‘options’. On the ‘trade’ tab, activate one-click trading by ticking the box. Once initiated, you can place trades instantly from the top left of a chart using the buy and sell buttons. You can easily modify trading volumes too

Assets & Markets

EagleFX provides access to 100+ global instruments:

  • Futures – Open a US Dollar futures contract
  • Stocks – Trade 73 global company stocks including Amazon, Tesla and Goldman Sachs
  • Indices – Invest in 10 global stock indices including the FTSE100, S&P500 and NAS100
  • Commodities – Invest in a small number of commodity markets including gold, silver and oil
  • Forex Pairs – Speculate on 50+ major, minor and exotic currency pairs including GBP/USD, EUR/GBP and USD/CAD
  • Cryptocurrency – Take crypto positions across 37 digital currencies including Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH)

EagleFX Fees & Spreads

Live spreads are variable at EagleFX, starting from 0.1 pips. Price quotes are updated every 10 seconds within the platform interface. Our review found typical spreads on the EUR/USD currency pair are 0.7 pips, while on the NASDAQ, they are 1.1 pips. Remember, market volatility can significantly impact spreads.

Commissions apply for all trading instruments and are charged at $6 per lot round turn.

Overall these trading conditions are pretty middle-ground when we compare with the likes of XM ($3.50 per lot), HugosWay ($10 per round lot turn) and OANDA ($5 per 100,000 base currency traded).

Overnight swap charges apply. There are no inactivity fees for dormant accounts.

Leverage

EagleFX offers generous leverage up to 1:500, though this varies by asset type. Users should be aware of the effects of leveraged trading before creating an account. Although profit potential can improve, losses may be amplified.

  • Forex – Up to 1:500
  • Stocks – Up to 1:20
  • Indices – Up to 1:200
  • Energies – Up to 1:200
  • Cryptocurrency – Up to 1:100
  • Precious Metals – Up to 1:500

Mobile Apps

The MT4 mobile app is available for download to iOS and Android devices. The app includes a full range of analytical features, with real-time quotes and trading directly from charts. The mobile 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 apps can be downloaded from the Apple App Store or Google Play.

EagleFX owner, CEO and founder
Mobile App

Deposits & Withdrawals

When we used EagleFX, our experts were pleased to see the broker does not apply a deposit or withdrawal fee for any payment methods, although third-party charges may apply.

The brokerage offers three payment options; bank wire transfer, credit/debit cards (Visa and Mastercard) and Bitcoin. The minimum deposit amount is $10 for Bitcoin and $50 for cards or bank transfers.

When reviewing the withdrawal options, it was disappointing to see no wire transfer option. PayPal, credit/debit cards or Bitcoin are available. Withdrawal times are fast, with requests reviewed within 30 minutes. The time to receive funds will vary. Public holidays may cause delays and Bitcoin fund transfers are dependent on network confirmation times.

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.

A paper trading profile is ideal for new or inexperienced investors to place trades completely risk-free. Experienced traders can also use demo accounts to finesse a strategy or test out a new asset.

Deals & Promotions

At the time of writing, EagleFX did not offer any financial incentives to new or existing clients. This includes a no deposit bonus deal or a welcome promotion. As an unregulated broker, these may be offered in the future, given the lack of regulatory oversight. Keep an eye on the broker’s website and members’ area for upcoming promotions.

Regulation & License

EagleFX is an unregulated broker based in the Dominican Republic. Traders should note that unlicensed providers will not usually provide much, if any, client protection. With that said, the broker does state that it adheres to tier-one client fund processing, working with top global banks.

EagleFX also uses Bitcoin Cold Storage to safeguard client funds. This ensures that customer money is not stored on the broker’s web server, but instead, it is housed within an external storage device, safe from hackers.

Note, residents of the United States are not permitted to trade on the platform as the broker does not hold a license with the Securities and Exchanges Commission (SEC) or the Commodity Futures Trading Commission (CFTC).

Additional Features

While using EagleFX, we were disappointed with the limited educational resources available to day trading clients. Basic daily market analysis and online tutorials are published on the EagleFX website, though to compete with other brokers, such as OANDA, it would be good to see integrated video content or margin calculators.

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.

It is quick and easy to create a new account with EagleFX. You can register using the online form and confirm your email address and phone number. There is no KYC verification process, so traders do not need to submit any documents. Once complete, sign in to the member’s area and start trading.

Pros

Benefits of opening a real EagleFX trading account include:

  • Bitcoin funding
  • $10 minimum deposit
  • 100+ trading instruments
  • Free deposits and withdrawals
  • 1:500 leveraged trading opportunities
  • Industry-established MT4 trading platform
  • Demo account with access to virtual funding

Drawbacks

Our experts also found several downsides to creating an EagleFX account:

  • Unregulated
  • Country restrictions
  • Limited educational tools
  • No negative balance protection

EagleFX Trading Hours

Forex markets are open 24/5 and crypto markets are open 24/7. 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 four hours.

EagleFX is from which country

The broker’s office address location is at 8 Copthall, Roseau Valley 00152, Commonwealth of Dominica.

Security

Our experts found limited information regarding trading security and safety. The broker does not offer negative balance protection. Nonetheless, the MT4 platform operates with the highest security standards, with encrypted data exchange between servers. The terminal supports digital signatures, as well as Two-Factor Authentication (2FA) at the login page.

Be cautious of scams, particularly when trading with unregulated brokers.

EagleFX Verdict

Our review has identified some notable pros and cons of trading with EagleFX. The broker offers free deposits and withdrawals, a low minimum deposit requirement and the industry-leading MT4 trading platform. EagleFX may be 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 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.

Traders can not use EagleFX from United States.

Pros
  • Registration with the site and opening an account take only a few minutes.
  • The demo account is free and available to traders for an unlimited amount of time.
  • You can contact support at any time of the day, any day of the week.
  • The STP technology is used for fast order execution.
  • You can trade using PCs, tablets, and mobile devices.
  • To protect clients’ funds, the broker uses a cold storage method.
Cons
  • There are no passive income programs.
  • There are no educational articles, videos, or courses on the broker’s website.