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EagleFX Review

EagleFX Review

EagleFX offers FX and CFD trading on the MT4 platform, including indices and cryptocurrencies. Follow this EagleFX 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.

EagleFX MT4
EagleFX MT4 platform

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.

EagleFX mobile trading
EagleFX mobile app

The iOS and APK apps 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 that 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

The broker does not offer any deposit bonus deals or similar promotions in 2022 so far. 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

They 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) on 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.

Frequently Asked Questions

Does EagleFX accept US clients?

Yeah, it does! It 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’s 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.

Telegram channel
EagleFX
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9 thoughts on “EagleFX Review”

  1. I’ve been trading with EagleFX since 2020, and everything has gone well so far. I switched to them since they provide good leverage. For example, they provide 1:100 leverage on cryptocurrency and 1:500 leverage on FX. I can also trade bitcoins on weekends. While this was not an option with my former broker. Deposits and withdrawals are both rather quick. Even on weekends, EagleFX processed withdrawals within a day, usually within 30 minutes. Finally, I appreciate customer service since they are responsive; I had to contact them once, and they were really helpful.

  2. Long a time user of this broker and always had a positive experience. They provide good leverage and an extensive range of assetts. Customer service is also super quick and solved any queries without hassle, so cant complain.

  3. I’ve been using EagleFX in my trading journey for the past year. After having some bad experiences with previous brokers, I can confidently say this is one of the best.

    They have a very user-friendly portal with smooth payment and deposit processes and excellent leverage and fees.

    Customer service and support were also excellent – I had no problems resolving anything within 48 hours.

  4. Half decent broker but not without some issues. The regulation doesn’t bother me so much as I think they have been around long enough now to be seen as a broker looking to fill a niche where regulation has restricted conditions for some. The flip side of this is perhaps higher spreads than are ideal and commissions aren’t that low considering. I like the payment system generally but it would be nice to be able to deposit using stable coins rather than BTC only. Good range of cryptos which I think is their main thing but it would perhaps be nice to see some more indices, even FX pairs. There is only a single account type as well which is great for the newbie as it keeps it simple but I’d like to see maybe a raw spread account for example. Overall they get the job done if you want to escape the restrictions of regulation and most certainly pay out well and promptly. However if you are looking for education, diversity of account types and tight spreads perhaps not the one for you.

  5. EagleFX have been a solid broker for me for over 6 months now. 10US min deposit helps me to compound small accounts using their 500:1 leverage. Same day withdrawals are a real plus too. I’m going to start trading BTC and ETH soon and they have them there too so they have all i need at the moment

  6. Pretty decent broker I think been using them for a while to trade fx pairs and some crypto’s. Leverage is decent and withdrawals didn’t take long at all. I’ve given the webtrader a go although I prefer mt4 it was quite easy to use and executions were quick.

  7. Been using EagleFX for years now. Never had an issue with them. The 24/7 aspects suits me perfectly as I like to trade cryptos at weekends when I have more spare time. The sheer number of cryptos available is impressive and they keep adding more. Withdrawals are always processed on the same day which means I can go and spend my profits on a few beers after a Saturday afternoon of trading 🙂

  8. A good, reliable broker which I use for forex and 24/7 crypto. I will also be trading stocks with them in the new year. They have a helpful customer service team available at all times. Deposits and withdrawals are always processed without any issues.

  9. I have been using EagleFX exclusively for a few years now, mostly for my forex trading. I can honestly report them to be a good solid company. I haven’t had any problems in my time with them and always received my withdrawals super quick as I use BTC. They do what they say on the tin, provide a good trading platform

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